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
ATT INC	COM	00206R102	200	5,098	SH		SOLE	NONE	5,098	0	0
ABBOTT LABORATORIES	COM	002824100	4,121	98,510	SH		SOLE	NONE	12,608	0	85,902
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	297	18,195	SH		SOLE	NONE	0	0	18,195
APPLE INC	COM	037833100	3,500	32,114	SH		SOLE	NONE	4,487	0	27,627
ARES CAPITAL CORPORATION	COM	04010L103	283	19,069	SH		SOLE	NONE	0	0	19,069
BIOGEN IDEC INC	COM	09062X103	503	1,933	SH		SOLE	NONE	1,933	0	0
CBL ASSOCIATES PROPERTIES, IN	COM	124830100	214	17,955	SH		SOLE	NONE	0	0	17,955
CENTURYLINK INC	COM	156700106	272	8,526	SH		SOLE	NONE	8,526	0	0
CHIPOTLE MEXICAN GRILL, INC. C	COM	169656105	384	816	SH		SOLE	NONE	816	0	0
DEERE CO	COM	244199105	3,200	41,567	SH		SOLE	NONE	0	0	41,567
DIAGEO PLC ADR	COM	25243Q205	1,795	16,640	SH		SOLE	NONE	0	0	16,640
EMERSON ELECTRIC CO.	COM	291011104	3,851	70,808	SH		SOLE	NONE	0	0	70,808
EXPRESS SCRIPTS	COM	30219G108	478	6,954	SH		SOLE	NONE	6,954	0	0
EXXON MOBIL CORPORATION	COM	30231G102	583	6,971	SH		SOLE	NONE	6,971	0	0
FACEBOOK INC CLASS A	COM	30303M102	214	1,872	SH		SOLE	NONE	1,872	0	0
FIFTH THIRD BANCORP	COM	316773100	3,069	183,903	SH		SOLE	NONE	0	0	183,903
FIRST TRUST LARGE CAP CORE ALP	COM	33734K109	24,531	549,902	SH		SOLE	NONE	54,207	0	495,695
FIRST TRUST LARGE CAP VALUE AL	COM	33735J101	12,547	308,738	SH		SOLE	NONE	0	0	308,738
FIRST TRUST LARGE CAP GR OPP A	COM	33735K108	12,065	249,955	SH		SOLE	NONE	0	0	249,955
FIRST TRUST ENH SHORT MAT FD	COM	33739Q408	1,491	24,924	SH		SOLE	NONE	0	0	24,924
FORD MOTOR CO	COM	345370860	3,420	253,352	SH		SOLE	NONE	0	0	253,352
GENERAL ELECTRIC CO	COM	369604103	248	7,796	SH		SOLE	NONE	7,796	0	0
GILEAD SCIENCES INC	COM	375558103	511	5,559	SH		SOLE	NONE	5,559	0	0
GLADSTONE COMMER	COM	376536108	344	21,025	SH		SOLE	NONE	0	0	21,025
GLAXOSMITHKLINE PLC ADR	COM	37733W105	3,490	86,077	SH		SOLE	NONE	0	0	86,077
HOME DEPOT, INC.	COM	437076102	367	2,752	SH		SOLE	NONE	2,752	0	0
HORIZON TECHNOLOGY FINANCE COR	COM	44045A102	189	16,277	SH		SOLE	NONE	0	0	16,277
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,851	25,428	SH		SOLE	NONE	0	0	25,428
INVESTORS REAL ESTATE TRUST	COM	461730103	211	29,004	SH		SOLE	NONE	0	0	29,004
ISHARES CORE SP 500	COM	464287200	3,049	14,756	SH		SOLE	NONE	0	0	14,756
ISHARES CORE US AGGREGATE BOND	COM	464287226	91,248	823,314	SH		SOLE	NONE	587,165	0	236,149
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	26,030	219,074	SH		SOLE	NONE	156,627	0	62,447
ISHARES SP 500 GROWTH	COM	464287309	151,534	1,307,571	SH		SOLE	NONE	914,965	0	392,606
ISHARES SP 500 VALUE	COM	464287408	151,154	1,680,791	SH		SOLE	NONE	1,175,964	0	504,827
ISHARES 7-10 YEAR TREASURY BON	COM	464287440	1,000	9,059	SH		SOLE	NONE	0	0	9,059
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	63,016	741,101	SH		SOLE	NONE	335,891	0	405,210
ISHARES RUSSELL MID-CAP	COM	464287499	3,154	19,357	SH		SOLE	NONE	0	0	19,357
ISHARES CORE SP MID-CAP	COM	464287507	1,433	9,937	SH		SOLE	NONE	0	0	9,937
ISHARES RUSSELL 2000 GROWTH	COM	464287648	1,339	10,095	SH		SOLE	NONE	10,095	0	0
ISHARES RUSSELL 2000	COM	464287655	443	4,002	SH		SOLE	NONE	0	0	4,002
ISHARES US TELECOMMUNICATIONS	COM	464287713	2,544	82,771	SH		SOLE	NONE	82,328	0	443
ISHARES MSCI ACWI EX US INDEX	COM	464288240	74,009	1,874,583	SH		SOLE	NONE	1,277,763	0	596,820
ISHARES NATIONAL AMT-FREE MUNI	COM	464288414	3,295	29,510	SH		SOLE	NONE	0	0	29,510
ISHARES 3-7 YEAR TREASURY BOND	COM	464288661	60,057	476,830	SH		SOLE	NONE	419,824	0	57,006
ISHARES SHORT TREASURY BOND	COM	464288679	12,937	117,224	SH		SOLE	NONE	113,562	0	3,662
ISHARES RUSSELL TOP 200 GROWTH	COM	464289438	1,332	24,794	SH		SOLE	NONE	24,794	0	0
ISHARES RUSSELL TOP 200	COM	464289446	1,332	28,427	SH		SOLE	NONE	28,427	0	0
JOHNSON JOHNSON	COM	478160104	253	2,341	SH		SOLE	NONE	2,341	0	0
MASTERCARD INCORPORATED CLASS	COM	57636Q104	521	5,516	SH		SOLE	NONE	5,516	0	0
MICROSOFT CORPORATION	COM	594918104	360	6,523	SH		SOLE	NONE	6,523	0	0
NEW MOUNTAIN FINANCE CORP	COM	647551100	372	29,463	SH		SOLE	NONE	0	0	29,463
PAYPAL	COM	70450Y103	485	12,553	SH		SOLE	NONE	12,553	0	0
POWERSHARES DYNAMIC LARGE CAP	COM	73935X609	6,664	215,809	SH		SOLE	NONE	0	0	215,809
POWERSHARES DYNAMIC LARGE CAP	COM	73935X708	6,443	214,337	SH		SOLE	NONE	0	0	214,337
T. ROWE PRICE GROUP	COM	74144T108	518	7,052	SH		SOLE	NONE	7,052	0	0
PROSHARES ULTRASHORT 20+ YEAR	COM	74347B201	201	5,447	SH		SOLE	NONE	0	0	5,447
ROBERT HALF INTERNATIONAL INC.	COM	770323103	441	9,476	SH		SOLE	NONE	9,476	0	0
SPDR SP 500	COM	78462F103	178,331	867,704	SH		SOLE	NONE	659,474	0	208,230
SPDR MSCI ACWI (EX-US)	COM	78463X848	6,561	212,936	SH		SOLE	NONE	0	0	212,936
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	24,487	495,899	SH		SOLE	NONE	376,507	0	119,392
SPDR DOW JONES INDUSTRIAL AVER	COM	78467X109	132,494	750,081	SH		SOLE	NONE	513,142	0	236,939
HEALTH CARE SELECT SECTOR SPDR	COM	81369Y209	1,864	27,497	SH		SOLE	NONE	27,497	0	0
CONSUMER STAPLES SELECT SECTOR	COM	81369Y308	2,666	50,237	SH		SOLE	NONE	50,180	0	57
UTILITIES SELECT SECTOR SPDR E	COM	81369Y886	2,289	46,127	SH		SOLE	NONE	46,071	0	56
SOLAR CAPITAL, LTD.	COM	83413U100	364	21,057	SH		SOLE	NONE	0	0	21,057
STARWOOD PROPERTY TRUST, INC.	COM	85571B105	305	16,138	SH		SOLE	NONE	0	0	16,138
UNITED PARCEL SERVICE INC (UPS	COM	911312106	3,603	34,161	SH		SOLE	NONE	5,077	0	29,084
UNIVERSAL HEALTH SERVICES, INC	COM	913903100	313	2,508	SH		SOLE	NONE	2,508	0	0
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	360	4,342	SH		SOLE	NONE	0	0	4,342
VANGUARD FTSE DEVELOPED MARKET	COM	921943858	2,138	59,588	SH		SOLE	NONE	0	0	59,588
VANGUARD TOTAL INTL BD IDX ETF	COM	92203J407	48,758	893,988	SH		SOLE	NONE	680,582	0	213,406
VIACOM, INC. CLASS B	COM	92553P201	2,887	69,939	SH		SOLE	NONE	0	0	69,939
WAL-MART STORES INC	COM	931142103	3,896	56,880	SH		SOLE	NONE	7,391	0	49,489
WELLS FARGO CO	COM	949746101	203	4,198	SH		SOLE	NONE	4,198	0	0
MICHAEL KORS HOLDINGS LTD	COM	G60754101	492	8,645	SH		SOLE	NONE	8,645	0	0
TRANSOCEAN LTD	COM	H8817H100	341	37,320	SH		SOLE	NONE	37,320	0	0
BAY BANCORP INC	COM	07203T106	107	22,217	SH		DFND	1	0	0	22,217
DB X-TRACKERS MSCI EAFE HEDGED	COM	233051200	10,586	414,503	SH		DFND	1	0	0	414,503
FIRST TRUST DOW JONES INTERNET	COM	33733E302	666	9,752	SH		DFND	1	0	0	9,752
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	685	19,463	SH		DFND	1	0	0	19,463
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	675	14,640	SH		DFND	1	0	0	14,640
FIRST TRUST ENERGY ALPHADEX	COM	33734X127	609	43,138	SH		DFND	1	0	0	43,138
FIRST TRUST UTILITIES ALPHADEX	COM	33734X184	680	26,185	SH		DFND	1	0	0	26,185
ISHARES CORE US AGGREGATE BOND	COM	464287226	795	7,170	SH		DFND	1	0	0	7,170
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	411	3,463	SH		DFND	1	0	0	3,463
ISHARES 20+ YEAR TREASURY BOND	COM	464287432	586	4,488	SH		DFND	1	0	0	4,488
ISHARES 7-10 YEAR TREASURY BON	COM	464287440	606	5,489	SH		DFND	1	0	0	5,489
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	10,670	125,488	SH		DFND	1	0	0	125,488
ISHARES RUSSELL 1000 GROWTH	COM	464287614	6,863	68,781	SH		DFND	1	0	0	68,781
ISHARES GOVERNMENT/CREDIT BOND	COM	464288596	614	5,336	SH		DFND	1	0	0	5,336
ISHARES INTERMEDIATE CREDIT BD	COM	464288638	613	5,591	SH		DFND	1	0	0	5,591
ISHARES 10-20 YEAR TREASURY BO	COM	464288653	615	4,343	SH		DFND	1	0	0	4,343
ISHARES MSCI USA QUALITY FACTO	COM	46432F339	6,970	106,216	SH		DFND	1	0	0	106,216
PIMCO 0-5 YEAR HIGH YLD CORP B	COM	72201R783	380	4,088	SH		DFND	1	0	0	4,088
SPDR SP 500	COM	78462F103	6,288	30,594	SH		DFND	1	0	0	30,594
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	390	7,888	SH		DFND	1	0	0	7,888
VANGUARD SHORT-TERM BOND ETF	COM	921937827	3,229	40,047	SH		DFND	1	0	0	40,047
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	630	7,612	SH		DFND	1	0	0	7,612
VANGUARD TOTAL WORLD STOCK IND	COM	922042742	6,353	110,130	SH		DFND	1	0	0	110,130
VANGUARD EMERGING MARKETS STOC	COM	922042858	2,379	68,784	SH		DFND	1	0	0	68,784
VANGUARD MID-CAP ETF	COM	922908629	5,696	46,982	SH		DFND	1	0	0	46,982
VANGUARD VALUE ETF	COM	922908744	6,311	76,595	SH		DFND	1	0	0	76,595
VANGUARD SMALL CAP ETF	COM	922908751	2,845	25,514	SH		DFND	1	0	0	25,514
SPDR S&P 500 ETF TR	COM	78462F103	5,138	150,000	SH	Call	SOLE	NONE	0	0	150,000