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
AEGON N V NY REGISTRY SH	COM	007924103	507	98,900	SH		SOLE	NONE	387	0	98,513
APOLLO INVT CORP COM	COM	03761U106	136	20,764	SH		SOLE	NONE	0	0	20,764
APPLE INC COM	COM	037833100	873	6,079	SH		SOLE	NONE	19	0	6,060
BCE INC COM NEW	COM	05534B760	460	10,388	SH		SOLE	NONE	29	0	10,359
BANCO SANTANDER CHILE NEW SP A	COM	05965X109	499	19,890	SH		SOLE	NONE	0	0	19,890
CVS HEALTH CORP COM	COM	126650100	943	12,016	SH		SOLE	NONE	20	0	11,996
CISCO SYS INC COM	COM	17275R102	938	27,754	SH		SOLE	NONE	81	0	27,673
COACH INC COM	COM	189754104	607	14,695	SH		SOLE	NONE	42	0	14,653
COCA COLA CO COM	COM	191216100	924	21,766	SH		SOLE	NONE	61	0	21,705
DBX ETF TR DB XTR MSCI EUR	COM	233051853	69,883	2,582,538	SH		SOLE	NONE	1,824,712	0	757,826
DIAGEO P L C SPON ADR NEW	COM	25243Q205	788	6,816	SH		SOLE	NONE	20	0	6,796
DOW CHEM CO COM	COM	260543103	402	6,320	SH		SOLE	NONE	17	0	6,303
FIFTH STREET FINANCE CORP COM	COM	31678A103	138	29,962	SH		SOLE	NONE	0	0	29,962
FIFTH STR SR FLOATNG RATE CO C	COM	31679F101	131	14,838	SH		SOLE	NONE	0	0	14,838
FIRST TR EXCH TRADED FD III HO	COM	33739P871	419	13,768	SH		SOLE	NONE	0	0	13,768
FIRST TR EXCH TRADED FD III HO	COM	33739P889	1,094	51,771	SH		SOLE	NONE	0	0	51,771
GILEAD SCIENCES INC COM	COM	375558103	932	13,722	SH		SOLE	NONE	34	0	13,688
HONEYWELL INTL INC COM	COM	438516106	369	2,955	SH		SOLE	NONE	8	0	2,947
HORIZON TECHNOLOGY FIN CORP CO	COM	44045A102	143	12,887	SH		SOLE	NONE	0	0	12,887
ISHARES TR CORE SP500 ETF	COM	464287200	3,431	14,460	SH		SOLE	NONE	0	0	14,460
ISHARES TR CORE US AGGBD ET	COM	464287226	6,345	58,481	SH		SOLE	NONE	0	0	58,481
ISHARES TR MSCI EMG MKT ETF	COM	464287234	147,293	3,739,358	SH		SOLE	NONE	2,645,041	0	1,094,317
ISHARES TR IBOXX INV CP ETF	COM	464287242	31,837	270,010	SH		SOLE	NONE	197,359	0	72,651
ISHARES TR SP 500 GRWT ETF	COM	464287309	199,419	1,516,265	SH		SOLE	NONE	1,069,785	0	446,480
ISHARES TR SP 500 VAL ETF	COM	464287408	372	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES TR 7-10YR TR BD ETF	COM	464287440	21,138	200,187	SH		SOLE	NONE	146,981	0	53,206
ISHARES TR 1-3 YR TR BD ETF	COM	464287457	4,321	51,121	SH		SOLE	NONE	0	0	51,121
ISHARES TR MSCI EAFE ETF	COM	464287465	49,551	795,490	SH		SOLE	NONE	560,693	0	234,797
ISHARES TR RUS MID CAP ETF	COM	464287499	3,906	20,870	SH		SOLE	NONE	0	0	20,870
ISHARES TR CORE SP MCP ETF	COM	464287507	1,633	9,540	SH		SOLE	NONE	0	0	9,540
ISHARES TR RUSSELL 2000 ETF	COM	464287655	541	3,938	SH		SOLE	NONE	0	0	3,938
ISHARES TR JP MOR EM MK ETF	COM	464288281	26,534	233,371	SH		SOLE	NONE	170,297	0	63,074
ISHARES TR NATIONAL MUN ETF	COM	464288414	980	8,996	SH		SOLE	NONE	0	0	8,996
ISHARES TR IBOXX HI YD ETF	COM	464288513	2,949	33,592	SH		SOLE	NONE	0	0	33,592
ISHARES TR 1-3 YR CR BD ETF	COM	464288646	1,440	13,689	SH		SOLE	NONE	0	0	13,689
ISHARES TR SHRT TRS BD ETF	COM	464288679	493	4,468	SH		SOLE	NONE	0	0	4,468
ISHARES TR U.S. PFD STK ETF	COM	464288687	1,982	51,214	SH		SOLE	NONE	0	0	51,214
ISHARES TR U.S. MED DVC ETF	COM	464288810	24,612	162,539	SH		SOLE	NONE	118,542	0	43,997
ISHARES TR USA QUALITY FCTR	COM	46432F339	3,377	46,382	SH		SOLE	NONE	0	0	46,382
ISHARES TR EXPONEN TECHNO	COM	46434V381	24,712	832,058	SH		SOLE	NONE	605,349	0	226,709
KOHLS CORP COM	COM	500255104	749	18,824	SH		SOLE	NONE	26	0	18,798
LAS VEGAS SANDS CORP COM	COM	517834107	947	16,598	SH		SOLE	NONE	0	0	16,598
MAGNA INTL INC COM	COM	559222401	907	21,016	SH		SOLE	NONE	58	0	20,958
MATTEL INC COM	COM	577081102	947	36,981	SH		SOLE	NONE	0	0	36,981
MEDLEY CAP CORP COM	COM	58503F106	137	17,834	SH		SOLE	NONE	0	0	17,834
NOVO-NORDISK A S ADR	COM	670100205	762	22,231	SH		SOLE	NONE	28	0	22,203
POWERSHARES QQQ TRUST UNIT SER	COM	73935A104	124,955	943,915	SH		SOLE	NONE	663,601	0	280,314
POWERSHARES ETF TRUST FINL PFD	COM	73935X229	29,621	1,587,429	SH		SOLE	NONE	1,145,005	0	442,424
POWERSHARES ETF TRUST DYNM LRG	COM	73935X609	5,127	149,261	SH		SOLE	NONE	0	0	149,261
POWERSHARES ETF TR II SP600 LO	COM	73937B639	3,244	75,695	SH		SOLE	NONE	0	0	75,695
POWERSHARES ETF TR II PWRSHS S	COM	73937B654	13,352	329,587	SH		SOLE	NONE	0	0	329,587
QUALCOMM INC COM	COM	747525103	965	16,832	SH		SOLE	NONE	48	0	16,784
RIO TINTO PLC SPONSORED ADR	COM	767204100	892	21,924	SH		SOLE	NONE	0	0	21,924
SPDR INDEX SHS FDS EURO STOXX	COM	78463X202	78,958	2,172,158	SH		SOLE	NONE	1,536,932	0	635,226
SPDR INDEX SHS FDS MSCI ACWI E	COM	78463X848	10,216	299,512	SH		SOLE	NONE	0	0	299,512
SPDR SERIES TRUST BLMBRG BRC C	COM	78464A359	21,263	442,068	SH		SOLE	NONE	323,898	0	118,170
SSGA ACTIVE ETF TR BLKSTN GSOS	COM	78467V608	34,703	729,983	SH		SOLE	NONE	530,886	0	199,097
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	55,800	1,141,796	SH		SOLE	NONE	832,136	0	309,660
SPDR SER TR BLOOMBERG SRT TR	COM	78468R408	45,440	1,625,182	SH		SOLE	NONE	1,180,971	0	444,211
SELECT SECTOR SPDR TR SBI INT-	COM	81369Y605	24,392	1,027,888	SH		SOLE	NONE	754,841	0	273,047
THL CR INC COM	COM	872438106	138	13,862	SH		SOLE	NONE	0	0	13,862
UNITED TECHNOLOGIES CORP COM	COM	913017109	940	8,374	SH		SOLE	NONE	0	0	8,374
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	486	5,999	SH		SOLE	NONE	0	0	5,999
VANGUARD INDEX FDS SML CP GRW	COM	922908595	25,497	181,254	SH		SOLE	NONE	123,201	0	58,053
VANGUARD INDEX FDS SM CP VAL E	COM	922908611	25,068	204,037	SH		SOLE	NONE	141,431	0	62,606
VANGUARD INDEX FDS VALUE ETF	COM	922908744	174,243	1,827,025	SH		SOLE	NONE	1,285,625	0	541,400
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	24,739	185,618	SH		SOLE	NONE	136,176	0	49,442
WAL-MART STORES INC COM	COM	931142103	1,158	16,069	SH		SOLE	NONE	31	0	16,038
AFLAC INC COM	COM	001055102	750	10,354	SH		DFND	1	0	0	10,354
AIR PRODS CHEMS INC COM	COM	009158106	849	6,273	SH		DFND	1	0	0	6,273
ALLSTATE CORP COM	COM	020002101	1,265	15,520	SH		DFND	1	0	0	15,520
ALPHABET INC CAP STK CL A	COM	02079K305	666	786	SH		DFND	1	0	0	786
ALTRIA GROUP INC COM	COM	02209S103	1,434	20,077	SH		DFND	1	0	0	20,077
AMPHENOL CORP NEW CL A	COM	032095101	1,100	15,454	SH		DFND	1	0	0	15,454
AUTOMATIC DATA PROCESSING IN C	COM	053015103	715	6,981	SH		DFND	1	0	0	6,981
BAY BANCORP INC COM	COM	07203T106	174	22,217	SH		DFND	1	0	0	22,217
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	1,050	6,299	SH		DFND	1	0	0	6,299
BROWN FORMAN CORP CL B	COM	115637209	884	19,136	SH		DFND	1	0	0	19,136
C H ROBINSON WORLDWIDE INC COM	COM	12541W209	447	5,780	SH		DFND	1	0	0	5,780
CISCO SYS INC COM	COM	17275R102	926	27,409	SH		DFND	1	0	0	27,409
CINTAS CORP COM	COM	172908105	608	4,807	SH		DFND	1	0	0	4,807
CLOROX CO DEL COM	COM	189054109	618	4,582	SH		DFND	1	0	0	4,582
COCA COLA CO COM	COM	191216100	1,407	33,147	SH		DFND	1	0	0	33,147
COMCAST CORP NEW CL A	COM	20030N101	919	24,435	SH		DFND	1	0	0	24,435
DBX ETF TR XTRAK MSCI EAFE	COM	233051200	8,172	276,167	SH		DFND	1	0	0	276,167
DANAHER CORP DEL COM	COM	235851102	667	7,800	SH		DFND	1	0	0	7,800
DISNEY WALT CO COM DISNEY	COM	254687106	1,784	15,733	SH		DFND	1	0	0	15,733
DOW CHEM CO COM	COM	260543103	748	11,769	SH		DFND	1	0	0	11,769
DR PEPPER SNAPPLE GROUP INC CO	COM	26138E109	861	8,793	SH		DFND	1	0	0	8,793
DU PONT E I DE NEMOURS CO COM	COM	263534109	638	7,944	SH		DFND	1	0	0	7,944
ECOLAB INC COM	COM	278865100	1,417	11,305	SH		DFND	1	0	0	11,305
EXPEDITORS INTL WASH INC COM	COM	302130109	530	9,386	SH		DFND	1	0	0	9,386
EXXON MOBIL CORP COM	COM	30231G102	604	7,362	SH		DFND	1	0	0	7,362
FEDEX CORP COM	COM	31428X106	437	2,237	SH		DFND	1	0	0	2,237
FIDELITY NATL INFORMATION SV C	COM	31620M106	559	7,027	SH		DFND	1	0	0	7,027
FIRST TR EXCHANGE TRADED FD CH	COM	33733A102	357	11,271	SH		DFND	1	0	0	11,271
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	688	7,815	SH		DFND	1	0	0	7,815
FIRST TR NASDAQ100 TECH INDE S	COM	337345102	714	11,870	SH		DFND	1	0	0	11,870
FIRST TR EXCHANGE TRADED FD IN	COM	33734X150	622	18,111	SH		DFND	1	0	0	18,111
FIRST TR EXCHANGE TRADED FD UT	COM	33734X184	659	24,053	SH		DFND	1	0	0	24,053
FIRST TR EXCH TRD ALPHA FD I L	COM	33737J125	339	16,214	SH		DFND	1	0	0	16,214
FIRST TR EXCH TRD ALPHA FD I B	COM	33737J133	336	21,489	SH		DFND	1	0	0	21,489
FIRST TR EXCH TRD ALPHA FD I G	COM	33737J190	351	8,871	SH		DFND	1	0	0	8,871
FIRST TR EXCH TRD ALPHA FD I S	COM	33737J232	359	7,998	SH		DFND	1	0	0	7,998
FIRST TR EXCHANGE TRADED FD NA	COM	33738R860	575	22,129	SH		DFND	1	0	0	22,129
FISERV INC COM	COM	337738108	918	7,961	SH		DFND	1	0	0	7,961
GALLAGHER ARTHUR J CO COM	COM	363576109	705	12,475	SH		DFND	1	0	0	12,475
GENERAL DYNAMICS CORP COM	COM	369550108	440	2,348	SH		DFND	1	0	0	2,348
GENERAL ELECTRIC CO COM	COM	369604103	801	26,870	SH		DFND	1	0	0	26,870
HARRIS CORP DEL COM	COM	413875105	613	5,506	SH		DFND	1	0	0	5,506
HARTFORD FINL SVCS GROUP INC C	COM	416515104	515	10,715	SH		DFND	1	0	0	10,715
HERSHEY CO COM	COM	427866108	1,039	9,510	SH		DFND	1	0	0	9,510
HOME DEPOT INC COM	COM	437076102	602	4,100	SH		DFND	1	0	0	4,100
HONEYWELL INTL INC COM	COM	438516106	509	4,078	SH		DFND	1	0	0	4,078
ILLINOIS TOOL WKS INC COM	COM	452308109	602	4,546	SH		DFND	1	0	0	4,546
INTERNATIONAL BUSINESS MACHS C	COM	459200101	768	4,408	SH		DFND	1	0	0	4,408
INTUIT COM	COM	461202103	616	5,310	SH		DFND	1	0	0	5,310
ISHARES TR CORE US AGGBD ET	COM	464287226	4,890	45,070	SH		DFND	1	0	0	45,070
ISHARES TR IBOXX INV CP ETF	COM	464287242	2,633	22,330	SH		DFND	1	0	0	22,330
ISHARES TR RUS 1000 GRW ETF	COM	464287614	6,794	59,703	SH		DFND	1	0	0	59,703
ISHARES TR IBOXX HI YD ETF	COM	464288513	2,100	23,922	SH		DFND	1	0	0	23,922
ISHARES TR USA QUALITY FCTR	COM	46432F339	4,133	56,778	SH		DFND	1	0	0	56,778
JOHNSON JOHNSON COM	COM	478160104	1,424	11,431	SH		DFND	1	0	0	11,431
KIMBERLY CLARK CORP COM	COM	494368103	714	5,422	SH		DFND	1	0	0	5,422
LOEWS CORP COM	COM	540424108	652	13,938	SH		DFND	1	0	0	13,938
MARSH MCLENNAN COS INC COM	COM	571748102	836	11,316	SH		DFND	1	0	0	11,316
MCDONALDS CORP COM	COM	580135101	2,276	17,559	SH		DFND	1	0	0	17,559
NASDAQ INC COM	COM	631103108	727	10,472	SH		DFND	1	0	0	10,472
NORTHROP GRUMMAN CORP COM	COM	666807102	440	1,849	SH		DFND	1	0	0	1,849
ORACLE CORP COM	COM	68389X105	824	18,480	SH		DFND	1	0	0	18,480
PPL CORP COM	COM	69351T106	746	19,944	SH		DFND	1	0	0	19,944
PAYCHEX INC COM	COM	704326107	645	10,957	SH		DFND	1	0	0	10,957
PEPSICO INC COM	COM	713448108	1,628	14,552	SH		DFND	1	0	0	14,552
PRAXAIR INC COM	COM	74005P104	868	7,317	SH		DFND	1	0	0	7,317
PROCTER AND GAMBLE CO COM	COM	742718109	764	8,505	SH		DFND	1	0	0	8,505
PROGRESSIVE CORP OHIO COM	COM	743315103	728	18,578	SH		DFND	1	0	0	18,578
REPUBLIC SVCS INC COM	COM	760759100	1,412	22,486	SH		DFND	1	0	0	22,486
ROPER TECHNOLOGIES INC COM	COM	776696106	456	2,207	SH		DFND	1	0	0	2,207
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	13,173	55,880	SH		DFND	1	0	0	55,880
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	2,653	54,297	SH		DFND	1	0	0	54,297
SMUCKER J M CO COM NEW	COM	832696405	563	4,292	SH		DFND	1	0	0	4,292
SOUTHERN CO COM	COM	842587107	653	13,117	SH		DFND	1	0	0	13,117
STANLEY BLACK DECKER INC COM	COM	854502101	404	3,044	SH		DFND	1	0	0	3,044
STARBUCKS CORP COM	COM	855244109	701	11,999	SH		DFND	1	0	0	11,999
TJX COS INC NEW COM	COM	872540109	768	9,708	SH		DFND	1	0	0	9,708
3M CO COM	COM	88579Y101	1,103	5,763	SH		DFND	1	0	0	5,763
TORCHMARK CORP COM	COM	891027104	1,055	13,698	SH		DFND	1	0	0	13,698
TRAVELERS COMPANIES INC COM	COM	89417E109	682	5,656	SH		DFND	1	0	0	5,656
US BANCORP DEL COM NEW	COM	902973304	631	12,257	SH		DFND	1	0	0	12,257
UNITED PARCEL SERVICE INC CL B	COM	911312106	496	4,618	SH		DFND	1	0	0	4,618
UNITED TECHNOLOGIES CORP COM	COM	913017109	702	6,254	SH		DFND	1	0	0	6,254
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	5,614	69,235	SH		DFND	1	0	0	69,235
VANGUARD INTL EQUITY INDEX F A	COM	922042775	6,572	137,406	SH		DFND	1	0	0	137,406
VANGUARD INTL EQUITY INDEX F F	COM	922042858	10,074	253,632	SH		DFND	1	0	0	253,632
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	12,884	92,530	SH		DFND	1	0	0	92,530
VANGUARD INDEX FDS VALUE ETF	COM	922908744	14,621	153,313	SH		DFND	1	0	0	153,313
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	9,092	68,218	SH		DFND	1	0	0	68,218
VERISK ANALYTICS INC COM	COM	92345Y106	1,420	17,502	SH		DFND	1	0	0	17,502
WAL-MART STORES INC COM	COM	931142103	615	8,537	SH		DFND	1	0	0	8,537
WASTE MGMT INC DEL COM	COM	94106L109	1,534	21,030	SH		DFND	1	0	0	21,030
YUM BRANDS INC COM	COM	988498101	956	14,961	SH		DFND	1	0	0	14,961