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	COM	00287Y109	495	7,595	SH		DFND		0	7,595	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	364	10,600	SH		DFND		0	10,600	0
Advisorshares Tr Peritus High Yield ETF	ETF	00768Y503	386	10,835	SH		DFND		0	10,835	0
ALPS Alerian MLP ETF	ETF	00162Q866	703	55,324	SH		DFND		0	55,324	0
Global X Fds Global X Ftse Norway 30 Et	ETF	37950E747	345	30,802	SH		DFND		0	30,802	0
ISHARES COHEN & STEERS REIT ETF	ETF	464287564	604	6,057	SH		DFND		0	6,057	0
ISHARES CORE S&P 500 ETF	ETF	464287200	743	3,133	SH		DFND		0	3,133	0
ishares Core US Value ETF	ETF	464287663	1,387	27,478	SH		DFND		0	27,478	0
iShares Inc Mcsi Chile Investable	ETF	464286640	623	14,297	SH		DFND		0	14,297	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	1,015	8,927	SH		DFND		0	8,927	0
iShares MSCI Austria Index Fund	ETF	464286202	418	23,027	SH		DFND		0	23,027	0
ISHARES MSCI BRAZIL CAPPED ETF	ETF	464286400	556	14,837	SH		DFND		0	14,837	0
ISHARES MSCI EAFE ETF	ETF	464287465	345	5,542	SH		DFND		0	5,542	0
iShares MSCI EAFE Small-Cap	ETF	464288273	398	7,359	SH		DFND		0	7,359	0
iShares MSCI Emerging Markets Asia	ETF	464286426	868	14,462	SH		DFND		0	14,462	0
ishares Msci Europe Small-Cap	ETF	464288497	1,687	35,484	SH		DFND		0	35,484	0
ISHARES MSCI GERMANY ETF	ETF	464286806	403	14,012	SH		DFND		0	14,012	0
iShares MSCI Hong Kong Index	ETF	464286871	418	18,775	SH		DFND		0	18,775	0
iShares MSCI India	ETF	46429B598	551	17,490	SH		DFND		0	17,490	0
iShares MSCI Italy Capped Index	ETF	46434G830	424	16,374	SH		DFND		0	16,374	0
iShares MSCI Singapore Index	ETF	46434G780	379	16,740	SH		DFND		0	16,740	0
iShares MSCI South Korea Index Fund	ETF	464286772	458	7,398	SH		DFND		0	7,398	0
iShares MSCI Spain Index Fund	ETF	464286764	395	12,984	SH		DFND		0	12,984	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	492	15,232	SH		DFND		0	15,232	0
iShares MSCI Thailand Capped Index Fd	ETF	464286624	449	5,758	SH		DFND		0	5,758	0
iShares MSCI United Kingdom Ind Fund	ETF	46435G334	341	10,573	SH		DFND		0	10,573	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	2,779	20,217	SH		DFND		0	20,217	0
ISHARES RUSSELL MID-CAP ETF	ETF	464287499	1,003	5,358	SH		DFND		0	5,358	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	4,107	31,227	SH		DFND		0	31,227	0
iShares S&P Emerging Mkts	ETF	464288216	797	25,113	SH		DFND		0	25,113	0
ISHARES S&P MID-CAP 400 VALUE ETF	ETF	464287705	2,741	18,464	SH		DFND		0	18,464	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	2,655	17,345	SH		DFND		0	17,345	0
ISHARES S&P SMALL-CAP 600 VALUE ETF	ETF	464287879	2,605	18,788	SH		DFND		0	18,788	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	1,583	17,372	SH		DFND		0	17,372	0
Ishares Tr Cre U S Reit Etf	ETF	464288521	1,440	29,429	SH		DFND		0	29,429	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	301	3,434	SH		DFND		0	3,434	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	472	13,836	SH		DFND		0	13,836	0
iShares Tr Msci Poland Investable	ETF	46429B606	578	26,796	SH		DFND		0	26,796	0
iShares Tr S&P Global Info	ETF	464287291	1,230	9,898	SH		DFND		0	9,898	0
ISHARES U.S. HEALTHCARE ETF	ETF	464287762	1,484	9,533	SH		DFND		0	9,533	0
ISHARES U.S. TECHNOLOGY ETF	ETF	464287721	578	4,274	SH		DFND		0	4,274	0
Market Vectors Russia ETF	ETF	92189F403	483	23,389	SH		DFND		0	23,389	0
Pimco High Income Fund	ETF	722014107	155	17,826	SH		DFND		0	17,826	0
Powershares ETF Trust II Intl	ETF	73936Q835	1,016	40,664	SH		DFND		0	40,664	0
POWERSHARES QQQ TRUST, SERIES 1	ETF	73935A104	2,357	17,805	SH		DFND		0	17,805	0
SPDR Barclays Conv Secs ETF	ETF	78464A359	1,695	35,236	SH		DFND		0	35,236	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	2,394	11,604	SH		DFND		0	11,604	0
SPDR S&P 600 SMALL CAP VALUE ETF	ETF	78464A300	1,004	8,509	SH		DFND		0	8,509	0
SPDR S&P BIOTECH ETF	ETF	78464A870	452	6,522	SH		DFND		0	6,522	0
SPDR S&P China ETF	ETF	78463X400	556	6,772	SH		DFND		0	6,772	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,278	28,168	SH		DFND		0	28,168	0
SPDR S&P MIDCAP 400 ETF	ETF	78467Y107	2,811	8,996	SH		DFND		0	8,996	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	847	15,449	SH		DFND		0	15,449	0
Spdr Ser Tr Dj Wilshire Large Cap	ETF	78464A508	350	3,108	SH		DFND		0	3,108	0
Ssga Active Etf Tr Blackstone / Gso SR L	ETF	78467V608	297	6,249	SH		DFND		0	6,249	0
VANGUARD FINANCIALS INDEX FUND	ETF	92204A405	285	4,705	SH		DFND		0	4,705	0
VANGUARD FTSE DEVELOPED MARKETS ETF	ETF	921943858	1,402	35,685	SH		DFND		0	35,685	0
VANGUARD FTSE EMERGING MARKETS ETF	ETF	922042858	1,550	39,023	SH		DFND		0	39,023	0
VANGUARD INDEX TR 500	ETF	922908108	381	1,745	SH		DFND		0	1,745	0
Vanguard Inter-Term Corporate Bond	ETF	92206C870	914	10,583	SH		DFND		0	10,583	0
VANGUARD S&P 500 ETF	ETF	922908363	4,255	19,666	SH		DFND		0	19,666	0
ALLERGAN PLC SHS	COM	G0177J108	227	952	SH		DFND		0	952	0
ALPHABET INC CAP STK CL A	COM	02079K305	340	401	SH		DFND		0	401	0
ALPHABET INC CAP STK CL C	COM	02079K107	280	337	SH		DFND		0	337	0
ALTRIA GROUP INC COM	COM	02209S103	361	5,050	SH		DFND		0	5,050	0
American Axle & Mfg Holdings	COM	024061103	294	15,631	SH		DFND		0	15,631	0
APPLE INC COM	COM	037833100	928	6,457	SH		DFND		0	6,457	0
Argan Inc Com	COM	04010E109	521	7,878	SH		DFND		0	7,878	0
AT&T INC COM	COM	00206R102	490	11,795	SH		DFND		0	11,795	0
Banc of California, Inc.	COM	05990K106	3,090	149,298	SH		DFND		0	149,298	0
Bank Of The Ozarks Inc Com	COM	063904106	537	10,333	SH		DFND		0	10,333	0
BGC PARTNERS INC CL A	COM	05541T101	165	14,497	SH		DFND		0	14,497	0
Broadcom Limited Shs	COM	Y09827109	4,320	19,728	SH		DFND		0	19,728	0
Bunge Ltd.	COM	G16962105	423	5,341	SH		DFND		0	5,341	0
Capital One Financial Corporation	COM	14040H105	456	5,257	SH		DFND		0	5,257	0
CDW CORP COM	COM	12514G108	280	4,847	SH		DFND		0	4,847	0
CENTURYLINK INC COM	COM	156700106	2,659	112,816	SH		DFND		0	112,816	0
CERNER CORP COM	COM	156782104	614	10,425	SH		DFND		0	10,425	0
Chemed Corp New	COM	16359R103	1,183	6,476	SH		DFND		0	6,476	0
Cinemark Hldgs Inc Com	COM	17243V102	2,586	58,332	SH		DFND		0	58,332	0
COLONY NORTHSTAR INC CL A COM	COM	19625W104	151	11,667	SH		DFND		0	11,667	0
Cummins Inc Formerlycummins Engine Inc	COM	231021106	2,627	17,376	SH		DFND		0	17,376	0
CVS HEALTH CORP COM	COM	126650100	1,487	18,947	SH		DFND		0	18,947	0
DISNEY WALT CO COM DISNEY	COM	254687106	330	2,914	SH		DFND		0	2,914	0
EXXON MOBIL CORP COM	COM	30231G102	390	4,754	SH		DFND		0	4,754	0
FACEBOOK INC CL A	COM	30303M102	700	4,927	SH		DFND		0	4,927	0
FIDELITY ADVISOR HEALTH CARE CL I	COM	315918821	478	11,453	SH		DFND		0	11,453	0
Fiserv Inc	COM	337738108	678	5,883	SH		DFND		0	5,883	0
FS INVT CORP COM	COM	302635107	222	22,699	SH		DFND		0	22,699	0
GENERAL ELECTRIC CO COM	COM	369604103	252	8,450	SH		DFND		0	8,450	0
GILEAD SCIENCES INC COM	COM	375558103	259	3,820	SH		DFND		0	3,820	0
GLOBAL NET LEASE INC COM NEW	COM	379378201	226	9,387	SH		DFND		0	9,387	0
Greenbrier Companies Inc	COM	393657101	2,027	47,028	SH		DFND		0	47,028	0
HAIN CELESTIAL GROUP INC COM	COM	405217100	393	10,563	SH		DFND		0	10,563	0
Healthsouth Corp Com New	COM	421924309	2,672	62,405	SH		DFND		0	62,405	0
Henry Jack & Associates Inc	COM	426281101	571	6,133	SH		DFND		0	6,133	0
HOME DEPOT INC COM	COM	437076102	436	2,967	SH		DFND		0	2,967	0
INTEL CORP COM	COM	458140100	3,201	88,731	SH		DFND		0	88,731	0
INTERNATIONAL BUSINESS MACHS COM	COM	459200101	2,555	14,669	SH		DFND		0	14,669	0
JOHNSON & JOHNSON COM	COM	478160104	2,481	19,917	SH		DFND		0	19,917	0
JPMORGAN CHASE & CO COM	COM	46625H100	2,133	24,283	SH		DFND		0	24,283	0
K12 INC COM	COM	48273U102	218	11,394	SH		DFND		0	11,394	0
Kinder Morgan Inc	COM	49456B101	1,655	76,140	SH		DFND		0	76,140	0
Lam Research Corp	COM	512807108	798	6,220	SH		DFND		0	6,220	0
MARRIOTT INTL INC NEW CL A	COM	571903202	632	6,711	SH		DFND		0	6,711	0
MONOGRAM RESIDENTIAL TR INC COM	COM	60979P105	165	16,593	SH		DFND		0	16,593	0
Murphy Oil Corporation	COM	626717102	2,181	76,276	SH		DFND		0	76,276	0
NETFLIX INC COM	COM	64110L106	238	1,609	SH		DFND		0	1,609	0
NEW YORK REIT INC COM	COM	64976L109	280	28,882	SH		DFND		0	28,882	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	518	10,212	SH		DFND		0	10,212	0
Novo-Nordisk As Adr-Each Cnv Into 1	COM	670100205	2,216	64,646	SH		DFND		0	64,646	0
PROCTER AND GAMBLE CO COM	COM	742718109	254	2,826	SH		DFND		0	2,826	0
REALTY INCOME CORP COM	COM	756109104	2,956	49,661	SH		DFND		0	49,661	0
ROWAN COMPANIES PLC SHS CL A	COM	G7665A101	371	23,836	SH		DFND		0	23,836	0
S&P Global Inc Com	COM	78409V104	421	3,223	SH		DFND		0	3,223	0
SANCHEZ ENERGY CORP COM	COM	79970Y105	290	30,449	SH		DFND		0	30,449	0
SOUTHERN CO COM	COM	842587107	353	7,084	SH		DFND		0	7,084	0
Target Corp	COM	87612E106	1,680	30,447	SH		DFND		0	30,447	0
Tesoro Corp Com Formerly Tesoro Pete	COM	881609101	386	4,766	SH		DFND		0	4,766	0
Texas Instruments Incorporated	COM	882508104	1,398	17,354	SH		DFND		0	17,354	0
United Rentals Inc	COM	911363109	563	4,502	SH		DFND		0	4,502	0
UNUM GROUP COM	COM	91529Y106	2,626	55,996	SH		DFND		0	55,996	0
VENTAS INC COM	COM	92276F100	615	9,459	SH		DFND		0	9,459	0
VEREIT INC COM	COM	92339V100	3,101	365,294	SH		DFND		0	365,294	0
VERIZON COMMUNICATIONS INC COM	COM	92343V104	278	5,697	SH		DFND		0	5,697	0
VISA INC COM CL A	COM	92826C839	280	3,146	SH		DFND		0	3,146	0
WAL-MART STORES INC COM	COM	931142103	2,218	30,772	SH		DFND		0	30,772	0
WELLS FARGO CO NEW COM	COM	949746101	3,143	56,469	SH		DFND		0	56,469	0
Wyndham Worldwide Corp	COM	98310W108	2,444	28,995	SH		DFND		0	28,995	0
Zebra Technologies Corp Cl A	COM	989207105	709	7,774	SH		DFND		0	7,774	0