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	536	12,596	SH		SOLE	NONE	12,596	0	0
AMERICAN WTR WKS CO INC NEW CO	COM	030420103	247	3,409	SH		SOLE	NONE	3,409	0	0
APOLLO COML REAL EST FIN INC C	COM	03762U105	195	11,723	SH		SOLE	NONE	0	0	11,723
APPLE INC COM	COM	037833100	1,900	16,409	SH		SOLE	NONE	9,309	0	7,100
ARES CAP CORP COM	COM	04010L103	200	12,114	SH		SOLE	NONE	0	0	12,114
BCE INC COM NEW	COM	05534B760	424	9,813	SH		SOLE	NONE	29	0	9,784
BP PLC SPONSORED ADR	COM	055622104	536	14,330	SH		SOLE	NONE	40	0	14,290
BT GROUP PLC ADR	COM	05577E101	795	34,506	SH		SOLE	NONE	108	0	34,398
BANCO DE CHILE SPONSORED ADR	COM	059520106	429	6,083	SH		SOLE	NONE	18	0	6,065
BANCO SANTANDER CHILE NEW SP A	COM	05965X109	419	19,163	SH		SOLE	NONE	0	0	19,163
BEST BUY INC COM	COM	086516101	600	14,069	SH		SOLE	NONE	14,069	0	0
BRISTOL MYERS SQUIBB CO COM	COM	110122108	343	5,870	SH		SOLE	NONE	17	0	5,853
BROWN FORMAN CORP CL B	COM	115637209	428	9,520	SH		SOLE	NONE	9,520	0	0
CBL ASSOC PPTYS INC COM	COM	124830100	131	11,420	SH		SOLE	NONE	0	0	11,420
CARDINAL HEALTH INC COM	COM	14149Y108	337	4,688	SH		SOLE	NONE	14	0	4,674
CISCO SYS INC COM	COM	17275R102	886	29,317	SH		SOLE	NONE	81	0	29,236
CINTAS CORP COM	COM	172908105	554	4,790	SH		SOLE	NONE	4,790	0	0
CITIZENS FINL GROUP INC COM	COM	174610105	596	16,739	SH		SOLE	NONE	16,739	0	0
CLOROX CO DEL COM	COM	189054109	883	7,353	SH		SOLE	NONE	21	0	7,332
COCA COLA CO COM	COM	191216100	672	16,208	SH		SOLE	NONE	48	0	16,160
DIAGEO P L C SPON ADR NEW	COM	25243Q205	659	6,340	SH		SOLE	NONE	20	0	6,320
DOW CHEM CO COM	COM	260543103	951	16,612	SH		SOLE	NONE	10,378	0	6,234
EASTMAN CHEM CO COM	COM	277432100	375	4,983	SH		SOLE	NONE	13	0	4,970
EQUIFAX INC COM	COM	294429105	393	3,325	SH		SOLE	NONE	3,325	0	0
EXXON MOBIL CORP COM	COM	30231G102	625	6,926	SH		SOLE	NONE	6,926	0	0
FACEBOOK INC CL A	COM	30303M102	258	2,244	SH		SOLE	NONE	2,244	0	0
FASTENAL CO COM	COM	311900104	220	4,683	SH		SOLE	NONE	4,683	0	0
FIRST TR EXCH TRADED FD III HO	COM	33739P871	358	12,865	SH		SOLE	NONE	0	0	12,865
FIRST TR EXCH TRADED FD III HO	COM	33739P889	998	49,724	SH		SOLE	NONE	0	0	49,724
GENERAL ELECTRIC CO COM	COM	369604103	778	24,634	SH		SOLE	NONE	24,634	0	0
GILEAD SCIENCES INC COM	COM	375558103	757	10,570	SH		SOLE	NONE	34	0	10,536
GLADSTONE COML CORP COM	COM	376536108	266	13,223	SH		SOLE	NONE	0	0	13,223
GLAXOSMITHKLINE PLC SPONSORED	COM	37733W105	667	17,324	SH		SOLE	NONE	57	0	17,267
HORIZON TECHNOLOGY FIN CORP CO	COM	44045A102	108	10,223	SH		SOLE	NONE	0	0	10,223
ISHARES TR CORE SP500 ETF	COM	464287200	3,238	14,390	SH		SOLE	NONE	0	0	14,390
ISHARES TR CORE US AGGBD ET	COM	464287226	5,453	50,464	SH		SOLE	NONE	0	0	50,464
ISHARES TR MSCI EMG MKT ETF	COM	464287234	78,269	2,235,632	SH		SOLE	NONE	1,578,358	0	657,274
ISHARES TR IBOXX INV CP ETF	COM	464287242	29,977	255,819	SH		SOLE	NONE	197,611	0	58,208
ISHARES TR SP 500 GRWT ETF	COM	464287309	243,900	2,002,629	SH		SOLE	NONE	1,512,880	0	489,749
ISHARES TR SP 500 VAL ETF	COM	464287408	363	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES TR 7-10 Y TR BD ETF	COM	464287440	19,827	189,155	SH		SOLE	NONE	146,943	0	42,212
ISHARES TR 1-3 YR TR BD ETF	COM	464287457	35,837	424,361	SH		SOLE	NONE	293,610	0	130,751
ISHARES TR MSCI EAFE ETF	COM	464287465	115,694	2,004,061	SH		SOLE	NONE	1,207,411	0	796,650
ISHARES TR RUS MID-CAP ETF	COM	464287499	3,356	18,762	SH		SOLE	NONE	0	0	18,762
ISHARES TR CORE SP MCP ETF	COM	464287507	1,572	9,509	SH		SOLE	NONE	0	0	9,509
ISHARES TR RUSSELL 2000 ETF	COM	464287655	533	3,954	SH		SOLE	NONE	0	0	3,954
ISHARES TR MSCI ACWI EX US	COM	464288240	79,265	1,968,330	SH		SOLE	NONE	1,968,330	0	0
ISHARES TR NATIONAL MUN ETF	COM	464288414	3,340	30,872	SH		SOLE	NONE	0	0	30,872
ISHARES TR IBOXX HI YD ETF	COM	464288513	14,891	172,048	SH		SOLE	NONE	132,738	0	39,310
ISHARES TR 1-3 YR CR BD ETF	COM	464288646	1,264	12,045	SH		SOLE	NONE	0	0	12,045
ISHARES TR SHRT TRS BD ETF	COM	464288679	446	4,042	SH		SOLE	NONE	0	0	4,042
ISHARES TR U.S. PFD STK ETF	COM	464288687	1,576	42,364	SH		SOLE	NONE	0	0	42,364
JPMORGAN CHASE CO COM	COM	46625H100	607	7,037	SH		SOLE	NONE	7,037	0	0
JOHNSON JOHNSON COM	COM	478160104	788	6,837	SH		SOLE	NONE	6,837	0	0
KLA-TENCOR CORP COM	COM	482480100	714	9,071	SH		SOLE	NONE	25	0	9,046
LILLY ELI CO COM	COM	532457108	370	5,030	SH		SOLE	NONE	14	0	5,016
LOWES COS INC COM	COM	548661107	528	7,423	SH		SOLE	NONE	7,423	0	0
MAGNA INTL INC COM	COM	559222401	519	11,964	SH		SOLE	NONE	34	0	11,930
MICROSOFT CORP COM	COM	594918104	990	15,932	SH		SOLE	NONE	15,932	0	0
MONSANTO CO NEW COM	COM	61166W101	344	3,272	SH		SOLE	NONE	9	0	3,263
NEW MTN FIN CORP COM	COM	647551100	264	18,690	SH		SOLE	NONE	0	0	18,690
NOVO-NORDISK A S ADR	COM	670100205	367	10,241	SH		SOLE	NONE	28	0	10,213
POWERSHARES ETF TRUST FINL PFD	COM	73935X229	47,270	2,631,985	SH		SOLE	NONE	2,034,328	0	597,657
POWERSHARES ETF TRUST DYNM LRG	COM	73935X609	11,926	373,498	SH		SOLE	NONE	0	0	373,498
POWERSHARES ETF TR II PWRSHS S	COM	73937B654	11,582	295,603	SH		SOLE	NONE	0	0	295,603
PRUDENTIAL PLC ADR	COM	74435K204	645	16,221	SH		SOLE	NONE	44	0	16,177
SPDR INDEX SHS FDS MSCI ACWI E	COM	78463X848	6,313	200,465	SH		SOLE	NONE	0	0	200,465
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	37,054	765,727	SH		SOLE	NONE	591,830	0	173,897
SPDR SER TR BLOOMBERG SRT TR	COM	78468R408	66,879	2,416,164	SH		SOLE	NONE	1,860,310	0	555,854
SCHEIN HENRY INC COM	COM	806407102	400	2,635	SH		SOLE	NONE	2,635	0	0
SIMON PPTY GROUP INC NEW COM	COM	828806109	468	2,635	SH		SOLE	NONE	2,635	0	0
SOLAR CAP LTD COM	COM	83413U100	278	13,343	SH		SOLE	NONE	0	0	13,343
STARWOOD PPTY TR INC COM	COM	85571B105	225	10,235	SH		SOLE	NONE	0	0	10,235
TARGET CORP COM	COM	87612E106	857	11,858	SH		SOLE	NONE	34	0	11,824
TEXTRON INC COM	COM	883203101	399	8,219	SH		SOLE	NONE	8,219	0	0
UNITED PARCEL SERVICE INC CL B	COM	911312106	616	5,374	SH		SOLE	NONE	15	0	5,359
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	432	5,349	SH		SOLE	NONE	0	0	5,349
VANGUARD INDEX FDS SML CP GRW	COM	922908595	65,137	489,234	SH		SOLE	NONE	384,359	0	104,875
VANGUARD INDEX FDS SM CP VAL E	COM	922908611	73,112	604,234	SH		SOLE	NONE	465,385	0	138,849
VANGUARD INDEX FDS VALUE ETF	COM	922908744	274,601	2,952,379	SH		SOLE	NONE	2,172,437	0	779,942
WAL-MART STORES INC COM	COM	931142103	714	10,337	SH		SOLE	NONE	31	0	10,306
AFLAC INC COM	COM	001055102	746	10,716	SH		DFND	1	0	0	10,716
ATT INC COM	COM	00206R102	849	19,955	SH		DFND	1	0	0	19,955
ALLSTATE CORP COM	COM	020002101	1,571	21,200	SH		DFND	1	0	0	21,200
ALPHABET INC CAP STK CL A	COM	02079K305	493	622	SH		DFND	1	0	0	622
ALTRIA GROUP INC COM	COM	02209S103	1,022	15,109	SH		DFND	1	0	0	15,109
AMERICAN ELEC PWR INC COM	COM	025537101	581	9,232	SH		DFND	1	0	0	9,232
AMPHENOL CORP NEW CL A	COM	032095101	544	8,097	SH		DFND	1	0	0	8,097
AUTOZONE INC COM	COM	053332102	542	686	SH		DFND	1	0	0	686
BARD C R INC COM	COM	067383109	513	2,282	SH		DFND	1	0	0	2,282
BAY BANCORP INC COM	COM	07203T106	147	22,217	SH		DFND	1	0	0	22,217
BECTON DICKINSON CO COM	COM	075887109	510	3,078	SH		DFND	1	0	0	3,078
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	1,022	6,268	SH		DFND	1	0	0	6,268
CME GROUP INC COM	COM	12572Q105	749	6,494	SH		DFND	1	0	0	6,494
CVS HEALTH CORP COM	COM	126650100	432	5,473	SH		DFND	1	0	0	5,473
CHURCH DWIGHT INC COM	COM	171340102	441	9,979	SH		DFND	1	0	0	9,979
CLOROX CO DEL COM	COM	189054109	940	7,829	SH		DFND	1	0	0	7,829
COCA COLA CO COM	COM	191216100	1,394	33,624	SH		DFND	1	0	0	33,624
COLGATE PALMOLIVE CO COM	COM	194162103	999	15,271	SH		DFND	1	0	0	15,271
COMCAST CORP NEW CL A	COM	20030N101	1,386	20,068	SH		DFND	1	0	0	20,068
DBX ETF TR XTRAK MSCI EAFE	COM	233051200	7,467	266,110	SH		DFND	1	0	0	266,110
DANAHER CORP DEL COM	COM	235851102	847	10,887	SH		DFND	1	0	0	10,887
DISNEY WALT CO COM DISNEY	COM	254687106	1,438	13,797	SH		DFND	1	0	0	13,797
DOMINION RES INC VA NEW COM	COM	25746U109	602	7,863	SH		DFND	1	0	0	7,863
DR PEPPER SNAPPLE GROUP INC CO	COM	26138E109	594	6,550	SH		DFND	1	0	0	6,550
DUKE ENERGY CORP NEW COM NEW	COM	26441C204	509	6,561	SH		DFND	1	0	0	6,561
ECOLAB INC COM	COM	278865100	848	7,234	SH		DFND	1	0	0	7,234
EDISON INTL COM	COM	281020107	497	6,902	SH		DFND	1	0	0	6,902
EXXON MOBIL CORP COM	COM	30231G102	540	5,985	SH		DFND	1	0	0	5,985
FEDERAL REALTY INVT TR SH BEN	COM	313747206	479	3,368	SH		DFND	1	0	0	3,368
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	670	8,398	SH		DFND	1	0	0	8,398
FIRST TR NASDAQ100 TECH INDE S	COM	337345102	669	12,704	SH		DFND	1	0	0	12,704
FIRST TR EXCHANGE TRADED FD EN	COM	33734X127	702	42,524	SH		DFND	1	0	0	42,524
FIRST TR EXCHANGE TRADED FD IN	COM	33734X150	620	18,870	SH		DFND	1	0	0	18,870
FIRST TR EXCHANGE TRADED FD UT	COM	33734X184	686	25,674	SH		DFND	1	0	0	25,674
FISERV INC COM	COM	337738108	570	5,361	SH		DFND	1	0	0	5,361
GENERAL DYNAMICS CORP COM	COM	369550108	580	3,362	SH		DFND	1	0	0	3,362
GENERAL ELECTRIC CO COM	COM	369604103	787	24,911	SH		DFND	1	0	0	24,911
GENERAL MLS INC COM	COM	370334104	574	9,288	SH		DFND	1	0	0	9,288
HOME DEPOT INC COM	COM	437076102	665	4,963	SH		DFND	1	0	0	4,963
ISHARES TR CORE US AGGBD ET	COM	464287226	4,647	43,004	SH		DFND	1	0	0	43,004
ISHARES TR IBOXX INV CP ETF	COM	464287242	2,534	21,625	SH		DFND	1	0	0	21,625
ISHARES TR RUS 1000 GRW ETF	COM	464287614	6,071	57,873	SH		DFND	1	0	0	57,873
ISHARES TR IBOXX HI YD ETF	COM	464288513	2,013	23,259	SH		DFND	1	0	0	23,259
ISHARES TR USA QUALITY FCTR	COM	46432F339	3,796	54,936	SH		DFND	1	0	0	54,936
JOHNSON JOHNSON COM	COM	478160104	2,167	18,806	SH		DFND	1	0	0	18,806
KIMBERLY CLARK CORP COM	COM	494368103	905	7,926	SH		DFND	1	0	0	7,926
LABORATORY CORP AMER HLDGS COM	COM	50540R409	673	5,244	SH		DFND	1	0	0	5,244
LILLY ELI CO COM	COM	532457108	482	6,551	SH		DFND	1	0	0	6,551
LOCKHEED MARTIN CORP COM	COM	539830109	912	3,647	SH		DFND	1	0	0	3,647
LOEWS CORP COM	COM	540424108	587	12,535	SH		DFND	1	0	0	12,535
MARSH MCLENNAN COS INC COM	COM	571748102	963	14,252	SH		DFND	1	0	0	14,252
MCCORMICK CO INC COM NON VTG	COM	579780206	622	6,664	SH		DFND	1	0	0	6,664
MCDONALDS CORP COM	COM	580135101	632	5,193	SH		DFND	1	0	0	5,193
NASDAQ INC COM	COM	631103108	600	8,944	SH		DFND	1	0	0	8,944
NORTHROP GRUMMAN CORP COM	COM	666807102	1,234	5,305	SH		DFND	1	0	0	5,305
PGE CORP COM	COM	69331C108	596	9,810	SH		DFND	1	0	0	9,810
PEPSICO INC COM	COM	713448108	1,920	18,353	SH		DFND	1	0	0	18,353
PFIZER INC COM	COM	717081103	877	27,015	SH		DFND	1	0	0	27,015
PHILIP MORRIS INTL INC COM	COM	718172109	532	5,815	SH		DFND	1	0	0	5,815
POWERSHS DB MULTI SECT COMM DB	COM	73936B101	897	64,943	SH		DFND	1	0	0	64,943
POWERSHS DB MULTI SECT COMM DB	COM	73936B705	909	60,918	SH		DFND	1	0	0	60,918
PRAXAIR INC COM	COM	74005P104	521	4,449	SH		DFND	1	0	0	4,449
PROCTER AND GAMBLE CO COM	COM	742718109	1,155	13,736	SH		DFND	1	0	0	13,736
PROGRESSIVE CORP OHIO COM	COM	743315103	781	22,005	SH		DFND	1	0	0	22,005
QUEST DIAGNOSTICS INC COM	COM	74834L100	644	7,013	SH		DFND	1	0	0	7,013
RAYTHEON CO COM NEW	COM	755111507	1,013	7,131	SH		DFND	1	0	0	7,131
REPUBLIC SVCS INC COM	COM	760759100	1,509	26,444	SH		DFND	1	0	0	26,444
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	12,146	54,339	SH		DFND	1	0	0	54,339
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	2,548	52,649	SH		DFND	1	0	0	52,649
SOUTHERN CO COM	COM	842587107	583	11,860	SH		DFND	1	0	0	11,860
STARBUCKS CORP COM	COM	855244109	652	11,748	SH		DFND	1	0	0	11,748
SYSCO CORP COM	COM	871829107	710	12,829	SH		DFND	1	0	0	12,829
3M CO COM	COM	88579Y101	1,273	7,131	SH		DFND	1	0	0	7,131
TORCHMARK CORP COM	COM	891027104	635	8,606	SH		DFND	1	0	0	8,606
TRAVELERS COMPANIES INC COM	COM	89417E109	664	5,420	SH		DFND	1	0	0	5,420
UNITED PARCEL SERVICE INC CL B	COM	911312106	2,274	19,832	SH		DFND	1	0	0	19,832
UNITED TECHNOLOGIES CORP COM	COM	913017109	557	5,077	SH		DFND	1	0	0	5,077
UNITEDHEALTH GROUP INC COM	COM	91324P102	638	3,985	SH		DFND	1	0	0	3,985
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	5,395	66,776	SH		DFND	1	0	0	66,776
VANGUARD INTL EQUITY INDEX F A	COM	922042775	5,854	132,500	SH		DFND	1	0	0	132,500
VANGUARD INTL EQUITY INDEX F F	COM	922042858	8,729	243,973	SH		DFND	1	0	0	243,973
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	11,798	89,627	SH		DFND	1	0	0	89,627
VANGUARD INDEX FDS VALUE ETF	COM	922908744	13,842	148,827	SH		DFND	1	0	0	148,827
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	8,587	66,585	SH		DFND	1	0	0	66,585
VERIZON COMMUNICATIONS INC COM	COM	92343V104	833	15,606	SH		DFND	1	0	0	15,606
VERISK ANALYTICS INC COM	COM	92345Y106	523	6,440	SH		DFND	1	0	0	6,440
WASTE MGMT INC DEL COM	COM	94106L109	1,305	18,406	SH		DFND	1	0	0	18,406
WisdomTree Japan Hedged Equity	COM	97717W851	12,385	250,000	SH	Call	SOLE	NONE	0	0	250,000
iShares Russell 2000	COM	464287655	21,576	160,000	SH	Put	SOLE	NONE	0	0	160,000