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
AGCO CORP	COM	001084102	212	4,449	SH		SOLE	NONE	0	0	4,449
ALTERA CORP	COM	021441100	236	5,497	SH		SOLE	NONE	5,497	0	0
ARBOR RLTY TR INC	COM	038923108	75	10,677	SH		SOLE	NONE	0	0	10,677
ARMOUR RESIDENTIAL REIT INC	COM	042315101	73	22,988	SH		SOLE	NONE	0	0	22,988
BANK AMER CORP	COM	060505104	191	12,443	SH		SOLE	NONE	11,678	0	765
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	201	1,394	SH		SOLE	NONE	1,394	0	0
BIOTELEMETRY INC	COM	090672106	232	26,178	SH		SOLE	NONE	26,178	0	0
BROOKS AUTOMATION INC	COM	114340102	183	15,744	SH		SOLE	NONE	0	0	15,744
CYS INVTS INC	COM	12673A108	183	20,583	SH		SOLE	NONE	0	0	20,583
CARNIVAL CORP PAIRED CTF	COM	143658300	240	5,014	SH		SOLE	NONE	5,014	0	0
CHESAPEAKE ENERGY CORP	COM	165167107	201	14,191	SH		SOLE	NONE	7,146	0	7,045
CLIFFS NATURAL RESOURCES INC.	COM	18683K408	137	25,897	SH		SOLE	NONE	0	0	25,897
CONOCOPHILLIPS	COM	20825C104	2,859	45,927	SH		SOLE	NONE	0	0	45,927
CROCS INC	COM	227046109	141	11,925	SH		SOLE	NONE	11,925	0	0
CUMMINS INC	COM	231021106	2,632	18,982	SH		SOLE	NONE	0	0	18,982
CYNOSURE INC CL A	COM	232577205	259	8,439	SH		SOLE	NONE	8,439	0	0
E TRADE FINANCIAL CORP NEW	COM	269246401	240	8,405	SH		SOLE	NONE	8,405	0	0
FIFTH THIRD BANCORP	COM	316773100	3,166	167,933	SH		SOLE	NONE	0	0	167,933
FIRST TR EXCHANGE TRADED FD HL	COM	33734X143	35,651	531,942	SH		SOLE	NONE	356,114	0	175,828
FIRST TR LRG CP VL ALPHADEX S	COM	33735J101	3,991	91,220	SH		SOLE	NONE	0	0	91,220
FIRST TR LRG CP GRWTH ALPHAD	COM	33735K108	4,030	82,778	SH		SOLE	NONE	0	0	82,778
FIRST TR EXCHANGE TRADED FD SE	COM	33738D309	1,990	40,415	SH		SOLE	NONE	6,235	0	34,180
FIRST TR EXCHANGE-TRADED FD PF	COM	33739E108	738	38,462	SH		SOLE	NONE	0	0	38,462
FIRST TR EXCHANGE TRADED FD FI	COM	33739Q408	14,098	234,852	SH		SOLE	NONE	11,920	0	222,932
FORD MTR CO DEL PAR $0.01	COM	345370860	3,270	202,595	SH		SOLE	NONE	0	0	202,595
HEALTH NET INC	COM	42222G108	249	4,116	SH		SOLE	NONE	4,116	0	0
HORMEL FOODS CORP	COM	440452100	215	3,781	SH		SOLE	NONE	3,781	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	171	12,262	SH		SOLE	NONE	0	0	12,262
INTEL CORP	COM	458140100	1,519	48,568	SH		SOLE	NONE	0	0	48,568
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	168	10,828	SH		SOLE	NONE	0	0	10,828
ISHARES EMU ETF	COM	464286608	24,362	631,479	SH		SOLE	NONE	327,166	0	304,313
ISHARES MSCI JAPAN ETF	COM	464286848	35,068	2,798,686	SH		SOLE	NONE	1,871,657	0	927,029
ISHARES TR CORE SP500 ETF	COM	464287200	2,731	13,140	SH		SOLE	NONE	0	0	13,140
ISHARES TR CORE US AGGBD ET	COM	464287226	40,686	365,123	SH		SOLE	NONE	17,444	0	347,679
ISHARES TR SP 500 GRWT ETF	COM	464287309	68,465	600,836	SH		SOLE	NONE	415,051	0	185,785
ISHARES TR SP 500 VAL ETF	COM	464287408	331	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES TR 1-3 YR TR BD ETF	COM	464287457	1,610	18,966	SH		SOLE	NONE	0	0	18,966
ISHARES TR RUS MID-CAP ETF	COM	464287499	2,160	12,478	SH		SOLE	NONE	0	0	12,478
ISHARES TR CORE SP MCP ETF	COM	464287507	1,325	8,718	SH		SOLE	NONE	0	0	8,718
ISHARES TR RUS 1000 GRW ETF	COM	464287614	70,281	710,482	SH		SOLE	NONE	475,678	0	234,804
ISHARES TR RUSSELL 2000 ETF	COM	464287655	428	3,443	SH		SOLE	NONE	0	0	3,443
ISHARES MSCI ACWI US ETF	COM	464288240	37,085	829,649	SH		SOLE	NONE	525,274	0	304,375
ISHARES NAT AMT FREE BD	COM	464288414	1,482	13,397	SH		SOLE	NONE	0	0	13,397
ISHARES IBOXX HI YD ETF	COM	464288513	12,853	141,848	SH		SOLE	NONE	5,635	0	136,213
ISHARES TR MSCI INDIA ETF	COM	46429B598	35,111	1,097,551	SH		SOLE	NONE	747,165	0	350,386
ITRON INC	COM	465741106	213	5,824	SH		SOLE	NONE	0	0	5,824
KULICKE SOFFA INDS INC	COM	501242101	201	12,872	SH		SOLE	NONE	12,872	0	0
MBIA INC	COM	55262C100	201	21,581	SH		SOLE	NONE	0	0	21,581
MARKET VECTORS ETF TR HG YLD M	COM	57060U878	6,818	217,542	SH		SOLE	NONE	0	0	217,542
MASIMO CORP	COM	574795100	216	6,547	SH		SOLE	NONE	0	0	6,547
MICROSTRATEGY INC CL A NEW	COM	594972408	264	1,561	SH		SOLE	NONE	0	0	1,561
NEW MTN FIN CORP	COM	647551100	153	10,451	SH		SOLE	NONE	0	0	10,451
OMEGA PROTEIN CORP	COM	68210P107	173	12,631	SH		SOLE	NONE	12,631	0	0
PNC FINL SVCS GROUP INC	COM	693475105	3,218	34,513	SH		SOLE	NONE	0	0	34,513
PIMCO ETF TR TTL RTN ACTV ETF	COM	72201R775	50,638	459,799	SH		SOLE	NONE	20,444	0	439,355
POLY INC	COM	73172K104	176	13,154	SH		SOLE	NONE	0	0	13,154
POWERSHARES ETF TRUST DYNM LRG	COM	73935X609	6,809	222,294	SH		SOLE	NONE	0	0	222,294
POWERSHARES ETF TRUST DYNM LRG	COM	73935X708	6,557	212,816	SH		SOLE	NONE	0	0	212,816
POWERSHARES ETF TRUST II SENIO	COM	73936Q769	20,350	844,737	SH		SOLE	NONE	33,976	0	810,761
POWERSHARES ETF TRUST II CEF I	COM	73936Q843	5,457	228,823	SH		SOLE	NONE	0	0	228,823
POWERSHARES GLOBAL ETF TRUST F	COM	73936T557	7,358	387,855	SH		SOLE	NONE	26,948	0	360,907
POWERSHARES GLOBAL ETF TRUST A	COM	73936T565	7,347	492,760	SH		SOLE	NONE	27,457	0	465,303
PROSHARES TR PSHS ULTSH 20YRS	COM	74347B201	220	5,244	SH		SOLE	NONE	0	0	5,244
QUALITY SYS INC	COM	747582104	187	11,675	SH		SOLE	NONE	0	0	11,675
ROPER INDS INC NEW	COM	776696106	217	1,260	SH		SOLE	NONE	1,260	0	0
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	123,176	596,694	SH		SOLE	NONE	400,603	0	196,091
SPDR SERIES TRUST NUV HGHYLD M	COM	78464A284	4,446	77,235	SH		SOLE	NONE	12,418	0	64,817
SPDR SERIES TRUST BRC CNV SECS	COM	78464A359	3,137	65,682	SH		SOLE	NONE	10,692	0	54,990
SPDR SERIES TRUST SP REGL BKG	COM	78464A698	70,790	1,733,766	SH		SOLE	NONE	1,171,101	0	562,665
SELECT SECTOR SPDR TR SBI CONS	COM	81369Y407	35,267	468,047	SH		SOLE	NONE	313,730	0	154,317
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	141	23,257	SH		SOLE	NONE	23,257	0	0
SYNGENTA AG SPONSORED ADR	COM	87160A100	3,228	47,598	SH		SOLE	NONE	0	0	47,598
TJX COS INC NEW	COM	872540109	224	3,195	SH		SOLE	NONE	3,195	0	0
TAIWAN SEMICONDUCTOR MFG LTD S	COM	874039100	3,565	151,829	SH		SOLE	NONE	0	0	151,829
3M CO	COM	88579Y101	3,541	21,466	SH		SOLE	NONE	0	0	21,466
TIVO INC	COM	888706108	142	13,346	SH		SOLE	NONE	0	0	13,346
TRACTOR SUPPLY CO	COM	892356106	244	2,872	SH		SOLE	NONE	2,872	0	0
TWO HBRS INVT CORP	COM	90187B101	159	14,970	SH		SOLE	NONE	0	0	14,970
UNILEVER PLC SPON ADR NEW	COM	904767704	3,198	76,668	SH		SOLE	NONE	0	0	76,668
UNITED PARCEL SERVICE INC CL B	COM	911312106	2,429	25,061	SH		SOLE	NONE	0	0	25,061
UNITED STATES STL CORP NEW	COM	912909108	208	8,540	SH		SOLE	NONE	0	0	8,540
V F CORP	COM	918204108	223	2,967	SH		SOLE	NONE	2,967	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	223	3,498	SH		SOLE	NONE	3,498	0	0
VANGUARD TAX MANAGED INTL FD F	COM	921943858	4,179	104,924	SH		SOLE	NONE	0	0	104,924
VANGUARD INTL EQUITY INDEX F F	COM	922042866	34,593	564,505	SH		SOLE	NONE	379,521	0	184,984
VANGUARD SCOTTSDALE FDS MORTG-	COM	92206C771	10,147	189,918	SH		SOLE	NONE	9,577	0	180,341
VANGUARD SCOTTSDALE FDS LG-TER	COM	92206C813	20,039	212,957	SH		SOLE	NONE	10,829	0	202,128
VANGUARD INDEX FDS VALUE ETF	COM	922908744	68,527	818,716	SH		SOLE	NONE	565,430	0	253,286
WISDOMTREE TR EUROPE SMCP DV	COM	97717W869	11,100	199,454	SH		SOLE	NONE	199,454	0	0
WISDOMTREE TR EUROPE HEDGED EQ	COM	97717X701	53,912	815,127	SH		SOLE	NONE	540,157	0	274,970
YUM BRANDS INC	COM	988498101	2,853	36,246	SH		SOLE	NONE	0	0	36,246
MARVELL TECHNOLOGY GROUP LTD O	COM	G5876H105	181	12,330	SH		SOLE	NONE	0	0	12,330
XL GROUP PLC SHS	COM	G98290102	205	5,569	SH		SOLE	NONE	5,569	0	0
BAY BANCORP INC	COM	07203T106	116	22,217	SH		DFND	1	0	0	22,217
DBX ETF TR XTRAK MSCI EAFE	COM	233051200	10,252	342,206	SH		DFND	1	0	0	342,206
FIRST TR EXCHANGE TRADED FD NY	COM	33733E203	739	6,252	SH		DFND	1	0	0	6,252
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	695	10,698	SH		DFND	1	0	0	10,698
FIRST TR EXCHANGE TRADED FD CO	COM	33734X101	710	19,024	SH		DFND	1	0	0	19,024
FIRST TR EXCHANGE TRADED FD CO	COM	33734X119	697	15,615	SH		DFND	1	0	0	15,615
FIRST TR EXCHANGE TRADED FD HL	COM	33734X143	722	10,773	SH		DFND	1	0	0	10,773
ISHARES TR CORE US AGGBD ET	COM	464287226	866	7,773	SH		DFND	1	0	0	7,773
ISHARES TR IBOXX INV CP ETF	COM	464287242	856	7,036	SH		DFND	1	0	0	7,036
ISHARES TR 20+ YR TR BD ETF	COM	464287432	314	2,401	SH		DFND	1	0	0	2,401
ISHARES TR RUS 1000 GRW ETF	COM	464287614	10,236	103,475	SH		DFND	1	0	0	103,475
ISHARES CORE LT USDB ETF	COM	464289479	314	4,828	SH		DFND	1	0	0	4,828
ISHARES 10+ YR CR BD ETF	COM	464289511	312	4,984	SH		DFND	1	0	0	4,984
ISHARES TR BAA BA RTD ETF	COM	46432F107	313	5,825	SH		DFND	1	0	0	5,825
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	11,562	56,007	SH		DFND	1	0	0	56,007
VANGUARD BD INDEX FD INC SHORT	COM	921937827	317	3,931	SH		DFND	1	0	0	3,931
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	830	9,957	SH		DFND	1	0	0	9,957
VANGUARD CHARLOTTE FDS INTL BD	COM	92203J407	540	9,981	SH		DFND	1	0	0	9,981
VANGUARD INTL EQUITY INDEX F F	COM	922042858	4,436	108,550	SH		DFND	1	0	0	108,550
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	4,745	35,758	SH		DFND	1	0	0	35,758
VANGUARD INDEX FDS VALUE ETF	COM	922908744	9,872	117,946	SH		DFND	1	0	0	117,946
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	2,888	23,565	SH		DFND	1	0	0	23,565
SPDR S&P 500 ETF TR	COM	78462F103	3,096	150,000	SH	Put	SOLE	NONE	0	0	150,000
POWERSHS DB US DOLLAR INDEX	COM	73936D107	363	140,000	SH	Put	SOLE	NONE	0	0	140,000