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
Estimated average burden
hours per response:		23.8

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	215	3,786	SH		SOLE	NONE	0	0	3,786
ARBOR REALTY TRUST, INC.	COM	038923108	68	10,037	SH		SOLE	NONE	0	0	10,037
ARMOUR RESIDENTIAL REIT INC	COM	042315101	61	21,867	SH		SOLE	NONE	0	0	21,867
ASTORIA FINANCIAL CORPORATION	COM	046265104	139	10,076	SH		SOLE	NONE	0	0	10,076
BANK OF AMERICA CORPORATION	COM	060505104	199	11,678	SH		SOLE	NONE	11,678	0	0
BIOTELEMETRY INC	COM	090672106	247	26,178	SH		SOLE	NONE	26,178	0	0
CYS INVESTMENTS INC	COM	12673A108	149	19,331	SH		SOLE	NONE	0	0	19,331
CARNIVAL CORPORATION	COM	143658300	248	5,014	SH		SOLE	NONE	5,014	0	0
CHESAPEAKE ENERGY CORP	COM	165167107	155	13,837	SH		SOLE	NONE	7,146	0	6,691
CLIFFS NATURAL RESOURCES INC.	COM	18683K408	112	25,230	SH		SOLE	NONE	0	0	25,230
CONOCOPHILLIPS	COM	20825C104	2,984	48,587	SH		SOLE	NONE	0	0	48,587
CROCS, INC.	COM	227046109	175	11,925	SH		SOLE	NONE	11,925	0	0
CUMMINS INC	COM	231021106	2,616	19,941	SH		SOLE	NONE	0	0	19,941
CYNOSURE, INC.	COM	232577205	326	8,439	SH		SOLE	NONE	8,439	0	0
DB X-TRACKERS MSCI EAFE HEDGED	COM	233051200	151,850	5,305,721	SH		SOLE	NONE	3,640,130	0	1,665,591
E*TRADE FINANCIAL CORP	COM	269246401	252	8,405	SH		SOLE	NONE	8,405	0	0
EMERSON ELECTRIC CO.	COM	291011104	3,328	60,037	SH		SOLE	NONE	0	0	60,037
FIFTH THIRD BANCORP	COM	316773100	3,644	175,000	SH		SOLE	NONE	0	0	175,000
FIRST TRUST LARGE CAP VALUE AL	COM	33735J101	4,798	113,016	SH		SOLE	NONE	0	0	113,016
FIRST TRUST LARGE CAP GR OPP A	COM	33735K108	4,957	102,042	SH		SOLE	NONE	0	0	102,042
FIRST TRUST SENIOR LOAN	COM	33738D309	2,382	48,722	SH		SOLE	NONE	6,048	0	42,674
FIRST TRUST PREFERRED SEC INC	COM	33739E108	1,942	102,475	SH		SOLE	NONE	0	0	102,475
FIRST TRUST ENH SHORT MAT FD	COM	33739Q408	16,440	273,959	SH		SOLE	NONE	18,171	0	255,788
FORD MOTOR CO	COM	345370860	3,201	213,268	SH		SOLE	NONE	0	0	213,268
HEALTH NET INC	COM	42222G108	264	4,116	SH		SOLE	NONE	4,116	0	0
HORMEL FOODS CORPORATION	COM	440452100	213	3,781	SH		SOLE	NONE	3,781	0	0
INFINITY PHARMACEUTICALS, INC.	COM	45665G303	119	10,830	SH		SOLE	NONE	0	0	10,830
INTEL CORP	COM	458140100	1,567	51,505	SH		SOLE	NONE	0	0	51,505
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	146	10,206	SH		SOLE	NONE	0	0	10,206
ISHARES CORE SP 500	COM	464287200	2,966	14,326	SH		SOLE	NONE	0	0	14,326
ISHARES CORE US AGGREGATE BOND	COM	464287226	41,880	384,996	SH		SOLE	NONE	16,423	0	368,573
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	776	6,708	SH		SOLE	NONE	0	0	6,708
ISHARES SP 500 VALUE	COM	464287408	330	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	1,228	14,469	SH		SOLE	NONE	0	0	14,469
ISHARES RUSSELL MID-CAP	COM	464287499	1,949	11,439	SH		SOLE	NONE	0	0	11,439
ISHARES CORE SP MID-CAP	COM	464287507	1,431	9,542	SH		SOLE	NONE	0	0	9,542
ISHARES RUSSELL 2000	COM	464287655	472	3,778	SH		SOLE	NONE	0	0	3,778
ISHARES NATIONAL AMT-FREE MUNI	COM	464288414	918	8,482	SH		SOLE	NONE	0	0	8,482
ISHARES US PREFERRED STOCK	COM	464288687	21,788	556,237	SH		SOLE	NONE	27,745	0	528,492
ISHARES FLOATING RATE BOND	COM	46429B655	17,205	339,758	SH		SOLE	NONE	9,794	0	329,964
KULICKE SOFFA INDUSTRIES INC	COM	501242101	151	12,872	SH		SOLE	NONE	12,872	0	0
MBIA INC	COM	55262C100	112	18,684	SH		SOLE	NONE	0	0	18,684
MARKET VECTORS HIGH-YIELD MUNI	COM	57060U878	7,129	238,422	SH		SOLE	NONE	0	0	238,422
MASIMO CORPORATION	COM	574795100	213	5,507	SH		SOLE	NONE	0	0	5,507
MICROSTRATEGY	COM	594972408	213	1,250	SH		SOLE	NONE	0	0	1,250
NEW MOUNTAIN FINANCE CORP	COM	647551100	213	14,723	SH		SOLE	NONE	0	0	14,723
OMEGA PROTEIN CORPORATION	COM	68210P107	174	12,631	SH		SOLE	NONE	12,631	0	0
PNC FINANCIAL SERVICES GROUP I	COM	693475105	3,501	36,600	SH		SOLE	NONE	0	0	36,600
PIMCO TOTAL RETURN ETF	COM	72201R775	21,271	198,792	SH		SOLE	NONE	9,301	0	189,491
POWERSHARES QQQ	COM	73935A104	114,153	1,066,151	SH		SOLE	NONE	736,042	0	330,109
POWERSHARES DYNAMIC LARGE CAP	COM	73935X609	5,357	174,552	SH		SOLE	NONE	0	0	174,552
POWERSHARES DYNAMIC LARGE CAP	COM	73935X708	5,237	171,822	SH		SOLE	NONE	0	0	171,822
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	21,170	889,870	SH		SOLE	NONE	33,127	0	856,743
PROSHARES ULTRASHORT 20+ YEAR	COM	74347B201	248	4,981	SH		SOLE	NONE	0	0	4,981
QUALITY SYSTEMS, INC.	COM	747582104	166	10,018	SH		SOLE	NONE	0	0	10,018
ROPER INDUSTRIES, INC.	COM	776696106	217	1,260	SH		SOLE	NONE	1,260	0	0
SPDR SP 500	COM	78462F103	260,301	1,264,274	SH		SOLE	NONE	899,668	0	364,606
SPDR MSCI ACWI (EX-US)	COM	78463X848	1,900	55,207	SH		SOLE	NONE	0	0	55,207
SPDR NUVEEN SP HIGH YIELD MUNI	COM	78464A284	3,337	60,198	SH		SOLE	NONE	8,798	0	51,400
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	21,045	547,616	SH		SOLE	NONE	25,607	0	522,009
SPDR SP REGIONAL BANKING ETF	COM	78464A698	77,660	1,758,616	SH		SOLE	NONE	1,194,703	0	563,913
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	21,434	432,826	SH		SOLE	NONE	20,032	0	412,794
SOLAR CAPITAL, LTD.	COM	83413U100	222	12,307	SH		SOLE	NONE	0	0	12,307
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	159	23,257	SH		SOLE	NONE	23,257	0	0
TJX COMPANIES	COM	872540109	211	3,195	SH		SOLE	NONE	3,195	0	0
TAIWAN SEMICONDUCTOR MANUFACTU	COM	874039100	3,573	157,345	SH		SOLE	NONE	0	0	157,345
THOMPSON CREEK METALS COMPANY	COM	884768102	78	95,120	SH		SOLE	NONE	0	0	95,120
3M CO	COM	88579Y101	3,446	22,333	SH		SOLE	NONE	0	0	22,333
TIVO, INC.	COM	888706108	119	11,751	SH		SOLE	NONE	0	0	11,751
TRACTOR SUPPLY	COM	892356106	258	2,872	SH		SOLE	NONE	2,872	0	0
TWO HARBORS INVESTMENT CORP	COM	90187B101	137	14,093	SH		SOLE	NONE	0	0	14,093
UNILEVER PLC ADR	COM	904767704	3,437	80,006	SH		SOLE	NONE	0	0	80,006
UNITED PARCEL SERVICE INC (UPS	COM	911312106	2,567	26,489	SH		SOLE	NONE	0	0	26,489
VF CORPORATION	COM	918204108	207	2,967	SH		SOLE	NONE	2,967	0	0
VALERO ENERGY CORPORATION	COM	91913Y100	219	3,498	SH		SOLE	NONE	3,498	0	0
VANGUARD FTSE DEVELOPED MARKET	COM	921943858	4,493	113,315	SH		SOLE	NONE	0	0	113,315
VANGUARD SHRT-TERM INFL-PROT S	COM	922020805	17,951	368,761	SH		SOLE	NONE	18,372	0	350,389
VANGUARD FTSE ALL-WORLD EX-US	COM	922042775	149,393	3,077,096	SH		SOLE	NONE	2,135,712	0	941,384
WHITESTONE REI	COM	966084204	155	11,868	SH		SOLE	NONE	0	0	11,868
YUM BRANDS INC	COM	988498101	3,362	37,321	SH		SOLE	NONE	0	0	37,321
MARVELL TECHNOLOGY GROUP, LTD.	COM	G5876H105	140	10,649	SH		SOLE	NONE	0	0	10,649
XL GROUP PLC	COM	G98290102	207	5,569	SH		SOLE	NONE	5,569	0	0
BAY BANCORP INC	COM	07203T106	118	22,217	SH		DFND	1	0	0	22,217
DB X-TRACKERS MSCI EAFE HEDGED	COM	233051200	11,668	407,698	SH		DFND	1	0	0	407,698
FIRST TRUST NYSE ARCA BIOTECH	COM	33733E203	792	6,386	SH		DFND	1	0	0	6,386
FIRST TRUST DOW JONES INTERNET	COM	33733E302	790	11,759	SH		DFND	1	0	0	11,759
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	768	21,034	SH		DFND	1	0	0	21,034
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	761	17,282	SH		DFND	1	0	0	17,282
FIRST TRUST HEALTH CARE ALPHAD	COM	33734X143	798	11,594	SH		DFND	1	0	0	11,594
ISHARES MSCI BELGIUM CAPPED	COM	464286301	355	20,422	SH		DFND	1	0	0	20,422
ISHARES MSCI SWITZERLAND CAPPE	COM	464286749	332	10,130	SH		DFND	1	0	0	10,130
ISHARES CHINA LARGE-CAP	COM	464287184	299	6,496	SH		DFND	1	0	0	6,496
ISHARES CORE US AGGREGATE BOND	COM	464287226	818	7,520	SH		DFND	1	0	0	7,520
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	528	4,561	SH		DFND	1	0	0	4,561
ISHARES RUSSELL 1000 GROWTH	COM	464287614	8,710	87,975	SH		DFND	1	0	0	87,975
ISHARES DOW JONES US	COM	464287846	340	3,266	SH		DFND	1	0	0	3,266
ISHARES MSCI PHILIPPINES	COM	46429B408	331	8,594	SH		DFND	1	0	0	8,594
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	506	21,275	SH		DFND	1	0	0	21,275
SPDR SP 500	COM	78462F103	9,304	45,190	SH		DFND	1	0	0	45,190
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	786	9,669	SH		DFND	1	0	0	9,669
VANGUARD TOTAL INTL BD IDX ETF	COM	92203J407	298	5,687	SH		DFND	1	0	0	5,687
VANGUARD TOTAL WORLD STOCK IND	COM	922042742	7,371	119,808	SH		DFND	1	0	0	119,808
VANGUARD EMERGING MARKETS STOC	COM	922042858	2,961	72,427	SH		DFND	1	0	0	72,427
VANGUARD MID-CAP ETF	COM	922908629	6,085	47,750	SH		DFND	1	0	0	47,750
VANGUARD VALUE ETF	COM	922908744	8,722	104,644	SH		DFND	1	0	0	104,644
VANGUARD SMALL CAP ETF	COM	922908751	3,128	25,751	SH		DFND	1	0	0	25,751
SPDR S&P 500 ETF TR	COM	78462F103	102,945	500,000	SH	Put	SOLE	NONE	0	0	500,000
SPDR S&P 500 ETF TR	COM	78462F103	30,884	150,000	SH	Put	SOLE	NONE	0	0	150,000
GLOBAL X FTSE GREECE 20 ETF	COM	37950E366	5,030	500,000	SH	Call	SOLE	NONE	0	0	500,000