# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012149
**Filing Date:** 2025-10
**Character Count:** 47057
**Document Hash:** 489329afb7df497cb8a29f531e48ecc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012149.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012149

**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:** 251423683

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

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

## Series and Classes Contracts Data

### Horizon Active Asset Allocation Fund (Series ID: S000050381)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159077 | Advisor Class       | HASAX           |
| C000159078 | Institutional Class | HASIX           |
| C000159079 | Investor Class      | AAANX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 92.7%** | **EXCHANGE TRADED FUNDS - 92.7%** | **Shares** | **Value**  |
| Communication Services Select Sector SPDR Fund | Communication Services Select Sector SPDR Fund | 205524 | $22893318 |
| Consumer Discretionary Select Sector SPDR Fund | Consumer Discretionary Select Sector SPDR Fund | 285 | 66046 |
| Energy Select Sector SPDR Fund | Energy Select Sector SPDR Fund | 749 | 67702 |
| Goldman Sachs Equal Weight US Large Cap Equity ETF | Goldman Sachs Equal Weight US Large Cap Equity ETF | 180360 | 15191723 |
| Health Care Select Sector SPDR Fund | Health Care Select Sector SPDR Fund | 274 | 37656 |
| Invesco KBW Bank ETF<sup>(a)</sup> | Invesco KBW Bank ETF<sup>(a)</sup> | 411632 | 31971457 |
| Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | 253 | 144311 |
| Invesco S&P 500 Equal Weight ETF | Invesco S&P 500 Equal Weight ETF | 404089 | 76219267 |
| iShares Core Dividend Growth ETF<sup>(a)</sup> | iShares Core Dividend Growth ETF<sup>(a)</sup> | 919623 | 61550367 |
| iShares Core MSCI Emerging Markets ETF | iShares Core MSCI Emerging Markets ETF | 979320 | 60805979 |
| iShares Core MSCI International Developed Markets ETF | iShares Core MSCI International Developed Markets ETF | 2320623 | 181797606 |
| iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF | 665 | 43331 |
| iShares MSCI EAFE ETF | iShares MSCI EAFE ETF | 510 | 46655 |
| iShares MSCI Japan ETF<sup>(a)</sup> | iShares MSCI Japan ETF<sup>(a)</sup> | 292873 | 22926099 |
| iShares MSCI USA Minimum Volatility ETF<sup>(a)</sup> | iShares MSCI USA Minimum Volatility ETF<sup>(a)</sup> | 1264 | 119145 |
| iShares MSCI USA Quality Factor ETF | iShares MSCI USA Quality Factor ETF | 472 | 89184 |
| iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 291 | 57740 |
| JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders Europe ETF | 328084 | 22411418 |
| SPDR Portfolio Emerging Markets ETF | SPDR Portfolio Emerging Markets ETF | 688455 | 30567402 |
| SPDR Portfolio S&P 500 Growth ETF<sup>(b)</sup> | SPDR Portfolio S&P 500 Growth ETF<sup>(b)</sup> | 1550117 | 154221140 |
| SPDR Portfolio S&P 500 Value ETF | SPDR Portfolio S&P 500 Value ETF | 562879 | 30755709 |
| SPDR S&P Regional Banking ETF | SPDR S&P Regional Banking ETF | 935 | 61252 |
| Technology Select Sector SPDR Fund | Technology Select Sector SPDR Fund | 362 | 95007 |
| VanEck Semiconductor ETF<sup>(a)</sup> | VanEck Semiconductor ETF<sup>(a)</sup> | 212 | 61542 |
| WisdomTree Japan Hedged Equity Fund | WisdomTree Japan Hedged Equity Fund | 241 | 29988 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $630,535,022) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $630,535,022) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $630,535,022) | 712231044 |
| **COMMON STOCKS - 7.2%** | **COMMON STOCKS - 7.2%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** |  |
| AeroVironment, Inc. <sup>(c)</sup> | AeroVironment, Inc. <sup>(c)</sup> | 4442 | 1072077 |
| Axon Enterprise, Inc. <sup>(c)</sup> | Axon Enterprise, Inc. <sup>(c)</sup> | 688 | 514135 |
|  |  |  | 1586212 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |  |
| Tesla, Inc. <sup>(c)</sup> | Tesla, Inc. <sup>(c)</sup> | 2308 | 770572 |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |  |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 2186 | 658904 |
| **Broadline Retail - 0.8%** | **Broadline Retail - 0.8%** | **Broadline Retail - 0.8%** |  |
| Alibaba Group Holding Ltd. - ADR | Alibaba Group Holding Ltd. - ADR | 5090 | 687150 |
| Amazon.com, Inc. <sup>(c)</sup> | Amazon.com, Inc. <sup>(c)</sup> | 17065 | 3907885 |
| PDD Holdings, Inc. - ADR <sup>(c)</sup> | PDD Holdings, Inc. - ADR <sup>(c)</sup> | 5090 | 611920 |
| Sea Ltd. - ADR <sup>(c)</sup> | Sea Ltd. - ADR <sup>(c)</sup> | 3638 | 678632 |
|  |  |  | 5885587 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |  |
| Arista Networks, Inc. <sup>(c)</sup> | Arista Networks, Inc. <sup>(c)</sup> | 6403 | 874330 |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |  |
| Quanta Services, Inc. | Quanta Services, Inc. | 1463 | 552955 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |  |
| Deutsche Telekom AG - ADR | Deutsche Telekom AG - ADR | 28739 | 1053543 |
| **Electric Utilities - 0.1%** | **Electric Utilities - 0.1%** | **Electric Utilities - 0.1%** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 1775 | 546664 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |  |
| ABB Ltd. - ADR | ABB Ltd. - ADR | 10088 | 676905 |
| Eaton Corp. PLC | Eaton Corp. PLC | 1799 | 628103 |
| GE Vernova, Inc. | GE Vernova, Inc. | 1185 | 726369 |
| Vertiv Holdings Co. - Class A | Vertiv Holdings Co. - Class A | 4390 | 559945 |
|  |  |  | 2591322 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 6224 | 677545 |
| **Entertainment - 0.2%** | **Entertainment - 0.2%** | **Entertainment - 0.2%** |  |
| Netflix, Inc. <sup>(c)</sup> | Netflix, Inc. <sup>(c)</sup> | 780 | 942435 |
| Spotify Technology SA <sup>(c)</sup> | Spotify Technology SA <sup>(c)</sup> | 1371 | 934857 |
|  |  |  | 1877292 |
| **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** |  |
| Uber Technologies, Inc. <sup>(c)</sup> | Uber Technologies, Inc. <sup>(c)</sup> | 6160 | 577500 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |  |
| Intuitive Surgical, Inc. <sup>(c)</sup> | Intuitive Surgical, Inc. <sup>(c)</sup> | 1058 | 500746 |
| **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** |  |
| Vistra Corp. | Vistra Corp. | 2927 | 553525 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |  |
| Siemens AG - ADR | Siemens AG - ADR | 4494 | 624127 |
| **Interactive Media & Services - 1.0%** | **Interactive Media & Services - 1.0%** | **Interactive Media & Services - 1.0%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 17834 | 3797037 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 3598 | 2657843 |
| Tencent Holdings Ltd. - ADR | Tencent Holdings Ltd. - ADR | 12021 | 932709 |
|  |  |  | 7387589 |
| **IT Services - 0.0%<sup>(d)</sup>** | **IT Services - 0.0%<sup>(d)</sup>** | **IT Services - 0.0%<sup>(d)</sup>** |  |
| Cognizant Technology Solutions Corp., - Class A | Cognizant Technology Solutions Corp., - Class A | 4992 | 360672 |
| **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** |  |
| Advanced Micro Devices, Inc. <sup>(c)</sup> | Advanced Micro Devices, Inc. <sup>(c)</sup> | 4668 | 759157 |
| Applied Materials, Inc. | Applied Materials, Inc. | 3389 | 544816 |
| ARM Holdings PLC - ADR <sup>(c)</sup> | ARM Holdings PLC - ADR <sup>(c)</sup> | 3771 | 521567 |
| ASML Holding NV | ASML Holding NV | 966 | 717371 |
| Broadcom, Inc. | Broadcom, Inc. | 10071 | 2995015 |
| KLA Corp. | KLA Corp. | 671 | 585112 |
| Lam Research Corp. | Lam Research Corp. | 6282 | 629142 |
| Micron Technology, Inc. | Micron Technology, Inc. | 4818 | 573390 |
| NVIDIA Corp. | NVIDIA Corp. | 34217 | 5959917 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 3765 | 605148 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 7005 | 1617244 |
|  |  |  | 15507879 |
| **Software - 1.5%** | **Software - 1.5%** | **Software - 1.5%** |  |
| Cadence Design Systems, Inc. <sup>(c)</sup> | Cadence Design Systems, Inc. <sup>(c)</sup> | 1926 | 674928 |
| Microsoft Corp. | Microsoft Corp. | 10505 | 5322778 |
| Oracle Corp. | Oracle Corp. | 5455 | 1233539 |
| Palantir Technologies, Inc. - Class A <sup>(c)</sup> | Palantir Technologies, Inc. - Class A <sup>(c)</sup> | 7046 | 1104179 |
| Palo Alto Networks, Inc. <sup>(c)</sup> | Palo Alto Networks, Inc. <sup>(c)</sup> | 2661 | 506974 |
| Salesforce, Inc. | Salesforce, Inc. | 2371 | 607569 |
| SAP SE - ADR | SAP SE - ADR | 4384 | 1193149 |
| ServiceNow, Inc. <sup>(c)</sup> | ServiceNow, Inc. <sup>(c)</sup> | 671 | 615616 |
| Synopsys, Inc. <sup>(c)</sup> | Synopsys, Inc. <sup>(c)</sup> | 1180 | 712154 |
|  |  |  | 11970886 |
| **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** |  |
| Dell Technologies, Inc. - Class C | Dell Technologies, Inc. - Class C | 4471 | 546133 |
| **TOTAL COMMON STOCKS** (Cost $51,712,370) | **TOTAL COMMON STOCKS** (Cost $51,712,370) | **TOTAL COMMON STOCKS** (Cost $51,712,370) | 55103983 |
| **PURCHASED OPTIONS - 0.0%<sup>(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 0.0%<sup>(d)</sup>** | **Call Options - 0.0%<sup>(d)</sup>** |  | $**–** |
|  iShares China Large-Cap ETF, Expiration: 09/30/2025; Exercise Price: $42.00 <sup>(e)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23346000 | 6000 | 162000 |
| **Put Options - 0.0%<sup>(d)</sup>** | **Put Options - 0.0%<sup>(d)</sup>** |  | $**–** |
|  Invesco QQQ Trust Series 1, Expiration: 09/19/2025; Exercise Price: $550.00 <sup>(e)(f)(h)</sup> | 17112000 <br>| 300 | 107550 |
| **TOTAL PURCHASED OPTIONS** (Cost $657,644) | **TOTAL PURCHASED OPTIONS** (Cost $657,644) | **TOTAL PURCHASED OPTIONS** (Cost $657,644) | 269550 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.0%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.15%<sup>(a)(g)</sup> | First American Government Obligations Fund - Class X, 4.15%<sup>(a)(g)</sup> | 22938694 | 22938694 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $22,938,694) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $22,938,694) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $22,938,694) | 22938694 |
| **MONEY MARKET FUNDS - 0.2%** | **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | 1444336 | 1444336 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,444,336) | **TOTAL MONEY MARKET FUNDS** (Cost $1,444,336) | **TOTAL MONEY MARKET FUNDS** (Cost $1,444,336) | 1444336 |
| **TOTAL INVESTMENTS - 103.1% (**Cost $707,288,066**)** | **TOTAL INVESTMENTS - 103.1% (**Cost $707,288,066**)** | **TOTAL INVESTMENTS - 103.1% (**Cost $707,288,066**)** | 791987607 |
| Liabilities in Excess of Other Assets - (3.1)% | Liabilities in Excess of Other Assets - (3.1)% | Liabilities in Excess of Other Assets - (3.1)% | (23869175) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $768118432 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $22,255,759.

(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 $10,943,900, which is 1.42% of total
 net assets.

(c) Non-income producing security.

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

(e) Exchange-traded.

(f) 100 shares per contract.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation 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** |
| **Put Options - (0.0)%** <sup>(a)</sup> | **Put Options - (0.0)%** <sup>(a)</sup> | **Put Options - (0.0)%** <sup>(a)</sup> | **Put Options - (0.0)%** <sup>(a)</sup> |
| Invesco QQQ Trust Series 1, Expiration: 09/19/2025; Exercise Price: $500.00 <sup>(b)(c)</sup> | $(25668000) | (450) | $(27450) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $104,536) |  |  | $(27450) |
| 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 Active Asset Allocation Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $712231044 | $– | $– | $712231044 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 55103983 | – | – | 55103983 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 269550 | – | 269550 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 22938694 | – | – | 22938694 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1444336 | – | – | 1444336 |
| Total Investments | $791718057 | $269550 | $– | $791987607 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(27450) | $– | $(27450) |
| Total Investments | $– | $(27450) | $– | $(27450) |
| 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 Active Asset Allocation Fund

- **b. EDGAR series identifier (if any):** S000050381

- **c. LEI of Series:** 5493003D732NMZS9ZU43

**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:** $792072691.16

**Total Liabilities:** $24144722.42

**Net Assets:** $767927968.74

**Cash Not Reported:** $291057.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159077 | 4.66%                | 0.79%                | 2.78%                |
| Class ID C000159078 | 4.69%                | 0.78%                | 2.82%                |
| Class ID C000159079 | 4.63%                | 0.79%                | 2.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $598173.15               | $27499770.81                               |
| Month 2  | $1067414.06              | $5855831.26                                |
| Month 3  | $896721.62               | $21173607.89                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      5090 | NS      | $687150.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17834 | NS      | $3797036.94   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     17065 | NS      | $3907885.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      6224 | NS      | $677544.64    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3389 | NS      | $544815.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6403 | NS      | $874329.65    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      3771 | NS      | $521567.01    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       688 | NS      | $514135.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10071 | NS      | $2995014.69   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1926 | NS      | $674928.18    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      4992 | NS      | $360672.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1775 | NS      | $546664.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                                 | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      4471 | NS      | $546132.65    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                   | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     28739 | NS      | $1053543.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Discretionary Select  | Consumer Discretionary Select Sector SPDR Fund        | CUSIP: 81369Y407<br>LEI: 549300CD2I087Y919K79 | Long             | EC               | RF                | US        |       285 | NS      | $66045.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund | Energy Select Sector SPDR Fund                        | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             | EC               | RF                | US        |       749 | NS      | $67702.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select  | Communication Services Select Sector SPDR Fund        | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | RF                | US        |    205524 | NS      | $22893318.36  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                        | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      1799 | NS      | $628102.86    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                       | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       966 | NS      | $717370.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10505 | NS      | $5322778.45   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       780 | NS      | $942435.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     34217 | NS      | $5959917.06   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5455 | NS      | $1233539.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      7046 | NS      | $1104178.66   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2661 | NS      | $506973.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                                      | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      5090 | NS      | $611919.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3765 | NS      | $605148.45    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Regional Banking ETF  | SPDR S&P Regional Banking ETF                         | CUSIP: 78464A698<br>LEI: 549300EFWJBKUN6WJX52 | Long             | EC               | RF                | US        |       935 | NS      | $61251.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Sector SPDR  | Technology Select Sector SPDR Fund                    | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |       362 | NS      | $95006.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1180 | NS      | $712153.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7005 | NS      | $1617244.35   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     12021 | NS      | $932709.39    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2308 | NS      | $770571.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      6160 | NS      | $577500.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Semiconductor ETF       | VanEck Semiconductor ETF                              | CUSIP: 92189F676<br>LEI: 549300MJTG2N9QRH7I02 | Long             | EC               | RF                | US        |       212 | NS      | $61541.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                            | iShares China Large-Cap ETF                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6000 | NC      | $162000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                 | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |      1371 | NS      | $934857.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -450 | NC      | $-27450.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       300 | NC      | $107550.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                               | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     10088 | NS      | $676904.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4668 | NS      | $759156.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      4442 | NS      | $1072076.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                                   | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1463 | NS      | $552955.48    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                   | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |    688455 | NS      | $30567402.00  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Growth  | SPDR Portfolio S&P 500 Growth ETF                     | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |   1550117 | NS      | $154221140.33 | 20.08%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Value E | SPDR Portfolio S&P 500 Value ETF                      | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |    562879 | NS      | $30755708.56  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2371 | NS      | $607568.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4384 | NS      | $1193149.44   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      3638 | NS      | $678632.52    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       671 | NS      | $615615.66    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                            | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      4494 | NS      | $624126.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      4390 | NS      | $559944.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                           | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      2927 | NS      | $553524.97    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Japan Hedged Equity | WisdomTree Japan Hedged Equity Fund                   | CUSIP: 97717W851<br>LEI: 549300MCUICL7FEQ7B68 | Long             | EC               | RF                | US        |       241 | NS      | $29987.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3598 | NS      | $2657842.60   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF          | iShares MSCI EAFE ETF                                 | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |       510 | NS      | $46654.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF   | iShares Core S&P Mid-Cap ETF                          | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |       665 | NS      | $43331.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Aerospace & Defen | iShares U.S. Aerospace & Defense ETF                  | CUSIP: 464288760<br>LEI: 549300BI35CWQ4Q8FM41 | Long             | EC               | RF                | US        |       291 | NS      | $57740.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Min Vol Facto | iShares MSCI USA Min Vol Factor ETF                   | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |      1264 | NS      | $119144.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Quality Facto | iShares MSCI USA Quality Factor ETF                   | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |       472 | NS      | $89184.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Mar | iShares Core MSCI Emerging Markets ETF                | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |    979320 | NS      | $60805978.80  | 7.92%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF         | iShares MSCI Japan ETF                                | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |    292873 | NS      | $22926098.44  | 2.99%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Core Dividend Growth E | iShares Core Dividend Growth ETF                      | CUSIP: 46434V621<br>LEI: 549300KH155G8BRZXD37 | Long             | EC               | RF                | US        |    919623 | NS      | $61550367.39  | 8.02%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |   2320623 | NS      | $181797605.82 | 23.67%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2186 | NS      | $658904.12    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Europe E | JPMorgan BetaBuilders Europe ETF                      | CUSIP: 46641Q191<br>LEI: 549300JYD28ABFNSPC78 | Long             | EC               | RF                | US        |    328084 | NS      | $22411418.04  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       671 | NS      | $585112.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      6282 | NS      | $629142.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      4818 | NS      | $573390.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  24091973 | NS      | $24091972.59  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1185 | NS      | $726369.45    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Equal Weight US  | Goldman Sachs Equal Weight US Large Cap Equity ETF    | CUSIP: 381430438<br>LEI: 549300NXT1LYCFNWQY09 | Long             | EC               | RF                | US        |    180360 | NS      | $15191722.80  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                            | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |       253 | NS      | $144311.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1058 | NS      | $500746.11    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight E | Invesco S&P 500 Equal Weight ETF                      | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Long             | EC               | RF                | US        |    404089 | NS      | $76219267.18  | 9.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco KBW Bank ETF           | Invesco KBW Bank ETF                                  | CUSIP: 46138E628<br>LEI: 5493006QRDPX6RZ3LB17 | Long             | EC               | RF                | US        |    411632 | NS      | $31971457.44  | 4.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Health Care Select Sector SPDR | Health Care Select Sector SPDR Fund                   | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |       274 | NS      | $37655.82     | 0.00%             |  |  |  | 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