# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-26-013893
**Filing Date:** 2026-4
**Character Count:** 27061
**Document Hash:** cd65c40e9f17ea55861a38ad7a3b48e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013893.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013893

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 26915974

**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

### Centre American Select Equity Fund (Series ID: S000089995)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000256868 | Investor Class | DHANX           |
| C000256869 | Advisor Class  | DHAMX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 96.1%** | **COMMON STOCKS - 96.1%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.3%** | **Aerospace & Defense - 2.3%** | **Aerospace & Defense - 2.3%** | |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 20559 | $9138887 |
| **Banks - 14.3%** | **Banks - 14.3%** | **Banks - 14.3%** |  |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 171614 | 10329447 |
| KeyCorp | KeyCorp | 432802 | 8976313 |
| M&T Bank Corp. | M&T Bank Corp. | 44222 | 9595290 |
| Regions Financial Corp. | Regions Financial Corp. | 324678 | 9035789 |
| Truist Financial Corp. | Truist Financial Corp. | 197640 | 9745628 |
| US Bancorp | US Bancorp | 159777 | 8733411 |
|  |  |  | 56415878 |
| **Building Products - 2.3%** | **Building Products - 2.3%** | **Building Products - 2.3%** |  |
| Trane Technologies PLC | Trane Technologies PLC | 19634 | 9077191 |
| **Capital Goods - 6.1%** | **Capital Goods - 6.1%** | **Capital Goods - 6.1%** |  |
| Generac Holdings, Inc. <sup>(a)</sup> | Generac Holdings, Inc. <sup>(a)</sup> | 34970 | 7881189 |
| General Dynamics Corp. | General Dynamics Corp. | 23306 | 8321407 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 88364 | 7642603 |
|  |  |  | 23845199 |
| **Chemicals - 4.2%** | **Chemicals - 4.2%** | **Chemicals - 4.2%** |  |
| Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | 29756 | 8202836 |
| Eastman Chemical Co. | Eastman Chemical Co. | 107278 | 8100562 |
|  |  |  | 16303398 |
| **Containers & Packaging - 4.5%** | **Containers & Packaging - 4.5%** | **Containers & Packaging - 4.5%** |  |
| Packaging Corp. of America | Packaging Corp. of America | 33640 | 7809190 |
| Smurfit WestRock PLC | Smurfit WestRock PLC | 209249 | 9836795 |
|  |  |  | 17645985 |
| **Electrical Equipment - 5.0%** | **Electrical Equipment - 5.0%** | **Electrical Equipment - 5.0%** |  |
| GE Vernova, Inc. | GE Vernova, Inc. | 12009 | 10491062 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | 22450 | 9147253 |
|  |  |  | 19638315 |
| **Financial Services - 4.5%** | **Financial Services - 4.5%** | **Financial Services - 4.5%** |  |
| Northern Trust Corp. | Northern Trust Corp. | 60614 | 8673257 |
| State Street Corp. | State Street Corp. | 71196 | 9157230 |
|  |  |  | 17830487 |
| **Independent Power and Renewable Electricity Producers - 2.4%** | **Independent Power and Renewable Electricity Producers - 2.4%** | **Independent Power and Renewable Electricity Producers - 2.4%** |  |
| AES Corp. | AES Corp. | 550909 | 9519707 |
| **Materials - 10.7%** | **Materials - 10.7%** | **Materials - 10.7%** |  |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | 150987 | 10279195 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 101308 | 8330557 |
| Newmont Goldcorp Corp. | Newmont Goldcorp Corp. | 102835 | 13368550 |
| Nucor Corp. | Nucor Corp. | 56402 | 9976386 |
|  |  |  | 41954688 |
| **Oil, Gas & Consumable Fuels - 4.7%** | **Oil, Gas & Consumable Fuels - 4.7%** | **Oil, Gas & Consumable Fuels - 4.7%** |  |
| Antero Resources Corp. <sup>(a)</sup> | Antero Resources Corp. <sup>(a)</sup> | 252171 | 9282414 |
| Phillips 66 | Phillips 66 | 59963 | 9254090 |
|  |  |  | 18536504 |
| **Professional Services - 2.1%** | **Professional Services - 2.1%** | **Professional Services - 2.1%** |  |
| Jacobs Solutions, Inc. | Jacobs Solutions, Inc. | 59777 | 8240857 |
| **Semiconductors & Semiconductor Equipment - 22.1%** | **Semiconductors & Semiconductor Equipment - 22.1%** | **Semiconductors & Semiconductor Equipment - 22.1%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 48349 | 9679953 |
| Analog Devices, Inc. | Analog Devices, Inc. | 26255 | 9341266 |
| Applied Materials, Inc. | Applied Materials, Inc. | 37842 | 14088577 |
| Broadcom, Inc. | Broadcom, Inc. | 31600 | 10097780 |
| Micron Technology, Inc. | Micron Technology, Inc. | 36722 | 15143051 |
| NVIDIA Corp. | NVIDIA Corp. | 161594 | 28632841 |
|  |  |  | 86983468 |
| **Software - 1.6%** | **Software - 1.6%** | **Software - 1.6%** |  |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 46710 | 6408145 |
| **Technology Hardware, Storage & Peripherals - 6.6%** | **Technology Hardware, Storage & Peripherals - 6.6%** | **Technology Hardware, Storage & Peripherals - 6.6%** |  |
| Apple, Inc. | Apple, Inc. | 97957 | 25878280 |
| **Transportation - 2.7%** | **Transportation - 2.7%** | **Transportation - 2.7%** |  |
| Knight-Swift Transportation Holdings, Inc. | Knight-Swift Transportation Holdings, Inc. | 169228 | 10647826 |
| **TOTAL COMMON STOCKS** (Cost $298,741,354) | **TOTAL COMMON STOCKS** (Cost $298,741,354) | **TOTAL COMMON STOCKS** (Cost $298,741,354) | 378064815 |
| **REAL ESTATE INVESTMENT TRUSTS - 2.7%** | **REAL ESTATE INVESTMENT TRUSTS - 2.7%** | **Shares** | **Value**  |
| **Equity Real Estate Investment Trusts (REITs) - 2.7%** | **Equity Real Estate Investment Trusts (REITs) - 2.7%** | **Equity Real Estate Investment Trusts (REITs) - 2.7%** |  |
| Weyerhaeuser Co. | Weyerhaeuser Co. | 425952 | 10448602 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $10,166,801) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $10,166,801) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $10,166,801) | 10448602 |
| **PURCHASED OPTIONS - 0.5% <sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 0.5%** | **Put Options - 0.5%** |  |  |
|  S&P 500 Index, Expiration: 06/18/2026; Exercise Price: $5,550.00 <sup>(b)(c)</sup> | 352886544 | 513 | 2116125 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,159,670) | **TOTAL PURCHASED OPTIONS** (Cost $3,159,670) | **TOTAL PURCHASED OPTIONS** (Cost $3,159,670) | 2116125 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.8%** | **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(d)</sup> | First American Government Obligations Fund - Class X, 3.60% <sup>(d)</sup> | 3175883 | 3175883 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,175,883) | **TOTAL MONEY MARKET FUNDS** (Cost $3,175,883) | **TOTAL MONEY MARKET FUNDS** (Cost $3,175,883) | 3175883 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $315,243,708**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $315,243,708**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $315,243,708**)** | 393805425 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (315609) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $393489816 |
| 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. |  |

---

---

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

---

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $378064815 | $– | $– | $378064815 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 10448602 | – | – | 10448602 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 2116125 | – | 2116125 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3175883 | – | – | 3175883 |
| Total Investments | $391689300 | $2116125 | $– | $393805425 |
| 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:** Centre American Select Equity Fund

- **b. EDGAR series identifier (if any):** S000089995

- **c. LEI of Series:** 529900NURYC6JYQMYO40

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $394481110.33

**Total Liabilities:** $731054.02

**Net Assets:** $393750056.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256868 | 4.30%                | 9.89%                | 3.82%                |
| Class ID C000256869 | 4.31%                | 9.87%                | 3.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6736494.74              | $6245427.13                                |
| Month 2  | $1385165.63              | $28095739.79                               |
| Month 3  | $14698998.51             | $-1011553.95                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    161594 | NS      | $28632840.86  | 7.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     33640 | NS      | $7809189.60   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     46710 | NS      | $6408144.90   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     59963 | NS      | $9254089.79   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    324678 | NS      | $9035788.74   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     22450 | NS      | $9147252.50   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     88364 | NS      | $7642602.36   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     71196 | NS      | $9157229.52   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    197640 | NS      | $9745628.40   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    159777 | NS      | $8733410.82   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    425952 | NS      | $10448602.56  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock PLC           | Smurfit Westrock PLC                       | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | IE        |    209249 | NS      | $9836795.49   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     19634 | NS      | $9077190.88   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc   | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169228 | NS      | $10647825.76  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     44222 | NS      | $9595289.56   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     36722 | NS      | $15143051.14  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPX US 06/18/26 P5550                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       513 | NC      | $2116125.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                               | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    550909 | NS      | $9519707.52   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     48349 | NS      | $9679953.29   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     29756 | NS      | $8202836.52   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     26255 | NS      | $9341266.45   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp          | Antero Resources Corp                      | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    252171 | NS      | $9282414.51   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     97957 | NS      | $25878280.26  | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     37842 | NS      | $14088576.60  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     31600 | NS      | $10097780.00  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     12009 | NS      | $10491062.40  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     34970 | NS      | $7881188.90   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     23306 | NS      | $8321407.30   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries Inc          | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |     20559 | NS      | $9138886.68   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |    101308 | NS      | $8330556.84   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc                       | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               | CORP              | US        |     59777 | NS      | $8240857.22   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    432802 | NS      | $8976313.48   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    171614 | NS      | $10329446.66  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    107278 | NS      | $8100561.78   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3420439 | NS      | $3420438.70   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    150987 | NS      | $10279194.96  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    102835 | NS      | $13368550.00  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     60614 | NS      | $8673257.26   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     56402 | NS      | $9976385.76   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Stephen Terry

**Name of Signer:** Stephen Terry

**Title:** Chief Financial Officer