# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012147
**Filing Date:** 2025-10
**Character Count:** 18705
**Document Hash:** ef995f6ab69581f8d7fbd9adb7642d01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012147.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012147

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Funds
- **CENTRAL INDEX KEY:** 0001643174

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 251423681

**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 Income Fund (Series ID: S000050383)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159083 | Advisor Class       | AIHAX           |
| C000159084 | Institutional Class | AIRIX           |
| C000159085 | Investor Class      | AIMNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Horizon Active Income Fund** | **Horizon Active Income Fund** | **Horizon Active Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.4%** | **Shares** | **Value**  |
| iShares 10+ Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 495271 | $24827935 |
| iShares 1-3 Year Treasury Bond ETF | 497 | 41241 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 1002 | 53096 |
| iShares 20+ Year Treasury Bond ETF | 93614 | 8106973 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 1023392 | 54904981 |
| iShares 7-10 Year Treasury Bond ETF | 1627 | 156436 |
| iShares iBoxx Investment Grade Corporate Bond ETF | 1428 | 156795 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(a)</sup> | 354 | 33319 |
| iShares TIPS Bond ETF | 123101 | 13685138 |
| Janus Henderson AAA CLO ETF | 1011 | 51379 |
| Janus Henderson B-BBB CLO ETF | 213 | 10322 |
| Janus Henderson Mortgage-Backed Securities ETF<sup>(a)</sup> | 485439 | 21990387 |
| PIMCO Active Bond Exchange-Traded Fund <sup>(b)</sup> | 147395 | 13641407 |
| PIMCO Multisector Bond Active ETF<sup>(a)</sup> | 1534268 | 40949613 |
| Simplify MBS ETF | 270096 | 13585829 |
| SPDR Blackstone Senior Loan ETF | 1222 | 50835 |
| SPDR Doubleline Total Return Tactical ETF<sup>(a)</sup> | 809943 | 32681200 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | 1578 | 53273 |
| SPDR Portfolio Long Term Treasury ETF | 2992 | 78450 |
| SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | 712562 | 21562126 |
| VanEck Fallen Angel High Yield Bond ETF | 3601 | 105797 |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 1639 | 41565 |
| Vanguard Total International Bond ETF | 542113 | 26731592 |
| Xtrackers USD High Yield Corporate Bond ETF | 1753 | 64861 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $270,822,205) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $270,822,205) | 273564550 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.4%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.15%<sup>(a)(c)</sup> | 61604779 | 61604779 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $61,604,779) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $61,604,779) | 61604779 |
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 2092224 | 2092224 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,092,224) | **TOTAL MONEY MARKET FUNDS** (Cost $2,092,224) | 2092224 |
| **TOTAL INVESTMENTS - 122.5% (**Cost $334,519,208**)** | **TOTAL INVESTMENTS - 122.5% (**Cost $334,519,208**)** | 337261553 |
| Liabilities in Excess of Other Assets - (22.5)% | Liabilities in Excess of Other Assets - (22.5)% | (61918359) |
| **TOTAL NET ASSETS - 100.0%** |  | $275343194 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $60,097,797.

(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $3,239,250, which is 1.18% of total net
 assets.

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $273564550 | $– | $– | $273564550 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 61604779 | – | – | 61604779 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2092224 | – | – | 2092224 |
| Total Investments | $337261553 | $– | $– | $337261553 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

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

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

- **a. Name of Series:** Horizon Active Income Fund

- **b. EDGAR series identifier (if any):** S000050383

- **c. LEI of Series:** 549300K0G4XL1PLHHK42

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $337318893.14

**Total Liabilities:** $61978184.60

**Net Assets:** $275340708.54

**Cash Not Reported:** $681705.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159083 | 1.50%                | -0.12%               | 1.00%                |
| Class ID C000159084 | 1.52%                | -0.12%               | 1.08%                |
| Class ID C000159085 | 1.51%                | -0.25%               | 1.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3147156.19                                |
| Month 2  | $0.00                    | $-1251890.00                               |
| Month 3  | $0.00                    | $2203694.76                                |

### 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 iBoxx $ Investment Gra | iShares iBoxx $ Investment Grade Corporate Bond ETF   | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      1428 | NS      | $156794.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bon | iShares 7-10 Year Treasury Bond ETF                   | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |      1627 | NS      | $156436.05    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares J.P. Morgan USD Emergi | iShares J.P. Morgan USD Emerging Markets Bond ETF     | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |       354 | NS      | $33318.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares 5-10 Year Investment G | iShares 5-10 Year Investment Grade Corporate Bond ETF | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |   1023392 | NS      | $54904980.80  | 19.94%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares TIPS Bond ETF          | iShares TIPS Bond ETF                                 | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |    123101 | NS      | $13685138.17  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson B-BBB CLO ETF  | Janus Henderson B-BBB CLO ETF                         | CUSIP: 47103U753<br>LEI: 549300UAMX73GRTHWH74 | Long             | EC               | RF                | US        |       213 | NS      | $10321.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA CLO ETF    | Janus Henderson AAA CLO ETF                           | CUSIP: 47103U845<br>LEI: 549300N7UZ9PO4OVKA94 | Long             | EC               | RF                | US        |      1011 | NS      | $51379.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Mortgage-Backe | Janus Henderson Mortgage-Backed Securities ETF        | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |    485439 | NS      | $21990386.70  | 7.99%             |  |  |  | No            |                  1 | On Loan: —       |
| PIMCO Multisector Bond Active  | PIMCO Multisector Bond Active ETF                     | CUSIP: 72201R585<br>LEI: 5493000GFQP1EZBJDY50 | Long             | EC               | RF                | US        |   1534268 | NS      | $40949612.92  | 14.87%            |  |  |  | No            |                  1 | On Loan: —       |
| PIMCO Active Bond Exchange-Tra | PIMCO Active Bond Exchange-Traded Fund                | CUSIP: 72201R775<br>LEI: WFXVQL1P1SLFR2PGV620 | Long             | EC               | RF                | US        |    147395 | NS      | $13641407.25  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Blackstone Senior Loan ET | SPDR Blackstone Senior Loan ETF                       | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |      1222 | NS      | $50835.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplify MBS ETF               | Simplify MBS ETF                                      | CUSIP: 82889N525<br>LEI: 529900BTWVWYXPUFO805 | Long             | EC               | RF                | US        |    270096 | NS      | $13585828.80  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers USD High Yield Corpo | Xtrackers USD High Yield Corporate Bond ETF           | CUSIP: 233051432<br>LEI: 5493000ENPC36KSKPY20 | Long             | EC               | RF                | US        |      1753 | NS      | $64861.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Short Term Corp | SPDR Portfolio Short Term Corporate Bond ETF          | CUSIP: 78464A474<br>LEI: 549300D2BO7L1J2SO973 | Long             | EC               | RF                | US        |    712562 | NS      | $21562126.12  | 7.83%             |  |  |  | No            |                  1 | On Loan: —       |
| VanEck Fallen Angel High Yield | VanEck Fallen Angel High Yield Bond ETF               | CUSIP: 92189F437<br>LEI: 549300A6A1N73WLV0K30 | Long             | EC               | RF                | US        |      3601 | NS      | $105797.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local C | VanEck J. P. Morgan EM Local Currency Bond ETF        | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |      1639 | NS      | $41565.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International B | Vanguard Total International Bond ETF                 | CUSIP: 92203J407<br>LEI: N/A                  | Long             | EC               | RF                | US        |    542113 | NS      | $26731592.03  | 9.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treas | SPDR Portfolio Long Term Treasury ETF                 | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |      2992 | NS      | $78450.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  63015298 | NS      | $63015298.24  | 22.89%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Treasury Bond | iShares 20+ Year Treasury Bond ETF                    | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | RF                | US        |     93614 | NS      | $8106972.40   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond | iShares 1-3 Year Treasury Bond ETF                    | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |       497 | NS      | $41241.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-5 Year Investment Gr | iShares 1-5 Year Investment Grade Corporate Bond ETF  | CUSIP: 464288646<br>LEI: 549300T14S5IX7V5T008 | Long             | EC               | RF                | US        |      1002 | NS      | $53095.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 10+ Year Investment Gr | iShares 10+ Year Investment Grade Corporate Bond ETF  | CUSIP: 464289511<br>LEI: 5493002XJCHL78PKW767 | Long             | EC               | RF                | US        |    495271 | NS      | $24827935.23  | 9.02%             |  |  |  | No            |                  1 | On Loan: —       |
| SPDR Portfolio Intermediate Te | SPDR Portfolio Intermediate Term Corporate Bond ETF   | CUSIP: 78464A375<br>LEI: 549300V0LZHF2UQ4WK69 | Long             | EC               | RF                | US        |      1578 | NS      | $53273.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Doubleline Total Return T | SPDR Doubleline Total Return Tactical ETF             | CUSIP: 78467V848<br>LEI: 549300BX4XYYCFT9AP37 | Long             | EC               | RF                | US        |    809943 | NS      | $32681200.05  | 11.87%            |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer