# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-006183
**Filing Date:** 2025-8
**Character Count:** 23358
**Document Hash:** 5fd7557651d8cce17b248c773221e2f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006183.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000894189-25-006183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 251272038

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

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

## Series and Classes Contracts Data

### Centre American Select Equity Fund (Series ID: S000089995)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000256868 | Investor Class |  |
| C000256869 | Advisor Class  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 89.3%** | **Shares** | **Value**  |
| **Banking - 17.4%** | **Banking - 17.4%** | |
| Citizens Financial Group, Inc. | 174294 | $7799656 |
| Huntington Bancshares, Inc. | 464234 | 7780562 |
| KeyCorp | 439554 | 7657031 |
| M&T Bank Corp. | 38900 | 7546211 |
| Regions Financial Corp. | 329629 | 7752874 |
| Truist Financial Corp. | 168094 | 7226361 |
| US Bancorp | 162269 | 7342672 |
|  |  | 53105367 |
| **Consumer Discretionary Products - 2.6%** | **Consumer Discretionary Products - 2.6%** |  |
| Hasbro, Inc. | 106818 | 7885305 |
| **Consumer Staple Products - 4.0%** | **Consumer Staple Products - 4.0%** |  |
| Altria Group, Inc. | 99176 | 5814689 |
| Tyson Foods, Inc. - Class A | 115086 | 6437911 |
|  |  | 12252600 |
| **Financial Services - 5.3%** | **Financial Services - 5.3%** |  |
| Northern Trust Corp. | 65820 | 8345318 |
| State Street Corp. | 72300 | 7688382 |
|  |  | 16033700 |
| **Health Care - 22.9%** | **Health Care - 22.9%** |  |
| Amgen, Inc. | 22132 | 6179476 |
| Biogen, Inc. <sup>(a)</sup> | 43291 | 5436917 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 87238 | 4795473 |
| Bristol-Myers Squibb Co. | 139106 | 6439217 |
| Humana, Inc. | 28560 | 6982349 |
| Incyte Corp. <sup>(a)</sup> | 96750 | 6588675 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 53777 | 5706815 |
| Medtronic PLC | 93926 | 8187529 |
| Merck & Co., Inc. | 87834 | 6952939 |
| Pfizer, Inc. | 282435 | 6846224 |
| Regeneron Pharmaceuticals, Inc. | 10384 | 5451600 |
|  |  | 69567214 |
| **Industrial Products - 6.8%** | **Industrial Products - 6.8%** |  |
| Generac Holdings, Inc. <sup>(a)</sup> | 46486 | 6657260 |
| General Dynamics Corp. | 27498 | 8020067 |
| Stanley Black & Decker, Inc. | 89920 | 6092080 |
|  |  | 20769407 |
| **Industrial Services - 2.1%** | **Industrial Services - 2.1%** |  |
| United Parcel Service, Inc. - Class B | 63523 | 6412012 |
| **Materials - 8.3%** | **Materials - 8.3%** |  |
| CF Industries Holdings, Inc. | 69958 | 6436136 |
| Eastman Chemical Co. | 80257 | 5991987 |
| International Flavors & Fragrances, Inc. | 88627 | 6518516 |
| Teck Resources Ltd. - Class B | 154615 | 6243354 |
|  |  | 25189993 |
| **Media - 3.4%** | **Media - 3.4%** |  |
| Paramount Global - Class B | 795330 | 10259757 |
| **Retail & Wholesale - Discretionary - 2.9%** | **Retail & Wholesale - Discretionary - 2.9%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 40471 | 8878933 |
| **Retail & Wholesale - Staples - 2.6%** | **Retail & Wholesale - Staples - 2.6%** |  |
| Dollar Tree, Inc. <sup>(a)</sup> | 80379 | 7960736 |
| **Software & Tech Services - 2.2%** | **Software & Tech Services - 2.2%** |  |
| Adobe, Inc. <sup>(a)</sup> | 17288 | 6688381 |
| **Tech Hardware & Semiconductors - 6.1%** | **Tech Hardware & Semiconductors - 6.1%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 63903 | 9067835 |
| Micron Technology, Inc. | 78047 | 9619293 |
|  |  | 18687128 |
| **Telecommunications - 2.7%** | **Telecommunications - 2.7%** |  |
| Verizon Communications, Inc. | 192847 | 8344490 |
| **TOTAL COMMON STOCKS** (Cost $241,818,748) | **TOTAL COMMON STOCKS** (Cost $241,818,748) | 272035023 |
| **EXCHANGE TRADED FUNDS - 9.8%** | **Shares** | **Value** |
| iShares 20+ Year Treasury Bond ETF | 337217 | 29759400 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $28,808,582) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $28,808,582) | 29759400 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $270,627,330**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $270,627,330**)** | 301794423 |
| Other Assets in Excess of Liabilities - 0.9% | Other Assets in Excess of Liabilities - 0.9% | 2587279 |
| **TOTAL NET ASSETS - 100.0%** |  | $304381702 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

------

#### <br>

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

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 272035023 |  |  | 272035023 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 29759400 |  |  | 29759400 |
| Total Investments | 301794423 |  |  | 301794423 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

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

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

- **a. Name of Series:** Centre American Select Equity Fund

- **b. EDGAR series identifier (if any):** S000089995

- **c. LEI of Series:** 529900NURYC6JYQMYO40

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $308834577.43

**Total Liabilities:** $4347044.29

**Net Assets:** $304487533.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256868 | -1.68%               | 5.12%                | 5.65%                |
| Class ID C000256869 | -1.74%               | 5.17%                | 5.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9117736.57              | $-15753317.04                              |
| Month 2  | $25546093.40             | $-10607457.38                              |
| Month 3  | $18149029.57             | $-2035485.71                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pfizer Inc                     | Pfizer Inc                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    287318 | NS      | $6964588.32   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global               | Paramount Global                         | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    808225 | NS      | $10426102.50  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     27914 | NS      | $8141397.24   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro Inc                               | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |    108602 | NS      | $8016999.64   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                               | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     28996 | NS      | $7088942.08   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH   | Huntington Bancshares Inc/OH             | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    471990 | NS      | $7910552.40   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                    | Incyte Corp                              | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     98423 | NS      | $6702606.30   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc   | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     90107 | NS      | $6627369.85   | 2.18%             |  |  |  | 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        |    338476 | NS      | $29870507.00  | 9.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                  | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    446875 | NS      | $7784562.50   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     39544 | NS      | $7671140.56   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                 | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     54707 | NS      | $5805506.84   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     89353 | NS      | $7073183.48   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     79350 | NS      | $9779887.50   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                      | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     66919 | NS      | $8484660.01   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                            | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     95495 | NS      | $8324299.15   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc    | BioMarin Pharmaceutical Inc              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     88747 | NS      | $4878422.59   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                  | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    142078 | NS      | $6576790.62   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc               | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     71126 | NS      | $6543592.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc             | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    177179 | NS      | $7928760.25   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     81721 | NS      | $8093647.84   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co                      | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     81974 | NS      | $6120178.84   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1638714 | NS      | $1638714.45   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                     | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     47263 | NS      | $6768534.23   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     10549 | NS      | $5538225.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                   | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    334785 | NS      | $7874143.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc               | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     91958 | NS      | $6230154.50   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                        | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     73508 | NS      | $7816840.72   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd                       | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    157198 | NS      | $6347655.24   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                    | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    170891 | NS      | $7346604.09   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    117008 | NS      | $6545427.52   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    164968 | NS      | $7464802.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     64882 | NS      | $6549189.08   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    192847 | NS      | $8344489.69   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     17577 | NS      | $6800189.76   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     64968 | NS      | $9218959.20   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    100832 | NS      | $5911780.16   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     41146 | NS      | $9027020.94   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     22515 | NS      | $6286413.15   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                               | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     44040 | NS      | $5530983.60   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer