# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-26-013892
**Filing Date:** 2026-4
**Character Count:** 62764
**Document Hash:** 77dbb99486890192642f79a449727353
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013892.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013892

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**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:** 26915975

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

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

## Series and Classes Contracts Data

### Horizon Active Risk Assist Fund (Series ID: S000050382)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159080 | Advisor Class       | ARAAX           |
| C000159081 | Institutional Class | ACRIX           |
| C000159082 | Investor Class      | ARANX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 89.4%** | **EXCHANGE TRADED FUNDS - 89.4%** | **Shares**  | **Value**  |
| Invesco S&P 500 Equal Weight ETF <sup>(a)</sup> | Invesco S&P 500 Equal Weight ETF <sup>(a)</sup> | 573400 | $117529798 |
| iShares Core MSCI International Developed Markets ETF | iShares Core MSCI International Developed Markets ETF | 2036582 | 184555061 |
| iShares MSCI USA Minimum Volatility ETF | iShares MSCI USA Minimum Volatility ETF | 1003965 | 98197817 |
| iShares MSCI USA Quality Factor ETF | iShares MSCI USA Quality Factor ETF | 284048 | 58190073 |
| SPDR Portfolio Developed World ex-US ETF | SPDR Portfolio Developed World ex-US ETF | 4774207 | 238089703 |
| SPDR Portfolio Emerging Markets ETF | SPDR Portfolio Emerging Markets ETF | 3251902 | 164253570 |
| State Street SPDR Portfolio S&P 500 Growth ETF <sup>(b)</sup> | State Street SPDR Portfolio S&P 500 Growth ETF <sup>(b)</sup> | 3021489 | 312935616 |
| State Street SPDR Portfolio S&P 500 Value ETF <sup>(b)</sup> | State Street SPDR Portfolio S&P 500 Value ETF <sup>(b)</sup> | 2445142 | 145485949 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,056,779,181) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,056,779,181) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,056,779,181) | 1319237587 |
| **COMMON STOCKS - 9.9%** | **COMMON STOCKS - 9.9%** | **Shares**  | **Value**  |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |  |
| AeroVironment, Inc. <sup>(c)</sup> | AeroVironment, Inc. <sup>(c)</sup> | 3211 | 809975 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** | **Automobiles - 0.4%** |  |
| BYD Co. Ltd. - ADR | BYD Co. Ltd. - ADR | 70799 | 850296 |
| Tesla, Inc. <sup>(c)</sup> | Tesla, Inc. <sup>(c)</sup> | 12004 | 4831730 |
|  |  |  | 5682026 |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |  |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 7211 | 2165463 |
| **Broadline Retail - 0.9%** | **Broadline Retail - 0.9%** | **Broadline Retail - 0.9%** |  |
| Alibaba Group Holding Ltd. - ADR | Alibaba Group Holding Ltd. - ADR | 8191 | 1180405 |
| Amazon.com, Inc. <sup>(c)</sup> | Amazon.com, Inc. <sup>(c)</sup> | 60049 | 12610290 |
|  |  |  | 13790695 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |  |
| Arista Networks, Inc. <sup>(c)</sup> | Arista Networks, Inc. <sup>(c)</sup> | 6894 | 920349 |
| **Consumer Staples Distribution & Retail - 0.3%** | **Consumer Staples Distribution & Retail - 0.3%** | **Consumer Staples Distribution & Retail - 0.3%** |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 1675 | 1693074 |
| Walmart, Inc. | Walmart, Inc. | 21655 | 2770757 |
|  |  |  | 4463831 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |  |
| Deutsche Telekom AG - ADR | Deutsche Telekom AG - ADR | 23145 | 932281 |
| **Electric Utilities - 0.1%** | **Electric Utilities - 0.1%** | **Electric Utilities - 0.1%** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 3128 | 1031864 |
| Oklo, Inc. <sup>(c)</sup> | Oklo, Inc. <sup>(c)</sup> | 2265 | 142582 |
|  |  |  | 1174446 |
| **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** |  |
| ABB Ltd. - ADR | ABB Ltd. - ADR | 11683 | 1084065 |
| Bloom Energy Corp. - Class A <sup>(c)</sup> | Bloom Energy Corp. - Class A <sup>(c)</sup> | 1609 | 250473 |
| Eaton Corp. PLC | Eaton Corp. PLC | 2875 | 1080770 |
| GE Vernova, Inc. | GE Vernova, Inc. | 1483 | 1295549 |
| Schneider Electric SE - ADR | Schneider Electric SE - ADR | 15472 | 1008929 |
| Siemens Energy AG - ADR | Siemens Energy AG - ADR | 6401 | 1247299 |
|  |  |  | 5967085 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 5520 | 806251 |
| Corning, Inc. | Corning, Inc. | 9599 | 1443498 |
|  |  |  | 2249749 |
| **Energy - 0.0% <sup>(d)</sup>** | **Energy - 0.0% <sup>(d)</sup>** | **Energy - 0.0% <sup>(d)</sup>** |  |
| Williams Cos., Inc. | Williams Cos., Inc. | 9541 | 712904 |
| **Entertainment - 0.1%** | **Entertainment - 0.1%** | **Entertainment - 0.1%** |  |
| Netflix, Inc. <sup>(c)</sup> | Netflix, Inc. <sup>(c)</sup> | 9840 | 947001 |
| Spotify Technology SA <sup>(c)</sup> | Spotify Technology SA <sup>(c)</sup> | 1453 | 748208 |
|  |  |  | 1695209 |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(c)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(c)</sup> | 1463 | 738742 |
| MasterCard, Inc. - Class A | MasterCard, Inc. - Class A | 1323 | 684269 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 2639 | 844849 |
|  |  |  | 2267860 |
| **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** |  |
| Uber Technologies, Inc. <sup>(c)</sup> | Uber Technologies, Inc. <sup>(c)</sup> | 11146 | 840631 |
| **Health Care - 0.0% <sup>(d)</sup>** | **Health Care - 0.0% <sup>(d)</sup>** | **Health Care - 0.0% <sup>(d)</sup>** |  |
| ABIOMED INC <sup>(c)(e)</sup> | ABIOMED INC <sup>(c)(e)</sup> | 113 | 0 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |  |
| Intuitive Surgical, Inc. <sup>(c)</sup> | Intuitive Surgical, Inc. <sup>(c)</sup> | 2575 | 1296538 |
| **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** |  |
| Hitachi Ltd. - ADR | Hitachi Ltd. - ADR | 29229 | 975372 |
| Siemens AG - ADR | Siemens AG - ADR | 10754 | 1565675 |
|  |  |  | 2541047 |
| **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 48314 | 15062373 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 4275 | 2770969 |
| Tencent Holdings Ltd. - ADR | Tencent Holdings Ltd. - ADR | 21021 | 1381080 |
|  |  |  | 19214422 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |  |
| Cognizant Technology Solutions Corp. - Class A | Cognizant Technology Solutions Corp. - Class A | 8772 | 565180 |
| Shopify, Inc. - Class A <sup>(c)</sup> | Shopify, Inc. - Class A <sup>(c)</sup> | 5340 | 644698 |
|  |  |  | 1209878 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |  |
| Caterpillar, Inc. | Caterpillar, Inc. | 1816 | 1348979 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |  |
| Agnico Eagle Mines Ltd. | Agnico Eagle Mines Ltd. | 3102 | 780463 |
| Anglo American PLC - ADR <sup>(f)</sup> | Anglo American PLC - ADR <sup>(f)</sup> | 28705 | 717625 |
| Southern Copper Corp. | Southern Copper Corp. | 6420 | 1401510 |
|  |  |  | 2899598 |
| **Oil, Gas & Consumable Fuels - 0.1%** | **Oil, Gas & Consumable Fuels - 0.1%** | **Oil, Gas & Consumable Fuels - 0.1%** |  |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 6627 | 1010618 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |  |
| Eli Lilly & Co. | Eli Lilly & Co. | 3391 | 3567298 |
| Johnson & Johnson | Johnson & Johnson | 3984 | 989745 |
|  |  |  | 4557043 |
| **Semiconductors & Semiconductor Equipment - 2.4%** | **Semiconductors & Semiconductor Equipment - 2.4%** | **Semiconductors & Semiconductor Equipment - 2.4%** |  |
| Advanced Micro Devices, Inc. <sup>(c)</sup> | Advanced Micro Devices, Inc. <sup>(c)</sup> | 4385 | 877921 |
| Applied Materials, Inc. | Applied Materials, Inc. | 3311 | 1232685 |
| ARM Holdings PLC - ADR <sup>(c)</sup> | ARM Holdings PLC - ADR <sup>(c)</sup> | 7405 | 943767 |
| ASML Holding NV | ASML Holding NV | 710 | 1029898 |
| Broadcom, Inc. | Broadcom, Inc. | 13371 | 4272703 |
| First Solar, Inc. <sup>(c)</sup> | First Solar, Inc. <sup>(c)</sup> | 1589 | 313351 |
| Intel Corp. <sup>(c)</sup> | Intel Corp. <sup>(c)</sup> | 23318 | 1063534 |
| KLA Corp. | KLA Corp. | 669 | 1019924 |
| Lam Research Corp. | Lam Research Corp. | 4944 | 1156352 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 9818 | 802032 |
| Micron Technology, Inc. | Micron Technology, Inc. | 5381 | 2218963 |
| NVIDIA Corp. | NVIDIA Corp. | 95909 | 16994116 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 4815 | 685463 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5091 | 1906987 |
| Tokyo Electron Ltd. - ADR | Tokyo Electron Ltd. - ADR | 8254 | 1166868 |
|  |  |  | 35684564 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |  |
| Cadence Design Systems, Inc. <sup>(c)</sup> | Cadence Design Systems, Inc. <sup>(c)</sup> | 2550 | 768570 |
| Microsoft Corp. | Microsoft Corp. | 35754 | 14042026 |
| Nebius Group NV <sup>(c)</sup> | Nebius Group NV <sup>(c)</sup> | 5959 | 543401 |
| Oracle Corp. | Oracle Corp. | 12014 | 1746835 |
| Palantir Technologies, Inc. - Class A <sup>(c)</sup> | Palantir Technologies, Inc. - Class A <sup>(c)</sup> | 16093 | 2207799 |
| Salesforce, Inc. | Salesforce, Inc. | 3010 | 586318 |
| ServiceNow, Inc. <sup>(c)</sup> | ServiceNow, Inc. <sup>(c)</sup> | 5790 | 625378 |
|  |  |  | 20520327 |
| **Specialty Retail - 0.0% <sup>(d)</sup>** | **Specialty Retail - 0.0% <sup>(d)</sup>** | **Specialty Retail - 0.0% <sup>(d)</sup>** |  |
| Home Depot, Inc. | Home Depot, Inc. | 1155 | 439732 |
| **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** |  |
| Apple, Inc. | Apple, Inc. | 42638 | 11264107 |
| **TOTAL COMMON STOCKS** (Cost $135,270,930) | **TOTAL COMMON STOCKS** (Cost $135,270,930) | **TOTAL COMMON STOCKS** (Cost $135,270,930) | 145659357 |
| **PURCHASED OPTIONS - 0.7% <sup>(c)</sup>** | **Notional Amount**  | **Contracts**  | **Value**  |
| **Call Options - 0.6% <sup>(g)(h)</sup>** | **Call Options - 0.6% <sup>(g)(h)</sup>** |  |  |
|  Invesco S&P 500 Equal Weight ETF, Expiration: 03/20/2026; Exercise Price: $210.00 | 122982000 | 6000 | 570000 |
|  iShares MSCI Brazil ETF, Expiration: 03/20/2026; Exercise Price: $40.00 | 5809500 | 1500 | 116250 |
| iShares MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $64.00 | 75096000 | 12000 | 966000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $65.00 | 75096000 | 12000 | 606000 |
|  iShares Silver Trust, Expiration: 04/17/2026; Exercise Price: $90.00 | 25497000 | 3000 | 2587500 |
|  SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $780.00 | 685990000 | 10000 | 15000 |
|  State Street Energy Select Sector SPDR ETF, Expiration: 04/17/2026; Exercise Price: $60.00 | 11184000 | 2000 | 178000 |
|  State Street SPDR EURO STOXX 50 ETF, Expiration: 03/20/2026; Exercise Price: $70.00 | 82260000 | 12000 | 720000 |
|  State Street SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $800.00 | 685990000 | 10000 | 15000 |
| State Street SPDR S&P Regional Banking ETF | State Street SPDR S&P Regional Banking ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $85.00 | 50077500 | 7500 | 33750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 05/15/2026; Exercise Price: $75.00 | 50077500 | 7500 | 1181250 |
|  State Street Utilities Select Sector SPDR ETF, Expiration: 06/18/2026; Exercise Price: $45.00 | 14319000 | 3000 | 1147500 |
| **Total Call Options** |  |  | 8136250 |
| **Put Options - 0.1% <sup>(g)(h)</sup>** | **Put Options - 0.1% <sup>(g)(h)</sup>** |  |  |
| CBOE Volatility Index | CBOE Volatility Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/18/2026; Exercise Price: $17.00 | 5958000 | 3000 | 67500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/22/2026; Exercise Price: $15.00 | 19860000 | 10000 | 195000 |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/18/2026; Exercise Price: $85.00 | 22705000 | 2500 | 130000 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 03/20/2026; Exercise Price: $79.00 | 32288000 | 4000 | 86000 |
|  iShares iBoxx USD Investment Grade Corporate Bond ETF, Expiration: 06/18/2026; Exercise Price: $108.00 | 27920000 | 2500 | 111250 |
|  iShares Silver Trust, Expiration: 09/18/2026; Exercise Price: $55.00 | 29746500 | 3500 | 1233750 |
|  State Street Consumer Staples Select Sector SPDR ETF, Expiration: 03/20/2026; Exercise Price: $84.00 | 45005000 | 5000 | 107500 |
|  State Street Energy Select Sector SPDR ETF, Expiration: 04/17/2026; Exercise Price: $50.00 | 22368000 | 4000 | 216000 |
| **Total Put Options** |  |  | 2147000 |
| **TOTAL PURCHASED OPTIONS** (Cost $10,361,478) | **TOTAL PURCHASED OPTIONS** (Cost $10,361,478) | **TOTAL PURCHASED OPTIONS** (Cost $10,361,478) | 10283250 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.4%** | **MONEY MARKET FUNDS - 0.4%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(i)</sup> | First American Government Obligations Fund - Class X, 3.60% <sup>(i)</sup> | 5427752 | 5427752 |
| **TOTAL MONEY MARKET FUNDS** (Cost $5,427,752) | **TOTAL MONEY MARKET FUNDS** (Cost $5,427,752) | **TOTAL MONEY MARKET FUNDS** (Cost $5,427,752) | 5427752 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% <sup>(d)</sup>** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% <sup>(d)</sup>** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(i)</sup> | First American Government Obligations Fund - Class X, 3.60% <sup>(i)</sup> | 731738 | 731738 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $731,738) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $731,738) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $731,738) | 731738 |
| **TOTAL INVESTMENTS - 100.4% (**Cost $1,208,571,079**)** | **TOTAL INVESTMENTS - 100.4% (**Cost $1,208,571,079**)** | **TOTAL INVESTMENTS - 100.4% (**Cost $1,208,571,079**)** | 1481339684 |
| Liabilities in Excess of Other Assets - (0.4)% | Liabilities in Excess of Other Assets - (0.4)% | Liabilities in Excess of Other Assets - (0.4)% | (6307334) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1475032350 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| PLC - Public Limited Company |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Held in connection with written option contracts. See Schedule of Written Options for further information.

(b) All or a portion of the security has been pledged as collateral for written options.

(c) Non-income producing security.

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

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or
 0.0% of net assets as of February 28, 2026.

(f) All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $710,425.

(g) 100 shares per contract.

(h) Exchange-traded.

(i) The rate shown represents the 7-day annualized yield as of February 28, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **WRITTEN OPTIONS - (0.3)% <sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.2)%** | **Call Options - (0.2)%** | **Call Options - (0.2)%** | **Call Options - (0.2)%** |
| Invesco S&P 500 Equal Weight ETF, Expiration: 03/20/2026; Exercise Price: $215.00 | $(122982000) | (6000) | $(75000) |
| iShares MSCI Brazil ETF, Expiration: 03/20/2026; Exercise Price: $44.00 | (5809500) | (1500) | (9000) |
| iShares Silver Trust, Expiration: 04/17/2026; Exercise Price: $105.00 | (38245500) | (4500) | (2272500) |
| SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $820.00 | (685990000) | (10000) | (5000) |
| State Street SPDR S&P Regional Banking ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $75.00 | (50077500) | (7500) | (131250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 05/15/2026; Exercise Price: $85.00 | (50077500) | (7500) | (266250) |
| **Total Call Options** |  |  | (2759000) |
| **Put Options - (0.1)%** | **Put Options - (0.1)%** | **Put Options - (0.1)%** | **Put Options - (0.1)%** |
| CBOE Volatility Index, Expiration: 03/18/2026; Exercise Price: $16.00 | (9930000) | (5000) | (35000) |
| iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 03/20/2026; Exercise Price: $76.00 | (64576000) | (8000) | (68000) |
| iShares iBoxx USD Investment Grade Corporate Bond ETF, Expiration: 04/17/2026; Exercise Price: $108.00 | (27920000) | (2500) | (53750) |
| iShares Silver Trust, Expiration: 09/18/2026; Exercise Price: $50.00 | (29746500) | (3500) | (817250) |
| State Street Consumer Staples Select Sector SPDR ETF, Expiration: 03/20/2026; Exercise Price: $78.00 | (45005000) | (5000) | (25000) |
| United States Oil Fund LP, Expiration: 04/17/2026; Exercise Price: $64.00 | (16390000) | (2000) | (119000) |
| **Total Put Options** |  |  | (1118000) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $4,541,530) |  |  | $(3877000) |
| 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) 100 shares per contract.

(b) Exchange-traded.

------

#### Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
Horizon Active Risk Assist 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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $1319237587 | $– | $– | $1319237587 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 145659357 | – | 0 | 145659357 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 10283250 | – | 10283250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5427752 | – | – | 5427752 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 731738 | – | – | 731738 |
| Total Investments | $1471056434 | $10283250 | $0 | $1481339684 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(3877000) | $– | $(3877000) |
| Total Investments | $– | $(3877000) | $– | $(3877000) |
| 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. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of November 30, 2025 | $0 |
| Purchases | 0 |
| Change in unrealized appreciation/depreciation | 0 |
| Amortization/(Accretion) | 0 |
| Ending balance as of February 28, 2026 | $0 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of February 28, 2026 | $0 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Horizon Funds

- **b. Investment Company Act file number:** 811-23063

- **c. CIK number of Registrant:** 0001643174

- **d. LEI of Registrant:** 549300Q2NFSH0QP87Y93

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6210 Ardrey Kell Road

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

  - **Telephone number:** 866-371-2399

**Item A.2. Information about the Series.**

- **a. Name of Series:** Horizon Active Risk Assist Fund

- **b. EDGAR series identifier (if any):** S000050382

- **c. LEI of Series:** 549300VIJNQDPLVOBR85

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $1481939308.88

**Total Liabilities:** $6234772.97

**Net Assets:** $1475704535.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159080 | 0.56%                | 2.68%                | 1.52%                |
| Class ID C000159081 | 0.60%                | 2.70%                | 1.51%                |
| Class ID C000159082 | 0.62%                | 2.67%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3891576.37              | $-4476216.07                               |
| Month 2  | $6283103.11              | $31776608.21                               |
| Month 3  | $1299693.27              | $20653837.46                               |

**Designated Index Information**

- **Index Name:** iShares MSCI ACWI ETF

- **Index Identifier:** ACWI

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI USA Min Vol Facto | iShares MSCI USA Min Vol Factor ETF                   | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |   1003965 | NS      | $98197816.65  | 6.65%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Quality Facto | iShares MSCI USA Quality Factor ETF                   | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |    284048 | NS      | $58190073.28  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7211 | NS      | $2165463.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3984 | NS      | $989745.12    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6627 | NS      | $1010617.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6226319 | NS      | $6226319.26   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                                       | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1589 | NS      | $313350.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1483 | NS      | $1295548.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                           | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     29229 | NS      | $975371.73    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1155 | NS      | $439731.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     23318 | NS      | $1063533.98   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      2575 | NS      | $1296538.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight E | Invesco S&P 500 Equal Weight ETF                      | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Long             | EC               | RF                | US        |    573400 | NS      | $117529798.00 | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |   2036582 | NS      | $184555060.84 | 12.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3391 | NS      | $3567298.09   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio Em | State Street SPDR Portfolio Emerging Markets ETF      | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |   3251902 | NS      | $164253570.02 | 11.13%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio De | State Street SPDR Portfolio Developed World ex-US ETF | CUSIP: 78463X889<br>LEI: 549300NVXJXJCDK35U34 | Long             | EC               | RF                | US        |   4774207 | NS      | $238089703.09 | 16.13%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S& | State Street SPDR Portfolio S&P 500 Growth ETF        | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |   3021489 | NS      | $312935615.73 | 21.21%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S& | State Street SPDR Portfolio S&P 500 Value ETF         | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |   2445142 | NS      | $145485949.00 | 9.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      5790 | NS      | $625377.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                           | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      5340 | NS      | $644698.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                            | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     10754 | NS      | $1565674.86   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG              | Siemens Energy AG                                     | CUSIP: 82621A203<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      6401 | NS      | $1247298.86   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp                                  | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      6420 | NS      | $1401510.23   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5091 | NS      | $1906986.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     21021 | NS      | $1381079.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     12004 | NS      | $4831730.04   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                                    | CUSIP: 889110102<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      8254 | NS      | $1166867.98   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     11146 | NS      | $840631.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2639 | NS      | $844849.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     21655 | NS      | $2770757.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                 | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |      1453 | NS      | $748207.82    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                                | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      3102 | NS      | $780463.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      8191 | NS      | $1180405.01   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     48314 | NS      | $15062372.64  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     60049 | NS      | $12610290.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      5520 | NS      | $806251.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC             | Anglo American PLC                                    | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     28705 | NS      | $717625.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Apple Inc                      | Apple Inc                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     42638 | NS      | $11264106.84  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3311 | NS      | $1232685.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6894 | NS      | $920349.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      7405 | NS      | $943767.25    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                       | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       710 | NS      | $1029897.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                               | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     11683 | NS      | $1084065.57   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED INC                    | ABIOMED INC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       113 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4385 | NS      | $877920.85    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      3211 | NS      | $809974.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | VIX US 03/18/26 P16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-35000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 03/18/26 P17                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $67500.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 07/22/26 P15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $195000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                            | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     70799 | NS      | $850295.99    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1463 | NS      | $738741.85    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                                     | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      1609 | NS      | $250473.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13371 | NS      | $4272703.05   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2550 | NS      | $768570.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                                       | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1816 | NS      | $1348979.28   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      8772 | NS      | $565179.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      3128 | NS      | $1031864.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                           | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      9599 | NS      | $1443497.62   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1675 | NS      | $1693073.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                   | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     23145 | NS      | $932280.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                        | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2875 | NS      | $1080770.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | State Street SPDR EURO STOXX 50 ETF                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12000 | NC      | $720000.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Regional Banking ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7500 | NC      | $-131250.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Regional Banking ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7500 | NC      | $33750.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Regional Banking ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7500 | NC      | $1181250.04   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Regional Banking ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7500 | NC      | $-266250.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $2587500.00   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4500 | NC      | $-2272500.00  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3500 | NC      | $-817250.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3500 | NC      | $1233750.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P 500 ETF Trust                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $15000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P 500 ETF Trust                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $15000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P 500 ETF Trust                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -10000 | NC      | $-5000.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | United States Oil Fund LP                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2000 | NC      | $-119000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Homebuilders ETF                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street SPDR S&P Homebuilders ETF                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -15000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Energy Select Sector SPDR ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $178000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Energy Select Sector SPDR ETF            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4000 | NC      | $216000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Consumer Staples Select Sector SPDR ETF  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-25000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Consumer Staples Select Sector SPDR ETF  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5000 | NC      | $107500.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Utilities Select Sector SPDR ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3750 | NC      | $1434375.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Oklo Inc                       | Oklo Inc                                              | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2265 | NS      | $142581.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      9840 | NS      | $947001.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     95909 | NS      | $16994115.71  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     12014 | NS      | $1746835.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     16093 | NS      | $2207798.67   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4815 | NS      | $685463.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3010 | NS      | $586317.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                 | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     15472 | NS      | $1008929.12   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12000 | NC      | $966000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Emerging Markets ETF                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12000 | NC      | $606000.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares MSCI Brazil ETF                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1500 | NC      | $-9000.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nebius Group NV                | Nebius Group NV                                       | CUSIP: N/A<br>LEI: 549300GGZHJ5Q1B18P93       | Long             | EC               | CORP              | NL        |      5959 | NS      | $543401.21    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4275 | NS      | $2770969.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       669 | NS      | $1019923.95   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4944 | NS      | $1156352.16   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                                | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               | CORP              | US        |      9818 | NS      | $802032.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1323 | NS      | $684268.83    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     35754 | NS      | $14042025.96  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      5381 | NS      | $2218962.97   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                                  | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      9541 | NS      | $712903.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares MSCI Brazil ETF                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $116250.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx USD High Yield Corporate Bond ETF       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -8000 | NC      | $-68000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx USD High Yield Corporate Bond ETF       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4000 | NC      | $86000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx USD Investment Grade Corporate Bond ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2500 | NC      | $-53750.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx USD Investment Grade Corporate Bond ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $111250.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco S&P 500 Equal Weight ETF                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6000 | NC      | $570000.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco S&P 500 Equal Weight ETF                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -6000 | NC      | $-75000.03    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares 20+ Year Treasury Bond ETF                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $130000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Stephen Terry

**Name of Signer:** Stephen Terry

**Title:** Chief Financial Officer