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
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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
* ATT INC COM	COM	00206R102	892	21,964	SH		SOLE	NONE	21,964	0	0
* ABBOTT LABS COM	COM	002824100	732	17,307	SH		SOLE	NONE	0	0	17,307
* ALTRIA GROUP INC COM	COM	02209S103	251	3,973	SH		SOLE	NONE	3,973	0	0
* AMERISAFE INC COM	COM	03071H100	317	5,395	SH		SOLE	NONE	5,395	0	0
* AMERIPRISE FINL INC COM	COM	03076C106	858	8,599	SH		SOLE	NONE	0	0	8,599
* APOLLO COML REAL EST FIN INC	COM	03762U105	190	11,588	SH		SOLE	NONE	0	0	11,588
* APPLE INC COM	COM	037833100	1,971	17,439	SH		SOLE	NONE	10,161	0	7,278
* ARES CAP CORP COM	COM	04010L103	186	12,015	SH		SOLE	NONE	0	0	12,015
* BP PLC SPONSORED ADR	COM	055622104	512	14,575	SH		SOLE	NONE	0	0	14,575
* BT GROUP PLC ADR	COM	05577E101	502	19,755	SH		SOLE	NONE	0	0	19,755
* BIOGEN INC COM	COM	09062X103	504	1,610	SH		SOLE	NONE	1,610	0	0
* BOEING CO COM	COM	097023105	432	3,278	SH		SOLE	NONE	0	0	3,278
* CBL ASSOC PPTYS INC COM	COM	124830100	137	11,306	SH		SOLE	NONE	0	0	11,306
* CMS ENERGY CORP COM	COM	125896100	677	16,110	SH		SOLE	NONE	16,110	0	0
* CISCO SYS INC COM	COM	17275R102	952	29,999	SH		SOLE	NONE	0	0	29,999
* DBX ETF TR XTRAK MSCI EAFE	COM	233051200	2,786	105,602	SH		SOLE	NONE	0	0	105,602
* DIAGEO P L C SPON ADR NEW	COM	25243Q205	744	6,410	SH		SOLE	NONE	0	0	6,410
* DINEEQUITY INC COM	COM	254423106	240	3,025	SH		SOLE	NONE	3,025	0	0
* DONNELLEY R R SONS CO COM	COM	257867101	263	16,741	SH		SOLE	NONE	16,741	0	0
* DOW CHEM CO COM	COM	260543103	862	16,631	SH		SOLE	NONE	10,245	0	6,386
* EASTMAN CHEM CO COM	COM	277432100	347	5,121	SH		SOLE	NONE	0	0	5,121
* EXXON MOBIL CORP COM	COM	30231G102	693	7,935	SH		SOLE	NONE	7,935	0	0
* FASTENAL CO COM	COM	311900104	534	12,773	SH		SOLE	NONE	12,773	0	0
* FIRST TR LRGE CP CORE ALPHA	COM	33734K109	578	12,356	SH		SOLE	NONE	0	0	12,356
FIRST TR LRG CP VL ALPHADEX CO	COM	33735J101	486	11,404	SH		SOLE	NONE	0	0	11,404
FIRST TR EXCHANGE TRADED FD FI	COM	33738D408	28,118	578,088	SH		SOLE	NONE	419,894	0	158,194
* FOUR CORNERS PPTY TR INC COM	COM	35086T109	220	10,293	SH		SOLE	NONE	10,293	0	0
* GENERAL ELECTRIC CO COM	COM	369604103	845	28,520	SH		SOLE	NONE	28,520	0	0
* GILEAD SCIENCES INC COM	COM	375558103	845	10,683	SH		SOLE	NONE	0	0	10,683
* GLADSTONE COML CORP COM	COM	376536108	245	13,155	SH		SOLE	NONE	0	0	13,155
* GLAXOSMITHKLINE PLC SPONSORE	COM	37733W105	753	17,470	SH		SOLE	NONE	0	0	17,470
* HORIZON TECHNOLOGY FIN CORP	COM	44045A102	137	10,120	SH		SOLE	NONE	0	0	10,120
* ISHARES TR CORE SP500 ETF	COM	464287200	2,892	13,293	SH		SOLE	NONE	0	0	13,293
* ISHARES TR CORE US AGGBD ET	COM	464287226	81,106	721,457	SH		SOLE	NONE	455,209	0	266,248
* ISHARES TR MSCI EMG MKT ETF	COM	464287234	130,776	3,492,015	SH		SOLE	NONE	2,366,736	0	1,125,279
* ISHARES TR IBOXX INV CP ETF	COM	464287242	87,475	710,141	SH		SOLE	NONE	501,482	0	208,659
* ISHARES TR SP 500 GRWT ETF	COM	464287309	120,947	994,136	SH		SOLE	NONE	704,468	0	289,668
* ISHARES TR SP 500 VAL ETF	COM	464287408	22,377	235,648	SH		SOLE	NONE	231,335	0	4,313
* ISHARES TR 1-3 YR TR BD ETF	COM	464287457	3,518	41,369	SH		SOLE	NONE	0	0	41,369
* ISHARES TR RUS MID-CAP ETF	COM	464287499	3,579	20,529	SH		SOLE	NONE	0	0	20,529
* ISHARES TR CORE SP MCP ETF	COM	464287507	90,813	586,989	SH		SOLE	NONE	397,126	0	189,863
* ISHARES TR RUS 1000 GRW ETF	COM	464287614	3,896	37,397	SH		SOLE	NONE	0	0	37,397
* ISHARES TR RUS 2000 VAL ETF	COM	464287630	100,892	963,168	SH		SOLE	NONE	680,500	0	282,668
* ISHARES TR RUSSELL 2000 ETF	COM	464287655	449	3,616	SH		SOLE	NONE	0	0	3,616
* ISHARES TR NATIONAL MUN ETF	COM	464288414	3,360	29,799	SH		SOLE	NONE	0	0	29,799
* ISHARES TR 1-3 YR CR BD ETF	COM	464288646	1,173	11,093	SH		SOLE	NONE	0	0	11,093
* ISHARES TR SHRT TRS BD ETF	COM	464288679	409	3,705	SH		SOLE	NONE	0	0	3,705
* ISHARES TR U.S. PFD STK ETF	COM	464288687	1,667	42,193	SH		SOLE	NONE	0	0	42,193
* ISHARES TR MSCI INDIA ETF	COM	46429B598	47,358	1,610,264	SH		SOLE	NONE	1,143,204	0	467,060
* ISHARES TR USA QUALITY FCTR	COM	46432F339	5,581	82,688	SH		SOLE	NONE	0	0	82,688
* JPMORGAN CHASE CO COM	COM	46625H100	268	4,022	SH		SOLE	NONE	4,022	0	0
* JOHNSON JOHNSON COM	COM	478160104	1,232	10,429	SH		SOLE	NONE	10,429	0	0
* LKQ CORP COM	COM	501889208	449	12,659	SH		SOLE	NONE	12,659	0	0
* LAMAR ADVERTISING CO NEW CL	COM	512816109	228	3,493	SH		SOLE	NONE	3,493	0	0
* MACYS INC COM	COM	55616P104	535	14,433	SH		SOLE	NONE	0	0	14,433
* MAGNA INTL INC COM	COM	559222401	523	12,184	SH		SOLE	NONE	0	0	12,184
* MICROSOFT CORP COM	COM	594918104	961	16,689	SH		SOLE	NONE	16,689	0	0
* NASDAQ INC COM	COM	631103108	434	6,431	SH		SOLE	NONE	6,431	0	0
* NEW MTN FIN CORP COM	COM	647551100	255	18,530	SH		SOLE	NONE	0	0	18,530
* PARKWAY PPTYS INC COM	COM	70159Q104	208	12,239	SH		SOLE	NONE	12,239	0	0
* PEPSICO INC COM	COM	713448108	265	2,440	SH		SOLE	NONE	2,440	0	0
* POWERSHARES ETF TRUST FINL P	COM	73935X229	28,109	1,475,544	SH		SOLE	NONE	1,077,311	0	398,233
* POWERSHARES ETF TRUST DYNM L	COM	73935X609	12,527	395,422	SH		SOLE	NONE	0	0	395,422
* POWERSHARES ETF TRUST II SEN	COM	73936Q769	2,105	90,679	SH		SOLE	NONE	0	0	90,679
* POWERSHARES ETF TR II VAR RA	COM	73937B597	28,240	1,107,017	SH		SOLE	NONE	806,231	0	300,786
* POWERSHARES ETF TR II PWRSHS	COM	73937B654	12,273	315,433	SH		SOLE	NONE	0	0	315,433
* PRINCIPAL FINL GROUP INC COM	COM	74251V102	580	11,267	SH		SOLE	NONE	11,267	0	0
* PROCTER AND GAMBLE CO COM	COM	742718109	269	3,000	SH		SOLE	NONE	3,000	0	0
* PRUDENTIAL PLC ADR	COM	74435K204	592	16,581	SH		SOLE	NONE	0	0	16,581
* REPUBLIC SVCS INC COM	COM	760759100	206	4,080	SH		SOLE	NONE	4,080	0	0
* SPDR SP 500 ETF TR TR UNIT	COM	78462F103	21,668	100,175	SH		SOLE	NONE	74,758	0	25,417
* SPDR INDEX SHS FDS MSCI ACWI	COM	78463X848	7,599	233,951	SH		SOLE	NONE	0	0	233,951
* SPDR SERIES TRUST SP DIVID E	COM	78464A763	48,208	571,450	SH		SOLE	NONE	406,427	0	165,023
* SPDR SERIES TRUST SP BK ETF	COM	78464A797	55,042	1,648,952	SH		SOLE	NONE	1,145,424	0	503,528
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	2,635	52,501	SH		SOLE	NONE	0	0	52,501
* SALESFORCE COM INC COM	COM	79466L302	258	3,612	SH		SOLE	NONE	3,612	0	0
* SCHEIN HENRY INC COM	COM	806407102	229	1,408	SH		SOLE	NONE	1,408	0	0
* SELECT SECTOR SPDR TR SBI MA	COM	81369Y100	90,433	1,893,894	SH		SOLE	NONE	1,310,822	0	583,072
* SOLAR CAP LTD COM	COM	83413U100	272	13,245	SH		SOLE	NONE	0	0	13,245
* STARWOOD PPTY TR INC COM	COM	85571B105	229	10,152	SH		SOLE	NONE	0	0	10,152
* SUMMIT HOTEL PPTYS COM	COM	866082100	168	12,766	SH		SOLE	NONE	12,766	0	0
* TARGET CORP COM	COM	87612E106	833	12,127	SH		SOLE	NONE	0	0	12,127
* 3M CO COM	COM	88579Y101	205	1,161	SH		SOLE	NONE	1,161	0	0
* US BANCORP DEL COM NEW	COM	902973304	846	19,729	SH		SOLE	NONE	0	0	19,729
* UNITED PARCEL SERVICE INC CL	COM	911312106	869	7,945	SH		SOLE	NONE	2,440	0	5,505
* UNIVERSAL HLTH SVCS INC CL B	COM	913903100	334	2,710	SH		SOLE	NONE	2,710	0	0
* VALERO ENERGY CORP NEW COM	COM	91913Y100	482	9,100	SH		SOLE	NONE	0	0	9,100
* VANECK VECTORS ETF TR HIGH Y	COM	92189F361	42,005	1,302,494	SH		SOLE	NONE	947,099	0	355,395
* VANGUARD BD INDEX FD INC TOT	COM	921937835	4,652	55,289	SH		SOLE	NONE	0	0	55,289
* VANGUARD INTL EQUITY INDEX F	COM	922042742	2,798	45,974	SH		SOLE	NONE	0	0	45,974
* VANGUARD INTL EQUITY INDEX F	COM	922042775	1,651	36,340	SH		SOLE	NONE	0	0	36,340
* VANGUARD INTL EQUITY INDEX F	COM	922042858	1,665	44,235	SH		SOLE	NONE	0	0	44,235
* VANGUARD WORLD FDS INF TECH	COM	92204A702	92,193	765,914	SH		SOLE	NONE	528,006	0	237,908
* VANGUARD INDEX FDS SML CP GR	COM	922908595	97,091	736,769	SH		SOLE	NONE	521,802	0	214,967
* VANGUARD INDEX FDS MID CAP E	COM	922908629	3,911	30,211	SH		SOLE	NONE	0	0	30,211
* VANGUARD INDEX FDS VALUE ETF	COM	922908744	4,398	50,556	SH		SOLE	NONE	0	0	50,556
* VANGUARD INDEX FDS SMALL CP	COM	922908751	3,883	31,777	SH		SOLE	NONE	0	0	31,777
* VODAFONE GROUP PLC NEW SPNSR	COM	92857W308	725	24,859	SH		SOLE	NONE	0	0	24,859
* WAL-MART STORES INC COM	COM	931142103	758	10,509	SH		SOLE	NONE	0	0	10,509
* WASTE MGMT INC DEL COM	COM	94106L109	292	4,579	SH		SOLE	NONE	4,579	0	0
* WELLS FARGO CO NEW COM	COM	949746101	686	15,488	SH		SOLE	NONE	15,488	0	0
* WHIRLPOOL CORP COM	COM	963320106	228	1,408	SH		SOLE	NONE	1,408	0	0
* WISDOMTREE TR JAPN HEDGE EQT	COM	97717W851	58,580	1,365,185	SH		SOLE	NONE	970,147	0	395,038
* ATT INC COM	COM	00206R102	250	6,160	SH		DFND	1	0	0	6,160
BAY BANCORP INC COM	COM	07203T106	122	22,217	SH		DFND	1	0	0	22,217
* DBX ETF TR XTRAK MSCI EAFE	COM	233051200	3,223	122,185	SH		DFND	1	0	0	122,185
* FIRST TR EXCHANGE TRADED FD	COM	33733E302	710	8,700	SH		DFND	1	0	0	8,700
* FIRST TR EXCHANGE TRADED FD	COM	33734X101	672	19,060	SH		DFND	1	0	0	19,060
* FIRST TR EXCHANGE TRADED FD	COM	33734X119	666	14,335	SH		DFND	1	0	0	14,335
* FIRST TR EXCHANGE TRADED FD	COM	33734X127	709	45,989	SH		DFND	1	0	0	45,989
* FIRST TR EXCHANGE TRADED FD	COM	33734X184	680	26,228	SH		DFND	1	0	0	26,228
* ISHARES TR RUS 1000 GRW ETF	COM	464287614	4,565	43,822	SH		DFND	1	0	0	43,822
* ISHARES TR USA QUALITY FCTR	COM	46432F339	6,833	101,243	SH		DFND	1	0	0	101,243
* JOHNSON JOHNSON COM	COM	478160104	339	2,872	SH		DFND	1	0	0	2,872
* LOCKHEED MARTIN CORP COM	COM	539830109	259	1,080	SH		DFND	1	0	0	1,080
* PEPSICO INC COM	COM	713448108	203	1,864	SH		DFND	1	0	0	1,864
* POWERSHS DB MULTI SECT COMM	COM	73936B200	867	21,349	SH		DFND	1	0	0	21,349
* POWERSHS DB MULTI SECT COMM	COM	73936B309	866	28,679	SH		DFND	1	0	0	28,679
* PROCTER AND GAMBLE CO COM	COM	742718109	237	2,640	SH		DFND	1	0	0	2,640
* SPDR SP 500 ETF TR TR UNIT	COM	78462F103	6,792	31,403	SH		DFND	1	0	0	31,403
* 3M CO COM	COM	88579Y101	240	1,360	SH		DFND	1	0	0	1,360
* UNITED PARCEL SERVICE INC CL	COM	911312106	243	2,224	SH		DFND	1	0	0	2,224
* VANGUARD INTL EQUITY INDEX F	COM	922042742	3,658	60,112	SH		DFND	1	0	0	60,112
* VANGUARD INTL EQUITY INDEX F	COM	922042775	1,828	40,244	SH		DFND	1	0	0	40,244
* VANGUARD INTL EQUITY INDEX F	COM	922042858	2,253	59,870	SH		DFND	1	0	0	59,870
* VANGUARD INDEX FDS MID CAP E	COM	922908629	4,586	35,428	SH		DFND	1	0	0	35,428
* VANGUARD INDEX FDS VALUE ETF	COM	922908744	4,992	57,382	SH		DFND	1	0	0	57,382
* VANGUARD INDEX FDS SMALL CP	COM	922908751	4,582	37,506	SH		DFND	1	0	0	37,506
* WASTE MGMT INC DEL COM	COM	94106L109	277	4,352	SH		DFND	1	0	0	4,352
SPDR S&P 500 ETF TRUST	COM	78462F953	16,223	75,000	SH	Put	SOLE	NONE	0	0	75,000