NPORT-EX 2 VIPHG80VirtusHorizonWMFd.htm
Horizon Wealth Masters Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2020
($ reported in thousands)
  Shares   Value
Common Stocks—100.1%
Communication Services—13.0%    
Alphabet, Inc. Class C(1) 134   $189
AMC Networks, Inc. Class A(1) 7,131   167
Comcast Corp. Class A 4,881   190
Discovery, Inc. Class C(1) 9,485   183
DISH Network Corp. Class A(1) 5,227   180
Facebook, Inc. Class A(1) 817   186
Fox Corp. Class A 6,651   178
GCI Liberty, Inc. Class A(1) 2,787   198
Liberty Braves Group Class C(1) 9,249   183
Liberty Broadband Corp. Class C(1) 1,476   183
Liberty Formula One Class C(1) 5,668   180
Liberty Global plc Class C(1) 8,325   179
Liberty Latin America Ltd. Class C(1) 19,228   181
Liberty Sirius XM Group Class C(1) 5,297   182
Liberty TripAdvisor Holdings, Inc. Class A(1) 87,219   186
Lions Gate Entertainment Corp. Class B(1) 27,513   188
Madison Square Garden Entertainment Corp.(1) 2,444   183
Madison Square Garden Sports Corp. Class A(1) 1,190   175
MSG Networks, Inc. Class A(1) 17,846   178
News Corp. Class A 16,155   192
ViacomCBS, Inc. Class B 7,867   183
      3,844
       
 
Consumer Discretionary—23.4%    
Amazon.com, Inc.(1) 73   201
American Eagle Outfitters, Inc. 15,637   170
AutoNation, Inc.(1) 4,898   184
Buckle, Inc. (The) 11,902   187
Carnival Corp. 10,254   168
Choice Hotels International, Inc. 2,262   178
Columbia Sportswear Co. 2,438   196
Designer Brands, Inc. Class A 26,490   179
Dick’s Sporting Goods, Inc. 4,701   194
Dillard’s, Inc. Class A 7,000   181
eBay, Inc. 3,977   209
Expedia Group, Inc. 2,282   188
Gap, Inc. (The) 17,661   223
Garmin Ltd. 2,024   197
Horton (D.R.), Inc. 3,364   187
Hyatt Hotels Corp. Class A 3,466   174
L Brands, Inc. 12,339   185
Lands’ End, Inc.(1) 22,507   181
Las Vegas Sands Corp. 4,000   182
Lennar Corp. Class A 3,111   192
Marriott International, Inc. Class A 2,078   178
Marriott Vacations Worldwide Corp. 2,226   183
Mohawk Industries, Inc.(1) 2,031   207
Newell Brands, Inc. 12,481   198
Nordstrom, Inc. 10,579   164
Penn National Gaming, Inc.(1) 6,066   185
Penske Automotive Group, Inc. 4,778   185
Qurate Retail, Inc. Class A(1) 20,479   195
Ralph Lauren Corp. 2,606   189
Red Rock Resorts, Inc. Class A 14,946   163
Restaurant Brands International, Inc. 3,442   188
Tenneco, Inc. Class A(1) 24,281   184
Tesla, Inc.(1) 192   207
Under Armour, Inc. Class C(1) 21,901   194
Urban Outfitters, Inc.(1) 10,752   164
Wendy’s Co. (The) 8,739   190
  Shares   Value
       
Consumer Discretionary—continued    
WW International, Inc.(1) 7,334   $186
      6,916
       
 
Consumer Staples—7.1%    
Boston Beer Co., Inc. (The) Class A(1) 361   194
Brown-Forman Corp. Class B 2,887   184
Constellation Brands, Inc. Class A 1,046   183
Estee Lauder Cos., Inc. (The) Class A 983   185
Hostess Brands, Inc.(1) 15,918   194
Lancaster Colony Corp. 1,237   192
Monster Beverage Corp.(1) 2,766   192
Nomad Foods Ltd.(1) 8,909   191
PriceSmart, Inc. 3,376   203
Spectrum Brands Holdings, Inc. 4,155   191
Tootsie Roll Industries, Inc. 5,426   186
      2,095
       
 
Energy—5.5%    
Cheniere Energy, Inc.(1) 3,982   192
Continental Resources, Inc. 11,209   197
CVR Energy, Inc. 8,674   175
Exterran Corp.(1) 33,448   180
Hess Corp. 3,730   193
Occidental Petroleum Corp. 9,790   179
Par Pacific Holdings, Inc.(1) 19,920   179
RPC, Inc.(1) 57,501   177
W&T Offshore, Inc.(1) 73,308   167
      1,639
       
 
Financials—14.0%    
American Financial Group, Inc. 2,961   188
Berkley (W.R.) Corp. 3,300   189
Berkshire Hathaway, Inc. Class B(1) 1,067   191
BOK Financial Corp. 3,164   179
Brown & Brown, Inc. 4,602   188
Charles Schwab Corp. (The) 5,230   176
Cohen & Steers, Inc. 2,642   180
Erie Indemnity Co. Class A 1,067   205
First Citizens BancShares, Inc. Class A 470   190
Franklin Resources, Inc. 8,537   179
Greenlight Capital Re Ltd. Class A(1) 29,334   191
Hilltop Holdings, Inc. 10,455   193
Interactive Brokers Group, Inc. Class A 4,553   190
Jefferies Financial Group, Inc. 12,531   195
Loews Corp. 5,687   195
Mercury General Corp. 4,599   187
Morningstar, Inc. 1,284   181
National General Holdings Corp. 9,109   197
PJT Partners, Inc. Class A 3,615   186
Raymond James Financial, Inc. 2,670   184
Third Point Reinsurance Ltd.(1) 25,077   188
Virtu Financial, Inc. Class A 8,282   195
      4,147
       
 
Health Care—3.8%    
AquaBounty Technologies, Inc.(1) 64,668   208
Bruker Corp. 4,686   191
Danaher Corp. 1,096   194
NantKwest, Inc.(1) 23,665   291
See Notes to Schedule of Investments
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Horizon Wealth Masters Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
  Shares   Value
       
Health Care—continued    
Precigen, Inc.(1) 46,564   $232
      1,116
       
 
Industrials—11.8%    
Air Lease Corp. 6,299   184
Atlas Corp. 25,876   197
Cintas Corp. 699   186
Colfax Corp.(1) 6,844   191
Covanta Holding Corp. 20,290   195
FedEx Corp. 1,392   195
Fortive Corp. 2,825   191
Heartland Express, Inc. 9,231   192
Herc Holdings, Inc.(1) 6,705   206
MasTec, Inc.(1) 4,491   201
MSC Industrial Direct Co., Inc. Class A 2,662   194
Navistar International Corp.(1) 7,183   203
Rollins, Inc. 4,552   193
Timken Co. (The) 4,364   199
W.W. Grainger, Inc. 633   199
Welbilt, Inc.(1) 30,718   187
Werner Enterprises, Inc. 4,432   193
XPO Logistics, Inc.(1) 2,392   185
      3,491
       
 
Information Technology—8.3%    
Amkor Technology, Inc.(1) 15,964   197
Cloudera, Inc.(1) 14,090   179
Conduent, Inc.(1) 76,510   183
EchoStar Corp. Class A(1) 6,381   178
Intuit, Inc. 671   199
Oracle Corp. 3,587   198
Paychex, Inc. 2,553   193
Pegasystems, Inc. 1,998   202
RealPage, Inc.(1) 2,859   186
salesforce.com, Inc.(1) 1,027   192
SS&C Technologies Holdings, Inc. 3,254   184
TTEC Holdings, Inc. 4,291   200
Xerox Holdings Corp. 11,641   178
      2,469
       
 
Materials—5.2%    
Element Solutions, Inc.(1) 17,719   192
LyondellBasell Industries NV Class A 2,879   189
NewMarket Corp. 470   188
Novagold Resources, Inc.(1) 24,123   222
Scotts Miracle-Gro Co. (The) 1,484   200
Silgan Holdings, Inc. 6,155   199
  Shares   Value
       
Materials—continued    
TimkenSteel Corp.(1) 43,874   $171
Westlake Chemical Corp. 3,587   192
      1,553
       
 
Real Estate—8.0%    
American Homes 4 Rent Class A 7,089   191
Colony Capital, Inc. 67,602   162
Equity LifeStyle Properties, Inc. 2,987   187
Equity Residential 3,110   183
Gaming and Leisure Properties, Inc. 5,115   177
Host Hotels & Resorts, Inc. 15,791   170
Howard Hughes Corp. (The)(1) 3,342   174
JBG SMITH Properties 6,327   187
Marcus & Millichap, Inc.(1) 6,509   188
Seritage Growth Properties Class A(1) 14,609   166
Simon Property Group, Inc. 2,716   186
Urban Edge Properties 17,728   210
Vornado Realty Trust 4,813   184
      2,365
       
 
Total Common Stocks
(Identified Cost $23,731) 		  29,635
       
 
       
 
Total Long-Term Investments—100.1%
(Identified Cost $23,731) 		  29,635
       
 
       
 
TOTAL INVESTMENTS—100.1%
(Identified Cost $23,731) 		  $29,635
Other assets and liabilities, net—(0.1)%   (29)
NET ASSETS—100.0%   $29,606
    
Footnote Legend:
(1) Non-income producing.
    
Country Weightings†
United States 92%
Canada 3
Bermuda 1
Switzerland 1
Marshall Islands 1
Virgin Islands(British) 1
Cayman Islands 1
Total 100%
† % of total investments as of June 30, 2020.
 
See Notes to Schedule of Investments
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Horizon Wealth Masters Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2020
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of June 30, 2020, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
  Total
Value at
June 30, 2020 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $29,635   $29,635
Total Investments $29,635   $29,635
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2020.
There were no transfers into or out of Level 3 related to securities held at June 30, 2020.
See Notes to Schedule of Investments
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HORIZON WEALTH MASTERS FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2020
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund’s fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
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