# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012153
**Filing Date:** 2025-10
**Character Count:** 60521
**Document Hash:** eaae4b948208b600bf0687139777823c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012153.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012153

**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:** 251423687

**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 Dividend Income ETF (Series ID: S000093286)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000261451 | Horizon Dividend Income ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** | |
| Lockheed Martin Corp. | 1392 | $634237 |
| **Air Freight & Logistics - 0.4%** | **Air Freight & Logistics - 0.4%** |  |
| FedEx Corp. | 2320 | 536082 |
| **Banks - 0.5%** | **Banks - 0.5%** |  |
| Fifth Third Bancorp | 3248 | 148661 |
| PNC Financial Services Group, Inc. | 464 | 96252 |
| Regions Financial Corp. | 12064 | 330433 |
|  |  | 575346 |
| **Beverages - 2.9%** | **Beverages - 2.9%** |  |
| Brown-Forman Corp. - Class B | 4640 | 138922 |
| Constellation Brands, Inc. - Class A | 928 | 150280 |
| Molson Coors Beverage Co. - Class B | 2784 | 140564 |
| PepsiCo, Inc. | 21344 | 3172786 |
|  |  | 3602552 |
| **Biotechnology - 7.5%** | **Biotechnology - 7.5%** |  |
| AbbVie, Inc. | 14848 | 3124019 |
| Amgen, Inc. | 11600 | 3337436 |
| Gilead Sciences, Inc. | 24128 | 2725740 |
|  |  | 9187195 |
| **Building Products - 0.3%** | **Building Products - 0.3%** |  |
| A O Smith Corp. | 1856 | 132314 |
| Allegion PLC | 928 | 157574 |
| Masco Corp. | 1856 | 136212 |
|  |  | 426100 |
| **Capital Markets - 3.2%** | **Capital Markets - 3.2%** |  |
| Ameriprise Financial, Inc. | 464 | 238872 |
| Blackstone, Inc. | 10208 | 1749651 |
| Cboe Global Markets, Inc. | 464 | 109481 |
| CME Group, Inc. | 928 | 247321 |
| FactSet Research Systems, Inc. | 464 | 173221 |
| Franklin Resources, Inc. | 5104 | 130969 |
| Invesco Ltd. | 7424 | 162511 |
| MarketAxess Holdings, Inc. | 464 | 85302 |
| MSCI, Inc. | 928 | 526844 |
| T Rowe Price Group, Inc. | 4176 | 449421 |
|  |  | 3873593 |
| **Chemicals - 0.4%** | **Chemicals - 0.4%** |  |
| CF Industries Holdings, Inc. | 2784 | 241178 |
| Eastman Chemical Co. | 1392 | 97913 |
| LyondellBasell Industries NV - Class A | 1856 | 104586 |
|  |  | 443677 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |  |
| Rollins, Inc. | 2320 | 131173 |
| **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** |  |
| Cisco Systems, Inc. | 19488 | 1346426 |
| **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** |  |
| Synchrony Financial | 3248 | 247952 |
| **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** |  |
| Target Corp. | 4640 | 445347 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |  |
| Avery Dennison Corp. | 464 | 79646 |
| Packaging Corp. of America | 464 | 101133 |
|  |  | 180779 |
| **Distributors - 0.2%** | **Distributors - 0.2%** |  |
| LKQ Corp. | 3248 | 105950 |
| Pool Corp. | 464 | 144169 |
|  |  | 250119 |
| **Diversified Telecommunication Services - 2.5%** | **Diversified Telecommunication Services - 2.5%** |  |
| AT&T, Inc. | 24128 | 706709 |
| Verizon Communications, Inc. | 52896 | 2339590 |
|  |  | 3046299 |
| **Electric Utilities - 0.2%** | **Electric Utilities - 0.2%** |  |
| Edison International | 4176 | 234399 |
| **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** |  |
| TE Connectivity PLC | 6032 | 1245608 |
| **Energy Equipment & Services - 1.1%** | **Energy Equipment & Services - 1.1%** |  |
| Halliburton Co. | 14848 | 337495 |
| Schlumberger NV | 27840 | 1025626 |
|  |  | 1363121 |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
| Jack Henry & Associates, Inc. | 464 | 75753 |
| **Food Products - 1.1%** | **Food Products - 1.1%** |  |
| Conagra Brands, Inc. | 5568 | 106516 |
| General Mills, Inc. | 6960 | 343337 |
| Hershey Co. | 4176 | 767340 |
| Hormel Foods Corp. | 3712 | 94433 |
|  |  | 1311626 |
| **Ground Transportation - 1.2%** | **Ground Transportation - 1.2%** |  |
| Union Pacific Corp. | 6496 | 1452311 |
| **Health Care Providers & Services - 0.1%** | **Health Care Providers & Services - 0.1%** |  |
| Quest Diagnostics, Inc. | 464 | 84281 |
| **Hotels, Restaurants & Leisure - 4.4%** | **Hotels, Restaurants & Leisure - 4.4%** |  |
| Darden Restaurants, Inc. | 1392 | 288060 |
| Domino's Pizza, Inc. | 464 | 212651 |
| Las Vegas Sands Corp. | 8816 | 508066 |
| McDonald's Corp. | 11600 | 3637064 |
| Starbucks Corp. | 1392 | 122761 |
| Yum! Brands, Inc. | 4176 | 613747 |
|  |  | 5382349 |
| **Household Durables - 0.7%** | **Household Durables - 0.7%** |  |
| Garmin Ltd. | 2784 | 673227 |
| Lennar Corp. - Class A | 1392 | 185331 |
|  |  | 858558 |
| **Household Products - 5.8%** | **Household Products - 5.8%** |  |
| Clorox Co. | 1856 | 219379 |
| Colgate-Palmolive Co. | 10672 | 897195 |
| Kimberly-Clark Corp. | 5568 | 719052 |
| Procter & Gamble Co. | 33408 | 5246392 |
|  |  | 7082018 |
| **Insurance - 3.9%** | **Insurance - 3.9%** |  |
| Aflac, Inc. | 5104 | 545413 |
| Allstate Corp. | 928 | 188802 |
| Cincinnati Financial Corp. | 1856 | 285082 |
| Erie Indemnity Co. - Class A | 464 | 164432 |
| Everest Group Ltd. | 464 | 158632 |
| Hartford Insurance Group, Inc. | 3712 | 491135 |
| Principal Financial Group, Inc. | 3712 | 298853 |
| Progressive Corp. | 10208 | 2521989 |
| Prudential Financial, Inc. | 928 | 101764 |
|  |  | 4756102 |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |  |
| Match Group, Inc. | 3712 | 138606 |
| **IT Services - 3.6%** | **IT Services - 3.6%** |  |
| Accenture PLC - Class A | 13920 | 3618782 |
| Cognizant Technology Solutions Corp. - Class A | 10208 | 737528 |
|  |  | 4356310 |
| **Leisure Products - 0.1%** | **Leisure Products - 0.1%** |  |
| Hasbro, Inc. | 1856 | 150652 |
| **Machinery - 2.5%** | **Machinery - 2.5%** |  |
| IDEX Corp. | 464 | 76328 |
| Illinois Tool Works, Inc. | 5568 | 1473571 |
| Nordson Corp. | 464 | 104442 |
| PACCAR, Inc. | 10672 | 1066986 |
| Snap-on, Inc. | 928 | 301823 |
|  |  | 3023150 |
| **Media - 2.2%** | **Media - 2.2%** |  |
| Comcast Corp. - Class A | 77024 | 2616505 |
| Omnicom Group, Inc. | 1392 | 109036 |
|  |  | 2725541 |
| **Oil, Gas & Consumable Fuels - 14.7%** | **Oil, Gas & Consumable Fuels - 14.7%** |  |
| APA Corp. | 6496 | 150837 |
| Chevron Corp. | 30624 | 4918214 |
| ConocoPhillips | 24128 | 2387948 |
| Coterra Energy, Inc. | 12064 | 294844 |
| Devon Energy Corp. | 3712 | 134003 |
| Diamondback Energy, Inc. | 4176 | 621222 |
| EOG Resources, Inc. | 12528 | 1563745 |
| Exxon Mobil Corp. | 47792 | 5462148 |
| Kinder Morgan, Inc. | 4176 | 112669 |
| Marathon Petroleum Corp. | 928 | 166771 |
| Occidental Petroleum Corp. | 2784 | 132546 |
| ONEOK, Inc. | 7424 | 567045 |
| Phillips 66 | 928 | 123962 |
| Targa Resources Corp. | 3248 | 544885 |
| Texas Pacific Land Corp. | 464 | 433135 |
| Valero Energy Corp. | 1392 | 211598 |
| Williams Cos., Inc. | 1856 | 107425 |
|  |  | 17932997 |
| **Personal Care Products - 0.3%** | **Personal Care Products - 0.3%** |  |
| Kenvue, Inc. | 20880 | 432425 |
| **Pharmaceuticals - 12.4%** | **Pharmaceuticals - 12.4%** |  |
| Bristol-Myers Squibb Co. | 45008 | 2123477 |
| Johnson & Johnson | 37584 | 6658757 |
| Merck & Co., Inc. | 58000 | 4878960 |
| Pfizer, Inc. | 25984 | 643364 |
| Zoetis, Inc. | 5104 | 798266 |
|  |  | 15102824 |
| **Professional Services - 2.0%** | **Professional Services - 2.0%** |  |
| Automatic Data Processing, Inc. | 3712 | 1128633 |
| Broadridge Financial Solutions, Inc. | 1392 | 355823 |
| Paychex, Inc. | 6496 | 905900 |
|  |  | 2390356 |
| **Semiconductors & Semiconductor Equipment - 9.1%** | **Semiconductors & Semiconductor Equipment - 9.1%** |  |
| Analog Devices, Inc. | 3712 | 932863 |
| Applied Materials, Inc. | 9280 | 1491853 |
| KLA Corp. | 1392 | 1213824 |
| Lam Research Corp. | 12992 | 1301149 |
| NXP Semiconductors NV | 2320 | 544852 |
| QUALCOMM, Inc. | 24592 | 3952672 |
| Skyworks Solutions, Inc. | 9744 | 730215 |
| Texas Instruments, Inc. | 4640 | 939507 |
|  |  | 11106935 |
| **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** |  |
| Best Buy Co., Inc. | 2784 | 205014 |
| Home Depot, Inc. | 4176 | 1698671 |
| Lowe's Cos., Inc. | 3712 | 957919 |
| TJX Cos., Inc. | 5568 | 760644 |
| Williams-Sonoma, Inc. | 1856 | 349281 |
|  |  | 3971529 |
| **Technology Hardware, Storage & Peripherals - 1.4%** | **Technology Hardware, Storage & Peripherals - 1.4%** |  |
| HP, Inc. | 34800 | 993192 |
| NetApp, Inc. | 6960 | 785018 |
|  |  | 1778210 |
| **Textiles, Apparel & Luxury Goods - 2.0%** | **Textiles, Apparel & Luxury Goods - 2.0%** |  |
| NIKE, Inc. - Class B | 27840 | 2153981 |
| Ralph Lauren Corp. | 464 | 137776 |
| Tapestry, Inc. | 1392 | 141733 |
|  |  | 2433490 |
| **Tobacco - 2.7%** | **Tobacco - 2.7%** |  |
| Altria Group, Inc. | 37120 | 2494835 |
| Philip Morris International, Inc. | 4640 | 775483 |
|  |  | 3270318 |
| **Trading Companies & Distributors - 0.6%** | **Trading Companies & Distributors - 0.6%** |  |
| Fastenal Co. | 10672 | 529972 |
| WW Grainger, Inc. | 169 | 171281 |
|  |  | 701253 |
| **Wireless Telecommunication Services - 2.5%** | **Wireless Telecommunication Services - 2.5%** |  |
| T-Mobile US, Inc. | 12064 | 3040007 |
| **TOTAL COMMON STOCKS** (Cost $116,572,857) | **TOTAL COMMON STOCKS** (Cost $116,572,857) | 121327606 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.4%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.22%<sup>(a)</sup> | 489979 | 489979 |
| **TOTAL MONEY MARKET FUNDS** (Cost $489,979) | **TOTAL MONEY MARKET FUNDS** (Cost $489,979) | 489979 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $117,062,836**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $117,062,836**)** | 121817585 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 361771 |
| **TOTAL NET ASSETS - 100.0%** |  | $122179356 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

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

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| **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)% <sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> | **Call Options - (0.0)%** <sup>(a)</sup> |
| SPDR S&P 500 ETF Trust, Expiration: 09/02/2025; Exercise Price: $652.19 <sup>(b)(c)</sup> | $(26898585) | (417) | $(1168) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $31,453) |  |  | $(1168) |
| 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 Dividend Income 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>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $121327606 | $– | $– | $121327606 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 489979 | – | – | 489979 |
| Total Investments | $121817585 | $– | $– | $121817585 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(1168) | $– | $(1168) |
| Total Investments | $– | $(1168) | $– | $(1168) |
| 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 Dividend Income ETF

- **b. EDGAR series identifier (if any):** S000093286

- **c. LEI of Series:** 529900CNRU7XMU8QZN28

**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:** $122245046.86

**Total Liabilities:** $65692.95

**Net Assets:** $122179353.91

**Cash Not Reported:** $165198.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261451 | 1.26%                | 0.37%                | 4.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $6833.58                                   |
| Month 2  | $0.00                    | $448.11                                    |
| Month 3  | $54654.09                | $4747467.92                                |

**Designated Index Information**

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

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2784 | NS      | $241177.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       928 | NS      | $247321.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30624 | NS      | $4918214.40   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp      | Cincinnati Financial Corp                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      1856 | NS      | $285081.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     19488 | NS      | $1346425.92   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      1856 | NS      | $219379.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     10208 | NS      | $737528.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     10672 | NS      | $897195.04    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     77024 | NS      | $2616505.28   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc             | Conagra Brands Inc                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      5568 | NS      | $106515.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       169 | NS      | $171281.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPY 09/02/2025 652.19 C                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -417 | NC      | $-1167.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       928 | NS      | $526844.16    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      3712 | NS      | $138606.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     11600 | NS      | $3637064.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     58000 | NS      | $4878960.00   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co                   | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      2784 | NS      | $140564.16    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      6960 | NS      | $785018.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     27840 | NS      | $2153980.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                   | Nordson Corp                               | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       464 | NS      | $104441.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      2784 | NS      | $132546.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc              | Omnicom Group Inc                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      1392 | NS      | $109035.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      7424 | NS      | $567045.12    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5568 | NS      | $760644.48    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     12064 | NS      | $3040007.36   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                    | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       464 | NS      | $433134.72    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6496 | NS      | $1452310.72   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1392 | NS      | $211597.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     52896 | NS      | $2339590.08   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      1856 | NS      | $107425.28    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1856 | NS      | $349280.64    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      4176 | NS      | $613746.72    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      5104 | NS      | $798265.60    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      2320 | NS      | $544852.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     12064 | NS      | $294844.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     24128 | NS      | $2387948.16   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       928 | NS      | $150280.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      1392 | NS      | $288060.48    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      3712 | NS      | $134003.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      4176 | NS      | $621221.76    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza Inc                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       464 | NS      | $212651.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     12528 | NS      | $1563744.96   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      1392 | NS      | $97913.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      4176 | NS      | $234398.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                          | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       464 | NS      | $164432.32    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     47792 | NS      | $5462147.68   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       464 | NS      | $173220.48    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     10672 | NS      | $529971.52    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2320 | NS      | $536082.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      3248 | NS      | $148660.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    483762 | NS      | $483762.19    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP Inc                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     34800 | NS      | $993192.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co                             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     14848 | NS      | $337495.04    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3712 | NS      | $491134.72    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro Inc                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      1856 | NS      | $150651.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates Inc                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       464 | NS      | $75752.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                             | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4176 | NS      | $767340.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4176 | NS      | $1698671.52   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp              | Hormel Foods Corp                          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      3712 | NS      | $94433.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |       464 | NS      | $76328.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      5568 | NS      | $1473571.20   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     37584 | NS      | $6658757.28   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1392 | NS      | $1213824.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     20880 | NS      | $432424.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      5568 | NS      | $719051.52    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      4176 | NS      | $112668.48    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      3248 | NS      | $105949.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     12992 | NS      | $1301148.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      8816 | NS      | $508066.08    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                                | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1392 | NS      | $185330.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1392 | NS      | $634236.96    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3712 | NS      | $957918.72    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd              | Everest Group Ltd                          | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |       464 | NS      | $158632.32    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                    | Invesco Ltd                                | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |      7424 | NS      | $162511.36    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      1856 | NS      | $104585.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      5104 | NS      | $545413.44    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     24128 | NS      | $706709.12    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14848 | NS      | $3124019.20   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       928 | NS      | $188801.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     37120 | NS      | $2494835.20   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       464 | NS      | $238871.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     11600 | NS      | $3337436.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      3712 | NS      | $932862.72    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      6496 | NS      | $150837.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      9280 | NS      | $1491852.80   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      3712 | NS      | $1128633.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       464 | NS      | $79645.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Co Inc                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      2784 | NS      | $205013.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     10208 | NS      | $1749651.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     45008 | NS      | $2123477.44   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1392 | NS      | $355823.04    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp              | Brown-Forman Corp                          | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |      4640 | NS      | $138921.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       464 | NS      | $109480.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc         | Franklin Resources Inc                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      5104 | NS      | $130968.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      6960 | NS      | $343336.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     24128 | NS      | $2725740.16   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       928 | NS      | $166770.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       464 | NS      | $85301.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                     | Masco Corp                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      1856 | NS      | $136211.84    | 0.11%             |  |  |  | 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        |       464 | NS      | $96252.16     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     10672 | NS      | $1066986.56   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       464 | NS      | $101133.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      6496 | NS      | $905899.68    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     21344 | NS      | $3172785.60   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     25984 | NS      | $643363.84    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4640 | NS      | $775483.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       928 | NS      | $123962.24    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       464 | NS      | $144169.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc         | T Rowe Price Group Inc                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      4176 | NS      | $449421.12    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc  | Principal Financial Group Inc              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      3712 | NS      | $298853.12    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     33408 | NS      | $5246392.32   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     10208 | NS      | $2521988.48   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial Inc                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       928 | NS      | $101764.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     24592 | NS      | $3952672.16   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       464 | NS      | $84280.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       464 | NS      | $137775.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     12064 | NS      | $330432.96    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                    | Rollins Inc                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2320 | NS      | $131172.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     27840 | NS      | $1025625.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions Inc                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      9744 | NS      | $730215.36    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      1856 | NS      | $132314.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       928 | NS      | $301822.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1392 | NS      | $122760.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial            | Synchrony Financial                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      3248 | NS      | $247952.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      1392 | NS      | $141733.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      4640 | NS      | $445347.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      3248 | NS      | $544884.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4640 | NS      | $939507.20    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |       928 | NS      | $157574.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     13920 | NS      | $3618782.40   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      6032 | NS      | $1245608.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                     | Garmin Ltd                                 | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |      2784 | NS      | $673226.88    | 0.55%             |  |  |  | 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