# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-006184
**Filing Date:** 2025-8
**Character Count:** 29216
**Document Hash:** 0dc0c3c538a85c10ecb18f64945a01f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006184.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000894189-25-006184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251272039

**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

### Centre Global Infrastructure Fund (Series ID: S000089996)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000256871 | Investor Class |  |
| C000256872 | Advisor Class  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **Shares** | **Value**  |
| **<u>Australia</u> - 1.8%** | **<u>Australia</u> - 1.8%** | |
| **Industrial Services - 1.8%** | | |
| Transurban Group | 92551 | 851556 |
| **<u>Canada</u> - 13.1%** | **<u>Canada</u> - 13.1%** |  |
| **Oil & Gas - 10.0%<sup>(b)</sup>** |  |  |
| Enbridge, Inc. | 57518 | 2608215 |
| Pembina Pipeline Corp. | 18947 | 711408 |
| TC Energy Corp. | 29776 | 1453650 |
|  |  | 4773273 |
| **Telecommunications - 1.7%<sup>(b)</sup>** |  |  |
| TELUS Corp. | 48783 | 783466 |
|  |  | $– |
| **Utilities - 1.4%<sup>(b)</sup>** |  |  |
| Northland Power, Inc. | 42643 | 669198 |
| **Total Canada** | **Total Canada** | 6225937 |
| **<u>France</u> - 1.7%** | **<u>France</u> - 1.7%** |  |
| **Telecommunications - 1.0%<sup>(b)</sup>** |  |  |
| Orange SA | 31032 | 472098 |
|  |  | $– |
| **Utilities - 0.7%<sup>(b)</sup>** |  |  |
| Engie SA | 15475 | 363210 |
| **Total France** | **Total France** | 835308 |
| **<u>Germany</u> - 4.9%** | **<u>Germany</u> - 4.9%** |  |
| **Telecommunications - 4.1%<sup>(b)</sup>** |  |  |
| Deutsche Telekom AG | 53144 | 1938758 |
|  |  | $– |
| **Utilities - 0.8%<sup>(b)</sup>** |  |  |
| E.ON SE | 21413 | 394117 |
| **Total Germany** | **Total Germany** | 2332875 |
| **<u>Italy</u> - 3.2%** | **<u>Italy</u> - 3.2%** |  |
| **Utilities - 3.2%<sup>(b)</sup>** |  |  |
| Enel SpA | 160404 | 1522169 |
| **<u>Japan</u> - 8.0%** | **<u>Japan</u> - 8.0%** |  |
| **Telecommunications - 8.0%<sup>(b)</sup>** |  |  |
| KDDI Corp. | 84500 | 1455227 |
| NTT, Inc. | 455600 | 487222 |
| SoftBank Corp. | 435400 | 674242 |
| SoftBank Group Corp. | 16600 | 1212104 |
| **Total Japan** | **Total Japan** | 3828795 |
| **<u>Netherlands</u> - 0.7%** | **<u>Netherlands</u> - 0.7%** |  |
| **Telecommunications - 0.7%<sup>(b)</sup>** |  |  |
| Koninklijke KPN NV | 64153 | 312554 |
| **<u>Singapore</u> - 0.7%** | **<u>Singapore</u> - 0.7%** |  |
| **Telecommunications - 0.7%<sup>(b)</sup>** |  |  |
| Singapore Telecommunications Ltd. | 118900 | 357214 |
| **<u>Spain</u> - 5.3%** | **<u>Spain</u> - 5.3%** |  |
| **Industrial Services - 2.1%** |  |  |
| Aena SME SA <sup>(a)</sup> | 23850 | 636614 |
| Cellnex Telecom SA <sup>(a)</sup> | 9198 | 357007 |
|  |  | 993621 |
| **Telecommunications - 0.9%<sup>(b)</sup>** |  |  |
| Telefonica SA | 80802 | 424317 |
|  |  | $– |
| **Utilities - 2.3%<sup>(b)</sup>** |  |  |
| Iberdrola SA | 58502 | 1122587 |
| **Total Spain** | **Total Spain** | 2540525 |
| **<u>Switzerland</u> - 2.1%** | **<u>Switzerland</u> - 2.1%** |  |
| **Industrial Products - 1.4%** |  |  |
| ABB Ltd. | 11344 | 676394 |
|  |  | $– |
| **Telecommunications - 0.7%<sup>(b)</sup>** |  |  |
| Swisscom AG | 438 | 310511 |
| **Total Switzerland** | **Total Switzerland** | 986905 |
| **<u>United Kingdom</u> - 2.3%** | **<u>United Kingdom</u> - 2.3%** |  |
| **Telecommunications - 1.0%<sup>(b)</sup>** |  |  |
| Vodafone Group PLC | 443089 | 473062 |
|  |  | $– |
| **Utilities - 1.3%<sup>(b)</sup>** |  |  |
| National Grid PLC | 42581 | 620432 |
| **Total United Kingdom** | **Total United Kingdom** | 1093494 |
| **<u>United States</u> - 53.6%<sup>(c)</sup>** | **<u>United States</u> - 53.6%<sup>(c)</sup>** |  |
| **Health Care - 4.2%** |  |  |
| HCA Healthcare, Inc. | 5257 | 2013957 |
|  |  | $– |
| **Oil & Gas - 16.0%<sup>(b)</sup>** |  |  |
| Cheniere Energy, Inc. | 6399 | 1558284 |
| Kinder Morgan, Inc. | 55932 | 1644401 |
| ONEOK, Inc. | 16037 | 1309100 |
| Targa Resources Corp. | 6134 | 1067807 |
| Williams Cos., Inc. | 32421 | 2036363 |
|  |  | 7615955 |
| **Telecommunications - 17.4%<sup>(b)</sup>** |  |  |
| AT&T, Inc. | 108853 | 3150206 |
| T-Mobile US, Inc. | 7522 | 1792192 |
| Verizon Communications, Inc. | 77379 | 3348189 |
|  |  | 8290587 |
| **Utilities - 16.0%<sup>(b)</sup>** |  |  |
| American Electric Power Co., Inc. | 4630 | 480409 |
| Consolidated Edison, Inc. | 2992 | 300247 |
| Constellation Energy Corp. | 2728 | 880489 |
| Dominion Energy, Inc. | 7192 | 406492 |
| Duke Energy Corp. | 6795 | 801810 |
| Entergy Corp. | 3587 | 298151 |
| Exelon Corp. | 8729 | 379013 |
| NextEra Energy, Inc. | 18005 | 1249907 |
| NRG Energy, Inc. | 1727 | 277322 |
| PG&E Corp. | 18458 | 257305 |
| Public Service Enterprise Group, Inc. | 4530 | 381335 |
| Sempra | 5737 | 434692 |
| Southern Co. | 9573 | 879089 |
| WEC Energy Group, Inc. | 2679 | 279152 |
| Xcel Energy, Inc. | 4861 | 331034 |
|  |  | 7636447 |
| **Total United States** | **Total United States** | 25556946 |
| **TOTAL COMMON STOCKS** (Cost $34,324,947) | **TOTAL COMMON STOCKS** (Cost $34,324,947) | 46444278 |
| **SHORT-TERM INVESTMENTS - 1.0%** |  | **Value**  |
| **Money Market Funds - 1.0%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> | 456080 | 456080 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $456,080) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $456,080) | 456080 |
| **TOTAL INVESTMENTS - 98.4% (**Cost $34,781,027**)** | **TOTAL INVESTMENTS - 98.4% (**Cost $34,781,027**)** | 46900358 |
| Other Assets in Excess of Liabilities - 1.6% | Other Assets in Excess of Liabilities - 1.6% | 780511 |
| **TOTAL NET ASSETS - 100.0%** |  | $47680869 |
| 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) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $993,621 or 2.1% of the Fund's net assets.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

(d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Centre Global Infrastructure Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 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 | 46444278 |  |  | 46444278 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 456080 |  |  | 456080 |
| Total Investments | 46900358 |  |  | 46900358 |
| 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:** Centre Global Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000089996

- **c. LEI of Series:** 529900PMEJXYXRVTS347

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $47820217.81

**Total Liabilities:** $145007.96

**Net Assets:** $47675209.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256871 | 0.60%                | 2.35%                | 1.45%                |
| Class ID C000256872 | 0.58%                | 2.32%                | 1.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-74835.82               | $231652.83                                 |
| Month 2  | $-26108.41               | $996276.91                                 |
| Month 3  | $-23770.51               | $636763.37                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    108853 | NS      | $3150205.82   | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                      | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6399 | NS      | $1558284.48   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison Inc                  | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2992 | NS      | $300247.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      2728 | NS      | $880489.28    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge Inc                             | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     57518 | NS      | $2608214.80   | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                      | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      7192 | NS      | $406491.84    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                         | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6795 | NS      | $801810.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                   | Entergy Corp                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      3587 | NS      | $298151.44    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                              | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      8729 | NS      | $379013.18    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    488877 | NS      | $488877.27    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5257 | NS      | $2013956.70   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                        | E.ON SE                                  | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |     21413 | NS      | $394117.45    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     55932 | NS      | $1644400.80   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                      | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     53144 | NS      | $1938757.82   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |     84500 | NS      | $1455227.25   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                 | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    160404 | NS      | $1522168.64   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                       | Engie SA                                 | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     15475 | NS      | $363209.42    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                             | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     58502 | NS      | $1122586.76   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA             | Cellnex Telecom SA                       | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |      9198 | NS      | $357007.17    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corp                     | TELUS Corp                               | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | CA        |     48783 | NS      | $783465.55    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                      | Orange SA                                | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |     31032 | NS      | $472098.15    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                    | Swisscom AG                              | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |       438 | NS      | $310511.06    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica SA                  | Telefonica SA                            | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |     80802 | NS      | $424316.86    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Transurban Group               | Transurban Group                         | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |     92551 | NS      | $851556.18    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1727 | NS      | $277321.66    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT Inc                        | NTT Inc                                  | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |    455600 | NS      | $487221.97    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp            | SoftBank Group Corp                      | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |     16600 | NS      | $1212103.75   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     16037 | NS      | $1309100.31   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                                | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     18458 | NS      | $257304.52    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group Inc      | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      4530 | NS      | $381335.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      5737 | NS      | $434692.49    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      9573 | NS      | $879088.59    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      7522 | NS      | $1792191.72   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                     | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      6134 | NS      | $1067806.72   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd         | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    118900 | NS      | $357214.31    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp          | Pembina Pipeline Corp                    | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |     18947 | NS      | $711408.20    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                  | SoftBank Corp                            | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               | CORP              | JP        |    435400 | NS      | $674241.87    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                 | TC Energy Corp                           | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     29776 | NS      | $1453650.44   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc           | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      4630 | NS      | $480408.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV             | Koninklijke KPN NV                       | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |     64153 | NS      | $312554.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     18005 | NS      | $1249907.10   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                  | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     11344 | NS      | $676393.77    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     77379 | NS      | $3348189.33   | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group Inc                     | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2679 | NS      | $279151.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     32421 | NS      | $2036363.01   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy Inc                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      4861 | NS      | $331034.10    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Northland Power Inc            | Northland Power Inc                      | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               | CORP              | CA        |     42643 | NS      | $669198.39    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid PLC                        | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |     42581 | NS      | $620432.27    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                       | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |    443089 | NS      | $473061.31    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S        | Vestas Wind Systems A/S                  | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |     47790 | NS      | $720005.30    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                    | Aena SME SA                              | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |     23850 | NS      | $636614.33    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer