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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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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
AGCO CORP	COM	001084102	246	4,461	SH		SOLE	NONE	0	0	4,461
PERITUS HIGH YIELD ETF	COM	00768Y503	8,853	168,299	SH		SOLE	NONE	0	0	168,299
ADVANCED MICRO DEVICES INC	COM	007903107	252	62,763	SH		SOLE	NONE	0	0	62,763
ALLIANCE RESOURC	COM	01877R108	395	4,700	SH		SOLE	NONE	0	0	4,700
ARMOUR RESIDENTIAL REIT INC	COM	042315101	57	13,835	SH		SOLE	NONE	0	0	13,835
BAXTER INTERNATIONAL INC.	COM	071813109	1,714	23,290	SH		SOLE	NONE	0	0	23,290
BRADY CORPORATION CLASS A	COM	104674106	228	8,402	SH		SOLE	NONE	0	0	8,402
CSX CORP	COM	126408103	916	31,614	SH		SOLE	NONE	0	0	31,614
CYS INVESTMENTS INC	COM	12673A108	131	15,878	SH		SOLE	NONE	0	0	15,878
CALUMET SPECIALTY PRODUCTS PAR	COM	131476103	408	15,800	SH		SOLE	NONE	0	0	15,800
CARBONITE INC	COM	141337105	231	22,696	SH		SOLE	NONE	0	0	22,696
CEDAR FAIR LP	COM	150185106	382	7,500	SH		SOLE	NONE	0	0	7,500
CHEVRON CORP	COM	166764100	1,614	13,570	SH		SOLE	NONE	0	0	13,570
CLIFFS NATURAL RESOURCES INC.	COM	18683K408	261	12,567	SH		SOLE	NONE	0	0	12,567
CORNING INC	COM	219350105	2,023	97,190	SH		SOLE	NONE	0	0	97,190
EARTHLINK HOLDIN	COM	27033X101	105	29,224	SH		SOLE	NONE	0	0	29,224
EMERSON ELECTRIC CO.	COM	291011104	1,756	26,280	SH		SOLE	NONE	0	0	26,280
FIRST TRUST NYSE ARCA BIOTECH	COM	33733E203	624	8,139	SH		SOLE	NONE	0	0	8,139
FIRST TRUST DOW JONES INTERNET	COM	33733E302	601	10,179	SH		SOLE	NONE	0	0	10,179
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	602	18,790	SH		SOLE	NONE	0	0	18,790
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	622	16,872	SH		SOLE	NONE	0	0	16,872
FIRST TRUST HEALTH CARE ALPHAD	COM	33734X143	611	11,988	SH		SOLE	NONE	0	0	11,988
FORD MOTOR CO	COM	345370860	1,602	102,670	SH		SOLE	NONE	0	0	102,670
GENERAL ELECTRIC CO	COM	369604103	1,605	61,989	SH		SOLE	NONE	0	0	61,989
GLAXOSMITHKLINE PLC ADR	COM	37733W105	1,703	31,881	SH		SOLE	NONE	0	0	31,881
IMATION CORPORATION	COM	45245A107	271	46,955	SH		SOLE	NONE	0	0	46,955
ION GEOPHYSICAL CORPORATION	COM	462044108	226	53,681	SH		SOLE	NONE	0	0	53,681
ISHARES GLOBAL HIGH YIELD CORP	COM	464286178	919	16,912	SH		SOLE	NONE	0	0	16,912
ISHARES MSCI EMU INDEX	COM	464286608	2,746	64,952	SH		SOLE	NONE	0	0	64,952
ISHARES DOW JONES TRANSPORTATI	COM	464287192	23,810	175,783	SH		SOLE	NONE	117,011	0	58,772
ISHARES CORE SP 500 ETF	COM	464287200	97,855	520,120	SH		SOLE	NONE	337,916	0	182,204
ISHARES CORE TOTAL US BOND MAR	COM	464287226	34,357	318,384	SH		SOLE	NONE	12,419	0	305,965
ISHARES SP 500 VALUE INDEX	COM	464287408	502	5,776	SH		SOLE	NONE	0	0	5,776
ISHARES BARCLAYS 20+ YEAR TREA	COM	464287432	7,495	68,700	SH		SOLE	NONE	4,779	0	63,921
ISHARES BARCLAYS 7-10 YEAR TRE	COM	464287440	17,191	168,988	SH		SOLE	NONE	14,625	0	154,363
ISHARES BARCLAYS 1-3 YEAR TREA	COM	464287457	1,025	12,141	SH		SOLE	NONE	0	0	12,141
ISHARES RUSSELL MIDCAP VALUE I	COM	464287473	229	3,336	SH		SOLE	NONE	0	0	3,336
ISHARES RUSSELL MIDCAP GROWTH	COM	464287481	35,571	414,582	SH		SOLE	NONE	276,675	0	137,907
ISHARES RUSSELL MIDCAP INDEX	COM	464287499	1,394	9,006	SH		SOLE	NONE	0	0	9,006
ISHARES CORE SP MID-CAP ETF	COM	464287507	1,061	7,719	SH		SOLE	NONE	0	0	7,719
ISHARES RUSSELL 1000 VALUE IND	COM	464287598	101,173	1,048,423	SH		SOLE	NONE	661,424	0	386,999
ISHARES RUSSELL 1000 GROWTH IN	COM	464287614	5,419	62,620	SH		SOLE	NONE	0	0	62,620
ISHARES RUSSELL 2000 INDEX	COM	464287655	410	3,520	SH		SOLE	NONE	0	0	3,520
ISHARES SP/CITI INTL TREASURY	COM	464288117	4,400	42,744	SH		SOLE	NONE	0	0	42,744
ISHARES MSCI ALL COUNTRY ASIA	COM	464288182	2,432	41,152	SH		SOLE	NONE	0	0	41,152
ISHARES MSCI ACWI EX US INDEX	COM	464288240	49,927	1,072,083	SH		SOLE	NONE	694,844	0	377,239
ISHARES SP NATIONAL AMT-FREE M	COM	464288414	1,090	10,177	SH		SOLE	NONE	0	0	10,177
ISHARES BARCLAYS 3-7 YEAR TREA	COM	464288661	1,792	14,843	SH		SOLE	NONE	0	0	14,843
ISHARES BARCLAYS SHORT TREASUR	COM	464288679	5,510	49,970	SH		SOLE	NONE	8,095	0	41,875
ISHARES MSCI INDIA INDEX	COM	46429B598	24,453	925,184	SH		SOLE	NONE	609,365	0	315,819
ISHARES FLOATING RATE NOTE	COM	46429B655	8,837	174,257	SH		SOLE	NONE	0	0	174,257
ITRON INC.	COM	465741106	236	6,637	SH		SOLE	NONE	0	0	6,637
JAKKS PACIFIC, INC.	COM	47012E106	136	18,809	SH		SOLE	NONE	0	0	18,809
KKR CO LP	COM	48248M102	384	16,800	SH		SOLE	NONE	0	0	16,800
KINDER MORGAN ENERGY PARTNERS	COM	494550106	399	5,400	SH		SOLE	NONE	0	0	5,400
ELI LILLY AND COMPANY	COM	532457108	1,786	30,345	SH		SOLE	NONE	0	0	30,345
MARKET VECTORS HIGH-YIELD MUNI	COM	57060U878	4,430	149,921	SH		SOLE	NONE	0	0	149,921
MCDERMOTT INTERNATIONAL INC	COM	580037109	278	35,606	SH		SOLE	NONE	0	0	35,606
MEMORIAL PRODUCTION PARTNERS L	COM	586048100	401	17,800	SH		SOLE	NONE	0	0	17,800
MICROSOFT CORPORATION	COM	594918104	1,808	44,098	SH		SOLE	NONE	0	0	44,098
MICROSTRATEGY	COM	594972408	222	1,923	SH		SOLE	NONE	0	0	1,923
NATURAL RESOURCES PARTNERS L.P	COM	63900P103	425	26,700	SH		SOLE	NONE	0	0	26,700
NORFOLK SOUTHERN CORPORATION	COM	655844108	969	9,975	SH		SOLE	NONE	0	0	9,975
NORTHERN TIER ENERGY LP CLASS	COM	665826103	430	16,700	SH		SOLE	NONE	0	0	16,700
NOVATEL WIRELESS, INC.	COM	66987M604	192	109,282	SH		SOLE	NONE	0	0	109,282
OAKTREE CAPITAL GROUP LLC	COM	674001201	384	6,600	SH		SOLE	NONE	0	0	6,600
OCH-ZIFF CAPITAL MANAGEMENT GR	COM	67551U105	409	29,700	SH		SOLE	NONE	0	0	29,700
1-800 FLOWERS.COM, INC. CLASS	COM	68243Q106	137	24,306	SH		SOLE	NONE	0	0	24,306
PENN NATIONAL GAMING	COM	707569109	230	18,654	SH		SOLE	NONE	0	0	18,654
PEPSICO INC	COM	713448108	1,670	19,996	SH		SOLE	NONE	0	0	19,996
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	15,942	642,581	SH		SOLE	NONE	14,990	0	627,591
POWERSHARES INTERNATIONAL CORP	COM	73936Q835	493	16,453	SH		SOLE	NONE	0	0	16,453
POWERSHARES CEF INCOME COMPOSI	COM	73936Q843	2,674	108,072	SH		SOLE	NONE	0	0	108,072
POWERSHARES FUNDAMENTAL HIGH Y	COM	73936T557	4,577	235,681	SH		SOLE	NONE	38,349	0	197,332
PROSHARES ULTRASHORT 20+ YEAR	COM	74347B201	226	3,353	SH		SOLE	NONE	0	0	3,353
RUDOLPH TECHNOLOGIES, INC.	COM	781270103	276	24,155	SH		SOLE	NONE	0	0	24,155
SPDR SP 500	COM	78462F103	136,894	732,013	SH		SOLE	NONE	424,953	0	307,060
SPDR BARCLAYS INTERNATIONAL CO	COM	78464A151	3,202	85,827	SH		SOLE	NONE	0	0	85,827
SPDR NUVEEN SP HIGH YIELD MUNI	COM	78464A284	2,310	42,269	SH		SOLE	NONE	6,827	0	35,442
SPDR BARCLAYS CAPITAL CONVERTI	COM	78464A359	2,324	48,030	SH		SOLE	NONE	7,715	0	40,315
SPDR BARCLAYS CAPITAL EM LOCAL	COM	78464A391	2,585	87,168	SH		SOLE	NONE	0	0	87,168
SPDR BARCLAYS INTERNATIONAL TR	COM	78464A516	2,306	38,837	SH		SOLE	NONE	6,272	0	32,565
SPDR SP BANK ETF	COM	78464A797	35,617	1,046,324	SH		SOLE	NONE	691,496	0	354,828
SIGMA DESIGNS, INC.	COM	826565103	221	46,486	SH		SOLE	NONE	0	0	46,486
SILICON GRAPHICS INTERNATIONAL	COM	82706L108	167	13,593	SH		SOLE	NONE	0	0	13,593
TAIWAN SEMICONDUCTOR MANUFACTU	COM	874039100	1,813	90,543	SH		SOLE	NONE	0	0	90,543
TERRA NITROGEN C	COM	881005201	365	2,400	SH		SOLE	NONE	0	0	2,400
VANGUARD SHORT-TERM BOND ETF	COM	921937827	1,340	16,725	SH		SOLE	NONE	0	0	16,725
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	16,906	208,228	SH		SOLE	NONE	5,500	0	202,728
VANGUARD FTSE EMERGING MARKETS	COM	922042858	3,545	87,363	SH		SOLE	NONE	0	0	87,363
VANGUARD NATURAL RESOURCES, LL	COM	92205F106	402	13,500	SH		SOLE	NONE	0	0	13,500
VANGUARD MORTGAGE-BACKED SEC I	COM	92206C771	8,479	163,932	SH		SOLE	NONE	10,071	0	153,861
CAPITAL PRODUCT PARTNERS L.P.	COM	Y11082107	419	38,300	SH		SOLE	NONE	0	0	38,300
ISHARES MSCI EAFE INDEX	COM	464287465	4,522	67,288	SH		DFND	1	0	0	67,288
ISHARES RUSSELL 1000 GROWTH IN	COM	464287614	3,002	34,694	SH		DFND	1	0	0	34,694
PIMCO TOTAL RETURN ETF	COM	72201R775	1,164	10,917	SH		DFND	1	0	0	10,917
PIMCO 0-5 YEAR HI YLD CORP BON	COM	72201R783	266	2,493	SH		DFND	1	0	0	2,493
POWERSHARES DB ENERGY	COM	73936B101	355	12,144	SH		DFND	1	0	0	12,144
POWERSHARES DB OIL	COM	73936B507	360	12,590	SH		DFND	1	0	0	12,590
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	361	14,565	SH		DFND	1	0	0	14,565
SPDR SP 500	COM	78462F103	3,629	19,403	SH		DFND	1	0	0	19,403
SPDR BARCLAYS CAPITAL SHORT TE	COM	78464A474	733	23,820	SH		DFND	1	0	0	23,820
VANGUARD SHORT-TERM BOND ETF	COM	921937827	381	4,760	SH		DFND	1	0	0	4,760
VANGUARD TOTAL INTERNATIONAL B	COM	92203J407	288	5,699	SH		DFND	1	0	0	5,699
VANGUARD TOTAL WORLD STOCK IND	COM	922042742	4,517	75,692	SH		DFND	1	0	0	75,692
VANGUARD FTSE EMERGING MARKETS	COM	922042858	4,658	114,788	SH		DFND	1	0	0	114,788
VANGUARD MID-CAP ETF	COM	922908629	2,416	21,269	SH		DFND	1	0	0	21,269
VANGUARD VALUE ETF	COM	922908744	4,596	58,835	SH		DFND	1	0	0	58,835
VANGUARD SMALL CAP ETF	COM	922908751	1,519	13,450	SH		DFND	1	0	0	13,450
ISHARES MSCI EMG MKT ETF	COM	464287904	22,556	550,000	SH	Call	SOLE	NONE	0	0	550,000