# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-26-000529
**Filing Date:** 2026-1
**Character Count:** 34306
**Document Hash:** 67c618ac69f1d04ea874ad9b487c1710
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-000529.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0000894189-26-000529

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**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:** 26532843

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

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

## Series and Classes Contracts Data

### Horizon Active Risk Assist Fund (Series ID: S000050382)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

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

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

- **a. Name of Series:** Horizon Active Risk Assist Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-11-30

**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:** $1502123473.83

**Total Liabilities:** $90670110.47

**Net Assets:** $1411453363.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159080 | 3.13%                | 1.54%                | 0.11%                |
| Class ID C000159081 | 3.19%                | 1.56%                | 0.11%                |
| Class ID C000159082 | 3.16%                | 1.53%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18252619.99             | $26244046.16                               |
| Month 2  | $5482308.52              | $19119867.29                               |
| Month 3  | $753878.34               | $1029021.63                                |

**Designated Index Information**

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

- **Index Identifier:** ACWI

### Schedule of Portfolio Investments

| Name                           | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meta Platforms Inc             | Meta Platforms Inc                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     15045 | NS      | $9748407.75   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Min Vol Facto | iShares MSCI USA Min Vol Factor ETF                   | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |   1008371 | NS      | $96128007.43  | 6.81%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Quality Facto | iShares MSCI USA Quality Factor ETF                   | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |    285295 | NS      | $56511233.60  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |   2045522 | NS      | $167262333.94 | 11.85%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5624 | NS      | $1760761.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3652 | NS      | $755671.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       813 | NS      | $955657.11    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      6221 | NS      | $970476.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1355 | NS      | $745968.15    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -78 | NC      | $-3198.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        78 | NC      | $4251.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $18000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3500 | NC      | $1312500.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7000 | NC      | $-1151500.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $372000.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $692250.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 12/17/25 P16.5                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -20000 | NC      | $-700000.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Materials Select Sector SPDR ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5000 | NC      | $42500.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Materials Select Sector SPDR ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-12500.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Energy Select Sector SPDR ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4000 | NC      | $-86000.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Energy Select Sector SPDR ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $119000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                               | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     11242 | NS      | $806725.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED INC                    | ABIOMED INC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       113 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4077 | NS      | $886869.81    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      2800 | NS      | $782488.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      5526 | NS      | $869239.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     52370 | NS      | $16767826.60  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     48898 | NS      | $11403991.56  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      6967 | NS      | $981650.30    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight E | Invesco S&P 500 Equal Weight ETF                      | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Long             | EC               | RF                | US        |    575917 | NS      | $110305383.01 | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7213 | NS      | $2011345.05   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3989 | NS      | $1006225.25   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      5876 | NS      | $767875.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      5187 | NS      | $703149.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     14002 | NS      | $2358636.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3861 | NS      | $734091.93    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                                      | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      6141 | NS      | $712847.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                      | Prosus NV                                             | CUSIP: 74365P108<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     57633 | NS      | $724446.81    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                                   | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1737 | NS      | $807496.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                   | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |   3266175 | NS      | $153608210.25 | 10.88%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Developed World | SPDR Portfolio Developed World ex-US ETF              | CUSIP: 78463X889<br>LEI: 549300NVXJXJCDK35U34 | Long             | EC               | RF                | US        |   4795162 | NS      | $210315805.32 | 14.90%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S& | State Street SPDR Portfolio S&P 500 Growth ETF        | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |   3033771 | NS      | $324734847.84 | 23.01%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S& | State Street SPDR Portfolio S&P 500 Value ETF         | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |   2492579 | NS      | $141777893.52 | 10.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3667 | NS      | $845390.18    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      3204 | NS      | $774567.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                 | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     14685 | NS      | $787703.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      4408 | NS      | $612756.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       997 | NS      | $809972.77    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                            | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     10487 | NS      | $1390995.68   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     16519 | NS      | $1305661.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                 | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |      1256 | NS      | $752180.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     43126 | NS      | $21218423.26  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      4646 | NS      | $1098686.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $18000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $9000.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Brazil ETF                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2500 | NC      | $-131250.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Brazil ETF                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $311250.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1250 | NC      | $645625.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1250 | NC      | $-164375.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2600 | NC      | $-105300.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1800 | NC      | $-578700.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1021 | NS      | $551482.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                            | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     56665 | NS      | $710012.45    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1453 | NS      | $746565.93    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     29911 | NS      | $12052936.56  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2359 | NS      | $735630.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      5533 | NS      | $429969.43    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      2424 | NS      | $883208.64    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       892 | NS      | $814922.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                                 | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      4807 | NS      | $641013.45    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                   | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     22041 | NS      | $709279.38    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6362 | NS      | $737483.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  87514649 | NS      | $87514648.60  | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1572 | NS      | $942838.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                           | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       732 | NS      | $604661.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                           | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     27104 | NS      | $867056.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                            | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1310 | NS      | $830644.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      3378 | NS      | $1937215.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2943 | NS      | $3165108.21   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                        | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2318 | NS      | $801773.02    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                                        | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      5404 | NS      | $915923.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     19380 | NS      | $2084900.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    115818 | NS      | $20499786.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      4824 | NS      | $974206.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | VIX US 12/17/25 P18                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $1090000.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5040 | NS      | $1469210.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      9003 | NS      | $3872820.51   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8779 | NS      | $768513.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      4564 | NS      | $820287.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2538 | NS      | $848808.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                           | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4389 | NS      | $785016.54    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      9861 | NS      | $1089739.11   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-14

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matthew Chambers

**Name of Signer:** Matthew Chambers

**Title:** Chief Compliance Officer