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
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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
AFLAC INC COM	COM	001055102	547	7,450	SH		SOLE	NONE	0	0	7,450
APOLLO INVT CORP COM	COM	03761U106	129	20,171	SH		SOLE	NONE	0	0	20,171
BANK N S HALIFAX COM	COM	064149107	540	9,840	SH		SOLE	NONE	0	0	9,840
CVS HEALTH CORP COM	COM	126650100	959	11,955	SH		SOLE	NONE	20	0	11,935
CAPITAL ONE FINL CORP COM	COM	14040H105	570	7,177	SH		SOLE	NONE	0	0	7,177
CISCO SYS INC COM	COM	17275R102	506	15,117	SH		SOLE	NONE	81	0	15,036
COACH INC COM	COM	189754104	655	14,466	SH		SOLE	NONE	42	0	14,424
COCA COLA CO COM	COM	191216100	941	21,592	SH		SOLE	NONE	61	0	21,531
DBX ETF TR DEUTSCHE USD ETF	COM	233051432	23,115	452,086	SH		SOLE	NONE	340,310	0	111,776
DBX ETF TR DB XTR MSCI EUR	COM	233051853	70,766	2,490,000	SH		SOLE	NONE	1,802,238	0	687,762
FIFTH THIRD BANCORP COM	COM	316773100	554	22,926	SH		SOLE	NONE	0	0	22,926
FIFTH STREET FINANCE CORP COM	COM	31678A103	142	29,174	SH		SOLE	NONE	0	0	29,174
FIFTH STR SR FLOATNG RATE CO C	COM	31679F101	118	14,502	SH		SOLE	NONE	0	0	14,502
FIRST TR EXCH TRADED FD III HO	COM	33739P871	502	15,704	SH		SOLE	NONE	0	0	15,704
FIRST TR EXCH TRADED FD III HO	COM	33739P889	1,246	58,336	SH		SOLE	NONE	0	0	58,336
GILEAD SCIENCES INC COM	COM	375558103	904	13,686	SH		SOLE	NONE	34	0	13,652
HSBC HLDGS PLC SPON ADR NEW	COM	404280406	945	21,276	SH		SOLE	NONE	0	0	21,276
HONEYWELL INTL INC COM	COM	438516106	386	2,932	SH		SOLE	NONE	8	0	2,924
HORIZON TECHNOLOGY FIN CORP CO	COM	44045A102	143	12,510	SH		SOLE	NONE	0	0	12,510
INTEL CORP COM	COM	458140100	572	16,107	SH		SOLE	NONE	0	0	16,107
INTERNATIONAL BUSINESS MACHS C	COM	459200101	947	6,163	SH		SOLE	NONE	0	0	6,163
ISHARES TR CORE SP500 ETF	COM	464287200	3,195	13,280	SH		SOLE	NONE	0	0	13,280
ISHARES TR CORE US AGGBD ET	COM	464287226	6,986	64,142	SH		SOLE	NONE	0	0	64,142
ISHARES TR MSCI EMG MKT ETF	COM	464287234	149,767	3,633,369	SH		SOLE	NONE	2,632,512	0	1,000,857
ISHARES TR IBOXX INV CP ETF	COM	464287242	30,942	259,950	SH		SOLE	NONE	195,605	0	64,345
ISHARES TR SP 500 GRWT ETF	COM	464287309	192,511	1,421,166	SH		SOLE	NONE	1,015,915	0	405,251
ISHARES TR SP 500 VAL ETF	COM	464287408	371	3,580	SH		SOLE	NONE	0	0	3,580
ISHARES TR 7-10YR TR BD ETF	COM	464287440	20,469	192,758	SH		SOLE	NONE	145,682	0	47,076
ISHARES TR 1-3 YR TR BD ETF	COM	464287457	4,783	56,582	SH		SOLE	NONE	0	0	56,582
ISHARES TR MSCI EAFE ETF	COM	464287465	98,643	1,511,999	SH		SOLE	NONE	1,102,772	0	409,227
ISHARES TR RUS MID CAP ETF	COM	464287499	4,279	22,719	SH		SOLE	NONE	0	0	22,719
ISHARES TR CORE SP MCP ETF	COM	464287507	1,495	8,720	SH		SOLE	NONE	0	0	8,720
ISHARES TR RUSSELL 2000 ETF	COM	464287655	495	3,598	SH		SOLE	NONE	0	0	3,598
ISHARES TR JP MOR EM MK ETF	COM	464288281	25,864	224,963	SH		SOLE	NONE	168,799	0	56,164
ISHARES TR NATIONAL MUN ETF	COM	464288414	913	8,336	SH		SOLE	NONE	0	0	8,336
ISHARES TR IBOXX HI YD ETF	COM	464288513	3,384	38,467	SH		SOLE	NONE	0	0	38,467
ISHARES TR 1-3 YR CR BD ETF	COM	464288646	1,595	15,155	SH		SOLE	NONE	0	0	15,155
ISHARES TR SHRT TRS BD ETF	COM	464288679	601	5,450	SH		SOLE	NONE	0	0	5,450
ISHARES TR U.S. PFD STK ETF	COM	464288687	2,249	57,840	SH		SOLE	NONE	0	0	57,840
ISHARES TR U.S. MED DVC ETF	COM	464288810	24,981	159,276	SH		SOLE	NONE	118,542	0	40,734
ISHARES TR USA QUALITY FCTR	COM	46432F339	3,729	50,933	SH		SOLE	NONE	0	0	50,933
ISHARES TR EXPONEN TECHNO	COM	46434V381	25,419	815,498	SH		SOLE	NONE	605,349	0	210,149
JOHNSON JOHNSON COM	COM	478160104	696	5,626	SH		SOLE	NONE	0	0	5,626
KIMBERLY CLARK CORP COM	COM	494368103	741	5,788	SH		SOLE	NONE	0	0	5,788
KOHLS CORP COM	COM	500255104	686	18,806	SH		SOLE	NONE	26	0	18,780
MEDLEY CAP CORP COM	COM	58503F106	111	17,341	SH		SOLE	NONE	0	0	17,341
MERCK CO INC COM	COM	58933Y105	742	11,670	SH		SOLE	NONE	0	0	11,670
NOVARTIS A G SPONSORED ADR	COM	66987V109	745	9,263	SH		SOLE	NONE	0	0	9,263
NOVO-NORDISK A S ADR	COM	670100205	884	21,764	SH		SOLE	NONE	28	0	21,736
POWERSHARES QQQ TRUST UNIT SER	COM	73935A104	125,796	907,617	SH		SOLE	NONE	654,756	0	252,861
POWERSHARES ETF TRUST FINL PFD	COM	73935X229	28,993	1,524,328	SH		SOLE	NONE	1,134,786	0	389,542
POWERSHARES ETF TRUST DYNM LRG	COM	73935X609	5,715	162,556	SH		SOLE	NONE	0	0	162,556
POWERSHARES ETF TR II SP600 LO	COM	73937B639	3,662	85,496	SH		SOLE	NONE	0	0	85,496
POWERSHARES ETF TR II PWRSHS S	COM	73937B654	14,421	364,064	SH		SOLE	NONE	0	0	364,064
QUALCOMM INC COM	COM	747525103	928	16,769	SH		SOLE	NONE	48	0	16,721
SPDR INDEX SHS FDS EURO STOXX	COM	78463X202	99,228	2,537,807	SH		SOLE	NONE	1,849,190	0	688,617
SPDR INDEX SHS FDS MSCI ACWI E	COM	78463X848	11,381	319,961	SH		SOLE	NONE	0	0	319,961
SPDR SERIES TRUST BLMBRG BRC C	COM	78464A359	20,741	425,461	SH		SOLE	NONE	320,879	0	104,582
SSGA ACTIVE ETF TR BLKSTN GSOS	COM	78467V608	33,383	703,088	SH		SOLE	NONE	526,412	0	176,676
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	54,029	1,100,831	SH		SOLE	NONE	824,964	0	275,867
SPDR SER TR BLOOMBERG SRT TR	COM	78468R408	20,735	740,542	SH		SOLE	NONE	551,190	0	189,352
SANOFI SPONSORED ADR	COM	80105N105	951	18,950	SH		SOLE	NONE	0	0	18,950
THL CR INC COM	COM	872438106	134	13,477	SH		SOLE	NONE	0	0	13,477
TOTAL S A SPONSORED ADR	COM	89151E109	947	17,552	SH		SOLE	NONE	0	0	17,552
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	626	7,701	SH		SOLE	NONE	0	0	7,701
VANGUARD INDEX FDS SML CP GRW	COM	922908595	24,645	172,642	SH		SOLE	NONE	121,267	0	51,375
VANGUARD INDEX FDS SM CP VAL E	COM	922908611	23,733	195,593	SH		SOLE	NONE	139,372	0	56,221
VANGUARD INDEX FDS VALUE ETF	COM	922908744	122,965	1,294,779	SH		SOLE	NONE	919,138	0	375,641
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	24,298	182,469	SH		SOLE	NONE	136,176	0	46,293
WAL-MART STORES INC COM	COM	931142103	735	9,705	SH		SOLE	NONE	31	0	9,674
AFLAC INC COM	COM	001055102	836	11,384	SH		DFND	1	0	0	11,384
ATT INC COM	COM	00206R102	507	13,170	SH		DFND	1	0	0	13,170
ADOBE SYS INC COM	COM	00724F101	635	4,490	SH		DFND	1	0	0	4,490
AIR PRODS CHEMS INC COM	COM	009158106	502	3,510	SH		DFND	1	0	0	3,510
ALLSTATE CORP COM	COM	020002101	914	10,865	SH		DFND	1	0	0	10,865
ALTRIA GROUP INC COM	COM	02209S103	597	8,455	SH		DFND	1	0	0	8,455
AMERICAN ELEC PWR INC COM	COM	025537101	2,323	34,138	SH		DFND	1	0	0	34,138
AMPHENOL CORP NEW CL A	COM	032095101	947	13,001	SH		DFND	1	0	0	13,001
BAY BANCORP INC COM	COM	07203T106	169	22,217	SH		DFND	1	0	0	22,217
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	837	4,941	SH		DFND	1	0	0	4,941
CMS ENERGY CORP COM	COM	125896100	607	13,334	SH		DFND	1	0	0	13,334
CENTERPOINT ENERGY INC COM	COM	15189T107	520	19,001	SH		DFND	1	0	0	19,001
CHEVRON CORP NEW COM	COM	166764100	543	5,123	SH		DFND	1	0	0	5,123
CISCO SYS INC COM	COM	17275R102	647	19,338	SH		DFND	1	0	0	19,338
CINTAS CORP COM	COM	172908105	595	4,866	SH		DFND	1	0	0	4,866
CLOROX CO DEL COM	COM	189054109	586	4,431	SH		DFND	1	0	0	4,431
COCA COLA CO COM	COM	191216100	1,331	30,526	SH		DFND	1	0	0	30,526
CONSOLIDATED EDISON INC COM	COM	209115104	495	6,190	SH		DFND	1	0	0	6,190
COSTCO WHSL CORP NEW COM	COM	22160K105	516	3,020	SH		DFND	1	0	0	3,020
DBX ETF TR XTRAK MSCI EAFE	COM	233051200	8,473	274,821	SH		DFND	1	0	0	274,821
DTE ENERGY CO COM	COM	233331107	1,058	10,039	SH		DFND	1	0	0	10,039
DANAHER CORP DEL COM	COM	235851102	648	7,828	SH		DFND	1	0	0	7,828
DISNEY WALT CO COM DISNEY	COM	254687106	1,090	9,939	SH		DFND	1	0	0	9,939
ECOLAB INC COM	COM	278865100	1,088	8,199	SH		DFND	1	0	0	8,199
EDISON INTL COM	COM	281020107	616	7,820	SH		DFND	1	0	0	7,820
EQUITY RESIDENTIAL SH BEN INT	COM	29476L107	488	7,516	SH		DFND	1	0	0	7,516
EVERSOURCE ENERGY COM	COM	30040W108	934	15,595	SH		DFND	1	0	0	15,595
EXXON MOBIL CORP COM	COM	30231G102	560	6,783	SH		DFND	1	0	0	6,783
FIDELITY NATL INFORMATION SV C	COM	31620M106	671	8,070	SH		DFND	1	0	0	8,070
FIRST TR EXCHANGE TRADED FD CH	COM	33733A102	338	9,852	SH		DFND	1	0	0	9,852
FIRST TR EXCHANGE TRADED FD DJ	COM	33733E302	653	6,946	SH		DFND	1	0	0	6,946
FIRST TR BICK INDEX FD COM SHS	COM	33733H107	306	11,962	SH		DFND	1	0	0	11,962
FIRST TR NASDAQ100 TECH INDE S	COM	337345102	633	10,071	SH		DFND	1	0	0	10,071
FIRST TR EXCHANGE TRADED FD IN	COM	33734X150	643	18,592	SH		DFND	1	0	0	18,592
FIRST TR EXCHANGE TRADED FD UT	COM	33734X184	629	23,277	SH		DFND	1	0	0	23,277
FIRST TR EXCH TRD ALPHA FD I D	COM	33737J174	323	5,944	SH		DFND	1	0	0	5,944
FIRST TR EXCH TRD ALPHA FD I G	COM	33737J190	360	8,496	SH		DFND	1	0	0	8,496
FIRST TR EXCH TRD ALPHA FD I S	COM	33737J232	355	7,330	SH		DFND	1	0	0	7,330
FIRST TR EXCHANGE TRADED FD NA	COM	33738R860	675	26,339	SH		DFND	1	0	0	26,339
FISERV INC COM	COM	337738108	1,195	9,978	SH		DFND	1	0	0	9,978
FORTIVE CORP COM	COM	34959J108	840	13,264	SH		DFND	1	0	0	13,264
GALLAGHER ARTHUR J CO COM	COM	363576109	619	10,807	SH		DFND	1	0	0	10,807
GENERAL ELECTRIC CO COM	COM	369604103	827	29,244	SH		DFND	1	0	0	29,244
HARTFORD FINL SVCS GROUP INC C	COM	416515104	526	10,722	SH		DFND	1	0	0	10,722
HERSHEY CO COM	COM	427866108	1,200	11,209	SH		DFND	1	0	0	11,209
HOME DEPOT INC COM	COM	437076102	562	3,581	SH		DFND	1	0	0	3,581
HONEYWELL INTL INC COM	COM	438516106	1,138	8,653	SH		DFND	1	0	0	8,653
ILLINOIS TOOL WKS INC COM	COM	452308109	690	5,024	SH		DFND	1	0	0	5,024
ISHARES TR CORE US AGGBD ET	COM	464287226	4,762	43,722	SH		DFND	1	0	0	43,722
ISHARES TR IBOXX INV CP ETF	COM	464287242	2,571	21,598	SH		DFND	1	0	0	21,598
ISHARES TR RUS 1000 GRW ETF	COM	464287614	6,952	59,248	SH		DFND	1	0	0	59,248
ISHARES TR IBOXX HI YD ETF	COM	464288513	2,033	23,105	SH		DFND	1	0	0	23,105
ISHARES TR USA QUALITY FCTR	COM	46432F339	4,135	56,482	SH		DFND	1	0	0	56,482
JOHNSON JOHNSON COM	COM	478160104	842	6,808	SH		DFND	1	0	0	6,808
KIMBERLY CLARK CORP COM	COM	494368103	559	4,368	SH		DFND	1	0	0	4,368
LOCKHEED MARTIN CORP COM	COM	539830109	546	2,012	SH		DFND	1	0	0	2,012
LOEWS CORP COM	COM	540424108	1,247	27,242	SH		DFND	1	0	0	27,242
MARSH MCLENNAN COS INC COM	COM	571748102	1,115	15,190	SH		DFND	1	0	0	15,190
MCCORMICK CO INC COM NON VTG	COM	579780206	524	5,269	SH		DFND	1	0	0	5,269
MCDONALDS CORP COM	COM	580135101	1,218	8,379	SH		DFND	1	0	0	8,379
MICROSOFT CORP COM	COM	594918104	544	7,957	SH		DFND	1	0	0	7,957
NASDAQ INC COM	COM	631103108	596	8,819	SH		DFND	1	0	0	8,819
NORTHROP GRUMMAN CORP COM	COM	666807102	510	2,061	SH		DFND	1	0	0	2,061
ORACLE CORP COM	COM	68389X105	514	11,404	SH		DFND	1	0	0	11,404
PPL CORP COM	COM	69351T106	1,296	33,441	SH		DFND	1	0	0	33,441
PAYCHEX INC COM	COM	704326107	596	10,424	SH		DFND	1	0	0	10,424
PEPSICO INC COM	COM	713448108	936	8,286	SH		DFND	1	0	0	8,286
PFIZER INC COM	COM	717081103	569	17,224	SH		DFND	1	0	0	17,224
PINNACLE WEST CAP CORP COM	COM	723484101	566	6,683	SH		DFND	1	0	0	6,683
PROCTER AND GAMBLE CO COM	COM	742718109	807	9,365	SH		DFND	1	0	0	9,365
PROGRESSIVE CORP OHIO COM	COM	743315103	740	18,521	SH		DFND	1	0	0	18,521
REPUBLIC SVCS INC COM	COM	760759100	2,130	33,985	SH		DFND	1	0	0	33,985
ROPER TECHNOLOGIES INC COM	COM	776696106	684	3,090	SH		DFND	1	0	0	3,090
SPDR SP 500 ETF TR TR UNIT	COM	78462F103	13,251	55,447	SH		DFND	1	0	0	55,447
SSGA ACTIVE ETF TR SPDR TR TAC	COM	78467V848	2,578	52,530	SH		DFND	1	0	0	52,530
SEMPRA ENERGY COM	COM	816851109	564	5,051	SH		DFND	1	0	0	5,051
SMUCKER J M CO COM NEW	COM	832696405	511	4,094	SH		DFND	1	0	0	4,094
SOUTHERN CO COM	COM	842587107	709	14,208	SH		DFND	1	0	0	14,208
3M CO COM	COM	88579Y101	1,763	8,970	SH		DFND	1	0	0	8,970
TORCHMARK CORP COM	COM	891027104	574	7,626	SH		DFND	1	0	0	7,626
TRAVELERS COMPANIES INC COM	COM	89417E109	1,311	10,874	SH		DFND	1	0	0	10,874
UNITED TECHNOLOGIES CORP COM	COM	913017109	1,130	9,356	SH		DFND	1	0	0	9,356
VANGUARD BD INDEX FD INC TOTAL	COM	921937835	5,454	67,048	SH		DFND	1	0	0	67,048
VANGUARD INTL EQUITY INDEX F A	COM	922042775	6,813	136,707	SH		DFND	1	0	0	136,707
VANGUARD INTL EQUITY INDEX F F	COM	922042858	10,334	252,481	SH		DFND	1	0	0	252,481
VANGUARD INDEX FDS MID CAP ETF	COM	922908629	12,914	91,970	SH		DFND	1	0	0	91,970
VANGUARD INDEX FDS VALUE ETF	COM	922908744	14,481	152,480	SH		DFND	1	0	0	152,480
VANGUARD INDEX FDS SMALL CP ET	COM	922908751	8,997	67,564	SH		DFND	1	0	0	67,564
WAL-MART STORES INC COM	COM	931142103	650	8,579	SH		DFND	1	0	0	8,579
WALGREENS BOOTS ALLIANCE INC C	COM	931427108	668	7,833	SH		DFND	1	0	0	7,833
WASTE MGMT INC DEL COM	COM	94106L109	2,008	27,902	SH		DFND	1	0	0	27,902
XCEL ENERGY INC COM	COM	98389B100	811	17,802	SH		DFND	1	0	0	17,802
YUM BRANDS INC COM	COM	988498101	1,004	14,566	SH		DFND	1	0	0	14,566
AON PLC SHS CL A	COM	G0408V102	748	6,024	SH		DFND	1	0	0	6,024
CHUBB LIMITED COM	COM	H1467J104	2,285	15,715	SH		DFND	1	0	0	15,715
iShares MSCI EAFE Index Fund	COM	464287465	48,930	750,000	SH	Call	SOLE	NONE	0	0	750,000
SPDR INDEX SHS FDS EURO STOXX	COM	78463X202	23,460	600,000	SH	Call	SOLE	NONE	0	0	600,000
ISHARES TR 20 YR TR BD ETF	COM	464287432	18,689	150,000	SH	Call	SOLE	NONE	0	0	150,000
iPath S&P 500 VIX ST Futures ETN	COM	06740Q252	19,140	1,500,000	SH	Call	SOLE	NONE	0	0	1,500,000
ISHARES TR MSCI EMG MKT ETF	COM	464287234	20,695	500,000	SH	Put	SOLE	NONE	0	0	500,000
POWERSHARES QQQ TRUST UNIT SER	COM	73935A104	48,174	350,000	SH	Put	SOLE	NONE	0	0	350,000