# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012155
**Filing Date:** 2025-10
**Character Count:** 94548
**Document Hash:** 154cb7706d525fd34808bb48b22853ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012155.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012155

**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:** 251423689

**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 Equity Premium Income Fund (Series ID: S000055166)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000173471 | Investor Class | HNDDX           |
| C000182199 | Advisor Class  | HADUX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income 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 - 100.1%** | **COMMON STOCKS - 100.1%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | |
| General Dynamics Corp. | General Dynamics Corp. | 982 | $318728 |
| General Electric Co. | General Electric Co. | 2431 | 669011 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | 698 | 193779 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | 1056 | 481145 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | 511 | 301511 |
| RTX Corp. | RTX Corp. | 5654 | 896724 |
|  |  |  | 2860898 |
| **Air Freight & Logistics - 0.4%** | **Air Freight & Logistics - 0.4%** | **Air Freight & Logistics - 0.4%** |  |
| FedEx Corp. | FedEx Corp. | 845 | 195254 |
| United Parcel Service, Inc. - Class B | United Parcel Service, Inc. - Class B | 4414 | 385960 |
|  |  |  | 581214 |
| **Automobiles - 1.2%** | **Automobiles - 1.2%** | **Automobiles - 1.2%** |  |
| Ford Motor Co. | Ford Motor Co. | 28870 | 339800 |
| General Motors Co. | General Motors Co. | 5210 | 305254 |
| Tesla, Inc. <sup>(a)</sup> | Tesla, Inc. <sup>(a)</sup> | 3033 | 1012627 |
|  |  |  | 1657681 |
| **Banks - 6.0%** | **Banks - 6.0%** | **Banks - 6.0%** |  |
| Bank of America Corp. | Bank of America Corp. | 31516 | 1599122 |
| Citigroup, Inc. | Citigroup, Inc. | 8826 | 852327 |
| JPMorgan Chase & Co. <sup>(b)</sup> | JPMorgan Chase & Co. <sup>(b)</sup> | 11450 | 3451259 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | 1815 | 376504 |
| Truist Financial Corp. | Truist Financial Corp. | 6305 | 295200 |
| US Bancorp | US Bancorp | 7475 | 365004 |
| Wells Fargo & Co. | Wells Fargo & Co. | 14840 | 1219551 |
|  |  |  | 8158967 |
| **Beverages - 1.6%** | **Beverages - 1.6%** | **Beverages - 1.6%** |  |
| Coca-Cola Co. | Coca-Cola Co. | 17213 | 1187525 |
| Constellation Brands, Inc. - Class A | Constellation Brands, Inc. - Class A | 463 | 74978 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 3618 | 105248 |
| PepsiCo, Inc. | PepsiCo, Inc. | 5494 | 816683 |
|  |  |  | 2184434 |
| **Biotechnology - 2.6%** | **Biotechnology - 2.6%** | **Biotechnology - 2.6%** |  |
| AbbVie, Inc. | AbbVie, Inc. | 9011 | 1895914 |
| Amgen, Inc. | Amgen, Inc. | 2371 | 682161 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | 6460 | 729786 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | 116 | 67361 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 312 | 121998 |
|  |  |  | 3497220 |
| **Broadline Retail - 2.8%** | **Broadline Retail - 2.8%** | **Broadline Retail - 2.8%** |  |
| Amazon.com, Inc. <sup>(a)(b)</sup> | Amazon.com, Inc. <sup>(a)(b)</sup> | 16788 | 3844452 |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |  |
| Carrier Global Corp. | Carrier Global Corp. | 2457 | 160196 |
| Johnson Controls International PLC | Johnson Controls International PLC | 2492 | 266370 |
| Trane Technologies PLC | Trane Technologies PLC | 578 | 240217 |
|  |  |  | 666783 |
| **Capital Markets - 4.1%** | **Capital Markets - 4.1%** | **Capital Markets - 4.1%** |  |
| Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | 260 | 133850 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 2530 | 267168 |
| Blackrock, Inc. | Blackrock, Inc. | 585 | 659377 |
| Blackstone, Inc. | Blackstone, Inc. | 2690 | 461066 |
| Charles Schwab Corp. | Charles Schwab Corp. | 5157 | 494247 |
| CME Group, Inc. | CME Group, Inc. | 1796 | 478652 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | 1269 | 945722 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 1430 | 252538 |
| KKR & Co., Inc. | KKR & Co., Inc. | 1340 | 186917 |
| Moody's Corp. | Moody's Corp. | 317 | 161594 |
| Morgan Stanley | Morgan Stanley | 7571 | 1139284 |
| S&P Global, Inc. | S&P Global, Inc. | 611 | 335097 |
|  |  |  | 5515512 |
| **Chemicals - 1.2%** | **Chemicals - 1.2%** | **Chemicals - 1.2%** |  |
| Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | 947 | 278522 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 1452 | 111688 |
| Ecolab, Inc. | Ecolab, Inc. | 715 | 198083 |
| Linde PLC | Linde PLC | 1442 | 689694 |
| LyondellBasell Industries NV - Class A | LyondellBasell Industries NV - Class A | 1720 | 96922 |
| PPG Industries, Inc. | PPG Industries, Inc. | 890 | 98995 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | 584 | 213645 |
|  |  |  | 1687549 |
| **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** |  |
| Cintas Corp. | Cintas Corp. | 852 | 178946 |
| Republic Services, Inc. | Republic Services, Inc. | 816 | 190919 |
| Waste Management, Inc. | Waste Management, Inc. | 1198 | 271215 |
|  |  |  | 641080 |
| **Communications Equipment - 2.1%** | **Communications Equipment - 2.1%** | **Communications Equipment - 2.1%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 4365 | 596041 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 24786 | 1712464 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 1017 | 480492 |
|  |  |  | 2788997 |
| **Consumer Finance - 0.6%** | **Consumer Finance - 0.6%** | **Consumer Finance - 0.6%** |  |
| American Express Co. | American Express Co. | 1894 | 627444 |
| Capital One Financial Corp. | Capital One Financial Corp. | 985 | 223812 |
|  |  |  | 851256 |
| **Consumer Staples Distribution & Retail - 2.2%** | **Consumer Staples Distribution & Retail - 2.2%** | **Consumer Staples Distribution & Retail - 2.2%** |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 623 | 587688 |
| Kroger Co. | Kroger Co. | 2243 | 152165 |
| Sysco Corp. | Sysco Corp. | 1625 | 130764 |
| Target Corp. | Target Corp. | 847 | 81295 |
| Walmart, Inc. <sup>(b)</sup> | Walmart, Inc. <sup>(b)</sup> | 21081 | 2044436 |
|  |  |  | 2996348 |
| **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** |  |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 30105 | 1331544 |
| **Electric Utilities - 1.9%** | **Electric Utilities - 1.9%** | **Electric Utilities - 1.9%** |  |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | 2607 | 289429 |
| Constellation Energy Corp. | Constellation Energy Corp. | 596 | 183556 |
| Duke Energy Corp. | Duke Energy Corp. | 3814 | 467177 |
| Edison International | Edison International | 1754 | 98452 |
| Exelon Corp. | Exelon Corp. | 5060 | 221021 |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 9469 | 682241 |
| Southern Co. | Southern Co. | 5329 | 491867 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | 2648 | 191689 |
|  |  |  | 2625432 |
| **Electrical Equipment - 0.5%** | **Electrical Equipment - 0.5%** | **Electrical Equipment - 0.5%** |  |
| Eaton Corp. PLC | Eaton Corp. PLC | 1106 | 386149 |
| Emerson Electric Co. | Emerson Electric Co. | 1926 | 254232 |
|  |  |  | 640381 |
| **Electronic Equipment, Instruments & Components - 1.3%** | **Electronic Equipment, Instruments & Components - 1.3%** | **Electronic Equipment, Instruments & Components - 1.3%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 5679 | 618216 |
| Corning, Inc. | Corning, Inc. | 8471 | 567811 |
| TE Connectivity PLC | TE Connectivity PLC | 2469 | 509849 |
|  |  |  | 1695876 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |  |
| Schlumberger, Ltd. | Schlumberger, Ltd. | 2469 | 90958 |
| **Entertainment - 1.4%** | **Entertainment - 1.4%** | **Entertainment - 1.4%** |  |
| Netflix, Inc. <sup>(a)</sup> | Netflix, Inc. <sup>(a)</sup> | 991 | 1197376 |
| Walt Disney Co. | Walt Disney Co. | 6198 | 733719 |
|  |  |  | 1931095 |
| **Financial Services - 3.2%** | **Financial Services - 3.2%** | **Financial Services - 3.2%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 3266 | 1642733 |
| MasterCard, Inc. - Class A | MasterCard, Inc. - Class A | 1729 | 1029256 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 4543 | 1598137 |
|  |  |  | 4270126 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |  |
| Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | 1846 | 115634 |
| General Mills, Inc. | General Mills, Inc. | 1868 | 92148 |
| Hershey Co. | Hershey Co. | 624 | 114660 |
| Kraft Heinz Co. | Kraft Heinz Co. | 3640 | 101811 |
| Mondelez International, Inc. - Class A | Mondelez International, Inc. - Class A | 3093 | 190034 |
|  |  |  | 614287 |
| **Ground Transportation - 0.8%** | **Ground Transportation - 0.8%** | **Ground Transportation - 0.8%** |  |
| CSX Corp. | CSX Corp. | 5815 | 189046 |
| Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> | 3295 | 308906 |
| Union Pacific Corp. | Union Pacific Corp. | 2406 | 537909 |
|  |  |  | 1035861 |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |  |
| Abbott Laboratories | Abbott Laboratories | 1480 | 196337 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | 924 | 178314 |
| Boston Scientific Corp. <sup>(a)</sup> | Boston Scientific Corp. <sup>(a)</sup> | 1946 | 205303 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | Intuitive Surgical, Inc. <sup>(a)</sup> | 530 | 250846 |
| Medtronic PLC | Medtronic PLC | 6364 | 590643 |
| Stryker Corp. | Stryker Corp. | 981 | 383973 |
|  |  |  | 1805416 |
| **Health Care Providers & Services - 1.8%** | **Health Care Providers & Services - 1.8%** | **Health Care Providers & Services - 1.8%** |  |
| Cigna Group | Cigna Group | 983 | 295755 |
| CVS Health Corp. | CVS Health Corp. | 6613 | 483741 |
| Elevance Health, Inc. | Elevance Health, Inc. | 679 | 216363 |
| HCA Healthcare, Inc. | HCA Healthcare, Inc. | 585 | 236317 |
| Humana, Inc. | Humana, Inc. | 304 | 92313 |
| McKesson Corp. | McKesson Corp. | 222 | 152434 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 3074 | 952540 |
|  |  |  | 2429463 |
| **Hotels, Restaurants & Leisure - 2.6%** | **Hotels, Restaurants & Leisure - 2.6%** | **Hotels, Restaurants & Leisure - 2.6%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | Airbnb, Inc. - Class A <sup>(a)</sup> | 1678 | 219029 |
| Booking Holdings, Inc. | Booking Holdings, Inc. | 106 | 593499 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | 5255 | 302846 |
| Marriott International, Inc. - Class A | Marriott International, Inc. - Class A | 1244 | 333218 |
| McDonald's Corp. | McDonald's Corp. | 3666 | 1149438 |
| Starbucks Corp. | Starbucks Corp. | 6869 | 605777 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | 1903 | 279684 |
|  |  |  | 3483491 |
| **Household Durables - 0.6%** | **Household Durables - 0.6%** | **Household Durables - 0.6%** |  |
| DR Horton, Inc. | DR Horton, Inc. | 1455 | 246594 |
| Garmin, Ltd. | Garmin, Ltd. | 1311 | 317026 |
| Lennar Corp., - Class A | Lennar Corp., - Class A | 1466 | 195183 |
|  |  |  | 758803 |
| **Household Products - 1.2%** | **Household Products - 1.2%** | **Household Products - 1.2%** |  |
| Colgate-Palmolive Co. | Colgate-Palmolive Co. | 1199 | 100800 |
| Kimberly-Clark Corp. | Kimberly-Clark Corp. | 826 | 106670 |
| Procter & Gamble Co. | Procter & Gamble Co. | 8899 | 1397499 |
|  |  |  | 1604969 |
| **Industrial Conglomerates - 0.7%** | **Industrial Conglomerates - 0.7%** | **Industrial Conglomerates - 0.7%** |  |
| 3M Co. | 3M Co. | 2355 | 366273 |
| Honeywell International, Inc. | Honeywell International, Inc. | 2465 | 541068 |
|  |  |  | 907341 |
| **Insurance - 1.6%** | **Insurance - 1.6%** | **Insurance - 1.6%** |  |
| Aflac, Inc. | Aflac, Inc. | 1758 | 187860 |
| Allstate Corp. | Allstate Corp. | 781 | 158894 |
| American International Group, Inc. | American International Group, Inc. | 1968 | 160038 |
| Aon PLC - Class A | Aon PLC - Class A | 391 | 143497 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | 427 | 129274 |
| Chubb Ltd. | Chubb Ltd. | 1127 | 310004 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 1341 | 275991 |
| MetLife, Inc. | MetLife, Inc. | 2694 | 219184 |
| Progressive Corp. | Progressive Corp. | 760 | 187766 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | 1511 | 165696 |
| Travelers Cos., Inc. | Travelers Cos., Inc. | 607 | 164807 |
|  |  |  | 2103011 |
| **Interactive Media & Services - 6.5%** | **Interactive Media & Services - 6.5%** | **Interactive Media & Services - 6.5%** |  |
| Alphabet, Inc. - Class A <sup>(b)</sup> | Alphabet, Inc. - Class A <sup>(b)</sup> | 23542 | 5012327 |
| Meta Platforms, Inc. - Class A <sup>(b)</sup> | Meta Platforms, Inc. - Class A <sup>(b)</sup> | 5058 | 3736345 |
|  |  |  | 8748672 |
| **IT Services - 1.6%** | **IT Services - 1.6%** | **IT Services - 1.6%** |  |
| Accenture PLC - Class A | Accenture PLC - Class A | 2758 | 716997 |
| International Business Machines Corp. | International Business Machines Corp. | 5859 | 1426608 |
|  |  |  | 2143605 |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |  |
| Danaher Corp. | Danaher Corp. | 573 | 117935 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 642 | 316326 |
|  |  |  | 434261 |
| **Machinery - 1.5%** | **Machinery - 1.5%** | **Machinery - 1.5%** |  |
| Caterpillar, Inc. | Caterpillar, Inc. | 1534 | 642807 |
| Deere & Co. | Deere & Co. | 893 | 427425 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | 1141 | 301966 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | 1284 | 110912 |
| PACCAR, Inc. | PACCAR, Inc. | 2705 | 270446 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | 345 | 261976 |
|  |  |  | 2015532 |
| **Media - 0.6%** | **Media - 0.6%** | **Media - 0.6%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 24807 | 842694 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |  |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | 3953 | 175513 |
| Newmont Goldcorp Corp. | Newmont Goldcorp Corp. | 4189 | 311662 |
| Nucor Corp. | Nucor Corp. | 706 | 105003 |
|  |  |  | 592178 |
| **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** |  |
| Consolidated Edison, Inc. | Consolidated Edison, Inc. | 1548 | 152060 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 4367 | 261583 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | 2187 | 180056 |
| Sempra | Sempra | 2764 | 228196 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | 1472 | 156783 |
|  |  |  | 978678 |
| **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** |  |
| Chevron Corp. | Chevron Corp. | 7404 | 1189082 |
| ConocoPhillips | ConocoPhillips | 2691 | 266328 |
| EOG Resources, Inc. | EOG Resources, Inc. | 894 | 111589 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 18885 | 2158367 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | 697 | 125258 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | 1900 | 90459 |
| ONEOK, Inc. | ONEOK, Inc. | 1371 | 104717 |
| Phillips 66 | Phillips 66 | 840 | 112207 |
| Valero Energy Corp. | Valero Energy Corp. | 794 | 120696 |
| Williams Cos., Inc. | Williams Cos., Inc. | 2735 | 158302 |
|  |  |  | 4437005 |
| **Pharmaceuticals - 3.8%** | **Pharmaceuticals - 3.8%** | **Pharmaceuticals - 3.8%** |  |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 11430 | 539267 |
| Eli Lilly & Co. <sup>(b)</sup> | Eli Lilly & Co. <sup>(b)</sup> | 1741 | 1275422 |
| Johnson & Johnson | Johnson & Johnson | 11838 | 2097339 |
| Merck & Co., Inc. | Merck & Co., Inc. | 10685 | 898822 |
| Pfizer, Inc. | Pfizer, Inc. | 4066 | 100674 |
| Zoetis, Inc. | Zoetis, Inc. | 1180 | 184552 |
|  |  |  | 5096076 |
| **Professional Services - 0.5%** | **Professional Services - 0.5%** | **Professional Services - 0.5%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 1614 | 490736 |
| Paychex, Inc. | Paychex, Inc. | 1661 | 231635 |
|  |  |  | 722371 |
| **Real Estate - 0.0%<sup>(c)</sup>** | **Real Estate - 0.0%<sup>(c)</sup>** | **Real Estate - 0.0%<sup>(c)</sup>** |  |
| Millrose Properties, Inc. | Millrose Properties, Inc. | 739 | 26094 |
| **Semiconductors & Semiconductor Equipment - 12.2%** | **Semiconductors & Semiconductor Equipment - 12.2%** | **Semiconductors & Semiconductor Equipment - 12.2%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 2650 | 430969 |
| Analog Devices, Inc. | Analog Devices, Inc. | 2565 | 644610 |
| Applied Materials, Inc. | Applied Materials, Inc. | 2668 | 428908 |
| Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> | 15541 | 4621738 |
| KLA Corp. | KLA Corp. | 552 | 481344 |
| Lam Research Corp. | Lam Research Corp. | 5053 | 506058 |
| Micron Technology, Inc. | Micron Technology, Inc. | 3597 | 428079 |
| NVIDIA Corp. <sup>(b)</sup> | NVIDIA Corp. <sup>(b)</sup> | 41170 | 7170991 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 4891 | 786130 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 5071 | 1026776 |
|  |  |  | 16525603 |
| **Software - 9.9%** | **Software - 9.9%** | **Software - 9.9%** |  |
| Adobe, Inc. <sup>(a)</sup> | Adobe, Inc. <sup>(a)</sup> | 1059 | 377745 |
| Intuit, Inc. | Intuit, Inc. | 862 | 574954 |
| Microsoft Corp. | Microsoft Corp. | 16716 | 8469830 |
| Oracle Corp. | Oracle Corp. | 9251 | 2091929 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | Palo Alto Networks, Inc. <sup>(a)</sup> | 2057 | 391900 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | 608 | 319996 |
| Salesforce, Inc. | Salesforce, Inc. | 2865 | 734156 |
| ServiceNow, Inc. <sup>(a)</sup> | ServiceNow, Inc. <sup>(a)</sup> | 545 | 500016 |
|  |  |  | 13460526 |
| **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** |  |
| Home Depot, Inc. | Home Depot, Inc. | 4574 | 1860566 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | 2521 | 650569 |
| Ross Stores, Inc. | Ross Stores, Inc. | 1651 | 242961 |
| TJX Cos., Inc. | TJX Cos., Inc. | 4541 | 620346 |
|  |  |  | 3374442 |
| **Technology Hardware, Storage & Peripherals - 5.3%** | **Technology Hardware, Storage & Peripherals - 5.3%** | **Technology Hardware, Storage & Peripherals - 5.3%** |  |
| Apple, Inc. <sup>(b)</sup> | Apple, Inc. <sup>(b)</sup> | 28158 | 6536598 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | 16546 | 373443 |
| HP, Inc. | HP, Inc. | 10523 | 300327 |
|  |  |  | 7210368 |
| **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** |  |
| Nike, Inc. - Class B | Nike, Inc. - Class B | 7483 | 578960 |
| **Tobacco - 1.1%** | **Tobacco - 1.1%** | **Tobacco - 1.1%** |  |
| Altria Group, Inc. | Altria Group, Inc. | 5676 | 381484 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 6803 | 1136985 |
|  |  |  | 1518469 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |  |
| United Rentals, Inc. | United Rentals, Inc. | 165 | 157796 |
| **Wireless Telecommunication Services - 1.0%** | **Wireless Telecommunication Services - 1.0%** | **Wireless Telecommunication Services - 1.0%** |  |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 5218 | 1314884 |
| **TOTAL COMMON STOCKS** (Cost $96,433,499) | **TOTAL COMMON STOCKS** (Cost $96,433,499) | **TOTAL COMMON STOCKS** (Cost $96,433,499) | 135438659 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.0%<sup>(c)</sup>** | **MONEY MARKET FUNDS - 0.0%<sup>(c)</sup>** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.22%<sup>(d)</sup> | 941 | 941 |
| **TOTAL MONEY MARKET FUNDS** (Cost $941) | **TOTAL MONEY MARKET FUNDS** (Cost $941) | **TOTAL MONEY MARKET FUNDS** (Cost $941) | 941 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $96,434,440**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $96,434,440**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $96,434,440**)** | 135439600 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (86723) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $135352877 |
| 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>

(a) Non-income producing security.

(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $32,902,198, which is 24.31% of the
 total net assets.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> |
| S&P 500 Index, Expiration: 09/04/2025; Exercise Price: $6,560.00 <sup>(b)(c)</sup> | $(90443640) | (140) | $(11200) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $97,141) |  |  | $(11200) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

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

(b) Exchange-traded.

(c) 100 shares per contract.

------

#### <br>

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Horizon Equity Premium Income 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: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $135438659 | $– | $– | $135438659 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 941 | – | – | 941 |
| Total Investments | $135439600 | $– | $– | $135439600 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(11200) | $– | $(11200) |
| Total Investments | $– | $(11200) | $– | $(11200) |
| 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 Equity Premium Income Fund

- **b. EDGAR series identifier (if any):** S000055166

- **c. LEI of Series:** 549300EJNY4CGCCZC528

**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:** $136200011.53

**Total Liabilities:** $901717.58

**Net Assets:** $135298293.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173471 | 5.00%                | 1.82%                | 2.01%                |
| Class ID C000182199 | 4.99%                | 1.81%                | 2.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $297104.71               | $5964960.85                                |
| Month 2  | $247374.19               | $2080659.57                                |
| Month 3  | $109901.73               | $3036478.07                                |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1678 | NS      | $219029.34    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       781 | NS      | $158894.45    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     23542 | NS      | $5012327.22   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5676 | NS      | $381483.96    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     16788 | NS      | $3844452.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      2607 | NS      | $289429.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1894 | NS      | $627444.32    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      1968 | NS      | $160037.76    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       260 | NS      | $133850.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2371 | NS      | $682160.41    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      5679 | NS      | $618215.94    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2565 | NS      | $644610.15    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     28158 | NS      | $6536598.12   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2668 | NS      | $428907.68    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1846 | NS      | $115633.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4365 | NS      | $596040.75    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1614 | NS      | $490736.70    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      2690 | NS      | $461066.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       585 | NS      | $659376.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       106 | NS      | $593499.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1946 | NS      | $205303.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11430 | NS      | $539267.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     15541 | NS      | $4621737.99   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       985 | NS      | $223811.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      2457 | NS      | $160196.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       427 | NS      | $129274.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      1625 | NS      | $130763.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4541 | NS      | $620346.01    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      5218 | NS      | $1314883.82   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       847 | NS      | $81295.06     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3033 | NS      | $1012627.71   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      5071 | NS      | $1026776.08   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       642 | NS      | $316326.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       607 | NS      | $164806.57    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      6305 | NS      | $295200.10    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      3295 | NS      | $308906.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2406 | NS      | $537909.42    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      4414 | NS      | $385960.16    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       165 | NS      | $157796.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3074 | NS      | $952540.38    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                    | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |       391 | NS      | $143497.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      2469 | NS      | $509848.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       578 | NS      | $240216.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      1758 | NS      | $187859.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9011 | NS      | $1895914.40   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1059 | NS      | $377745.30    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      2650 | NS      | $430969.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     31516 | NS      | $1599121.84   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp/The           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      2530 | NS      | $267168.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       924 | NS      | $178313.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3266 | NS      | $1642732.68   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                     | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      2764 | NS      | $228195.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       545 | NS      | $500015.70    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      2758 | NS      | $716997.26    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1796 | NS      | $478651.96    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     24786 | NS      | $1712464.74   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      8826 | NS      | $852326.82    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     17213 | NS      | $1187524.87   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      5060 | NS      | $221020.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     18885 | NS      | $2158366.65   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       845 | NS      | $195254.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    474092 | NS      | $474091.76    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                  | Ford Motor Co                              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     28870 | NS      | $339799.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3953 | NS      | $175513.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       982 | NS      | $318727.74    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      2431 | NS      | $669011.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      1868 | NS      | $92148.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5210 | NS      | $305253.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6460 | NS      | $729786.20    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1269 | NS      | $945722.25    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       585 | NS      | $236316.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP Inc                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     10523 | NS      | $300326.42    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                             | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       624 | NS      | $114660.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co              | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     16546 | NS      | $373443.22    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4574 | NS      | $1860565.98   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      2465 | NS      | $541067.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       304 | NS      | $92312.64     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1141 | NS      | $301965.65    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      1430 | NS      | $252538.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5859 | NS      | $1426607.91   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                     | Garmin Ltd                                 | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |      1311 | NS      | $317026.02    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       947 | NS      | $278522.17    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       584 | NS      | $213644.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      5329 | NS      | $491866.70    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      6869 | NS      | $605777.11    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       981 | NS      | $383973.21    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1480 | NS      | $196336.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1815 | NS      | $376503.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc             | PPG Industries Inc                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |       890 | NS      | $98994.70     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      6803 | NS      | $1136985.39   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       840 | NS      | $112207.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      8899 | NS      | $1397498.96   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       760 | NS      | $187765.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial Inc                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      1511 | NS      | $165696.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group Inc        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      2187 | NS      | $180055.71    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4891 | NS      | $786130.43    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      5654 | NS      | $896724.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       116 | NS      | $67361.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       816 | NS      | $190919.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       608 | NS      | $319996.48    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1651 | NS      | $242961.16    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       611 | NS      | $335096.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2865 | NS      | $734156.25    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      2469 | NS      | $90957.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      2355 | NS      | $366273.15    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       679 | NS      | $216363.35    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      5815 | NS      | $189045.65    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      6613 | NS      | $483740.95    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1199 | NS      | $100799.93    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     24807 | NS      | $842693.79    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2691 | NS      | $266328.27    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison Inc                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      1548 | NS      | $152060.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       463 | NS      | $74978.22     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       596 | NS      | $183556.08    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      8471 | NS      | $567811.13    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       623 | NS      | $587688.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1455 | NS      | $246593.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       573 | NS      | $117934.86    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       893 | NS      | $427425.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      4367 | NS      | $261583.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      3814 | NS      | $467176.86    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours Inc                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      1452 | NS      | $111687.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       894 | NS      | $111589.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       715 | NS      | $198083.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      1754 | NS      | $98452.02     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      1926 | NS      | $254232.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5058 | NS      | $3736344.60   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       862 | NS      | $574954.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       530 | NS      | $250846.35    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     11450 | NS      | $3451259.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11838 | NS      | $2097338.46   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      3618 | NS      | $105247.62    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       826 | NS      | $106669.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      5053 | NS      | $506057.95    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      5255 | NS      | $302845.65    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                                | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1466 | NS      | $195183.24    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1741 | NS      | $1275421.78   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1056 | NS      | $481145.28    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      2521 | NS      | $650569.26    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       697 | NS      | $125257.87    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1341 | NS      | $275991.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1244 | NS      | $333217.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1729 | NS      | $1029256.41   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3666 | NS      | $1149437.64   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       222 | NS      | $152434.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     10685 | NS      | $898822.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      2694 | NS      | $219183.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     16716 | NS      | $8469830.04   | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3597 | NS      | $428078.97    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc        | Millrose Properties Inc                    | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       739 | NS      | $26094.09     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      3093 | NS      | $190033.92    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       317 | NS      | $161593.92    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7571 | NS      | $1139284.08   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     14840 | NS      | $1219551.20   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      2735 | NS      | $158301.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy Inc                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      2648 | NS      | $191688.72    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1903 | NS      | $279683.91    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      1106 | NS      | $386148.84    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | US        |      2492 | NS      | $266369.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      1442 | NS      | $689694.18    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      6364 | NS      | $590642.84    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      1720 | NS      | $96922.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      6198 | NS      | $733719.24    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       552 | NS      | $481344.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      1340 | NS      | $186916.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      3640 | NS      | $101810.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2243 | NS      | $152165.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       698 | NS      | $193778.76    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1017 | NS      | $480491.82    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       991 | NS      | $1197375.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      4189 | NS      | $311661.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      9469 | NS      | $682241.45    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      7483 | NS      | $578959.71    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       511 | NS      | $301510.44    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       706 | NS      | $105003.38    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     41170 | NS      | $7170990.60   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1900 | NS      | $90459.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      7475 | NS      | $365004.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       794 | NS      | $120695.94    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     30105 | NS      | $1331544.15   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       312 | NS      | $121998.24    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4543 | NS      | $1598136.54   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group Inc                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      1472 | NS      | $156782.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     21081 | NS      | $2044435.38   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      1198 | NS      | $271215.22    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1180 | NS      | $184552.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPXW US 09/04/25 C6560                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -140 | NC      | $-11200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       983 | NS      | $295755.21    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1534 | NS      | $642807.36    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7404 | NS      | $1189082.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       852 | NS      | $178945.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      1371 | NS      | $104716.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      9251 | NS      | $2091928.63   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      1284 | NS      | $110911.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      2705 | NS      | $270445.90    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2057 | NS      | $391899.64    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       345 | NS      | $261975.75    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1661 | NS      | $231634.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5494 | NS      | $816683.10    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      4066 | NS      | $100674.16    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      5157 | NS      | $494246.88    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      1127 | NS      | $310003.89    | 0.23%             |  |  |  | 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