# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001145549-25-047303
**Filing Date:** 2025-7
**Character Count:** 12662
**Document Hash:** 0d4f1a59e02161484427185dbddf0354
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047303.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001145549-25-047303

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250723

**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:** 251144178

**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           |

## 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:** 2025-05-31

**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:** $306149241.84

**Total Liabilities:** $40973474.34

**Net Assets:** $265175767.50

**Cash Not Reported:** $16939.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159083 | -0.49%               | -0.73%               | -0.86%               |
| Class ID C000159084 | -0.37%               | -0.74%               | -0.81%               |
| Class ID C000159085 | -0.37%               | -0.74%               | -0.82%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-389680.71              | $-1345983.33                               |
| Month 2  | $-144455.61              | $-2519179.60                               |
| Month 3  | $-2630777.98             | $48302.72                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xtrackers USD High Yield Corpo | Xtrackers USD High Yield Corporate Bond ETF           | CUSIP: 233051432<br>LEI: 5493000ENPC36KSKPY20 | Long             | EC               | RF                | US        |      1753 | NS      | $63914.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Multisector Bond Active  | PIMCO Multisector Bond Active ETF                     | CUSIP: 72201R585<br>LEI: 5493000GFQP1EZBJDY50 | Long             | EC               | RF                | US        |   1507157 | NS      | $39517656.54  | 14.90%            |  |  |  | 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      | $52484.28     | 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        |    699972 | NS      | $21048158.04  | 7.94%             |  |  |  | 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      | $77821.92     | 0.03%             |  |  |  | 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      | $50578.58     | 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        |    795632 | NS      | $31610459.36  | 11.92%            |  |  |  | No            |                  1 | On Loan: —       |
| Simplify MBS ETF               | Simplify MBS ETF                                      | CUSIP: 82889N525<br>LEI: 529900BTWVWYXPUFO805 | Long             | EC               | RF                | US        |    265324 | NS      | $13165376.88  | 4.96%             |  |  |  | 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      | $103348.70    | 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      | $40450.52     | 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        |    532534 | NS      | $26333806.30  | 9.93%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares TIPS Bond ETF          | iShares TIPS Bond ETF                                 | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |    120927 | NS      | $13216111.83  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ Investment Gra | iShares iBoxx $ Investment Grade Corporate Bond ETF   | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      1428 | NS      | $153895.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares 20+ Year Treasury Bond | iShares 20+ Year Treasury Bond ETF                    | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | RF                | US        |     91961 | NS      | $7934395.08   | 2.99%             |  |  |  | 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      | $153865.39    | 0.06%             |  |  |  | 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      | $41077.05     | 0.02%             |  |  |  | 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      | $32072.40     | 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        |   1005309 | NS      | $52788775.59  | 19.91%            |  |  |  | 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      | $52554.90     | 0.02%             |  |  |  | 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      | $10343.28     | 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      | $51308.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Janus Henderson Mortgage-Backe | Janus Henderson Mortgage-Backed Securities ETF        | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |    476902 | NS      | $21188755.86  | 7.99%             |  |  |  | No            |                  1 | On Loan: —       |
| PIMCO Active Bond Exchange-Tra | PIMCO Active Bond Exchange-Traded Fund                | CUSIP: 72201R775<br>LEI: WFXVQL1P1SLFR2PGV620 | Long             | EC               | RF                | US        |    144791 | NS      | $13177428.91  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund              | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    693264 | NS      | $693263.86    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  40670575 | NS      | $40670575.25  | 15.34%            |  |  |  | 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        |    486535 | NS      | $23840215.00  | 8.99%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer