Horizon Investments 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ACTIVE NETWORK INC	COM	00506D100	87	11,439	SH		SOLE	NONE	0	0	11,439
ARBOR REALTY TRUST, INC.	COM	038923108	64	10,208	SH		SOLE	NONE	0	0	10,208
ARMOUR RESIDENTIAL REIT INC	COM	042315101	74	15,771	SH		SOLE	NONE	0	0	15,771
AUTOMATIC DATA PROCESSING	COM	053015103	778	11,300	SH		SOLE	NONE	0	0	11,300
BANK OF MONTREAL	COM	063671101	688	11,849	SH		SOLE	NONE	0	0	11,849
BAXTER INTERNATIONAL INC.	COM	071813109	727	10,496	SH		SOLE	NONE	0	0	10,496
CSX CORP	COM	126408103	355	15,324	SH		SOLE	NONE	0	0	15,324
CHEVRON CORP	COM	166764100	733	6,196	SH		SOLE	NONE	0	0	6,196
EMERSON ELECTRIC CO.	COM	291011104	706	12,942	SH		SOLE	NONE	0	0	12,942
FIRST TRUST NYSE ARCA BIOTECH	COM	33733E203	583	10,021	SH		SOLE	NONE	0	0	10,021
FIRST TRUST DOW JONES INTERNET	COM	33733E302	606	13,355	SH		SOLE	NONE	0	0	13,355
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	616	22,715	SH		SOLE	NONE	0	0	22,715
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	611	19,785	SH		SOLE	NONE	0	0	19,785
FIRST TRUST HEALTH CARE ALPHAD	COM	33734X143	610	15,367	SH		SOLE	NONE	0	0	15,367
GLAXOSMITHKLINE PLC ADR	COM	37733W105	768	15,375	SH		SOLE	NONE	0	0	15,375
ISHARES CORE SP 500 ETF	COM	464287200	23,263	144,597	SH		SOLE	NONE	137,797	0	6,800
ISHARES CORE TOTAL US BOND MAR	COM	464287226	15,663	146,096	SH		SOLE	NONE	14,066	0	132,030
ISHARES SP 500 VALUE INDEX	COM	464287408	344	4,539	SH		SOLE	NONE	0	0	4,539
ISHARES BARCLAYS 1-3 YEAR TREA	COM	464287457	20,037	237,745	SH		SOLE	NONE	23,813	0	213,932
ISHARES RUSSELL MIDCAP INDEX	COM	464287499	1,344	10,347	SH		SOLE	NONE	0	0	10,347
ISHARES CORE SP MID-CAP ETF	COM	464287507	501	4,334	SH		SOLE	NONE	0	0	4,334
ISHARES PHLX SOX SEMICONDUCTOR	COM	464287523	12,512	196,970	SH		SOLE	NONE	93,495	0	103,475
ISHARES RUSSELL 1000 VALUE IND	COM	464287598	3,780	45,108	SH		SOLE	NONE	0	0	45,108
ISHARES RUSSELL 1000 GROWTH IN	COM	464287614	3,709	50,983	SH		SOLE	NONE	0	0	50,983
ISHARES RUSSELL 2000 GROWTH IN	COM	464287648	12,343	110,690	SH		SOLE	NONE	53,121	0	57,569
ISHARES SP NATIONAL AMT-FREE M	COM	464288414	335	3,193	SH		SOLE	NONE	0	0	3,193
ISHARES RUSSELL TOP 200 VALUE	COM	464289420	39,175	1,094,266	SH		SOLE	NONE	428,330	0	665,936
NEW MOUNTAIN FINANCE CORP	COM	647551100	151	10,688	SH		SOLE	NONE	0	0	10,688
NORFOLK SOUTHERN CORPORATION	COM	655844108	352	4,842	SH		SOLE	NONE	0	0	4,842
PEPSICO INC	COM	713448108	768	9,390	SH		SOLE	NONE	0	0	9,390
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	14,771	596,788	SH		SOLE	NONE	60,893	0	535,895
PRAXAIR, INC.	COM	74005P104	742	6,442	SH		SOLE	NONE	0	0	6,442
PROSHARES ULTRASHORT 20+ YEAR	COM	74347B201	352	4,857	SH		SOLE	NONE	0	0	4,857
PROSHARES ULTRASHORT SP500	COM	74347B300	226	5,541	SH		SOLE	NONE	0	0	5,541
SPDR SP 500	COM	78462F103	78,814	491,295	SH		SOLE	NONE	163,670	0	327,625
SPDR DOW JONES INDUSTRIAL AVER	COM	78467X109	68,659	462,193	SH		SOLE	NONE	222,171	0	240,022
FINANCIAL SELECT SECTOR SPDR	COM	81369Y605	11,985	616,186	SH		SOLE	NONE	486,973	0	129,213
SILICON IMAGE, INC.	COM	82705T102	81	13,860	SH		SOLE	NONE	0	0	13,860
TAIWAN SEMICONDUCTOR MANUFACTU	COM	874039100	730	39,843	SH		SOLE	NONE	0	0	39,843
TARGET CORP	COM	87612E106	759	11,024	SH		SOLE	NONE	0	0	11,024
VALLEY NATIONAL BANCORP	COM	919794107	112	11,860	SH		SOLE	NONE	0	0	11,860
VANGUARD SHORT-TERM BOND ETF	COM	921937827	1,362	17,015	SH		SOLE	NONE	0	0	17,015
VANGUARD FINANCIALS ETF	COM	92204A405	507	12,695	SH		SOLE	NONE	0	0	12,695
WALGREEN COMPANY	COM	931422109	720	16,282	SH		SOLE	NONE	0	0	16,282
ISHARES IBOXX $ INVEST GRADE C	COM	464287242	680	5,980	SH		DFND	1	0	0	5,980
ISHARES SP GLOBAL FINANCIALS	COM	464287333	305	6,300	SH		DFND	1	0	0	6,300
ISHARES MSCI EAFE INDEX	COM	464287465	2,324	40,551	SH		DFND	1	0	0	40,551
ISHARES RUSSELL 1000 GROWTH IN	COM	464287614	1,229	16,890	SH		DFND	1	0	0	16,890
PIMCO TOTAL RETURN ETF	COM	72201R775	3,464	32,838	SH		DFND	1	0	0	32,838
POWERSHARES DB COMMODITY INDEX	COM	73935S105	421	16,754	SH		DFND	1	0	0	16,754
POWERSHARES DB ENERGY	COM	73936B101	432	15,894	SH		DFND	1	0	0	15,894
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	879	35,508	SH		DFND	1	0	0	35,508
POWERSHARES INTERNATIONAL CORP	COM	73936Q835	525	19,041	SH		DFND	1	0	0	19,041
SPDR SP 500	COM	78462F103	1,831	11,411	SH		DFND	1	0	0	11,411
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	450	11,398	SH		DFND	1	0	0	11,398
SCHWAB U.S. DIVIDEND EQUITY ET	COM	808524797	855	26,159	SH		DFND	1	0	0	26,159
VANGUARD SHORT-TERM BOND ETF	COM	921937827	2,024	25,281	SH		DFND	1	0	0	25,281
VANGUARD FTSE EMERGING MARKETS	COM	922042858	1,145	29,517	SH		DFND	1	0	0	29,517
VANGUARD MID-CAP ETF	COM	922908629	998	10,490	SH		DFND	1	0	0	10,490
VANGUARD VALUE ETF	COM	922908744	1,469	21,727	SH		DFND	1	0	0	21,727
VANGUARD SMALL CAP ETF	COM	922908751	628	6,704	SH		DFND	1	0	0	6,704
WISDOMTREE EMERGING MARKETS LO	COM	97717X867	1,712	35,634	SH		DFND	1	0	0	35,634