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
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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	263	4,685	SH		SOLE	NONE	0	0	4,685
ADVISORSHARES TR PERITUS HG YL	COM	00768Y503	5,957	111,756	SH		SOLE	NONE	0	0	111,756
ADVANCED MICRO DEVICES INC	COM	007903107	276	65,894	SH		SOLE	NONE	0	0	65,894
ALLIANCE RES PARTNER L P UT LT	COM	01877R108	219	4,700	SH		SOLE	NONE	0	0	4,700
ARMOUR RESIDENTIAL REIT INC	COM	042315101	67	15,491	SH		SOLE	NONE	0	0	15,491
BAXTER INTL INC	COM	071813109	2,051	28,362	SH		SOLE	NONE	0	0	28,362
BRADY CORP CL A	COM	104674106	274	9,167	SH		SOLE	NONE	0	0	9,167
BROOKS AUTOMATION INC	COM	114340102	211	19,596	SH		SOLE	NONE	0	0	19,596
CSX CORP	COM	126408103	1,155	37,477	SH		SOLE	NONE	0	0	37,477
CYS INVTS INC	COM	12673A108	153	16,993	SH		SOLE	NONE	0	0	16,993
CALUMET SPECIALTY PRODS PTNR U	COM	131476103	502	15,800	SH		SOLE	NONE	0	0	15,800
CARBONITE INC	COM	141337105	289	24,109	SH		SOLE	NONE	0	0	24,109
CEDAR FAIR L P DEPOSITRY UNIT	COM	150185106	397	7,500	SH		SOLE	NONE	0	0	7,500
CLIFFS NATURAL RESOURCES INC.	COM	18683K408	198	13,816	SH		SOLE	NONE	0	0	13,816
CONOCOPHILLIPS	COM	20825C104	2,482	28,950	SH		SOLE	NONE	0	0	28,950
CORNING INC	COM	219350105	2,186	99,570	SH		SOLE	NONE	0	0	99,570
EARTHLINK HLDGS CORP	COM	27033X101	120	32,235	SH		SOLE	NONE	0	0	32,235
FIRST TR EXCHANGE TRADED FD NY	COM	33733E203	632	7,682	SH		SOLE	NONE	0	0	7,682
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	7,608	127,696	SH		SOLE	NONE	117,541	0	10,155
FIRST TR EXCHANGE TRADED FD CO	COM	33734X101	594	17,873	SH		SOLE	NONE	0	0	17,873
FIRST TR EXCHANGE TRADED FD CO	COM	33734X119	625	15,694	SH		SOLE	NONE	0	0	15,694
FIRST TR EXCHANGE TRADED FD HL	COM	33734X143	605	11,358	SH		SOLE	NONE	0	0	11,358
FORD MTR CO DEL PAR $0.01	COM	345370860	2,193	127,184	SH		SOLE	NONE	0	0	127,184
GENERAL CABLE CORP DEL NEW	COM	369300108	217	8,449	SH		SOLE	NONE	0	0	8,449
GENERAL ELECTRIC CO	COM	369604103	2,058	78,320	SH		SOLE	NONE	0	0	78,320
HERCULES OFFSHORE INC	COM	427093109	153	37,982	SH		SOLE	NONE	0	0	37,982
ION GEOPHYSICAL CORP	COM	462044108	241	57,144	SH		SOLE	NONE	0	0	57,144
ISHARES GLOBAL HIGH YIELD CORP	COM	464286178	928	16,912	SH		SOLE	NONE	0	0	16,912
ISHARES EMU ETF	COM	464286608	2,749	64,952	SH		SOLE	NONE	0	0	64,952
ISHARES MSCI BRIC INDX	COM	464286657	15,947	413,677	SH		SOLE	NONE	285,003	0	128,674
ISHARES MSCI SZ CAP ETF	COM	464286749	245	7,145	SH		SOLE	NONE	0	0	7,145
ISHARES MSCI SWEDEN ETF	COM	464286756	246	6,986	SH		SOLE	NONE	0	0	6,986
ISHARES MSCI SPAN CP ETF	COM	464286764	255	5,959	SH		SOLE	NONE	0	0	5,959
ISHARES MSCI GERMANY ETF	COM	464286806	255	8,160	SH		SOLE	NONE	0	0	8,160
ISHARES CORE SP500 ETF	COM	464287200	179,931	913,355	SH		SOLE	NONE	593,566	0	319,789
ISHARES CORE TOTUSBD ETF	COM	464287226	41,647	380,681	SH		SOLE	NONE	22,344	0	358,337
ISHARES MSCI EMG MKT ETF	COM	464287234	16,160	373,825	SH		SOLE	NONE	256,631	0	117,194
ISHARES IBOXX INV CP ETF	COM	464287242	5,028	42,157	SH		SOLE	NONE	0	0	42,157
ISHARES LATN AMER 40 ETF	COM	464287390	15,951	417,010	SH		SOLE	NONE	285,466	0	131,544
ISHARES SP 500 VAL ETF	COM	464287408	525	5,819	SH		SOLE	NONE	0	0	5,819
ISHARES 7-10 Y TR BD ETF	COM	464287440	1,831	17,675	SH		SOLE	NONE	0	0	17,675
ISHARES 1-3 YR TR BD ETF	COM	464287457	21,818	258,023	SH		SOLE	NONE	11,524	0	246,499
ISHARES RUS MDCP VAL ETF	COM	464287473	242	3,336	SH		SOLE	NONE	0	0	3,336
ISHARES RUS MID-CAP ETF	COM	464287499	1,535	9,443	SH		SOLE	NONE	0	0	9,443
ISHARES CORE SP MCP ETF	COM	464287507	1,156	8,079	SH		SOLE	NONE	0	0	8,079
ISHARES NA TEC-SFTWR ETF	COM	464287515	21,430	249,188	SH		SOLE	NONE	169,136	0	80,052
ISHARES RUS 1000 VAL ETF	COM	464287598	6,074	59,983	SH		SOLE	NONE	0	0	59,983
ISHARES RUS 1000 GRW ETF	COM	464287614	6,038	66,405	SH		SOLE	NONE	0	0	66,405
ISHARES RUSSELL 2000 ETF	COM	464287655	427	3,593	SH		SOLE	NONE	0	0	3,593
ISHARES DOW JONES US ETF	COM	464287846	268	2,699	SH		SOLE	NONE	0	0	2,699
ISHARES INTL TREA BD ETF	COM	464288117	6,030	57,290	SH		SOLE	NONE	0	0	57,290
ISHARES MSCI AC ASIA ETF	COM	464288182	2,579	41,136	SH		SOLE	NONE	0	0	41,136
ISHARES MSCI ACWI US ETF	COM	464288240	75,310	1,568,306	SH		SOLE	NONE	1,048,559	0	519,747
ISHARES JP MOR EM MK ETF	COM	464288281	10,786	93,571	SH		SOLE	NONE	4,236	0	89,335
ISHARES NAT AMT FREE BD	COM	464288414	1,182	10,876	SH		SOLE	NONE	0	0	10,876
ISHARES 3-7 YR TR BD ETF	COM	464288661	1,805	14,820	SH		SOLE	NONE	0	0	14,820
ISHARES SHRT TRS BD ETF	COM	464288679	7,256	65,805	SH		SOLE	NONE	11,041	0	54,764
ISHARES TR FLTG RATE BD ETF	COM	46429B655	6,963	137,073	SH		SOLE	NONE	0	0	137,073
ITRON INC	COM	465741106	283	6,973	SH		SOLE	NONE	0	0	6,973
KKR CO L P DEL UNITS	COM	48248M102	409	16,800	SH		SOLE	NONE	0	0	16,800
KIMBERLY CLARK CORP	COM	494368103	2,050	18,430	SH		SOLE	NONE	0	0	18,430
KINDER MORGAN ENERGY PARTNER U	COM	494550106	444	5,400	SH		SOLE	NONE	0	0	5,400
LILLY ELI CO	COM	532457108	2,217	35,666	SH		SOLE	NONE	0	0	35,666
MARKET VECTORS ETF TR HG YLD M	COM	57060U878	2,959	98,115	SH		SOLE	NONE	0	0	98,115
MARKET VECTORS ETF TR EMKT HIY	COM	57061R403	4,190	158,664	SH		SOLE	NONE	9,232	0	149,432
MEMORIAL PRODTN PARTNERS LP U	COM	586048100	431	17,800	SH		SOLE	NONE	0	0	17,800
MICROSOFT CORP	COM	594918104	2,194	52,612	SH		SOLE	NONE	0	0	52,612
MICROSTRATEGY INC CL A NEW	COM	594972408	286	2,032	SH		SOLE	NONE	0	0	2,032
NATURAL RESOURCE PARTNERS L U	COM	63900P103	442	26,700	SH		SOLE	NONE	0	0	26,700
NORFOLK SOUTHERN CORP	COM	655844108	1,196	11,605	SH		SOLE	NONE	0	0	11,605
NORTHERN TIER ENERGY LP UN RE	COM	665826103	447	16,700	SH		SOLE	NONE	0	0	16,700
NOVATEL WIRELESS INC NEW	COM	66987M604	224	117,242	SH		SOLE	NONE	0	0	117,242
OAKTREE CAP GROUP LLC UNIT CL	COM	674001201	330	6,600	SH		SOLE	NONE	0	0	6,600
OCH ZIFF CAP MGMT GROUP CL A	COM	67551U105	411	29,700	SH		SOLE	NONE	0	0	29,700
OFFICE DEPOT INC	COM	676220106	162	28,531	SH		SOLE	NONE	0	0	28,531
1 800 FLOWERS CL A	COM	68243Q106	150	25,916	SH		SOLE	NONE	0	0	25,916
ORBITZ WORLDWIDE INC	COM	68557K109	213	23,943	SH		SOLE	NONE	0	0	23,943
PEPSICO INC	COM	713448108	2,153	24,103	SH		SOLE	NONE	0	0	24,103
POWERSHARES ETF TRUST II SENIO	COM	73936Q769	2,210	88,852	SH		SOLE	NONE	0	0	88,852
POWERSHARES ETF TRUST II INTL	COM	73936Q835	505	16,453	SH		SOLE	NONE	0	0	16,453
POWERSHARES ETF TRUST II CEF I	COM	73936Q843	5,005	196,263	SH		SOLE	NONE	0	0	196,263
POWERSHARES GLOBAL ETF TRUST F	COM	73936T557	2,443	124,633	SH		SOLE	NONE	20,727	0	103,906
PROSHARES TR PSHS ULTSH 20YRS	COM	74347B201	223	3,666	SH		SOLE	NONE	0	0	3,666
SM ENERGY CO	COM	78454L100	254	3,025	SH		SOLE	NONE	0	0	3,025
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	210,390	1,074,953	SH		SOLE	NONE	672,767	0	402,186
SPDR SERIES TRUST BRCLY INTL C	COM	78464A151	3,249	85,827	SH		SOLE	NONE	0	0	85,827
SPDR SERIES TRUST NUV HGHYLD M	COM	78464A284	2,760	49,023	SH		SOLE	NONE	8,689	0	40,334
SPDR SERIES TRUST BRC CNV SECS	COM	78464A359	2,518	49,867	SH		SOLE	NONE	8,150	0	41,717
SPDR SERIES TRUST BRCLY EM LOC	COM	78464A391	2,721	87,168	SH		SOLE	NONE	0	0	87,168
SPDR SERIES TRUST BRCLYS INTL	COM	78464A516	3,346	55,024	SH		SOLE	NONE	9,450	0	45,574
SPDR SER TR SHT TRM HGH YLD	COM	78468R408	7,411	239,388	SH		SOLE	NONE	13,138	0	226,250
SELECT SECTOR SPDR TR SBI INT-	COM	81369Y506	16,058	160,416	SH		SOLE	NONE	107,311	0	53,105
SIGMA DESIGNS INC	COM	826565103	235	51,381	SH		SOLE	NONE	0	0	51,381
TAIWAN SEMICONDUCTOR MFG LTD S	COM	874039100	2,261	105,693	SH		SOLE	NONE	0	0	105,693
TERRA NITROGEN CO L P UNIT	COM	881005201	346	2,400	SH		SOLE	NONE	0	0	2,400
3M CO	COM	88579Y101	2,183	15,243	SH		SOLE	NONE	0	0	15,243
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	21,901	266,369	SH		SOLE	NONE	5,948	0	260,421
VANGUARD INTL EQUITY INDEX F F	COM	922042858	3,770	87,408	SH		SOLE	NONE	0	0	87,408
VANGUARD NAT RES LLC UNIT	COM	92205F106	435	13,500	SH		SOLE	NONE	0	0	13,500
CAPITAL PRODUCT PARTNERS L P	COM	Y11082107	437	38,300	SH		SOLE	NONE	0	0	38,300
BAY BANCORP INC	COM	07203T106	115	22,217	SH		DFND	1	0	0	22,217
ISHARES MSCI EAFE ETF	COM	464287465	5,592	81,783	SH		DFND	1	0	0	81,783
ISHARES RUS 1000 GRW ETF	COM	464287614	3,840	42,229	SH		DFND	1	0	0	42,229
PIMCO ETF TR TOTL RETN ETF	COM	72201R775	1,032	9,466	SH		DFND	1	0	0	9,466
PIMCO ETF TR 0-5 HIGH YIELD	COM	72201R783	232	2,174	SH		DFND	1	0	0	2,174
POWERSHS DB MULTI SECT M DB EN	COM	73936B101	340	11,062	SH		DFND	1	0	0	11,062
POWERSHS DB MULTI SECT M DB OI	COM	73936B507	353	11,460	SH		DFND	1	0	0	11,460
POWERSHARES ETF TRUST II SENIO	COM	73936Q769	319	12,810	SH		DFND	1	0	0	12,810
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	4,607	23,541	SH		DFND	1	0	0	23,541
SPDR SERIES TRUST BARC SHT TR	COM	78464A474	640	20,787	SH		DFND	1	0	0	20,787
VANGUARD BD INDEX FD INC SHORT	COM	921937827	330	4,106	SH		DFND	1	0	0	4,106
VANGUARD CHARLOTTE FDS INTL BD	COM	92203J407	252	4,910	SH		DFND	1	0	0	4,910
VANGUARD INTL EQUITY INDEX F T	COM	922042742	5,725	92,001	SH		DFND	1	0	0	92,001
VANGUARD INTL EQUITY INDEX F F	COM	922042858	5,954	138,057	SH		DFND	1	0	0	138,057
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	3,076	25,920	SH		DFND	1	0	0	25,920
VANGUARD INDEX FDS VALUE ETF	COM	922908744	5,773	71,319	SH		DFND	1	0	0	71,319
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	1,920	16,396	SH		DFND	1	0	0	16,396