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
ABBOTT LABORATORIES	COM	002824100	3,364	85,574	SH		SOLE	NONE	0	0	85,574
AMERIPRISE FINANCIAL INC	COM	03076C106	1,995	22,208	SH		SOLE	NONE	0	0	22,208
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	290	18,021	SH		SOLE	NONE	0	0	18,021
APPLE INC	COM	037833100	4,027	42,123	SH		SOLE	NONE	4,650	0	37,473
ARES CAPITAL CORPORATION	COM	04010L103	267	18,814	SH		SOLE	NONE	0	0	18,814
BOEING CO	COM	097023105	1,994	15,353	SH		SOLE	NONE	0	0	15,353
CBL ASSOCIATES PROPERTIES, IN	COM	124830100	166	17,804	SH		SOLE	NONE	0	0	17,804
CME GROUP, INC. CLASS A	COM	12572Q105	520	5,343	SH		SOLE	NONE	5,343	0	0
CVS CAREMARK CORP	COM	126650100	521	5,445	SH		SOLE	NONE	5,445	0	0
CISCO SYSTEMS INC	COM	17275R102	2,232	77,789	SH		SOLE	NONE	0	0	77,789
COMCAST CORP CLASS A	COM	20030N101	362	5,547	SH		SOLE	NONE	5,547	0	0
CROWN CASTLE INTERNATIONAL COR	COM	22822V101	584	5,759	SH		SOLE	NONE	5,748	0	11
DIAGEO PLC ADR	COM	25243Q205	1,862	16,497	SH		SOLE	NONE	0	0	16,497
EQUINIX, INC.	COM	29444U700	548	1,413	SH		SOLE	NONE	1,413	0	0
ESSEX PROPERTY TRUST	COM	297178105	391	1,716	SH		SOLE	NONE	1,716	0	0
EXXON MOBIL CORPORATION	COM	30231G102	332	3,543	SH		SOLE	NONE	3,532	0	11
FACEBOOK INC CLASS A	COM	30303M102	728	6,370	SH		SOLE	NONE	6,370	0	0
FIRST TRUST MORNINGSTAR DIV LE	COM	336917109	5,399	201,236	SH		SOLE	NONE	0	0	201,236
FIRST TRUST LARGE CAP CORE ALP	COM	33734K109	27,343	606,946	SH		SOLE	NONE	61,137	0	545,809
FIRST TRUST LARGE CAP VALUE AL	COM	33735J101	7,415	185,881	SH		SOLE	NONE	0	0	185,881
FIRST TRUST LARGE CAP GR OPP A	COM	33735K108	10,158	203,740	SH		SOLE	NONE	0	0	203,740
FIRST TRUST ENH SHORT MAT FD	COM	33739Q408	1,649	27,542	SH		SOLE	NONE	0	0	27,542
GENERAL ELECTRIC CO	COM	369604103	247	7,832	SH		SOLE	NONE	7,802	0	30
GLADSTONE COMMER	COM	376536108	349	20,651	SH		SOLE	NONE	0	0	20,651
GLAXOSMITHKLINE PLC ADR	COM	37733W105	3,705	85,495	SH		SOLE	NONE	0	0	85,495
HORIZON TECHNOLOGY FINANCE COR	COM	44045A102	195	15,993	SH		SOLE	NONE	0	0	15,993
ING GROEP N.V. ADR	COM	456837103	662	64,046	SH		SOLE	NONE	0	0	64,046
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,822	25,183	SH		SOLE	NONE	0	0	25,183
INVESTORS REAL ESTATE TRUST	COM	461730103	186	28,693	SH		SOLE	NONE	0	0	28,693
ISHARES CORE SP 500	COM	464287200	2,836	13,472	SH		SOLE	NONE	0	0	13,472
ISHARES CORE US AGGREGATE BOND	COM	464287226	119,860	1,064,285	SH		SOLE	NONE	748,027	0	316,258
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	50,867	414,426	SH		SOLE	NONE	305,566	0	108,860
ISHARES SP 500 GROWTH	COM	464287309	94,321	809,064	SH		SOLE	NONE	584,730	0	224,334
ISHARES SP 500 VALUE	COM	464287408	181,541	1,954,151	SH		SOLE	NONE	1,409,121	0	545,030
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	40,271	471,998	SH		SOLE	NONE	328,546	0	143,452
ISHARES RUSSELL MID-CAP	COM	464287499	3,463	20,588	SH		SOLE	NONE	0	0	20,588
ISHARES CORE SP MID-CAP	COM	464287507	1,350	9,038	SH		SOLE	NONE	0	0	9,038
ISHARES NORTH AMERICAN TECH-SO	COM	464287515	44,219	420,454	SH		SOLE	NONE	296,919	0	123,535
ISHARES RUSSELL 2000	COM	464287655	422	3,672	SH		SOLE	NONE	0	0	3,672
ISHARES CORE US GROWTH (SELECT	COM	464287671	2,469	30,227	SH		SOLE	NONE	30,227	0	0
ISHARES US TELECOMMUNICATIONS	COM	464287713	2,492	74,828	SH		SOLE	NONE	74,707	0	121
ISHARES US REAL ESTATE	COM	464287739	2,467	29,945	SH		SOLE	NONE	29,945	0	0
ISHARES MSCI ACWI EX US INDEX	COM	464288240	172,913	4,438,211	SH		SOLE	NONE	3,129,281	0	1,308,930
ISHARES NATIONAL AMT-FREE MUNI	COM	464288414	3,546	31,127	SH		SOLE	NONE	0	0	31,127
ISHARES 1-3 YEAR CREDIT BOND	COM	464288646	2,713	25,576	SH		SOLE	NONE	0	0	25,576
ISHARES SHORT TREASURY BOND	COM	464288679	6,281	56,863	SH		SOLE	NONE	9,198	0	47,665
ISHARES US PREFERRED STOCK	COM	464288687	1,794	44,975	SH		SOLE	NONE	0	0	44,975
ISHARES US AEROSPACE DEFENSE	COM	464288760	44,244	354,152	SH		SOLE	NONE	250,373	0	103,779
ISHARES US MEDICAL DEVICES	COM	464288810	44,995	331,943	SH		SOLE	NONE	233,490	0	98,453
ISHARES RUSSELL TOP 200	COM	464289446	4,935	103,380	SH		SOLE	NONE	103,299	0	81
JOHNSON JOHNSON	COM	478160104	285	2,349	SH		SOLE	NONE	2,325	0	24
LEVEL 3 COMMUNICATIONS INC	COM	52729N308	473	9,190	SH		SOLE	NONE	9,190	0	0
ELI LILLY AND COMPANY	COM	532457108	548	6,957	SH		SOLE	NONE	6,957	0	0
LOCKHEED MARTIN CORPORATION	COM	539830109	552	2,225	SH		SOLE	NONE	2,219	0	6
LOWE'S COMPANIES INC.	COM	548661107	391	4,945	SH		SOLE	NONE	4,945	0	0
MARSH MCLENNAN COMPANIES, INC	COM	571748102	547	7,984	SH		SOLE	NONE	7,964	0	20
MICROSOFT CORPORATION	COM	594918104	342	6,685	SH		SOLE	NONE	6,685	0	0
NEW MOUNTAIN FINANCE CORP	COM	647551100	375	29,102	SH		SOLE	NONE	0	0	29,102
NORTHROP GRUMMAN CORP	COM	666807102	269	1,212	SH		SOLE	NONE	1,212	0	0
PAYPAL	COM	70450Y103	481	13,186	SH		SOLE	NONE	13,186	0	0
POWERSHARES DYNAMIC LARGE CAP	COM	73935X609	7,042	225,562	SH		SOLE	NONE	0	0	225,562
POWERSHARES SP 500 HIGH DIV PO	COM	73937B654	6,762	176,779	SH		SOLE	NONE	0	0	176,779
PRUDENTIAL PLC ADR	COM	74435K204	704	20,703	SH		SOLE	NONE	0	0	20,703
SPDR SP 500	COM	78462F103	120,360	574,567	SH		SOLE	NONE	461,970	0	112,597
SPDR MSCI ACWI (EX-US)	COM	78463X848	7,054	231,662	SH		SOLE	NONE	0	0	231,662
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	25,285	506,511	SH		SOLE	NONE	374,557	0	131,954
SPDR DOW JONES INDUSTRIAL AVER	COM	78467X109	117,655	657,293	SH		SOLE	NONE	467,609	0	189,684
SPDR BARCAP ST HIGH YIELD BOND	COM	78468R408	25,453	943,054	SH		SOLE	NONE	695,149	0	247,905
HEALTH CARE SELECT SECTOR SPDR	COM	81369Y209	3,448	48,084	SH		SOLE	NONE	48,084	0	0
INDUSTRIAL SELECT SECTOR SPDR	COM	81369Y704	2,494	44,521	SH		SOLE	NONE	44,521	0	0
UTILITIES SELECT SECTOR SPDR E	COM	81369Y886	3,988	76,010	SH		SOLE	NONE	76,010	0	0
SOLAR CAPITAL, LTD.	COM	83413U100	395	20,755	SH		SOLE	NONE	0	0	20,755
STARWOOD PROPERTY TRUST, INC.	COM	85571B105	330	15,905	SH		SOLE	NONE	0	0	15,905
U.S. BANCORP	COM	902973304	2,060	51,071	SH		SOLE	NONE	0	0	51,071
UNITED PARCEL SERVICE INC (UPS	COM	911312106	3,108	28,853	SH		SOLE	NONE	0	0	28,853
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	380	4,506	SH		SOLE	NONE	0	0	4,506
VANGUARD FTSE DEVELOPED MARKET	COM	921943858	2,870	81,173	SH		SOLE	NONE	0	0	81,173
VULCAN MATERIALS COMPANY	COM	929160109	547	4,543	SH		SOLE	NONE	4,543	0	0
WAL-MART STORES INC	COM	931142103	3,593	49,203	SH		SOLE	NONE	0	0	49,203
WELLS FARGO CO	COM	949746101	205	4,340	SH		SOLE	NONE	4,340	0	0
ALLERGAN, INC.	COM	G0177J108	513	2,219	SH		SOLE	NONE	2,219	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	6,578	263,228	SH		DFND	1	0	0	263,228
FIRST TRUST DOW JONES INTERNET	COM	33733E302	756	10,487	SH		DFND	1	0	0	10,487
FIRST TRUST CONSUMER DISC ALPH	COM	33734X101	760	22,533	SH		DFND	1	0	0	22,533
FIRST TRUST CONSUMER STAPLES A	COM	33734X119	759	15,700	SH		DFND	1	0	0	15,700
FIRST TRUST ENERGY ALPHADEX	COM	33734X127	755	50,645	SH		DFND	1	0	0	50,645
FIRST TRUST UTILITIES ALPHADEX	COM	33734X184	758	28,056	SH		DFND	1	0	0	28,056
ISHARES EMNG MKTS LOCAL CURREN	COM	464286517	673	14,994	SH		DFND	1	0	0	14,994
ISHARES CORE US AGGREGATE BOND	COM	464287226	901	7,999	SH		DFND	1	0	0	7,999
ISHARES IBOXX $ INVST GRADE CR	COM	464287242	490	3,992	SH		DFND	1	0	0	3,992
ISHARES 20+ YEAR TREASURY BOND	COM	464287432	700	5,036	SH		DFND	1	0	0	5,036
ISHARES 7-10 YEAR TREASURY BON	COM	464287440	685	6,064	SH		DFND	1	0	0	6,064
ISHARES 1-3 YEAR TREASURY BOND	COM	464287457	4,649	54,488	SH		DFND	1	0	0	54,488
ISHARES RUSSELL 1000 GROWTH	COM	464287614	6,896	68,711	SH		DFND	1	0	0	68,711
ISHARES INTERNATIONAL TREASURY	COM	464288117	681	6,840	SH		DFND	1	0	0	6,840
ISHARES 10-20 YEAR TREASURY BO	COM	464288653	702	4,791	SH		DFND	1	0	0	4,791
ISHARES MSCI USA QUALITY FACTO	COM	46432F339	8,277	125,410	SH		DFND	1	0	0	125,410
POWERSHARES DB ENERGY	COM	73936B101	1,865	148,386	SH		DFND	1	0	0	148,386
POWERSHARES DB PRECIOUS METALS	COM	73936B200	1,816	44,357	SH		DFND	1	0	0	44,357
POWERSHARES SENIOR LOAN PORT	COM	73936Q769	470	20,477	SH		DFND	1	0	0	20,477
SPDR SP 500	COM	78462F103	6,931	33,086	SH		DFND	1	0	0	33,086
SPDR DOUBLELINE TR TACT ETF	COM	78467V848	459	9,193	SH		DFND	1	0	0	9,193
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	730	8,657	SH		DFND	1	0	0	8,657
VANGUARD TOTAL WORLD STOCK IND	COM	922042742	5,473	94,241	SH		DFND	1	0	0	94,241
VANGUARD FTSE ALL-WORLD EX-US	COM	922042775	6,080	141,901	SH		DFND	1	0	0	141,901
VANGUARD EMERGING MARKETS STOC	COM	922042858	3,511	99,655	SH		DFND	1	0	0	99,655
VANGUARD MID-CAP ETF	COM	922908629	6,951	56,227	SH		DFND	1	0	0	56,227
VANGUARD VALUE ETF	COM	922908744	7,688	90,455	SH		DFND	1	0	0	90,455
VANGUARD SMALL CAP ETF	COM	922908751	6,982	60,356	SH		DFND	1	0	0	60,356
iShares MSCI Emerging Markets Indx	COM	464287234	2,166	1,200,000	SH	Call	SOLE	NONE	0	0	1,200,000
iShares MSCI EAFE Index Fund	COM	464287465	595	700,000	SH	Call	SOLE	NONE	0	0	700,000