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	224	4,963	SH		SOLE	NONE	0	0	4,963
AMAG PHARMACEUTICALS INC	COM	00163U106	365	8,561	SH		SOLE	NONE	8,561	0	0
ACORDA THERAPEUTICS INC	COM	00484M106	243	5,936	SH		SOLE	NONE	5,784	0	152
AFFYMETRIX INC	COM	00826T108	219	22,222	SH		SOLE	NONE	0	0	22,222
ALTERA CORP	COM	021441100	203	5,497	SH		SOLE	NONE	5,497	0	0
ARBOR RLTY TR INC	COM	038923108	69	10,134	SH		SOLE	NONE	0	0	10,134
ARMOUR RESIDENTIAL REIT INC	COM	042315101	74	20,074	SH		SOLE	NONE	0	0	20,074
BANK AMER CORP	COM	060505104	219	12,243	SH		SOLE	NONE	11,678	0	565
BAXTER INTL INC	COM	071813109	2,590	35,342	SH		SOLE	NONE	0	0	35,342
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	209	1,394	SH		SOLE	NONE	1,394	0	0
BIOTELEMETRY INC	COM	090672106	263	26,178	SH		SOLE	NONE	26,178	0	0
BRADY CORP CL A	COM	104674106	271	9,921	SH		SOLE	NONE	0	0	9,921
BROOKS AUTOMATION INC	COM	114340102	256	20,079	SH		SOLE	NONE	0	0	20,079
CSX CORP	COM	126408103	1,616	44,595	SH		SOLE	NONE	0	0	44,595
CYS INVTS INC	COM	12673A108	173	19,864	SH		SOLE	NONE	0	0	19,864
CARNIVAL CORP PAIRED CTF	COM	143658300	227	5,014	SH		SOLE	NONE	5,014	0	0
CHESAPEAKE ENERGY CORP	COM	165167107	272	13,901	SH		SOLE	NONE	7,146	0	6,755
CLIFFS NATURAL RESOURCES INC.	COM	18683K408	131	19,559	SH		SOLE	NONE	0	0	19,559
PUTER SCIENCES CORP	COM	205363104	202	3,204	SH		SOLE	NONE	0	0	3,204
CONOCOPHILLIPS	COM	20825C104	2,369	34,301	SH		SOLE	NONE	0	0	34,301
CROCS INC	COM	227046109	149	11,925	SH		SOLE	NONE	11,925	0	0
CUMMINS INC	COM	231021106	2,250	15,605	SH		SOLE	NONE	0	0	15,605
CYNOSURE INC CL A	COM	232577205	231	8,439	SH		SOLE	NONE	8,439	0	0
DENBURY RES INC NEW	COM	247916208	96	11,788	SH		SOLE	NONE	0	0	11,788
E TRADE FINANCIAL CORP NEW	COM	269246401	204	8,405	SH		SOLE	NONE	8,405	0	0
EBIX INC NEW	COM	278715206	212	12,482	SH		SOLE	NONE	12,482	0	0
ETHAN ALLEN INTERIORS INC	COM	297602104	232	7,501	SH		SOLE	NONE	7,501	0	0
FORD MTR CO DEL PAR $0.01	COM	345370860	2,481	160,062	SH		SOLE	NONE	0	0	160,062
HEALTH NET INC	COM	42222G108	220	4,116	SH		SOLE	NONE	4,116	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	159	10,281	SH		SOLE	NONE	0	0	10,281
ISHARES TR CORE SP500 ETF	COM	464287200	2,617	12,649	SH		SOLE	NONE	0	0	12,649
ISHARES TR CORE US AGGBD ET	COM	464287226	45,859	416,447	SH		SOLE	NONE	20,138	0	396,309
ISHARES TR SP 500 GRWT ETF	COM	464287309	128,159	1,148,376	SH		SOLE	NONE	774,902	0	373,474
ISHARES TR SP 500 VAL ETF	COM	464287408	336	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES TR 20+ YR TR BD ETF	COM	464287432	9,308	73,921	SH		SOLE	NONE	3,562	0	70,359
ISHARES TR 1-3 YR TR BD ETF	COM	464287457	34,343	406,670	SH		SOLE	NONE	17,844	0	388,826
ISHARES TR RUS MID-CAP ETF	COM	464287499	1,859	11,131	SH		SOLE	NONE	0	0	11,131
ISHARES TR CORE SP MCP ETF	COM	464287507	1,210	8,358	SH		SOLE	NONE	0	0	8,358
ISHARES TR RUSSELL 2000 ETF	COM	464287655	393	3,287	SH		SOLE	NONE	0	0	3,287
ISHARES MSCI ACWI US ETF	COM	464288240	1,656	38,490	SH		SOLE	NONE	0	0	38,490
ISHARES NAT AMT FREE BD	COM	464288414	1,308	11,857	SH		SOLE	NONE	0	0	11,857
ISHARES INTERM CR BD ETF	COM	464288638	12,096	110,635	SH		SOLE	NONE	4,058	0	106,577
ISHARES MSCI EURO FL ETF	COM	464289180	18,817	854,519	SH		SOLE	NONE	587,224	0	267,295
ITRON INC	COM	465741106	300	7,095	SH		SOLE	NONE	0	0	7,095
KULICKE SOFFA INDS INC	COM	501242101	186	12,872	SH		SOLE	NONE	12,872	0	0
LA Z BOY INC	COM	505336107	218	8,117	SH		SOLE	NONE	0	0	8,117
LILLY ELI CO	COM	532457108	2,950	42,763	SH		SOLE	NONE	0	0	42,763
MARKET VECTORS ETF TR HG YLD M	COM	57060U878	10,342	335,245	SH		SOLE	NONE	0	0	335,245
MICROSTRATEGY INC CL A NEW	COM	594972408	330	2,031	SH		SOLE	NONE	0	0	2,031
MORGAN STANLEY NEW	COM	617446448	216	5,563	SH		SOLE	NONE	5,563	0	0
NETAPP INC	COM	64110D104	215	5,177	SH		SOLE	NONE	0	0	5,177
NEW MTN FIN CORP	COM	647551100	150	10,020	SH		SOLE	NONE	0	0	10,020
NVIDIA CORP	COM	67066G104	204	10,174	SH		SOLE	NONE	0	0	10,174
OFFICE DEPOT INC	COM	676220106	590	68,824	SH		SOLE	NONE	37,520	0	31,304
OMEGA PROTEIN CORP	COM	68210P107	134	12,631	SH		SOLE	NONE	12,631	0	0
1 800 FLOWERS CL A	COM	68243Q106	218	26,494	SH		SOLE	NONE	0	0	26,494
ORACLE CORP	COM	68389X105	206	4,591	SH		SOLE	NONE	4,591	0	0
ORBITZ WORLDWIDE INC	COM	68557K109	204	24,847	SH		SOLE	NONE	0	0	24,847
PEPSICO INC	COM	713448108	2,780	29,400	SH		SOLE	NONE	0	0	29,400
POLY INC	COM	73172K104	204	15,119	SH		SOLE	NONE	0	0	15,119
POWERSHARES ETF TRUST DYNM LRG	COM	73935X609	7,634	260,887	SH		SOLE	NONE	0	0	260,887
POWERSHARES ETF TRUST DYNM LRG	COM	73935X708	7,346	234,927	SH		SOLE	NONE	0	0	234,927
POWERSHARES ETF TRUST II CEF I	COM	73936Q843	3,869	163,951	SH		SOLE	NONE	0	0	163,951
POWERSHARES GLOBAL ETF TRUST F	COM	73936T557	3,069	163,233	SH		SOLE	NONE	23,726	0	139,507
POWERSHARES GLOBAL ETF TRUST A	COM	73936T565	5,799	394,469	SH		SOLE	NONE	18,351	0	376,118
PROSHARES TR PSHS ULTSH 20YRS	COM	74347B201	216	4,652	SH		SOLE	NONE	0	0	4,652
SM ENERGY CO	COM	78454L100	267	6,921	SH		SOLE	NONE	2,214	0	4,707
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	151,735	738,227	SH		SOLE	NONE	504,471	0	233,756
SPDR SERIES TRUST NUV HGHYLD M	COM	78464A284	3,732	64,706	SH		SOLE	NONE	9,276	0	55,430
SPDR SERIES TRUST BRC CNV SECS	COM	78464A359	2,956	63,050	SH		SOLE	NONE	8,977	0	54,073
SPDR SERIES TRUST SP BK ETF	COM	78464A797	32,138	957,903	SH		SOLE	NONE	646,964	0	310,939
SELECT SECTOR SPDR TR SBI HEAL	COM	81369Y209	32,281	472,089	SH		SOLE	NONE	317,418	0	154,671
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	161	23,257	SH		SOLE	NONE	23,257	0	0
SYNGENTA AG SPONSORED ADR	COM	87160A100	2,388	37,170	SH		SOLE	NONE	0	0	37,170
TJX COS INC NEW	COM	872540109	219	3,195	SH		SOLE	NONE	3,195	0	0
TAIWAN SEMICONDUCTOR MFG LTD S	COM	874039100	2,890	129,132	SH		SOLE	NONE	0	0	129,132
3M CO	COM	88579Y101	3,052	18,576	SH		SOLE	NONE	0	0	18,576
TIVO INC	COM	888706108	167	14,118	SH		SOLE	NONE	0	0	14,118
TRACTOR SUPPLY CO	COM	892356106	226	2,872	SH		SOLE	NONE	2,872	0	0
UNISYS CORP NEW	COM	909214306	218	7,408	SH		SOLE	NONE	0	0	7,408
UNITED PARCEL SERVICE INC CL B	COM	911312106	2,237	20,119	SH		SOLE	NONE	0	0	20,119
V F CORP	COM	918204108	222	2,967	SH		SOLE	NONE	2,967	0	0
VAALCO ENERGY INC NEW	COM	91851C201	94	20,717	SH		SOLE	NONE	20,717	0	0
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	35,928	436,183	SH		SOLE	NONE	15,049	0	421,134
VANGUARD TAX MANAGED INTL FD F	COM	921943858	3,572	94,305	SH		SOLE	NONE	0	0	94,305
VANGUARD CHARLOTTE FDS INTL BD	COM	92203J407	9,816	184,824	SH		SOLE	NONE	8,369	0	176,455
VANGUARD SCOTTSDALE FDS MORTG-	COM	92206C771	9,595	180,999	SH		SOLE	NONE	8,349	0	172,650
VANGUARD SCOTTSDALE FDS LG-TER	COM	92206C813	9,619	104,084	SH		SOLE	NONE	4,843	0	99,241
VANGUARD INDEX FDS VALUE ETF	COM	922908744	207,861	2,460,183	SH		SOLE	NONE	1,644,689	0	815,494
WEYERHAEUSER CO	COM	962166104	200	5,562	SH		SOLE	NONE	5,562	0	0
WISDOMTREE TR JAPN HEDGE EQT	COM	97717W851	21,751	441,828	SH		SOLE	NONE	304,772	0	137,056
WISDOMTREE TR EUROPE HEDGED EQ	COM	97717X701	47,333	851,008	SH		SOLE	NONE	582,423	0	268,585
YUM BRANDS INC	COM	988498101	2,152	29,545	SH		SOLE	NONE	0	0	29,545
BAY BANCORP INC	COM	07203T106	98	22,217	SH		DFND	1	0	0	22,217
FIRST TR EXCHANGE TRADED FD NY	COM	33733E203	594	5,826	SH		DFND	1	0	0	5,826
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	608	9,916	SH		DFND	1	0	0	9,916
FIRST TR EXCHANGE TRADED FD CO	COM	33734X101	633	17,671	SH		DFND	1	0	0	17,671
FIRST TR EXCHANGE TRADED FD CO	COM	33734X119	616	14,473	SH		DFND	1	0	0	14,473
FIRST TR EXCHANGE TRADED FD HL	COM	33734X143	603	9,998	SH		DFND	1	0	0	9,998
ISHARES TR CORE US AGGBD ET	COM	464287226	509	4,618	SH		DFND	1	0	0	4,618
ISHARES TR IBOXX INV CP ETF	COM	464287242	474	3,972	SH		DFND	1	0	0	3,972
ISHARES TR 20+ YR TR BD ETF	COM	464287432	281	2,228	SH		DFND	1	0	0	2,228
ISHARES TR MSCI EAFE ETF	COM	464287465	6,616	108,743	SH		DFND	1	0	0	108,743
ISHARES TR RUS 1000 GRW ETF	COM	464287614	5,615	58,723	SH		DFND	1	0	0	58,723
ISHARES CORE LT USDB ETF	COM	464289479	285	4,479	SH		DFND	1	0	0	4,479
ISHARES 10+ YR CR BD ETF	COM	464289511	284	4,620	SH		DFND	1	0	0	4,620
ISHARES TR BAA BA RTD ETF	COM	46432F107	286	5,402	SH		DFND	1	0	0	5,402
POWERSHS DB MULTI SECT M PS DB	COM	73936B408	271	10,900	SH		DFND	1	0	0	10,900
POWERSHS DB MULTI SECT M DB BA	COM	73936B705	271	17,060	SH		DFND	1	0	0	17,060
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	8,371	40,729	SH		DFND	1	0	0	40,729
SPDR SERIES TRUST BARC SHT TR	COM	78464A474	477	15,601	SH		DFND	1	0	0	15,601
VANGUARD BD INDEX FD INC SHORT	COM	921937827	235	2,943	SH		DFND	1	0	0	2,943
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	490	5,953	SH		DFND	1	0	0	5,953
VANGUARD CHARLOTTE FDS INTL BD	COM	92203J407	492	9,255	SH		DFND	1	0	0	9,255
VANGUARD INTL EQUITY INDEX F T	COM	922042742	7,755	128,984	SH		DFND	1	0	0	128,984
VANGUARD INTL EQUITY INDEX F F	COM	922042858	3,523	88,028	SH		DFND	1	0	0	88,028
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	2,326	18,826	SH		DFND	1	0	0	18,826
VANGUARD INDEX FDS VALUE ETF	COM	922908744	7,062	83,584	SH		DFND	1	0	0	83,584
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	2,314	19,832	SH		DFND	1	0	0	19,832
SPDR S&P 500 ETF TR	COM	78462F103	28,776	140,000	SH	Put	SOLE	NONE	0	0	140,000
MARKET VECTORS ETF TR	COM	57060U506	1,756	120,000	SH	Put	SOLE	NONE	0	0	120,000