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
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	250	15,891	SH		SOLE	NONE	0	0	15,891
ARES CAPITAL CORPORATION	COM	04010L103	199	13,727	SH		SOLE	NONE	0	0	13,727
BANK OF AMERICA CORPORATION	COM	060505104	183	11,749	SH		SOLE	NONE	11,678	0	71
BIOTELEMETRY INC	COM	090672106	320	26,178	SH		SOLE	NONE	26,178	0	0
CARNIVAL CORPORATION	COM	143658300	249	5,014	SH		SOLE	NONE	5,014	0	0
CHESAPEAKE ENERGY CORP	COM	165167107	118	16,108	SH		SOLE	NONE	7,146	0	8,962
CONOCOPHILLIPS	COM	20825C104	2,642	55,085	SH		SOLE	NONE	0	0	55,085
CROCS, INC.	COM	227046109	154	11,925	SH		SOLE	NONE	11,925	0	0
CUMMINS INC	COM	231021106	2,334	21,500	SH		SOLE	NONE	0	0	21,500
CYNOSURE, INC.	COM	232577205	254	8,439	SH		SOLE	NONE	8,439	0	0
DB X-TRACKERS MSCI EAFE HEDGED	COM	233051200	2,775	106,415	SH		SOLE	NONE	0	0	106,415
E*TRADE FINANCIAL CORP	COM	269246401	232	8,828	SH		SOLE	NONE	8,828	0	0
EMERSON ELECTRIC CO.	COM	291011104	2,884	65,283	SH		SOLE	NONE	0	0	65,283
FIFTH THIRD BANCORP	COM	316773100	3,489	184,515	SH		SOLE	NONE	0	0	184,515
FIRST TRUST LARGE CAP CORE ALP	COM	33734K109	23,876	570,917	SH		SOLE	NONE	58,299	0	512,618
FIRST TRUST LARGE CAP VALUE AL	COM	33735J101	7,661	202,892	SH		SOLE	NONE	0	0	202,892
FIRST TRUST LARGE CAP GR OPP A	COM	33735K108	8,546	187,124	SH		SOLE	NONE	0	0	187,124
FIRST TRUST PREFERRED SEC INC	COM	33739E108	922	49,161	SH		SOLE	NONE	0	0	49,161
FIRST TRUST ENH SHORT MAT FD	COM	33739Q408	4,218	70,446	SH		SOLE	NONE	6,696	0	63,750
FORD MOTOR CO	COM	345370860	3,133	230,890	SH		SOLE	NONE	0	0	230,890
GLADSTONE COMMER	COM	376536108	254	18,018	SH		SOLE	NONE	0	0	18,018
HORMEL FOODS CORPORATION	COM	440452100	239	3,781	SH		SOLE	NONE	3,781	0	0
INTEL CORP	COM	458140100	1,676	55,603	SH		SOLE	NONE	0	0	55,603
INVESTORS REAL ESTATE TRUST	COM	461730103	146	18,904	SH		SOLE	NONE	0	0	18,904
ISHARES CORE SP 500	COM	464287200	2,960	15,357	SH		SOLE	NONE	0	0	15,357
ISHARES CORE US AGGREGATE BOND	COM	464287226	12,156	110,930	SH		SOLE	NONE	0	0	110,930
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	1,523	13,120	SH		SOLE	NONE	0	0	13,120
ISHARES SP 500 GROWTH	COM	464287309	62,090	575,972	SH		SOLE	NONE	370,371	0	205,601
ISHARES SP 500 VALUE	COM	464287408	3,404	40,509	SH		SOLE	NONE	0	0	40,509
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	61,187	719,937	SH		SOLE	NONE	363,624	0	356,313
ISHARES MSCI EAFE	COM	464287465	89,899	1,568,376	SH		SOLE	NONE	1,046,958	0	521,418
ISHARES RUSSELL MID-CAP	COM	464287499	2,728	17,537	SH		SOLE	NONE	0	0	17,537
ISHARES CORE SP MID-CAP	COM	464287507	1,407	10,302	SH		SOLE	NONE	0	0	10,302
ISHARES RUSSELL 2000	COM	464287655	453	4,152	SH		SOLE	NONE	0	0	4,152
ISHARES CORE SP SMALL-CAP	COM	464287804	59,421	557,575	SH		SOLE	NONE	372,038	0	185,537
ISHARES MSCI ALL COUNTRY ASIA	COM	464288182	1,537	29,142	SH		SOLE	NONE	0	0	29,142
ISHARES NATIONAL AMT-FREE MUNI	COM	464288414	1,026	9,368	SH		SOLE	NONE	0	0	9,368
ISHARES MBS	COM	464288588	39,528	360,590	SH		SOLE	NONE	14,645	0	345,945
ISHARES INTERMEDIATE CREDIT BD	COM	464288638	2,118	19,505	SH		SOLE	NONE	0	0	19,505
ISHARES 3-7 YEAR TREASURY BOND	COM	464288661	41,408	332,191	SH		SOLE	NONE	76,587	0	255,604
ISHARES SHORT TREASURY BOND	COM	464288679	81,480	738,646	SH		SOLE	NONE	276,686	0	461,960
KULICKE SOFFA INDUSTRIES INC	COM	501242101	118	12,872	SH		SOLE	NONE	12,872	0	0
MBIA INC	COM	55262C100	111	18,210	SH		SOLE	NONE	0	0	18,210
MEDICAL PROPERTIES TRUST, INC.	COM	58463J304	119	10,795	SH		SOLE	NONE	0	0	10,795
MICROSTRATEGY	COM	594972408	202	1,028	SH		SOLE	NONE	0	0	1,028
NEW MOUNTAIN FINANCE CORP	COM	647551100	292	21,454	SH		SOLE	NONE	0	0	21,454
OMEGA PROTEIN CORPORATION	COM	68210P107	214	12,631	SH		SOLE	NONE	12,631	0	0
PNC FINANCIAL SERVICES GROUP I	COM	693475105	3,452	38,699	SH		SOLE	NONE	0	0	38,699
PIMCO TOTAL RETURN ETF	COM	72201R775	19,696	186,767	SH		SOLE	NONE	7,548	0	179,219
POWERSHARES QQQ	COM	73935A104	7,554	74,229	SH		SOLE	NONE	0	0	74,229
POWERSHARES DYNAMIC LARGE CAP	COM	73935X609	6,160	210,230	SH		SOLE	NONE	0	0	210,230
POWERSHARES DYNAMIC LARGE CAP	COM	73935X708	5,954	212,579	SH		SOLE	NONE	0	0	212,579
POWERSHARES PREFERRED	COM	73936T565	1,733	118,859	SH		SOLE	NONE	0	0	118,859
PROSHARES ULTRASHORT 20+ YEAR	COM	74347B201	201	4,624	SH		SOLE	NONE	0	0	4,624
SPDR SP 500	COM	78462F103	188,125	981,913	SH		SOLE	NONE	716,639	0	265,274
SPDR MSCI ACWI (EX-US)	COM	78463X848	2,744	90,271	SH		SOLE	NONE	0	0	90,271
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	20,267	409,275	SH		SOLE	NONE	16,214	0	393,061
CONSUMER STAPLES SELECT SECTOR	COM	81369Y308	89,109	1,887,512	SH		SOLE	NONE	1,262,344	0	625,168
INDUSTRIAL SELECT SECTOR SPDR	COM	81369Y704	89,580	1,795,548	SH		SOLE	NONE	1,200,536	0	595,012
SOLAR CAPITAL, LTD.	COM	83413U100	304	19,195	SH		SOLE	NONE	0	0	19,195
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	139	23,257	SH		SOLE	NONE	23,257	0	0
STARWOOD PROPERTY TRUST, INC.	COM	85571B105	250	12,203	SH		SOLE	NONE	0	0	12,203
TJX COMPANIES	COM	872540109	229	3,205	SH		SOLE	NONE	3,195	0	10
TAIWAN SEMICONDUCTOR MANUFACTU	COM	874039100	3,482	167,796	SH		SOLE	NONE	0	0	167,796
3M CO	COM	88579Y101	3,371	23,775	SH		SOLE	NONE	0	0	23,775
TIVO, INC.	COM	888706108	100	11,568	SH		SOLE	NONE	0	0	11,568
TRACTOR SUPPLY	COM	892356106	242	2,872	SH		SOLE	NONE	2,872	0	0
UNILEVER PLC ADR	COM	904767704	3,461	84,862	SH		SOLE	NONE	0	0	84,862
UNITED PARCEL SERVICE INC (UPS	COM	911312106	2,798	28,355	SH		SOLE	NONE	0	0	28,355
VF CORPORATION	COM	918204108	202	2,967	SH		SOLE	NONE	2,967	0	0
VALERO ENERGY CORPORATION	COM	91913Y100	210	3,498	SH		SOLE	NONE	3,498	0	0
VANGUARD FTSE DEVELOPED MARKET	COM	921943858	2,858	80,192	SH		SOLE	NONE	0	0	80,192
VANGUARD TOTAL INTL BD IDX ETF	COM	92203J407	20,112	379,976	SH		SOLE	NONE	15,159	0	364,817
VANGUARD GROWTH ETF	COM	922908736	250	2,496	SH		SOLE	NONE	0	0	2,496
WEYERHAEUSER CO	COM	962166104	201	7,354	SH		SOLE	NONE	7,354	0	0
WISDOMTREE JAPAN HEDGED EQUITY	COM	97717W851	1,573	32,339	SH		SOLE	NONE	0	0	32,339
WISDOMTREE EUROPE HEDGED EQUIT	COM	97717X701	2,948	53,945	SH		SOLE	NONE	0	0	53,945
YUM BRANDS INC	COM	988498101	3,099	38,766	SH		SOLE	NONE	0	0	38,766
MARVELL TECHNOLOGY GROUP, LTD.	COM	G5876H105	99	10,982	SH		SOLE	NONE	0	0	10,982
XL GROUP PLC	COM	G98290102	202	5,569	SH		SOLE	NONE	5,569	0	0
BAY BANCORP INC	COM	07203T106	113	22,217	SH		DFND	1	0	0	22,217
DB X-TRACKERS MSCI EAFE HEDGED	COM	233051200	10,440	400,317	SH		DFND	1	0	0	400,317
FIRST TRUST NYSE ARCA BIOTECH	COM	33733E203	353	3,480	SH		DFND	1	0	0	3,480
FIRST TRUST DOW JONES INTERNET	COM	33733E302	384	5,808	SH		DFND	1	0	0	5,808
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	382	11,153	SH		DFND	1	0	0	11,153
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	378	9,016	SH		DFND	1	0	0	9,016
FIRST TRUST HEALTH CARE ALPHAD	COM	33734X143	353	6,072	SH		DFND	1	0	0	6,072
ISHARES CORE US AGGREGATE BOND	COM	464287226	900	8,209	SH		DFND	1	0	0	8,209
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	351	3,023	SH		DFND	1	0	0	3,023
ISHARES 7-10 YEAR TREASURY BON	COM	464287440	351	3,254	SH		DFND	1	0	0	3,254
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	11,034	129,823	SH		DFND	1	0	0	129,823
ISHARES RUSSELL 1000 GROWTH	COM	464287614	7,537	81,039	SH		DFND	1	0	0	81,039
ISHARES GOVERNMENT/CREDIT BOND	COM	464288596	358	3,165	SH		DFND	1	0	0	3,165
ISHARES INTERMEDIATE CREDIT BD	COM	464288638	359	3,307	SH		DFND	1	0	0	3,307
ISHARES 10-20 YEAR TREASURY BO	COM	464288653	364	2,650	SH		DFND	1	0	0	2,650
PIMCO 0-5 YEAR HIGH YLD CORP B	COM	72201R783	421	4,449	SH		DFND	1	0	0	4,449
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	431	18,719	SH		DFND	1	0	0	18,719
SPDR SP 500	COM	78462F103	8,040	41,967	SH		DFND	1	0	0	41,967
VANGUARD SHORT-TERM BOND ETF	COM	921937827	1,930	24,014	SH		DFND	1	0	0	24,014
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	821	10,017	SH		DFND	1	0	0	10,017
VANGUARD TOTAL WORLD STOCK IND	COM	922042742	6,327	114,387	SH		DFND	1	0	0	114,387
VANGUARD EMERGING MARKETS STOC	COM	922042858	2,578	77,901	SH		DFND	1	0	0	77,901
VANGUARD MID-CAP ETF	COM	922908629	5,291	45,354	SH		DFND	1	0	0	45,354
VANGUARD VALUE ETF	COM	922908744	7,495	97,649	SH		DFND	1	0	0	97,649
VANGUARD SMALL CAP ETF	COM	922908751	2,690	24,919	SH		DFND	1	0	0	24,919