# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012148
**Filing Date:** 2025-10
**Character Count:** 12304
**Document Hash:** f0399078d4b0eac7ec75a43de6f62768
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012148.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012148

**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:** 251423682

**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 Core Bond ETF (Series ID: S000093283)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000261448 | Horizon Core Bond ETF |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.4%** | **EXCHANGE TRADED FUNDS - 99.4%** | **Shares** | **Value**  |
| SPDR Portfolio Aggregate Bond ETF<sup>(a)(b)</sup> | SPDR Portfolio Aggregate Bond ETF<sup>(a)(b)</sup> | 6885182 | $176673770 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $175,161,283) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $175,161,283) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $175,161,283) | 176673770 |
| **PURCHASED OPTIONS - 0.0%<sup>(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 0.0%<sup>(d)</sup>** | **Put Options - 0.0%<sup>(d)</sup>** |  | $**–** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/16/2025; Exercise Price: $601.10 <sup>(e)(f)(h)</sup> | $88694375 | 1375 | 86185 |
| **TOTAL PURCHASED OPTIONS** (Cost $214,258) | **TOTAL PURCHASED OPTIONS** (Cost $214,258) | **TOTAL PURCHASED OPTIONS** (Cost $214,258) | 86185 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | 825119 | 825119 |
| **TOTAL MONEY MARKET FUNDS** (Cost $825,119) | **TOTAL MONEY MARKET FUNDS** (Cost $825,119) | **TOTAL MONEY MARKET FUNDS** (Cost $825,119) | 825119 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $176,200,660**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $176,200,660**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $176,200,660**)** | 177585074 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 160545 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $177745619 |
| two | two | two | –% |
| 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) | Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. |
| (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 $77,482,628. |
| (c) | Non-income producing security. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Exchange-traded. |
| (f) | 100 shares per contract. |
| (g)<br> (h) | The rate shown represents the 7-day annualized effective yield as of August 31, 2025.<br> Held in connection with written option contracts. See Schedule of Written Options for further information. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** |
| SPDR S&P 500 ETF Trust, Expiration: 09/16/2025; Exercise Price: $628.87 <sup>(a)(b)</sup> | $(88694375) | (1375) | $(320829) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $631,367) |  |  | $(320829) |
| 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)&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded. <br> (b)&nbsp;&nbsp;&nbsp;&nbsp; 100 shares per contract.

------

#### <br>

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Horizon Core Bond ETF (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>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $176673770 | $– | $– | $176673770 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 86185 | – | 86185 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 825119 | – | – | 825119 |
| Total Investments | $177498889 | $86185 | $– | $177585074 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(320829) | $– | $(320829) |
| Total Investments | $– | $(320829) | $– | $(320829) |
| 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 Core Bond ETF

- **b. EDGAR series identifier (if any):** S000093283

- **c. LEI of Series:** 5299005FI3V7GXM7A060

**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:** $178154880.48

**Total Liabilities:** $409261.77

**Net Assets:** $177745618.71

**Cash Not Reported:** $566003.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261448 | 0.00%                | 0.07%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $-783.52                                   |
| Month 3  | $0.00                    | $1513270.94                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Agg Total Return Value Unhedged USD

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    825119 | NS      | $825118.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPY 09/16/2025 601.1 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1375 | NC      | $86185.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPY 09/16/2025 628.87 P                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1375 | NC      | $-320828.75   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR Portfolio Aggregate Bond  | SPDR Portfolio Aggregate Bond ETF          | CUSIP: 78464A649<br>LEI: 549300E2D1JKWI3P9D54 | Long             | EC               | RF                | US        |   6885182 | NS      | $176673770.12 | 99.40%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer