# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012162
**Filing Date:** 2025-10
**Character Count:** 78147
**Document Hash:** 1b5ccb3316f42bd5240ddb0a9bbc7a4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012162.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012162

**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:** 251423697

**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 Managed Risk ETF (Series ID: S000093288)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000261453 | Horizon Managed Risk ETF |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.8%** | **Aerospace & Defense - 2.8%** | **Aerospace & Defense - 2.8%** | |
| Axon Enterprise, Inc. <sup>(a)</sup> | Axon Enterprise, Inc. <sup>(a)</sup> | 774 | $578402 |
| General Dynamics Corp. | General Dynamics Corp. | 3591 | 1165531 |
| General Electric Co. | General Electric Co. | 4788 | 1317658 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | 4788 | 833591 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | 2394 | 664622 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | 2394 | 1090778 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | 1197 | 706278 |
| RTX Corp. | RTX Corp. | 10773 | 1708598 |
| TransDigm Group, Inc. | TransDigm Group, Inc. | 464 | 649080 |
|  |  |  | 8714538 |
| **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** |  |
| FedEx Corp. | FedEx Corp. | 2394 | 553182 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |  |
| Tesla, Inc. <sup>(a)</sup> | Tesla, Inc. <sup>(a)</sup> | 10773 | 3596781 |
| **Banks - 3.5%** | **Banks - 3.5%** | **Banks - 3.5%** |  |
| Bank of America Corp. | Bank of America Corp. | 44289 | 2247224 |
| Citigroup, Inc. | Citigroup, Inc. | 11970 | 1155943 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 16758 | 5051196 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | 3591 | 744917 |
| US Bancorp | US Bancorp | 10773 | 526046 |
| Wells Fargo & Co. | Wells Fargo & Co. | 15561 | 1278803 |
|  |  |  | 11004129 |
| **Beverages - 1.3%** | **Beverages - 1.3%** | **Beverages - 1.3%** |  |
| Coca-Cola Co. | Coca-Cola Co. | 32319 | 2229688 |
| Monster Beverage Corp. <sup>(a)</sup> | Monster Beverage Corp. <sup>(a)</sup> | 13167 | 821753 |
| PepsiCo, Inc. | PepsiCo, Inc. | 7182 | 1067604 |
|  |  |  | 4119045 |
| **Biotechnology - 1.4%** | **Biotechnology - 1.4%** | **Biotechnology - 1.4%** |  |
| AbbVie, Inc. | AbbVie, Inc. | 7182 | 1511093 |
| Amgen, Inc. | Amgen, Inc. | 2394 | 688777 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | 13167 | 1487476 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | 1197 | 695098 |
|  |  |  | 4382444 |
| **Broadline Retail - 2.8%** | **Broadline Retail - 2.8%** | **Broadline Retail - 2.8%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | Amazon.com, Inc. <sup>(a)</sup> | 38567 | 8831843 |
| **Building Products - 0.6%** | **Building Products - 0.6%** | **Building Products - 0.6%** |  |
| Johnson Controls International PLC | Johnson Controls International PLC | 8379 | 895631 |
| Trane Technologies PLC | Trane Technologies PLC | 2394 | 994947 |
|  |  |  | 1890578 |
| **Capital Markets - 3.1%** | **Capital Markets - 3.1%** | **Capital Markets - 3.1%** |  |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 5985 | 632016 |
| Blackrock, Inc. | Blackrock, Inc. | 864 | 973849 |
| Charles Schwab Corp. | Charles Schwab Corp. | 17955 | 1720807 |
| CME Group, Inc. | CME Group, Inc. | 3591 | 957038 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | 1197 | 892064 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 4788 | 845561 |
| Moody's Corp. | Moody's Corp. | 1197 | 610183 |
| Morgan Stanley | Morgan Stanley | 7182 | 1080747 |
| Nasdaq, Inc. | Nasdaq, Inc. | 7182 | 680423 |
| S&P Global, Inc. | S&P Global, Inc. | 2394 | 1312965 |
|  |  |  | 9705653 |
| **Chemicals - 0.9%** | **Chemicals - 0.9%** | **Chemicals - 0.9%** |  |
| Corteva, Inc. | Corteva, Inc. | 9576 | 710443 |
| Ecolab, Inc. | Ecolab, Inc. | 3591 | 994851 |
| Linde PLC | Linde PLC | 2394 | 1145026 |
|  |  |  | 2850320 |
| **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** |  |
| Cintas Corp. | Cintas Corp. | 4788 | 1005624 |
| Republic Services, Inc. | Republic Services, Inc. | 3591 | 840186 |
| Waste Management, Inc. | Waste Management, Inc. | 4788 | 1083955 |
|  |  |  | 2929765 |
| **Communications Equipment - 1.7%** | **Communications Equipment - 1.7%** | **Communications Equipment - 1.7%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 11970 | 1634504 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 40698 | 2811825 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 1864 | 880665 |
|  |  |  | 5326994 |
| **Consumer Finance - 0.7%** | **Consumer Finance - 0.7%** | **Consumer Finance - 0.7%** |  |
| American Express Co. | American Express Co. | 3591 | 1189627 |
| Capital One Financial Corp. | Capital One Financial Corp. | 4788 | 1087929 |
|  |  |  | 2277556 |
| **Consumer Staples Distribution & Retail - 2.8%** | **Consumer Staples Distribution & Retail - 2.8%** | **Consumer Staples Distribution & Retail - 2.8%** |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 3343 | 3153519 |
| Kroger Co. | Kroger Co. | 8379 | 568431 |
| Walmart, Inc. | Walmart, Inc. | 52668 | 5107743 |
|  |  |  | 8829693 |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |  |
| AT&T, Inc. | AT&T, Inc. | 19152 | 560962 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 7182 | 317660 |
|  |  |  | 878622 |
| **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 2394 | 737304 |
| Duke Energy Corp. | Duke Energy Corp. | 9576 | 1172964 |
| Exelon Corp. | Exelon Corp. | 19152 | 836560 |
| Southern Co. | Southern Co. | 10773 | 994348 |
|  |  |  | 3741176 |
| **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** |  |
| AMETEK, Inc. | AMETEK, Inc. | 3591 | 663617 |
| Eaton Corp. PLC | Eaton Corp. PLC | 2394 | 835841 |
| GE Vernova, Inc. | GE Vernova, Inc. | 2394 | 1467450 |
|  |  |  | 2966908 |
| **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 14364 | 1563665 |
| **Entertainment - 1.1%** | **Entertainment - 1.1%** | **Entertainment - 1.1%** |  |
| Netflix, Inc. <sup>(a)</sup> | Netflix, Inc. <sup>(a)</sup> | 2394 | 2892551 |
| Walt Disney Co. | Walt Disney Co. | 4788 | 566803 |
|  |  |  | 3459354 |
| **Financial Services - 5.1%** | **Financial Services - 5.1%** | **Financial Services - 5.1%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 17955 | 9031006 |
| Fiserv, Inc. <sup>(a)</sup> | Fiserv, Inc. <sup>(a)</sup> | 3591 | 496204 |
| Mastercard, Inc. - Class A | Mastercard, Inc. - Class A | 7182 | 4275373 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 6600 | 2321748 |
|  |  |  | 16124331 |
| **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** | **Ground Transportation - 1.5%** |  |
| CSX Corp. | CSX Corp. | 26334 | 856118 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | 2394 | 670272 |
| Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> | 21546 | 2019938 |
| Union Pacific Corp. | Union Pacific Corp. | 5985 | 1338066 |
|  |  |  | 4884394 |
| **Health Care Equipment & Supplies - 2.3%** | **Health Care Equipment & Supplies - 2.3%** | **Health Care Equipment & Supplies - 2.3%** |  |
| Abbott Laboratories | Abbott Laboratories | 15561 | 2064322 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | 2394 | 461994 |
| Boston Scientific Corp. <sup>(a)</sup> | Boston Scientific Corp. <sup>(a)</sup> | 13167 | 1389119 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | Edwards Lifesciences Corp. <sup>(a)</sup> | 5985 | 486820 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | Intuitive Surgical, Inc. <sup>(a)</sup> | 2394 | 1133068 |
| Medtronic PLC | Medtronic PLC | 13167 | 1222029 |
| Stryker Corp. | Stryker Corp. | 1197 | 468518 |
|  |  |  | 7225870 |
| **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** |  |
| Cardinal Health, Inc. | Cardinal Health, Inc. | 3591 | 534269 |
| Cencora, Inc. | Cencora, Inc. | 2394 | 698114 |
| Cigna Group | Cigna Group | 2394 | 720283 |
| CVS Health Corp. | CVS Health Corp. | 11970 | 875606 |
| Elevance Health, Inc. | Elevance Health, Inc. | 1815 | 578350 |
| HCA Healthcare, Inc. | HCA Healthcare, Inc. | 2394 | 967080 |
| McKesson Corp. | McKesson Corp. | 1197 | 821908 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 7182 | 2225486 |
|  |  |  | 7421096 |
| **Hotels, Restaurants & Leisure - 3.0%** | **Hotels, Restaurants & Leisure - 3.0%** | **Hotels, Restaurants & Leisure - 3.0%** |  |
| Booking Holdings, Inc. | Booking Holdings, Inc. | 437 | 2446785 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 27531 | 1160156 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | DoorDash, Inc. - Class A <sup>(a)</sup> | 8379 | 2054950 |
| McDonald's Corp. | McDonald's Corp. | 5985 | 1876537 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | 5339 | 1939231 |
|  |  |  | 9477659 |
| **Household Products - 0.8%** | **Household Products - 0.8%** | **Household Products - 0.8%** |  |
| Procter & Gamble Co. | Procter & Gamble Co. | 16758 | 2631676 |
| **Independent Power and Renewable Electricity Producers - 0.3%** | **Independent Power and Renewable Electricity Producers - 0.3%** | **Independent Power and Renewable Electricity Producers - 0.3%** |  |
| Vistra Corp. | Vistra Corp. | 4788 | 905459 |
| **Industrial Conglomerates - 0.3%** | **Industrial Conglomerates - 0.3%** | **Industrial Conglomerates - 0.3%** |  |
| Honeywell International, Inc. | Honeywell International, Inc. | 4788 | 1050966 |
| **Insurance - 2.0%** | **Insurance - 2.0%** | **Insurance - 2.0%** |  |
| Allstate Corp. | Allstate Corp. | 3591 | 730589 |
| Aon PLC - Class A | Aon PLC - Class A | 1197 | 439299 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | 4788 | 438246 |
| Chubb Ltd. | Chubb Ltd. | 3591 | 987776 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 3591 | 475125 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 3591 | 739064 |
| MetLife, Inc. | MetLife, Inc. | 5985 | 486939 |
| Progressive Corp. | Progressive Corp. | 5985 | 1478654 |
| Travelers Cos., Inc. | Travelers Cos., Inc. | 2394 | 649995 |
|  |  |  | 6425687 |
| **Interactive Media & Services - 10.0%** | **Interactive Media & Services - 10.0%** | **Interactive Media & Services - 10.0%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 79002 | 16820316 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 20129 | 14869292 |
|  |  |  | 31689608 |
| **IT Services - 0.8%** | **IT Services - 0.8%** | **IT Services - 0.8%** |  |
| Accenture PLC - Class A | Accenture PLC - Class A | 4788 | 1244736 |
| International Business Machines Corp. | International Business Machines Corp. | 4788 | 1165830 |
|  |  |  | 2410566 |
| **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** |  |
| Danaher Corp. | Danaher Corp. | 3591 | 739099 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 2394 | 1179572 |
|  |  |  | 1918671 |
| **Machinery - 0.7%** | **Machinery - 0.7%** | **Machinery - 0.7%** |  |
| Caterpillar, Inc. | Caterpillar, Inc. | 2394 | 1003182 |
| Deere & Co. | Deere & Co. | 1197 | 572932 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | 984 | 747200 |
|  |  |  | 2323314 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | Charter Communications, Inc. - Class A <sup>(a)</sup> | 1197 | 317899 |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 8379 | 284635 |
|  |  |  | 602534 |
| **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** |  |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | 15561 | 690909 |
| Newmont Corp. | Newmont Corp. | 16758 | 1246795 |
|  |  |  | 1937704 |
| **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** |  |
| Consolidated Edison, Inc. | Consolidated Edison, Inc. | 8379 | 823069 |
| **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** |  |
| Chevron Corp. | Chevron Corp. | 5985 | 961191 |
| ConocoPhillips | ConocoPhillips | 13167 | 1303138 |
| EOG Resources, Inc. | EOG Resources, Inc. | 5985 | 747048 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 32319 | 3693738 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | 22743 | 613606 |
| Williams Cos., Inc. | Williams Cos., Inc. | 13167 | 762106 |
|  |  |  | 8080827 |
| **Pharmaceuticals - 3.0%** | **Pharmaceuticals - 3.0%** | **Pharmaceuticals - 3.0%** |  |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 17955 | 847117 |
| Eli Lilly & Co. | Eli Lilly & Co. | 2394 | 1753797 |
| Johnson & Johnson | Johnson & Johnson | 19152 | 3393160 |
| Merck & Co., Inc. | Merck & Co., Inc. | 25137 | 2114524 |
| Pfizer, Inc. | Pfizer, Inc. | 55062 | 1363335 |
|  |  |  | 9471933 |
| **Professional Services - 0.5%** | **Professional Services - 0.5%** | **Professional Services - 0.5%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 3591 | 1091844 |
| Verisk Analytics, Inc. | Verisk Analytics, Inc. | 2394 | 641879 |
|  |  |  | 1733723 |
| **Real Estate - 1.4%** | **Real Estate - 1.4%** | **Real Estate - 1.4%** |  |
| American Tower Corp. | American Tower Corp. | 4788 | 976034 |
| Equinix, Inc. | Equinix, Inc. | 928 | 729584 |
| Public Storage | Public Storage | 2394 | 705249 |
| Realty Income Corp. | Realty Income Corp. | 11970 | 703357 |
| Welltower, Inc. | Welltower, Inc. | 7182 | 1208587 |
|  |  |  | 4322811 |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | CBRE Group, Inc. - Class A <sup>(a)</sup> | 4788 | 776231 |
| **Semiconductors & Semiconductor Equipment - 14.0%** | **Semiconductors & Semiconductor Equipment - 14.0%** | **Semiconductors & Semiconductor Equipment - 14.0%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 10773 | 1752013 |
| Analog Devices, Inc. | Analog Devices, Inc. | 2394 | 601636 |
| Applied Materials, Inc. | Applied Materials, Inc. | 7182 | 1154578 |
| Broadcom, Inc. | Broadcom, Inc. | 39821 | 11842367 |
| KLA Corp. | KLA Corp. | 958 | 835376 |
| Lam Research Corp. | Lam Research Corp. | 10773 | 1078916 |
| Micron Technology, Inc. | Micron Technology, Inc. | 10773 | 1282095 |
| NVIDIA Corp. | NVIDIA Corp. | 135208 | 23550530 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 8379 | 1346757 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 4788 | 969474 |
|  |  |  | 44413742 |
| **Software - 11.3%** | **Software - 11.3%** | **Software - 11.3%** |  |
| Adobe, Inc. <sup>(a)</sup> | Adobe, Inc. <sup>(a)</sup> | 3591 | 1280910 |
| Autodesk, Inc. <sup>(a)</sup> | Autodesk, Inc. <sup>(a)</sup> | 3022 | 951023 |
| Fortinet, Inc. <sup>(a)</sup> | Fortinet, Inc. <sup>(a)</sup> | 8379 | 660014 |
| Intuit, Inc. | Intuit, Inc. | 3038 | 2026346 |
| Microsoft Corp. | Microsoft Corp. | 40698 | 20621270 |
| Oracle Corp. | Oracle Corp. | 15561 | 3518809 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 22743 | 3564055 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | 1197 | 629993 |
| Salesforce, Inc. | Salesforce, Inc. | 5985 | 1533656 |
| ServiceNow, Inc. <sup>(a)</sup> | ServiceNow, Inc. <sup>(a)</sup> | 1197 | 1098200 |
|  |  |  | 35884276 |
| **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** |  |
| AutoZone, Inc. <sup>(a)</sup> | AutoZone, Inc. <sup>(a)</sup> | 427 | 1792772 |
| Home Depot, Inc. | Home Depot, Inc. | 9576 | 3895230 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | O'Reilly Automotive, Inc. <sup>(a)</sup> | 19152 | 1985679 |
| TJX Cos., Inc. | TJX Cos., Inc. | 17955 | 2452833 |
|  |  |  | 10126514 |
| **Technology Hardware, Storage & Peripherals - 3.4%** | **Technology Hardware, Storage & Peripherals - 3.4%** | **Technology Hardware, Storage & Peripherals - 3.4%** |  |
| Apple, Inc. | Apple, Inc. | 45759 | 10622494 |
| **Tobacco - 1.2%** | **Tobacco - 1.2%** | **Tobacco - 1.2%** |  |
| Altria Group, Inc. | Altria Group, Inc. | 15561 | 1045855 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 16758 | 2800764 |
|  |  |  | 3846619 |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |  |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 3591 | 904896 |
| **TOTAL COMMON STOCKS** (Cost $310,422,139) | **TOTAL COMMON STOCKS** (Cost $310,422,139) | **TOTAL COMMON STOCKS** (Cost $310,422,139) | 315658916 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 923630 | 923630 |
| **TOTAL MONEY MARKET FUNDS** (Cost $923,630) | **TOTAL MONEY MARKET FUNDS** (Cost $923,630) | **TOTAL MONEY MARKET FUNDS** (Cost $923,630) | 923630 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $311,345,769**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $311,345,769**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $311,345,769**)** | 316582546 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 73068 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $316655614 |
| 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) The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $315658916 | $– | $– | $315658916 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 923630 | – | – | 923630 |
| Total Investments | $316582546 | $– | $– | $316582546 |
| 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 Managed Risk ETF

- **b. EDGAR series identifier (if any):** S000093288

- **c. LEI of Series:** 529900W007GNZJ0H3X48

**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:** $316842117.38

**Total Liabilities:** $186503.16

**Net Assets:** $316655614.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261453 | 1.96%                | 2.02%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $9769.72                                   |
| Month 2  | $0.00                    | $10269.56                                  |
| Month 3  | $52485.93                | $5216738.59                                |

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     20129 | NS      | $14869292.30  | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     25137 | NS      | $2114524.44   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      5985 | NS      | $486939.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40698 | NS      | $20621269.62  | 6.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     10773 | NS      | $1282094.73   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     13167 | NS      | $821752.47    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1197 | NS      | $610182.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7182 | NS      | $1080747.36   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1864 | NS      | $880665.44    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                     | Nasdaq Inc                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7182 | NS      | $680422.68    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2394 | NS      | $2892550.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     16758 | NS      | $1246795.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp          | Norfolk Southern Corp                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2394 | NS      | $670272.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     13167 | NS      | $1222029.27   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     19152 | NS      | $560962.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     15561 | NS      | $1045854.81   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     38567 | NS      | $8831843.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      3591 | NS      | $1189626.48   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4788 | NS      | $976033.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      3591 | NS      | $663616.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2394 | NS      | $688777.74    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     14364 | NS      | $1563665.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2394 | NS      | $601636.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     45759 | NS      | $10622494.26  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      7182 | NS      | $1154578.32   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     11970 | NS      | $1634503.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      3022 | NS      | $951023.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      2394 | NS      | $720282.78    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5985 | NS      | $961191.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27531 | NS      | $1160156.34   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                    | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |      1197 | NS      | $439299.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                     | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |      4788 | NS      | $438245.64    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      3591 | NS      | $987776.37    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2394 | NS      | $1090778.22   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     26334 | NS      | $856118.34    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     11970 | NS      | $875605.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison Inc                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      8379 | NS      | $823069.17    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      2394 | NS      | $737304.12    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      9576 | NS      | $710443.44    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      3343 | NS      | $3153518.76   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      3591 | NS      | $739099.62    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1197 | NS      | $572932.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      8379 | NS      | $2054949.75   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      9576 | NS      | $1172964.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      3591 | NS      | $994850.64    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      5985 | NS      | $486819.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4788 | NS      | $1050966.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc           | Howmet Aerospace Inc                       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      4788 | NS      | $833590.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      4788 | NS      | $845560.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      4788 | NS      | $1165830.12   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2394 | NS      | $835841.16    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     10773 | NS      | $1752012.99   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      3591 | NS      | $730588.95    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     79002 | NS      | $16820315.82  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1197 | NS      | $706277.88    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    135208 | NS      | $23550529.44  | 7.44%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     19152 | NS      | $1985679.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     15561 | NS      | $3518808.93   | 1.11%             |  |  |  | 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        |      3591 | NS      | $744917.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     22743 | NS      | $3564055.53   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     16758 | NS      | $2631676.32   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      5985 | NS      | $1478654.10   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      2394 | NS      | $705248.46    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      8379 | NS      | $1346756.67   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     10773 | NS      | $1708597.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     11970 | NS      | $703357.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1197 | NS      | $695097.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3591 | NS      | $840186.27    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      1197 | NS      | $629993.07    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2394 | NS      | $1312965.36   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5985 | NS      | $1533656.25   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1197 | NS      | $1098199.62   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     10773 | NS      | $994347.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1197 | NS      | $468517.77    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     17955 | NS      | $2452832.55   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3591 | NS      | $904896.09    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     10773 | NS      | $3596781.51   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4788 | NS      | $969474.24    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2394 | NS      | $1179571.68   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       464 | NS      | $649080.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      2394 | NS      | $994946.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |      5339 | NS      | $1939231.58   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      4788 | NS      | $1083955.32   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     15561 | NS      | $1278802.98   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     15561 | NS      | $2064322.26   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7182 | NS      | $1511092.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      3591 | NS      | $1280909.70   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      4788 | NS      | $1244736.36   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2394 | NS      | $698114.34    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1815 | NS      | $578349.75    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      3591 | NS      | $1091843.55   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       427 | NS      | $1792772.31   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       774 | NS      | $578402.46    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     44289 | NS      | $2247223.86   | 0.71%             |  |  |  | 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        |      5985 | NS      | $632016.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2394 | NS      | $461994.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     17955 | NS      | $9031005.90   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       864 | NS      | $973848.96    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       437 | NS      | $2446784.85   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     13167 | NS      | $1389118.50   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     17955 | NS      | $847116.90    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     39821 | NS      | $11842367.19  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      4788 | NS      | $776230.56    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3591 | NS      | $957037.41    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      4788 | NS      | $1087929.36   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      3591 | NS      | $534268.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2394 | NS      | $1003181.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc     | Charter Communications Inc                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      1197 | NS      | $317899.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     40698 | NS      | $2811824.82   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4788 | NS      | $1005623.64   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11970 | NS      | $1155942.90   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     32319 | NS      | $2229687.81   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      8379 | NS      | $284634.63    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     13167 | NS      | $1303137.99   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      4788 | NS      | $566803.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5985 | NS      | $747047.70    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       928 | NS      | $729584.32    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     19152 | NS      | $836559.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     32319 | NS      | $3693738.51   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2394 | NS      | $553181.58    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    923630 | NS      | $923629.78    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      3591 | NS      | $496204.38    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      8379 | NS      | $660013.83    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     15561 | NS      | $690908.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      2394 | NS      | $1467450.18   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3591 | NS      | $1165530.87   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      4788 | NS      | $1317657.60   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     13167 | NS      | $1487475.99   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1197 | NS      | $892064.25    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      2394 | NS      | $967080.24    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3591 | NS      | $475125.21    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      9576 | NS      | $3895229.52   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3038 | NS      | $2026346.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      2394 | NS      | $1133068.23   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     16758 | NS      | $5051196.36   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     19152 | NS      | $3393159.84   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       958 | NS      | $835376.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     22743 | NS      | $613606.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      8379 | NS      | $568431.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      2394 | NS      | $664622.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     10773 | NS      | $1078915.95   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2394 | NS      | $1753796.52   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3591 | NS      | $739063.71    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      7182 | NS      | $4275372.78   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5985 | NS      | $1876536.90   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1197 | NS      | $821908.08    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       984 | NS      | $747200.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      7182 | NS      | $1067604.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     55062 | NS      | $1363335.12   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     16758 | NS      | $2800764.54   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     17955 | NS      | $1720807.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2394 | NS      | $649994.94    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     10773 | NS      | $526045.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     21546 | NS      | $2019937.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      5985 | NS      | $1338066.45   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      7182 | NS      | $2225486.34   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      7182 | NS      | $317659.86    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2394 | NS      | $641879.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      6600 | NS      | $2321748.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4788 | NS      | $905458.68    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     52668 | NS      | $5107742.64   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      7182 | NS      | $1208586.96   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     13167 | NS      | $762105.96    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | US        |      8379 | NS      | $895631.31    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      2394 | NS      | $1145026.26   | 0.36%             |  |  |  | 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