Kalos Management 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
ABBVIE INC.	COM	00287Y109	454	7,244	SH		DFND		0	7,244	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	306	10,600	SH		DFND		0	10,600	0
Advisorshares Tr Peritus High Yield ETF	ETF	00768Y503	412	11,555	SH		DFND		0	11,555	0
ALPHABET INC CAP STK CL A	COM	02079K305	224	283	SH		DFND		0	283	0
ALPS Alerian MLP ETF	ETF	00162Q866	667	52,973	SH		DFND		0	52,973	0
AMERICAN WTR WKS CO INC NEW COM	COM	030420103	243	3,355	SH		DFND		0	3,355	0
APPLE INC COM	COM	037833100	869	7,505	SH		DFND		0	7,505	0
Argan Inc Com	COM	04010E109	472	6,685	SH		DFND		0	6,685	0
AT&T INC COM	COM	00206R102	571	13,438	SH		DFND		0	13,438	0
Autonation Inc	COM	05329W102	214	4,403	SH		DFND		0	4,403	0
Banc of California, Inc.	COM	05990K106	2,322	133,817	SH		DFND		0	133,817	0
Bank Of The Ozarks Inc Com	COM	063904106	457	8,683	SH		DFND		0	8,683	0
Broadcom Limited Shs	COM	Y09827109	3,367	19,048	SH		DFND		0	19,048	0
Bunge Ltd.	COM	G16962105	284	3,925	SH		DFND		0	3,925	0
Capital One Financial Corporation	COM	14040H105	364	4,173	SH		DFND		0	4,173	0
Centurytel Inc	COM	156700106	2,258	94,968	SH		DFND		0	94,968	0
Cerner Corp	COM	156782104	299	6,319	SH		DFND		0	6,319	0
Chemed Corp New	COM	16359R103	932	5,810	SH		DFND		0	5,810	0
Cinemark Hldgs Inc Com	COM	17243V102	2,054	53,550	SH		DFND		0	53,550	0
Cummins Inc Formerlycummins Engine Inc	COM	231021106	2,202	16,114	SH		DFND		0	16,114	0
Dean Foods Company	COM	242370203	1,665	76,468	SH		DFND		0	76,468	0
DISNEY WALT CO COM DISNEY	COM	254687106	251	2,407	SH		DFND		0	2,407	0
EXXON MOBIL CORP COM	COM	30231G102	436	4,832	SH		DFND		0	4,832	0
FACEBOOK INC CL A	COM	30303M102	511	4,441	SH		DFND		0	4,441	0
Fiserv Inc	COM	337738108	457	4,300	SH		DFND		0	4,300	0
FS INVT CORP COM	COM	302635107	327	31,747	SH		DFND		0	31,747	0
GENERAL ELECTRIC CO COM	COM	369604103	219	6,918	SH		DFND		0	6,918	0
GILEAD SCIENCES INC COM	COM	375558103	326	4,547	SH		DFND		0	4,547	0
GLOBAL NET LEASE INC COM	COM	379378102	229	29,212	SH		DFND		0	29,212	0
Global X Fds Global X Ftse Norway 30 Et	ETF	37950E747	354	32,065	SH		DFND		0	32,065	0
Greenbrier Companies Inc	COM	393657101	1,760	42,363	SH		DFND		0	42,363	0
Hain Celestial Group Inc	COM	405217100	284	7,282	SH		DFND		0	7,282	0
Healthsouth Corp Com New	COM	421924309	2,142	51,929	SH		DFND		0	51,929	0
Henry Jack & Associates Inc	COM	426281101	556	6,264	SH		DFND		0	6,264	0
Home Depot, Inc.	COM	437076102	248	1,846	SH		DFND		0	1,846	0
International Business Machines Corp	COM	459200101	2,195	13,225	SH		DFND		0	13,225	0
iShares C&S Realty Maj	ETF	464287564	630	6,321	SH		DFND		0	6,321	0
ishares Core US Value ETF	ETF	464287663	1,348	27,426	SH		DFND		0	27,426	0
iShares DJ US Healthcare Sector	ETF	464287762	1,357	9,417	SH		DFND		0	9,417	0
iShares DJ US Tech Sect Index	ETF	464287721	472	3,928	SH		DFND		0	3,928	0
iShares Dow Jones Select Dividend	ETF	464287168	1,371	15,475	SH		DFND		0	15,475	0
iShares Inc Mcsi Chile Investable	ETF	464286640	530	14,176	SH		DFND		0	14,176	0
iShares Inc Msci Brazil Index	ETF	464286400	478	14,341	SH		DFND		0	14,341	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	998	9,059	SH		DFND		0	9,059	0
iShares MSCI Austria Index Fund	ETF	464286202	399	24,128	SH		DFND		0	24,128	0
iShares MSCI EAFE Index	ETF	464287465	330	5,711	SH		DFND		0	5,711	0
iShares MSCI EAFE Small-Cap	ETF	464288273	385	7,735	SH		DFND		0	7,735	0
iShares MSCI Emerging Markets Asia	ETF	464286426	777	14,843	SH		DFND		0	14,843	0
ISHARES MSCI EMERGING MARKETS ETF	ETF	464287234	1,748	49,924	SH		DFND		0	49,924	0
ishares Msci Europe Small-Cap	ETF	464288497	1,546	35,281	SH		DFND		0	35,281	0
iShares MSCI Germany	ETF	464286806	384	14,505	SH		DFND		0	14,505	0
iShares MSCI Hong Kong Index	ETF	464286871	388	19,940	SH		DFND		0	19,940	0
iShares MSCI India	ETF	46429B598	470	17,533	SH		DFND		0	17,533	0
iShares MSCI Italy Capped Index	ETF	46434G830	403	17,336	SH		DFND		0	17,336	0
iShares MSCI Singapore Index	ETF	46434G780	355	17,495	SH		DFND		0	17,495	0
iShares MSCI South Korea Index Fund	ETF	464286772	414	7,780	SH		DFND		0	7,780	0
iShares MSCI Spain Index Fund	ETF	464286764	360	13,582	SH		DFND		0	13,582	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	442	15,209	SH		DFND		0	15,209	0
iShares MSCI Thailand Capped Index Fd	ETF	464286624	406	5,630	SH		DFND		0	5,630	0
iShares MSCI United Kingdom Ind Fund	ETF	46435G334	336	10,957	SH		DFND		0	10,957	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	5,497	40,764	SH		DFND		0	40,764	0
iShares Russell MC Idx	ETF	464287499	1,018	5,690	SH		DFND		0	5,690	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	1,817	14,918	SH		DFND		0	14,918	0
iShares S&P 500 Index	ETF	464287200	718	3,193	SH		DFND		0	3,193	0
iShares S&P Emerging Mkts	ETF	464288216	719	25,694	SH		DFND		0	25,694	0
ISHARES S&P MID-CAP 400 VALUE ETF	ETF	464287705	1,278	8,803	SH		DFND		0	8,803	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	2,076	13,842	SH		DFND		0	13,842	0
ISHARES S&P SMALL-CAP 600 VALUE ETF	ETF	464287879	2,140	15,287	SH		DFND		0	15,287	0
Ishares Tr Cre U S Reit Etf	ETF	464288521	1,417	29,062	SH		DFND		0	29,062	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	304	3,516	SH		DFND		0	3,516	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	452	13,769	SH		DFND		0	13,769	0
iShares Tr Msci Poland Investable	ETF	46429B606	493	27,210	SH		DFND		0	27,210	0
iShares Tr S&P Global Info	ETF	464287291	1,097	9,987	SH		DFND		0	9,987	0
Johnson & Johnson	COM	478160104	1,873	16,255	SH		DFND		0	16,255	0
JP Morgan Chase & Co.	COM	46625H100	1,855	21,499	SH		DFND		0	21,499	0
Kinder Morgan Inc	COM	49456B101	1,388	67,027	SH		DFND		0	67,027	0
LADENBURG THALMAN FIN SVCS INC PFD SER A	COM	50575Q201	424	17,694	SH		DFND		0	17,694	0
Lam Research Corp	COM	512807108	502	4,746	SH		DFND		0	4,746	0
Lockheed Martin Corporation	COM	539830109	239	958	SH		DFND		0	958	0
Market Vectors Russia ETF	ETF	92189F403	485	22,839	SH		DFND		0	22,839	0
Marriott International Inc	COM	571903202	455	5,501	SH		DFND		0	5,501	0
MONOGRAM RESIDENTIAL TR INC COM	COM	60979P105	180	16,593	SH		DFND		0	16,593	0
Murphy Oil Corporation	COM	626717102	2,167	69,605	SH		DFND		0	69,605	0
NETFLIX INC COM	ETF	64110L106	202	1,628	SH		DFND		0	1,628	0
NEW YORK REIT INC COM	COM	64976L109	296	29,259	SH		DFND		0	29,259	0
NORTHSTAR RLTY FIN CORP COM	COM	66704R803	172	11,328	SH		DFND		0	11,328	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	349	8,212	SH		DFND		0	8,212	0
Novo-Nordisk As Adr-Each Cnv Into 1	COM	670100205	2,019	56,310	SH		DFND		0	56,310	0
Open Text Co Com Stknpv	COM	683715106	2,985	48,285	SH		DFND		0	48,285	0
Pimco High Income Fund	ETF	722014107	169	18,381	SH		DFND		0	18,381	0
Powershares ETF Trust II Intl	ETF	73936Q835	1,011	41,301	SH		DFND		0	41,301	0
POWERSHARES QQQ TRUST, SERIES 1	COM	73935A104	1,997	16,859	SH		DFND		0	16,859	0
PROCTER AND GAMBLE CO COM	COM	742718109	266	3,162	SH		DFND		0	3,162	0
Realty Income Corp	COM	756109104	2,583	44,935	SH		DFND		0	44,935	0
Rowan Companies Inc	COM	G7665A101	321	16,989	SH		DFND		0	16,989	0
S&P Global Inc Com	COM	78409V104	240	2,236	SH		DFND		0	2,236	0
SANCHEZ ENERGY CORP COM	COM	79970Y105	293	32,489	SH		DFND		0	32,489	0
SPDR Barclays Conv Secs ETF	ETF	78464A359	1,704	37,330	SH		DFND		0	37,330	0
SPDR GOLD SHARES	COM	78463V107	380	3,465	SH		DFND		0	3,465	0
SPDR S&P China ETF	ETF	78463X400	483	6,697	SH		DFND		0	6,697	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,149	28,938	SH		DFND		0	28,938	0
SPDR S&P MIDCAP 400 ETF	ETF	78467Y107	3,123	10,351	SH		DFND		0	10,351	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	813	15,630	SH		DFND		0	15,630	0
Spdr Ser Tr Dj Wilshire Small Cap	ETF	78464A300	1,069	8,980	SH		DFND		0	8,980	0
Spdr Ser Tr Dj Wilshire Large Cap	ETF	78464A508	372	3,394	SH		DFND		0	3,394	0
SPDR Ser Tr S&P Biotech Etf	ETF	78464A870	399	6,737	SH		DFND		0	6,737	0
Ssga Active Etf Tr Blackstone / Gso SR L	ETF	78467V608	304	6,411	SH		DFND		0	6,411	0
Target Corp	COM	87612E106	1,915	26,508	SH		DFND		0	26,508	0
Tesoro Corp Com Formerly Tesoro Pete	COM	881609101	306	3,497	SH		DFND		0	3,497	0
Texas Instruments Incorporated	COM	882508104	1,001	13,723	SH		DFND		0	13,723	0
The Southern Company	COM	842587107	206	4,178	SH		DFND		0	4,178	0
Total System Services Inc	COM	891906109	520	10,604	SH		DFND		0	10,604	0
United Rentals Inc	COM	911363109	412	3,905	SH		DFND		0	3,905	0
UnumProvident Corporation	COM	91529Y106	2,304	52,441	SH		DFND		0	52,441	0
Vanguard Emerging Markets Stock ETF	ETF	922042858	1,432	40,019	SH		DFND		0	40,019	0
Vanguard Europe Pacific ETF	ETF	921943858	1,277	34,948	SH		DFND		0	34,948	0
Vanguard Inter-Term Corporate Bond	ETF	92206C870	955	11,145	SH		DFND		0	11,145	0
VANGUARD S&P 500 ETF	ETF	922908363	4,383	21,350	SH		DFND		0	21,350	0
Ventas Inc	COM	92276F100	440	7,034	SH		DFND		0	7,034	0
VEREIT INC COM	COM	92339V100	2,677	316,463	SH		DFND		0	316,463	0
VERIZON COMMUNICATIONS INC COM	COM	92343V104	295	5,526	SH		DFND		0	5,526	0
VISA INC COM CL A	COM	92826C839	301	3,857	SH		DFND		0	3,857	0
Wal-Mart Stores Inc	COM	931142103	1,907	27,589	SH		DFND		0	27,589	0
Wells Fargo & Company	COM	949746101	2,896	52,555	SH		DFND		0	52,555	0
Wyndham Worldwide Corp	COM	98310W108	2,026	26,527	SH		DFND		0	26,527	0
Yamana Gold Inc Com Npv	COM	98462Y100	33	11,676	SH		DFND		0	11,676	0