# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012160
**Filing Date:** 2025-10
**Character Count:** 136610
**Document Hash:** 0b9d43040b30fe324ba9ffe4564f1adf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012160.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012160

**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:** 251423694

**BUSINESS ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 704-544-2399

**MAIL ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

## Series and Classes Contracts Data

### Horizon Multi-Factor Small/Mid Cap Fund (Series ID: S000079220)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000240165 | Investor Class | HSMNX           |
| C000240166 | Advisor Class  | HSMBX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap 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)** |
| **COMMON STOCKS - 99.4%** | **COMMON STOCKS - 99.4%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | |
| Curtiss-Wright Corp. | Curtiss-Wright Corp. | 19024 | $9096326 |
| National Presto Industries, Inc. | National Presto Industries, Inc. | 5531 | 579759 |
|  |  |  | 9676085 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |  |
| Hub Group, Inc. - Class A | Hub Group, Inc. - Class A | 15345 | 574210 |
| **Automobile Components - 1.8%** | **Automobile Components - 1.8%** | **Automobile Components - 1.8%** |  |
| Adient PLC <sup>(a)</sup> | Adient PLC <sup>(a)</sup> | 26135 | 648148 |
| Autoliv, Inc. | Autoliv, Inc. | 15598 | 1935244 |
| BorgWarner, Inc. | BorgWarner, Inc. | 92001 | 3933963 |
| Dana, Inc. | Dana, Inc. | 31098 | 626936 |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> | 51278 | 434837 |
| Standard Motor Products, Inc. | Standard Motor Products, Inc. | 16972 | 658683 |
| Visteon Corp. | Visteon Corp. | 11645 | 1443514 |
|  |  |  | 9681325 |
| **Banks - 5.2%** | **Banks - 5.2%** | **Banks - 5.2%** |  |
| Ameris Bancorp | Ameris Bancorp | 22868 | 1675767 |
| Axos Financial, Inc. <sup>(a)</sup> | Axos Financial, Inc. <sup>(a)</sup> | 27353 | 2494867 |
| Bank OZK | Bank OZK | 13520 | 709394 |
| BankUnited, Inc. | BankUnited, Inc. | 24933 | 977124 |
| Banner Corp. | Banner Corp. | 10824 | 725533 |
| Cathay General Bancorp | Cathay General Bancorp | 14158 | 706626 |
| Central Pacific Financial Corp. | Central Pacific Financial Corp. | 19015 | 595550 |
| Customers Bancorp, Inc. <sup>(a)</sup> | Customers Bancorp, Inc. <sup>(a)</sup> | 8994 | 644780 |
| First Bancorp | First Bancorp | 12065 | 658628 |
| First Bancorp | First Bancorp | 66112 | 1469670 |
| First Financial Bancorp | First Financial Bancorp | 21780 | 576734 |
| Hancock Whitney Corp. | Hancock Whitney Corp. | 29245 | 1840095 |
| Hanmi Financial Corp. | Hanmi Financial Corp. | 21481 | 540462 |
| Hilltop Holdings, Inc. | Hilltop Holdings, Inc. | 22030 | 772812 |
| International Bancshares Corp. | International Bancshares Corp. | 23455 | 1677971 |
| OFG Bancorp | OFG Bancorp | 17782 | 795745 |
| Pathward Financial, Inc. | Pathward Financial, Inc. | 6658 | 529111 |
| Preferred Bank | Preferred Bank | 6162 | 581693 |
| Provident Financial Services, Inc. | Provident Financial Services, Inc. | 58301 | 1156692 |
| S&T Bancorp, Inc. | S&T Bancorp, Inc. | 14004 | 553298 |
| Stellar Bancorp, Inc. | Stellar Bancorp, Inc. | 18939 | 585594 |
| Synovus Financial Corp. | Synovus Financial Corp. | 19074 | 984409 |
| Tompkins Financial Corp. | Tompkins Financial Corp. | 8426 | 591000 |
| Veritex Holdings, Inc. | Veritex Holdings, Inc. | 20326 | 698198 |
| Webster Financial Corp. | Webster Financial Corp. | 39049 | 2429629 |
| Westamerica BanCorp | Westamerica BanCorp | 10901 | 545159 |
| Zions Bancorp NA | Zions Bancorp NA | 58500 | 3393585 |
|  |  |  | 28910126 |
| **Biotechnology - 3.3%** | **Biotechnology - 3.3%** | **Biotechnology - 3.3%** |  |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 69561 | 1807890 |
| Alkermes PLC <sup>(a)</sup> | Alkermes PLC <sup>(a)</sup> | 58373 | 1691066 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 25682 | 1496490 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 45662 | 940180 |
| Exelixis, Inc. <sup>(a)</sup> | Exelixis, Inc. <sup>(a)</sup> | 105685 | 3954733 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | Halozyme Therapeutics, Inc. <sup>(a)</sup> | 10232 | 748471 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | Neurocrine Biosciences, Inc. <sup>(a)</sup> | 8565 | 1195674 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> | Protagonist Therapeutics, Inc. <sup>(a)</sup> | 10212 | 603019 |
| United Therapeutics Corp. <sup>(a)</sup> | United Therapeutics Corp. <sup>(a)</sup> | 20044 | 6108609 |
|  |  |  | 18546132 |
| **Building Products - 1.9%** | **Building Products - 1.9%** | **Building Products - 1.9%** |  |
| Armstrong World Industries, Inc. | Armstrong World Industries, Inc. | 20864 | 4084545 |
| Gibraltar Industries, Inc. <sup>(a)</sup> | Gibraltar Industries, Inc. <sup>(a)</sup> | 8893 | 556613 |
| Griffon Corp. | Griffon Corp. | 7204 | 548657 |
| Insteel Industries, Inc. | Insteel Industries, Inc. | 14220 | 545764 |
| Owens Corning | Owens Corning | 21322 | 3201925 |
| UFP Industries, Inc. | UFP Industries, Inc. | 15814 | 1596739 |
|  |  |  | 10534243 |
| **Capital Markets - 7.2%** | **Capital Markets - 7.2%** | **Capital Markets - 7.2%** |  |
| Acadian Asset Management, Inc. | Acadian Asset Management, Inc. | 15844 | 807568 |
| Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | 13407 | 3014162 |
| Evercore, Inc. - Class A | Evercore, Inc. - Class A | 16073 | 5168273 |
| Federated Investors, Inc. | Federated Investors, Inc. | 38517 | 2045253 |
| Interactive Brokers Group, Inc. - Class A | Interactive Brokers Group, Inc. - Class A | 226020 | 14067485 |
| Janus Henderson Group PLC | Janus Henderson Group PLC | 77182 | 3420706 |
| Piper Sandler Cos. | Piper Sandler Cos. | 7775 | 2595217 |
| PJT Partners, Inc. - Class A | PJT Partners, Inc. - Class A | 5644 | 1010276 |
| SEI Investments Co. | SEI Investments Co. | 66803 | 5897369 |
| Virtu Financial, Inc. - Class A | Virtu Financial, Inc. - Class A | 47074 | 1973342 |
|  |  |  | 39999651 |
| **Chemicals - 1.6%** | **Chemicals - 1.6%** | **Chemicals - 1.6%** |  |
| AdvanSix, Inc. | AdvanSix, Inc. | 22131 | 474931 |
| Axalta Coating Systems Ltd. <sup>(a)</sup> | Axalta Coating Systems Ltd. <sup>(a)</sup> | 45125 | 1410607 |
| Balchem Corp. | Balchem Corp. | 7554 | 1224428 |
| Koppers Holdings, Inc. | Koppers Holdings, Inc. | 16512 | 478518 |
| NewMarket Corp. | NewMarket Corp. | 5198 | 4298538 |
| Sensient Technologies Corp. | Sensient Technologies Corp. | 8319 | 943874 |
|  |  |  | 8830896 |
| **Commercial Services & Supplies - 1.2%** | **Commercial Services & Supplies - 1.2%** | **Commercial Services & Supplies - 1.2%** |  |
| Brady Corp. - Class A | Brady Corp. - Class A | 19496 | 1522248 |
| CoreCivic, Inc. <sup>(a)</sup> | CoreCivic, Inc. <sup>(a)</sup> | 49123 | 996214 |
| Healthcare Services Group, Inc. <sup>(a)</sup> | Healthcare Services Group, Inc. <sup>(a)</sup> | 34704 | 541729 |
| HNI Corp. | HNI Corp. | 22115 | 993848 |
| Interface, Inc. | Interface, Inc. | 25409 | 678929 |
| UniFirst Corp. | UniFirst Corp. | 9828 | 1747615 |
|  |  |  | 6480583 |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |  |
| Harmonic, Inc. <sup>(a)</sup> | Harmonic, Inc. <sup>(a)</sup> | 56200 | 540644 |
| NetScout Systems, Inc. <sup>(a)</sup> | NetScout Systems, Inc. <sup>(a)</sup> | 22046 | 548725 |
|  |  |  | 1089369 |
| **Construction & Engineering - 5.8%** | **Construction & Engineering - 5.8%** | **Construction & Engineering - 5.8%** |  |
| AECOM | AECOM | 32908 | 4109880 |
| Comfort Systems USA, Inc. | Comfort Systems USA, Inc. | 12162 | 8554508 |
| Dycom Industries, Inc. <sup>(a)</sup> | Dycom Industries, Inc. <sup>(a)</sup> | 6802 | 1717301 |
| EMCOR Group, Inc. | EMCOR Group, Inc. | 18460 | 11445200 |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 67202 | 2756626 |
| Valmont Industries, Inc. | Valmont Industries, Inc. | 9891 | 3631184 |
|  |  |  | 32214699 |
| **Consumer Finance - 1.3%** | **Consumer Finance - 1.3%** | **Consumer Finance - 1.3%** |  |
| Enova International, Inc. <sup>(a)</sup> | Enova International, Inc. <sup>(a)</sup> | 12834 | 1556764 |
| EZCORP, Inc. - Class A <sup>(a)</sup> | EZCORP, Inc. - Class A <sup>(a)</sup> | 39070 | 651297 |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | 25590 | 3768639 |
| PROG Holdings, Inc. | PROG Holdings, Inc. | 18098 | 637774 |
| World Acceptance Corp. <sup>(a)</sup> | World Acceptance Corp. <sup>(a)</sup> | 3251 | 557319 |
|  |  |  | 7171793 |
| **Consumer Staples Distribution & Retail - 4.2%** | **Consumer Staples Distribution & Retail - 4.2%** | **Consumer Staples Distribution & Retail - 4.2%** |  |
| Casey's General Stores, Inc. | Casey's General Stores, Inc. | 18654 | 9224776 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | Sprouts Farmers Market, Inc. <sup>(a)</sup> | 41653 | 5853913 |
| US Foods Holding Corp. <sup>(a)</sup> | US Foods Holding Corp. <sup>(a)</sup> | 105447 | 8182687 |
|  |  |  | 23261376 |
| **Containers & Packaging - 1.2%** | **Containers & Packaging - 1.2%** | **Containers & Packaging - 1.2%** |  |
| AptarGroup, Inc. | AptarGroup, Inc. | 9580 | 1334207 |
| Crown Holdings, Inc. | Crown Holdings, Inc. | 44470 | 4419428 |
| Greif, Inc. - Class A | Greif, Inc. - Class A | 12631 | 824931 |
|  |  |  | 6578566 |
| **Diversified Consumer Services - 3.4%** | **Diversified Consumer Services - 3.4%** | **Diversified Consumer Services - 3.4%** |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> | Adtalem Global Education, Inc. <sup>(a)</sup> | 17728 | 2321482 |
| Duolingo, Inc. <sup>(a)</sup> | Duolingo, Inc. <sup>(a)</sup> | 14732 | 4388073 |
| Frontdoor, Inc. <sup>(a)</sup> | Frontdoor, Inc. <sup>(a)</sup> | 36474 | 2215795 |
| Graham Holdings Co. - Class B | Graham Holdings Co. - Class B | 2439 | 2648876 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | Grand Canyon Education, Inc. <sup>(a)</sup> | 14429 | 2908454 |
| Perdoceo Education Corp. | Perdoceo Education Corp. | 28641 | 937706 |
| Service Corp. International | Service Corp. International | 24159 | 1914601 |
| Strategic Education, Inc. | Strategic Education, Inc. | 7462 | 607034 |
| Stride, Inc. <sup>(a)</sup> | Stride, Inc. <sup>(a)</sup> | 6713 | 1095494 |
|  |  |  | 19037515 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |  |
| Iridium Communications, Inc. | Iridium Communications, Inc. | 17718 | 441001 |
| **Electric Utilities - 0.3%** | **Electric Utilities - 0.3%** | **Electric Utilities - 0.3%** |  |
| OGE Energy Corp. | OGE Energy Corp. | 37767 | 1686674 |
| **Electrical Equipment - 2.1%** | **Electrical Equipment - 2.1%** | **Electrical Equipment - 2.1%** |  |
| Acuity, Inc. | Acuity, Inc. | 14923 | 4871912 |
| EnerSys | EnerSys | 10248 | 1051957 |
| NEXTracker, Inc. - Class A <sup>(a)</sup> | NEXTracker, Inc. - Class A <sup>(a)</sup> | 85613 | 5758330 |
|  |  |  | 11682199 |
| **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** |  |
| Avnet, Inc. | Avnet, Inc. | 10024 | 547010 |
| Belden, Inc. | Belden, Inc. | 4616 | 601003 |
| CTS Corp. | CTS Corp. | 12484 | 530445 |
| ePlus, Inc. | ePlus, Inc. | 9493 | 687008 |
| Flex Ltd. <sup>(a)</sup> | Flex Ltd. <sup>(a)</sup> | 132688 | 7114731 |
| Itron, Inc. <sup>(a)</sup> | Itron, Inc. <sup>(a)</sup> | 8998 | 1106214 |
| PC Connection, Inc. | PC Connection, Inc. | 8083 | 519010 |
| Plexus Corp. <sup>(a)</sup> | Plexus Corp. <sup>(a)</sup> | 9432 | 1292278 |
| Sanmina Corp. <sup>(a)</sup> | Sanmina Corp. <sup>(a)</sup> | 7228 | 849435 |
| TTM Technologies, Inc. <sup>(a)</sup> | TTM Technologies, Inc. <sup>(a)</sup> | 17841 | 795173 |
| Vontier Corp. | Vontier Corp. | 33132 | 1421694 |
|  |  |  | 15464001 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |  |
| Archrock, Inc. | Archrock, Inc. | 22184 | 549276 |
| Bristow Group, Inc. <sup>(a)</sup> | Bristow Group, Inc. <sup>(a)</sup> | 16235 | 625210 |
|  |  |  | 1174486 |
| **Financial Services - 2.6%** | **Financial Services - 2.6%** | **Financial Services - 2.6%** |  |
| Enact Holdings, Inc. | Enact Holdings, Inc. | 80684 | 3037752 |
| Essent Group Ltd. | Essent Group Ltd. | 55147 | 3459923 |
| Jackson Financial, Inc. - Class A | Jackson Financial, Inc. - Class A | 10532 | 1040562 |
| MGIC Investment Corp. | MGIC Investment Corp. | 127949 | 3560821 |
| NMI Holdings, Inc. - Class A <sup>(a)</sup> | NMI Holdings, Inc. - Class A <sup>(a)</sup> | 42852 | 1686226 |
| Radian Group, Inc. | Radian Group, Inc. | 45990 | 1604131 |
|  |  |  | 14389415 |
| **Food Products - 2.6%** | **Food Products - 2.6%** | **Food Products - 2.6%** |  |
| Cal-Maine Foods, Inc. | Cal-Maine Foods, Inc. | 28373 | 3281054 |
| Darling Ingredients, Inc. <sup>(a)</sup> | Darling Ingredients, Inc. <sup>(a)</sup> | 48721 | 1654565 |
| Fresh Del Monte Produce, Inc. | Fresh Del Monte Produce, Inc. | 16274 | 590421 |
| Ingredion, Inc. | Ingredion, Inc. | 32292 | 4183106 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | 84228 | 3743934 |
| Post Holdings, Inc. <sup>(a)</sup> | Post Holdings, Inc. <sup>(a)</sup> | 9892 | 1119280 |
|  |  |  | 14572360 |
| **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** |  |
| National Fuel Gas Co. | National Fuel Gas Co. | 8982 | 779098 |
| New Jersey Resources Corp. | New Jersey Resources Corp. | 19665 | 929958 |
| UGI Corp. | UGI Corp. | 15123 | 523861 |
|  |  |  | 2232917 |
| **Ground Transportation - 0.2%** | **Ground Transportation - 0.2%** | **Ground Transportation - 0.2%** |  |
| ArcBest Corp. | ArcBest Corp. | 6612 | 487701 |
| Ryder System, Inc. | Ryder System, Inc. | 4134 | 775208 |
|  |  |  | 1262909 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |  |
| Omnicell, Inc. <sup>(a)</sup> | Omnicell, Inc. <sup>(a)</sup> | 18088 | 589488 |
| **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** |  |
| Addus HomeCare Corp. <sup>(a)</sup> | Addus HomeCare Corp. <sup>(a)</sup> | 4679 | 538880 |
| Chemed Corp. | Chemed Corp. | 3004 | 1375682 |
| CorVel Corp. <sup>(a)</sup> | CorVel Corp. <sup>(a)</sup> | 5167 | 460121 |
| Encompass Health Corp. | Encompass Health Corp. | 54379 | 6621187 |
| Ensign Group, Inc. | Ensign Group, Inc. | 3509 | 602776 |
| HealthEquity, Inc. <sup>(a)</sup> | HealthEquity, Inc. <sup>(a)</sup> | 5169 | 461747 |
| National HealthCare Corp. | National HealthCare Corp. | 6524 | 740344 |
| Option Care Health, Inc. <sup>(a)</sup> | Option Care Health, Inc. <sup>(a)</sup> | 63876 | 1831964 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | Pediatrix Medical Group, Inc. <sup>(a)</sup> | 37187 | 639988 |
| Premier, Inc. - Class A | Premier, Inc. - Class A | 24378 | 631390 |
| Privia Health Group, Inc. <sup>(a)</sup> | Privia Health Group, Inc. <sup>(a)</sup> | 23419 | 539574 |
| Progyny, Inc. <sup>(a)</sup> | Progyny, Inc. <sup>(a)</sup> | 27947 | 661505 |
| Select Medical Holdings Corp. | Select Medical Holdings Corp. | 35676 | 464145 |
| Tenet Healthcare Corp. <sup>(a)</sup> | Tenet Healthcare Corp. <sup>(a)</sup> | 45932 | 8466646 |
|  |  |  | 24035949 |
| **Health Care Technology - 0.4%** | **Health Care Technology - 0.4%** | **Health Care Technology - 0.4%** |  |
| Doximity, Inc. - Class A <sup>(a)</sup> | Doximity, Inc. - Class A <sup>(a)</sup> | 23401 | 1589864 |
| HealthStream, Inc. | HealthStream, Inc. | 19370 | 543909 |
|  |  |  | 2133773 |
| **Hotels, Restaurants & Leisure - 2.1%** | **Hotels, Restaurants & Leisure - 2.1%** | **Hotels, Restaurants & Leisure - 2.1%** |  |
| Boyd Gaming Corp. | Boyd Gaming Corp. | 29208 | 2507799 |
| Brinker International, Inc. <sup>(a)</sup> | Brinker International, Inc. <sup>(a)</sup> | 20369 | 3177157 |
| Monarch Casino & Resort, Inc. | Monarch Casino & Resort, Inc. | 8982 | 937092 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 27991 | 4829847 |
|  |  |  | 11451895 |
| **Household Durables - 2.9%** | **Household Durables - 2.9%** | **Household Durables - 2.9%** |  |
| Cavco Industries, Inc. <sup>(a)</sup> | Cavco Industries, Inc. <sup>(a)</sup> | 2196 | 1164956 |
| Green Brick Partners, Inc. <sup>(a)</sup> | Green Brick Partners, Inc. <sup>(a)</sup> | 21277 | 1485986 |
| KB Home | KB Home | 9650 | 613257 |
| M/I Homes, Inc. <sup>(a)</sup> | M/I Homes, Inc. <sup>(a)</sup> | 10030 | 1477018 |
| Meritage Homes Corp. | Meritage Homes Corp. | 7595 | 590056 |
| Taylor Morrison Home Corp. <sup>(a)</sup> | Taylor Morrison Home Corp. <sup>(a)</sup> | 51772 | 3487880 |
| Toll Brothers, Inc. | Toll Brothers, Inc. | 30216 | 4200024 |
| TopBuild Corp. <sup>(a)</sup> | TopBuild Corp. <sup>(a)</sup> | 2896 | 1218521 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | Tri Pointe Homes, Inc. <sup>(a)</sup> | 44550 | 1573951 |
|  |  |  | 15811649 |
| **Household Products - 0.1%** | **Household Products - 0.1%** | **Household Products - 0.1%** |  |
| Central Garden & Pet Co. - Class A <sup>(a)</sup> | Central Garden & Pet Co. - Class A <sup>(a)</sup> | 22955 | 758204 |
| **Insurance - 3.8%** | **Insurance - 3.8%** | **Insurance - 3.8%** |  |
| Genworth Financial, Inc. <sup>(a)</sup> | Genworth Financial, Inc. <sup>(a)</sup> | 204515 | 1752694 |
| Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | 8331 | 1445262 |
| HCI Group, Inc. | HCI Group, Inc. | 5837 | 973086 |
| Horace Mann Educators Corp. | Horace Mann Educators Corp. | 20613 | 947786 |
| Old Republic International Corp. | Old Republic International Corp. | 132164 | 5282595 |
| Palomar Holdings, Inc. <sup>(a)</sup> | Palomar Holdings, Inc. <sup>(a)</sup> | 12721 | 1564937 |
| Safety Insurance Group, Inc. | Safety Insurance Group, Inc. | 6730 | 498087 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | 18205 | 1424177 |
| United Fire Group, Inc. | United Fire Group, Inc. | 18639 | 572963 |
| Unum Group | Unum Group | 91263 | 6375633 |
|  |  |  | 20837220 |
| **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** |  |
| Cargurus, Inc. <sup>(a)</sup> | Cargurus, Inc. <sup>(a)</sup> | 17603 | 609064 |
| Yelp, Inc. <sup>(a)</sup> | Yelp, Inc. <sup>(a)</sup> | 15462 | 488908 |
|  |  |  | 1097972 |
| **Leisure Products - 0.6%** | **Leisure Products - 0.6%** | **Leisure Products - 0.6%** |  |
| Mattel, Inc. <sup>(a)</sup> | Mattel, Inc. <sup>(a)</sup> | 138932 | 2542456 |
| Sturm Ruger & Co., Inc. | Sturm Ruger & Co., Inc. | 14845 | 514676 |
|  |  |  | 3057132 |
| **Machinery - 5.8%** | **Machinery - 5.8%** | **Machinery - 5.8%** |  |
| Alamo Group, Inc. | Alamo Group, Inc. | 4963 | 1049476 |
| Astec Industries, Inc. | Astec Industries, Inc. | 12863 | 595428 |
| Crane Co. | Crane Co. | 22756 | 4216687 |
| ESCO Technologies, Inc. | ESCO Technologies, Inc. | 9406 | 1889760 |
| Franklin Electric Co., Inc. | Franklin Electric Co., Inc. | 7940 | 777008 |
| Graco, Inc. | Graco, Inc. | 28379 | 2423283 |
| ITT, Inc. | ITT, Inc. | 23013 | 3917963 |
| Lindsay Corp. | Lindsay Corp. | 3686 | 505830 |
| Mueller Industries, Inc. | Mueller Industries, Inc. | 55793 | 5352780 |
| Oshkosh Corp. | Oshkosh Corp. | 23376 | 3257913 |
| Proto Labs, Inc. <sup>(a)</sup> | Proto Labs, Inc. <sup>(a)</sup> | 13401 | 667504 |
| SPX Technologies, Inc. <sup>(a)</sup> | SPX Technologies, Inc. <sup>(a)</sup> | 12576 | 2353095 |
| Toro Co. | Toro Co. | 10662 | 864262 |
| Watts Water Technologies, Inc. - Class A | Watts Water Technologies, Inc. - Class A | 15383 | 4259553 |
|  |  |  | 32130542 |
| **Marine Transportation - 0.4%** | **Marine Transportation - 0.4%** | **Marine Transportation - 0.4%** |  |
| Kirby Corp. <sup>(a)</sup> | Kirby Corp. <sup>(a)</sup> | 13863 | 1347484 |
| Matson, Inc. | Matson, Inc. | 9111 | 947999 |
|  |  |  | 2295483 |
| **Media - 1.4%** | **Media - 1.4%** | **Media - 1.4%** |  |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> | DoubleVerify Holdings, Inc. <sup>(a)</sup> | 35547 | 578350 |
| John Wiley & Sons, Inc. - Class A | John Wiley & Sons, Inc. - Class A | 12095 | 490815 |
| New York Times Co. - Class A | New York Times Co. - Class A | 74468 | 4456165 |
| Nexstar Media Group, Inc. | Nexstar Media Group, Inc. | 8084 | 1653420 |
| TEGNA, Inc. | TEGNA, Inc. | 38873 | 824108 |
|  |  |  | 8002858 |
| **Metals & Mining - 2.1%** | **Metals & Mining - 2.1%** | **Metals & Mining - 2.1%** |  |
| Commercial Metals Co. | Commercial Metals Co. | 10980 | 633216 |
| Reliance, Inc. | Reliance, Inc. | 22469 | 6643184 |
| Royal Gold, Inc. | Royal Gold, Inc. | 18034 | 3238546 |
| SunCoke Energy, Inc. | SunCoke Energy, Inc. | 64679 | 499322 |
| Worthington Steel, Inc. | Worthington Steel, Inc. | 17926 | 596936 |
|  |  |  | 11611204 |
| **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** |  |
| Avista Corp. | Avista Corp. | 26593 | 971708 |
| Black Hills Corp. | Black Hills Corp. | 20161 | 1205830 |
|  |  |  | 2177538 |
| **Oil, Gas & Consumable Fuels - 3.6%** | **Oil, Gas & Consumable Fuels - 3.6%** | **Oil, Gas & Consumable Fuels - 3.6%** |  |
| Antero Midstream Corp. | Antero Midstream Corp. | 186540 | 3318547 |
| Antero Resources Corp. <sup>(a)</sup> | Antero Resources Corp. <sup>(a)</sup> | 104252 | 3327724 |
| California Resources Corp. | California Resources Corp. | 35635 | 1770347 |
| Chord Energy Corp. | Chord Energy Corp. | 22050 | 2423074 |
| Dorian LPG Ltd. | Dorian LPG Ltd. | 22058 | 705415 |
| DT Midstream, Inc. | DT Midstream, Inc. | 19406 | 2021717 |
| International Seaways, Inc. | International Seaways, Inc. | 14707 | 667992 |
| Matador Resources Co. | Matador Resources Co. | 11122 | 560104 |
| Ovintiv, Inc. | Ovintiv, Inc. | 51620 | 2174234 |
| Permian Resources Corp. | Permian Resources Corp. | 84664 | 1209849 |
| Range Resources Corp. | Range Resources Corp. | 34589 | 1185365 |
| Talos Energy, Inc. <sup>(a)</sup> | Talos Energy, Inc. <sup>(a)</sup> | 64330 | 635580 |
|  |  |  | 19999948 |
| **Paper & Forest Products - 0.4%** | **Paper & Forest Products - 0.4%** | **Paper & Forest Products - 0.4%** |  |
| Louisiana-Pacific Corp. | Louisiana-Pacific Corp. | 17012 | 1618011 |
| Sylvamo Corp. | Sylvamo Corp. | 10519 | 485242 |
|  |  |  | 2103253 |
| **Passenger Airlines - 0.7%** | **Passenger Airlines - 0.7%** | **Passenger Airlines - 0.7%** |  |
| Alaska Air Group, Inc. <sup>(a)</sup> | Alaska Air Group, Inc. <sup>(a)</sup> | 10952 | 687566 |
| SkyWest, Inc. <sup>(a)</sup> | SkyWest, Inc. <sup>(a)</sup> | 20670 | 2509338 |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 45259 | 599682 |
|  |  |  | 3796586 |
| **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** |  |
| Interparfums, Inc. | Interparfums, Inc. | 4035 | 463783 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | USANA Health Sciences, Inc. <sup>(a)</sup> | 16977 | 541736 |
|  |  |  | 1005519 |
| **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** |  |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 17870 | 693356 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 22260 | 821171 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | Jazz Pharmaceuticals PLC <sup>(a)</sup> | 5687 | 726514 |
| Phibro Animal Health Corp. - Class A | Phibro Animal Health Corp. - Class A | 20945 | 776431 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 6669 | 453759 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 16822 | 759009 |
|  |  |  | 4230240 |
| **Professional Services - 1.8%** | **Professional Services - 1.8%** | **Professional Services - 1.8%** |  |
| CACI International, Inc. - Class A <sup>(a)</sup> | CACI International, Inc. - Class A <sup>(a)</sup> | 3836 | 1840206 |
| CSG Systems International, Inc. | CSG Systems International, Inc. | 11228 | 720388 |
| Genpact Ltd. | Genpact Ltd. | 57586 | 2610949 |
| Heidrick & Struggles International, Inc. | Heidrick & Struggles International, Inc. | 11648 | 591835 |
| Korn Ferry | Korn Ferry | 23348 | 1731021 |
| Maximus, Inc. | Maximus, Inc. | 25942 | 2280821 |
|  |  |  | 9775220 |
| **Real Estate - 5.8%** | **Real Estate - 5.8%** | **Real Estate - 5.8%** |  |
| Alexander & Baldwin, Inc. | Alexander & Baldwin, Inc. | 31443 | 608108 |
| American Assets Trust, Inc. | American Assets Trust, Inc. | 26995 | 564196 |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 103059 | 2884621 |
| CareTrust REIT, Inc. | CareTrust REIT, Inc. | 81642 | 2809301 |
| COPT Defense Properties | COPT Defense Properties | 22357 | 643434 |
| Cousins Properties, Inc. | Cousins Properties, Inc. | 41151 | 1213543 |
| CubeSmart | CubeSmart | 50963 | 2085406 |
| EPR Properties | EPR Properties | 9526 | 516786 |
| Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | 17766 | 1071112 |
| First Industrial Realty Trust, Inc. | First Industrial Realty Trust, Inc. | 22140 | 1164564 |
| Gaming and Leisure Properties, Inc. | Gaming and Leisure Properties, Inc. | 72626 | 3486774 |
| Highwoods Properties, Inc. | Highwoods Properties, Inc. | 17089 | 538816 |
| LTC Properties, Inc. | LTC Properties, Inc. | 15335 | 559728 |
| NNN REIT, Inc. | NNN REIT, Inc. | 67276 | 2886813 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | 127727 | 5437338 |
| Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. | 5339 | 527440 |
| Sabra Health Care REIT, Inc. | Sabra Health Care REIT, Inc. | 48566 | 928096 |
| Saul Centers, Inc. | Saul Centers, Inc. | 15561 | 531719 |
| Universal Health Realty Income Trust | Universal Health Realty Income Trust | 13227 | 536884 |
| Whitestone REIT | Whitestone REIT | 42766 | 562801 |
| WP Carey, Inc. | WP Carey, Inc. | 35477 | 2380507 |
|  |  |  | 31937987 |
| **Real Estate Management & Development - 0.8%** | **Real Estate Management & Development - 0.8%** | **Real Estate Management & Development - 0.8%** |  |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | Jones Lang LaSalle, Inc. <sup>(a)</sup> | 13206 | 4035357 |
| St Joe Co. | St Joe Co. | 11077 | 558946 |
|  |  |  | 4594303 |
| **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** |  |
| Amkor Technology, Inc. | Amkor Technology, Inc. | 25465 | 615998 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | Axcelis Technologies, Inc. <sup>(a)</sup> | 7717 | 617669 |
| Cirrus Logic, Inc. <sup>(a)</sup> | Cirrus Logic, Inc. <sup>(a)</sup> | 13057 | 1490979 |
| Diodes, Inc. <sup>(a)</sup> | Diodes, Inc. <sup>(a)</sup> | 9975 | 542989 |
| Onto Innovation, Inc. <sup>(a)</sup> | Onto Innovation, Inc. <sup>(a)</sup> | 5400 | 572400 |
| Photronics, Inc. <sup>(a)</sup> | Photronics, Inc. <sup>(a)</sup> | 28193 | 639135 |
| Power Integrations, Inc. | Power Integrations, Inc. | 9517 | 429217 |
| Qorvo, Inc. <sup>(a)</sup> | Qorvo, Inc. <sup>(a)</sup> | 6285 | 570049 |
| Rambus, Inc. <sup>(a)</sup> | Rambus, Inc. <sup>(a)</sup> | 18833 | 1389310 |
| Universal Display Corp. | Universal Display Corp. | 3467 | 480492 |
|  |  |  | 7348238 |
| **Software - 2.9%** | **Software - 2.9%** | **Software - 2.9%** |  |
| A10 Networks, Inc. | A10 Networks, Inc. | 27980 | 495526 |
| ACI Worldwide, Inc. <sup>(a)</sup> | ACI Worldwide, Inc. <sup>(a)</sup> | 25877 | 1277030 |
| Adeia, Inc. | Adeia, Inc. | 37858 | 569384 |
| Clear Secure, Inc. - Class A | Clear Secure, Inc. - Class A | 19520 | 708771 |
| Dolby Laboratories, Inc. - Class A | Dolby Laboratories, Inc. - Class A | 7136 | 511508 |
| Dropbox, Inc. - Class A <sup>(a)</sup> | Dropbox, Inc. - Class A <sup>(a)</sup> | 19194 | 557778 |
| Dynatrace, Inc. <sup>(a)</sup> | Dynatrace, Inc. <sup>(a)</sup> | 81058 | 4101535 |
| Guidewire Software, Inc. <sup>(a)</sup> | Guidewire Software, Inc. <sup>(a)</sup> | 28633 | 6213934 |
| InterDigital, Inc. | InterDigital, Inc. | 2441 | 663244 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> | LiveRamp Holdings, Inc. <sup>(a)</sup> | 17144 | 478660 |
| Progress Software Corp. | Progress Software Corp. | 9345 | 432580 |
|  |  |  | 16009950 |
| **Specialty Retail - 4.1%** | **Specialty Retail - 4.1%** | **Specialty Retail - 4.1%** |  |
| Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 6149 | 575116 |
| AutoNation, Inc. <sup>(a)</sup> | AutoNation, Inc. <sup>(a)</sup> | 12543 | 2747920 |
| Buckle, Inc. | Buckle, Inc. | 21020 | 1189522 |
| Chewy, Inc. - Class A <sup>(a)</sup> | Chewy, Inc. - Class A <sup>(a)</sup> | 141750 | 5806080 |
| Five Below, Inc. <sup>(a)</sup> | Five Below, Inc. <sup>(a)</sup> | 20852 | 3025625 |
| Gap, Inc. | Gap, Inc. | 83177 | 1830726 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | 3320 | 1543070 |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 4371 | 1471628 |
| National Vision Holdings, Inc. <sup>(a)</sup> | National Vision Holdings, Inc. <sup>(a)</sup> | 22332 | 512296 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | Sally Beauty Holdings, Inc. <sup>(a)</sup> | 55358 | 767262 |
| Upbound Group, Inc. | Upbound Group, Inc. | 20838 | 529494 |
| Urban Outfitters, Inc. <sup>(a)</sup> | Urban Outfitters, Inc. <sup>(a)</sup> | 39662 | 2660527 |
|  |  |  | 22659266 |
| **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** |  |
| G-III Apparel Group Ltd. <sup>(a)</sup> | G-III Apparel Group Ltd. <sup>(a)</sup> | 23266 | 628182 |
| **Tobacco - 0.1%** | **Tobacco - 0.1%** | **Tobacco - 0.1%** |  |
| Universal Corp. | Universal Corp. | 12738 | 712691 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |  |
| DNOW, Inc. <sup>(a)</sup> | DNOW, Inc. <sup>(a)</sup> | 40249 | 643984 |
| **Water Utilities - 0.6%** | **Water Utilities - 0.6%** | **Water Utilities - 0.6%** |  |
| American States Water Co. | American States Water Co. | 10237 | 762964 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | 63783 | 2520066 |
|  |  |  | 3283030 |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |  |
| Telephone and Data Systems, Inc. | Telephone and Data Systems, Inc. | 15006 | 601591 |
| **TOTAL COMMON STOCKS** (Cost $508,675,739) | **TOTAL COMMON STOCKS** (Cost $508,675,739) | **TOTAL COMMON STOCKS** (Cost $508,675,739) | 550813426 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.6%** | **MONEY MARKET FUNDS - 0.6%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> | First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> | 3072569 | 3072569 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,072,569) | **TOTAL MONEY MARKET FUNDS** (Cost $3,072,569) | **TOTAL MONEY MARKET FUNDS** (Cost $3,072,569) | 3072569 |
| <br> **TOTAL INVESTMENTS - 100.0% (**Cost $511,748,308**)** | <br> **TOTAL INVESTMENTS - 100.0% (**Cost $511,748,308**)** | <br> **TOTAL INVESTMENTS - 100.0% (**Cost $511,748,308**)** | 553885995 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 263446 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $554149441 |
| 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. | –% |

---

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

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

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $550813426 | $– | $– | $550813426 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3072569 | – | – | 3072569 |
| Total Investments | $553885995 | $– | $– | $553885995 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Horizon Funds

- **b. Investment Company Act file number:** 811-23063

- **c. CIK number of Registrant:** 0001643174

- **d. LEI of Registrant:** 549300Q2NFSH0QP87Y93

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6210 Ardrey Kell Road

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

  - **Telephone number:** 866-371-2399

**Item A.2. Information about the Series.**

- **a. Name of Series:** Horizon Multi-Factor Small/Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000079220

- **c. LEI of Series:** 549300QHLHDVQOPSLA91

**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:** $554521381.38

**Total Liabilities:** $639041.12

**Net Assets:** $553882340.26

**Cash Not Reported:** $669813.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240165 | 2.38%                | 0.32%                | 4.51%                |
| Class ID C000240166 | 2.36%                | 0.33%                | 4.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $10747978.88                               |
| Month 2  | $-1567205.43             | $3017163.40                                |
| Month 3  | $490177.87               | $22841958.52                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NMI Holdings Inc               | NMI Holdings Inc                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     42852 | NS      | $1686226.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                   | NNN REIT Inc                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     67276 | NS      | $2886813.16   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      8565 | NS      | $1195674.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp                  | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     19665 | NS      | $929957.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The          | New York Times Co/The                      | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     74468 | NS      | $4456165.12   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                 | NewMarket Corp                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      5198 | NS      | $4298538.08   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                 | NEXTracker Inc                             | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85613 | NS      | $5758330.38   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      8084 | NS      | $1653420.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                | OGE Energy Corp                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     37767 | NS      | $1686674.22   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                    | OFG Bancorp                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     17782 | NS      | $795744.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp            | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    132164 | NS      | $5282595.08   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc | Omega Healthcare Investors Inc             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |    127727 | NS      | $5437338.39   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                   | Omnicell Inc                               | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     18088 | NS      | $589487.92    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation Inc                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      5400 | NS      | $572400.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc                     | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     63876 | NS      | $1831963.68   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I | Prestige Consumer Healthcare Inc           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6669 | NS      | $453758.76    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc        | Privia Health Group Inc                    | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23419 | NS      | $539573.76    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc              | PROG Holdings Inc                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     18098 | NS      | $637773.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp         | Progress Software Corp                     | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      9345 | NS      | $432580.05    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp   | Select Medical Holdings Corp               | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35676 | NS      | $464144.76    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc  | Selective Insurance Group Inc              | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     18205 | NS      | $1424177.15   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp     | Sensient Technologies Corp                 | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      8319 | NS      | $943873.74    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US  | Service Corp International/US              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     24159 | NS      | $1914600.75   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc           | Tri Pointe Homes Inc                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44550 | NS      | $1573951.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies Inc                       | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     17841 | NS      | $795173.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                    | Toro Co/The                                | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     10662 | NS      | $864261.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp                                   | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     15123 | NS      | $523860.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries Inc                         | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     15814 | NS      | $1596739.58   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA               | UniFirst Corp/MA                           | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      9828 | NS      | $1747614.96   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc          | United Fire Group Inc                      | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18639 | NS      | $572962.86    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     20044 | NS      | $6108609.44   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                          | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     12738 | NS      | $712691.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc           | Astec Industries Inc                       | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     12863 | NS      | $595428.27    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                    | Autoliv Inc                                | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     15598 | NS      | $1935243.86   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                             | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12543 | NS      | $2747920.44   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                    | Avista Corp                                | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     26593 | NS      | $971708.22    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     10024 | NS      | $547009.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc                   | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      7717 | NS      | $617668.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial Inc                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     27353 | NS      | $2494867.13   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group Inc                          | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     20838 | NS      | $529493.58    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     16977 | NS      | $541736.07    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    105447 | NS      | $8182687.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income | Universal Health Realty Income Trust       | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |     13227 | NS      | $536883.93    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     91263 | NS      | $6375633.18   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters Inc                       | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     39662 | NS      | $2660526.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc                     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      9891 | NS      | $3631183.92   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc           | Veritex Holdings Inc                       | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     20326 | NS      | $698198.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc            | Virtu Financial Inc                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     47074 | NS      | $1973342.08   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                   | Visteon Corp                               | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     11645 | NS      | $1443514.20   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                   | Vontier Corp                               | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     33132 | NS      | $1421694.12   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                   | WP Carey Inc                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     35477 | NS      | $2380506.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc   | Watts Water Technologies Inc               | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     15383 | NS      | $4259552.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     39049 | NS      | $2429628.78   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp            | Westamerica BanCorp                        | CUSIP: 957090103<br>LEI: 984500CF4F8115C11D96 | Long             | EC               | CORP              | US        |     10901 | NS      | $545159.01    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                | Whitestone REIT                            | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42766 | NS      | $562800.56    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp          | World Acceptance Corp                      | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3251 | NS      | $557318.93    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc          | Worthington Steel Inc                      | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     17926 | NS      | $596935.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                       | Yelp Inc                                   | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     15462 | NS      | $488908.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA               | Zions Bancorp NA                           | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     58500 | NS      | $3393585.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3467 | NS      | $480491.53    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc               | A10 Networks Inc                           | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     27980 | NS      | $495525.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co                     | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      6149 | NS      | $575115.97    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc     | ACADIA Pharmaceuticals Inc                 | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     69561 | NS      | $1807890.39   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Acadian Asset Management Inc               | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     15844 | NS      | $807568.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                               | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      7554 | NS      | $1224427.86   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                       | Bank OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     13520 | NS      | $709394.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited Inc                             | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     24933 | NS      | $977124.27    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                    | Banner Corp                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10824 | NS      | $725532.72    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden Inc                                 | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      4616 | NS      | $601003.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc    | BioMarin Pharmaceutical Inc                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     25682 | NS      | $1496490.14   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc              | ACI Worldwide Inc                          | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     25877 | NS      | $1277029.95   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                     | Acuity Inc                                 | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14923 | NS      | $4871911.81   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19406 | NS      | $2021717.08   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                    | Dropbox Inc                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     19194 | NS      | $557777.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp               | Black Hills Corp                           | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     20161 | NS      | $1205829.41   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                 | BorgWarner Inc                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     92001 | NS      | $3933962.76   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                   | Duolingo Inc                               | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14732 | NS      | $4388073.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                   | Doximity Inc                               | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23401 | NS      | $1589863.94   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries Inc                       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      6802 | NS      | $1717300.94   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     81058 | NS      | $4101534.80   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                 | EPR Properties                             | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      9526 | NS      | $516785.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     18460 | NS      | $11445200.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc             | Enact Holdings Inc                         | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     80684 | NS      | $3037752.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     54379 | NS      | $6621187.04   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                    | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     10248 | NS      | $1051957.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International Inc                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     12834 | NS      | $1556764.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                       | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      3509 | NS      | $602776.02    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                      | ePlus Inc                                  | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      9493 | NS      | $687008.41    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp                        | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      4679 | NS      | $538880.43    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                      | Adeia Inc                                  | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37858 | NS      | $569384.32    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     17766 | NS      | $1071112.14   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies Inc                      | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      9406 | NS      | $1889759.46   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc        | Essential Utilities Inc                    | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     63783 | NS      | $2520066.33   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     16073 | NS      | $5168273.15   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                   | Exelixis Inc                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    105685 | NS      | $3954732.70   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                     | EZCORP Inc                                 | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     39070 | NS      | $651296.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc           | Federated Hermes Inc                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     38517 | NS      | $2045252.70   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2402755 | NS      | $2402755.34   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico      | First BanCorp/Puerto Rico                  | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     66112 | NS      | $1469669.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines N | First Bancorp/Southern Pines NC            | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12065 | NS      | $658628.35    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp        | First Financial Bancorp                    | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     21780 | NS      | $576734.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust Inc          | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22140 | NS      | $1164564.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                   | Griffon Corp                               | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      7204 | NS      | $548656.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      3320 | NS      | $1543069.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                     | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     28633 | NS      | $6213933.66   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                  | HCI Group Inc                              | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      5837 | NS      | $973086.27    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc                  | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     10232 | NS      | $748470.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp           | Hancock Whitney Corp                       | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     29245 | NS      | $1840095.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp           | Hanmi Financial Corp                       | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     21481 | NS      | $540461.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      8331 | NS      | $1445261.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                   | Harmonic Inc                               | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     56200 | NS      | $540644.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I | Harmony Biosciences Holdings Inc           | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22260 | NS      | $821171.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc   | National Vision Holdings Inc               | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     22332 | NS      | $512296.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems Inc                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     22046 | NS      | $548724.94    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd               | Essent Group Ltd                           | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | US        |     55147 | NS      | $3459922.78   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     17728 | NS      | $2321481.60   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                          | AECOM                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     32908 | NS      | $4109880.12   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix Inc                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     22131 | NS      | $474931.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc  | Affiliated Managers Group Inc              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     13407 | NS      | $3014161.74   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                | Alamo Group Inc                            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      4963 | NS      | $1049475.98   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                       | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     10952 | NS      | $687566.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc        | Alexander & Baldwin Inc                    | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31443 | NS      | $608107.62    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc      | American Assets Trust Inc                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26995 | NS      | $564195.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co       | American States Water Co                   | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     10237 | NS      | $762963.61    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                 | Ameris Bancorp                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     22868 | NS      | $1675767.04   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology Inc           | Amkor Technology Inc                       | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |     25465 | NS      | $615998.35    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp          | Antero Resources Corp                      | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    104252 | NS      | $3327723.84   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp          | Antero Midstream Corp                      | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186540 | NS      | $3318546.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     21020 | NS      | $1189521.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      3836 | NS      | $1840205.92   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     28373 | NS      | $3281053.72   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     35635 | NS      | $1770346.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT Inc                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     81642 | NS      | $2809301.22   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus Inc                               | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     17603 | NS      | $609063.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     18654 | NS      | $9224776.08   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals Inc               | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     45662 | NS      | $940180.58    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp         | Cathay General Bancorp                     | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     14158 | NS      | $706625.78    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc           | Cavco Industries Inc                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2196 | NS      | $1164956.04   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co        | Central Garden & Pet Co                    | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     22955 | NS      | $758203.65    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp             | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     19015 | NS      | $595549.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                    | Chemed Corp                                | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      3004 | NS      | $1375681.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                      | Chewy Inc                                  | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |    141750 | NS      | $5806080.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                       | HNI Corp                                   | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     22115 | NS      | $993848.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc               | HealthStream Inc                           | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     19370 | NS      | $543909.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati | Heidrick & Struggles International Inc     | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     11648 | NS      | $591834.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc       | Highwoods Properties Inc                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     17089 | NS      | $538816.17    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings Inc                       | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     22030 | NS      | $772812.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     20613 | NS      | $947785.74    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                              | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15345 | NS      | $574209.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                        | ITT Inc                                    | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     23013 | NS      | $3917963.25   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion Inc                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     32292 | NS      | $4183105.68   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc         | Insteel Industries Inc                     | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     14220 | NS      | $545763.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums Inc                           | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4035 | NS      | $463782.90    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    226020 | NS      | $14067484.80  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                  | Interface Inc                              | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     25409 | NS      | $678928.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                           | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2441 | NS      | $663244.11    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp              | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     23455 | NS      | $1677970.70   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc                 | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     17718 | NS      | $441001.02    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                      | Itron Inc                                  | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      8998 | NS      | $1106214.12   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial Inc                      | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     10532 | NS      | $1040561.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle Inc                     | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     13206 | NS      | $4035357.42   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     22050 | NS      | $2423074.50   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     12095 | NS      | $490815.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |     26135 | NS      | $648148.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     58373 | NS      | $1691065.81   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC      | Janus Henderson Group PLC                  | CUSIP: N/A<br>LEI: 2138009WPYMWJN3RVF44       | Long             | EC               | CORP              | GB        |     77182 | NS      | $3420706.24   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                   | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |      5687 | NS      | $726514.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc      | International Seaways Inc                  | CUSIP: N/A<br>LEI: 549300YUFDGFRNGBWF46       | Long             | EC               | CORP              | US        |     14707 | NS      | $667991.94    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                           | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     29208 | NS      | $2507798.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                     | Brady Corp                                 | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |     19496 | NS      | $1522247.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International Inc                  | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     20369 | NS      | $3177156.62   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd                 | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |     45125 | NS      | $1410607.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc               | Cirrus Logic Inc                           | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     13057 | NS      | $1490978.83   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure Inc                           | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19520 | NS      | $708771.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc   | Collegium Pharmaceutical Inc               | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     17870 | NS      | $693356.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     12162 | NS      | $8554507.56   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                                | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27947 | NS      | $661505.49    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc   | Protagonist Therapeutics Inc               | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10212 | NS      | $603018.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                 | Proto Labs Inc                             | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |     13401 | NS      | $667503.81    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I | Provident Financial Services Inc           | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     58301 | NS      | $1156691.84   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      6285 | NS      | $570049.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc               | Radian Group Inc                           | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     45990 | NS      | $1604131.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus Inc                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     18833 | NS      | $1389310.41   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     34589 | NS      | $1185365.03   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     22469 | NS      | $6643184.54   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold Inc                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     18034 | NS      | $3238545.72   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc               | Ryder System Inc                           | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      4134 | NS      | $775207.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc           | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      5339 | NS      | $527439.81    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                | S&T Bancorp Inc                            | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14004 | NS      | $553298.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     66803 | NS      | $5897368.84   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT Inc                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     48566 | NS      | $928096.26    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc     | Safety Insurance Group Inc                 | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      6730 | NS      | $498087.30    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings Inc                  | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     55358 | NS      | $767261.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                               | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      7228 | NS      | $849434.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc               | Saul Centers Inc                           | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15561 | NS      | $531719.37    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp       | National HealthCare Corp                   | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      6524 | NS      | $740343.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc | National Presto Industries Inc             | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5531 | NS      | $579759.42    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      9580 | NS      | $1334206.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp                               | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      6612 | NS      | $487701.12    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                   | Archrock Inc                               | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     22184 | NS      | $549275.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc | Armstrong World Industries Inc             | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     20864 | NS      | $4084545.28   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc              | Bristow Group Inc                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     16235 | NS      | $625209.85    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc     | Brixmor Property Group Inc                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    103059 | NS      | $2884621.41   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc  | Healthcare Services Group Inc              | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     34704 | NS      | $541729.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      5169 | NS      | $461746.77    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      9650 | NS      | $613257.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                     | Kirby Corp                                 | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     13863 | NS      | $1347483.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc           | Koppers Holdings Inc                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16512 | NS      | $478517.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     23348 | NS      | $1731020.72   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc             | LTC Properties Inc                         | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |     15335 | NS      | $559727.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                   | Lindsay Corp                               | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      3686 | NS      | $505829.78    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors Inc                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      4371 | NS      | $1471628.28   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc          | LiveRamp Holdings Inc                      | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     17144 | NS      | $478660.48    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     17012 | NS      | $1618011.32   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    127949 | NS      | $3560820.67   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                  | M/I Homes Inc                              | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     10030 | NS      | $1477017.80   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                       | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     11122 | NS      | $560103.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                 | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      9111 | NS      | $947999.55    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                     | Mattel Inc                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    138932 | NS      | $2542455.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                    | Maximus Inc                                | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     25942 | NS      | $2280820.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                        | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |      7595 | NS      | $590055.55    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc                | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      8982 | NS      | $937092.06    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc         | Mueller Industries Inc                     | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     55793 | NS      | $5352780.42   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      8982 | NS      | $779098.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International Inc              | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     11228 | NS      | $720388.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     12484 | NS      | $530445.16    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     10980 | NS      | $633216.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                  | CoreCivic Inc                              | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     49123 | NS      | $996214.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties        | COPT Defense Properties                    | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     22357 | NS      | $643434.46    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp                    | CorVel Corp                                | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5167 | NS      | $460121.35    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties Inc                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     41151 | NS      | $1213542.99   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                       | Crane Co                                   | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     22756 | NS      | $4216686.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc             | Crown Holdings Inc                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     44470 | NS      | $4419428.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50963 | NS      | $2085405.96   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     19024 | NS      | $9096325.60   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc          | Customers Bancorp Inc                      | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      8994 | NS      | $644779.86    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana Inc                                   | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     31098 | NS      | $626935.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc        | Darling Ingredients Inc                    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     48721 | NS      | $1654565.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes Inc                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      9975 | NS      | $542989.13    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc         | Dolby Laboratories Inc                     | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      7136 | NS      | $511508.48    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc      | DoubleVerify Holdings Inc                  | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35547 | NS      | $578349.69    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc         | FirstCash Holdings Inc                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25590 | NS      | $3768639.30   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below Inc                             | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     20852 | NS      | $3025625.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp                                 | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     67202 | NS      | $2756626.04   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co Inc                   | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      7940 | NS      | $777008.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor Inc                              | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     36474 | NS      | $2215795.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                    | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     23266 | NS      | $628182.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties Inc          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     72626 | NS      | $3486774.26   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap Inc/The                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     83177 | NS      | $1830725.77   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc         | Genworth Financial Inc                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    204515 | NS      | $1752693.55   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc       | Gibraltar Industries Inc                   | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8893 | NS      | $556612.87    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The  | Goodyear Tire & Rubber Co/The              | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     51278 | NS      | $434837.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco Inc                                  | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     28379 | NS      | $2423282.81   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co             | Graham Holdings Co                         | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      2439 | NS      | $2648875.95   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education Inc                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     14429 | NS      | $2908453.53   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc       | Green Brick Partners Inc                   | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     21277 | NS      | $1485985.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                      | Greif Inc                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     12631 | NS      | $824930.61    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc    | Pediatrix Medical Group Inc                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37187 | NS      | $639988.27    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc         | Pathward Financial Inc                     | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      6658 | NS      | $529111.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                       | DNOW Inc                                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     40249 | NS      | $643984.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                               | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     23376 | NS      | $3257913.12   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     51620 | NS      | $2174234.40   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     21322 | NS      | $3201924.74   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc              | PC Connection Inc                          | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      8083 | NS      | $519009.43    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc               | PJT Partners Inc                           | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      5644 | NS      | $1010276.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                       | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     12721 | NS      | $1564937.42   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                    | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     28641 | NS      | $937706.34    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     84664 | NS      | $1209848.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp      | Phibro Animal Health Corp                  | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     20945 | NS      | $776431.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                             | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     28193 | NS      | $639135.31    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp           | Pilgrim's Pride Corp                       | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |     84228 | NS      | $3743934.60   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos                          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      7775 | NS      | $2595217.25   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp                                | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |      9432 | NS      | $1292278.32   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc              | Post Holdings Inc                          | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      9892 | NS      | $1119279.80   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      9517 | NS      | $429216.70    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA              | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      6162 | NS      | $581692.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                    | Premier Inc                                | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24378 | NS      | $631390.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies Inc                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     12576 | NS      | $2353095.36   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                  | St Joe Co/The                              | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     11077 | NS      | $558945.42    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                                | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     20670 | NS      | $2509338.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market Inc                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     41653 | NS      | $5853912.62   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc    | Standard Motor Products Inc                | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     16972 | NS      | $658683.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc            | Stellar Bancorp Inc                        | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     18939 | NS      | $585593.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc        | Strategic Education Inc                    | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |      7462 | NS      | $607033.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride Inc                                 | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      6713 | NS      | $1095494.47   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc           | Sturm Ruger & Co Inc                       | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |     14845 | NS      | $514676.15    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings  | Sun Country Airlines Holdings Inc          | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     45259 | NS      | $599681.75    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc             | SunCoke Energy Inc                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     64679 | NS      | $499321.88    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc               | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     16822 | NS      | $759008.64    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                   | Sylvamo Corp                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     10519 | NS      | $485241.47    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     19074 | NS      | $984409.14    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy Inc                           | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     64330 | NS      | $635580.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     51772 | NS      | $3487879.64   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                      | TEGNA Inc                                  | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     38873 | NS      | $824107.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc | Telephone and Data Systems Inc             | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15006 | NS      | $601590.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     45932 | NS      | $8466645.56   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     27991 | NS      | $4829847.05   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     30216 | NS      | $4200024.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp        | Tompkins Financial Corp                    | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |      8426 | NS      | $590999.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      2896 | NS      | $1218520.96   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc    | Fresh Del Monte Produce Inc                | CUSIP: N/A<br>LEI: 529900I72V9F0FEZR228       | Long             | EC               | CORP              | US        |     16274 | NS      | $590420.72    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                                | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |     57586 | NS      | $2610949.24   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                 | Dorian LPG Ltd                             | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |     22058 | NS      | $705414.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                   | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    132688 | NS      | $7114730.56   | 1.28%             |  |  |  | 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