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
Advisorshares Tr Peritus High Yield ETF	ETF	00768Y503	389	10,856	SH		DFND		0	10,856	0
ALPS Alerian MLP ETF	ETF	00162Q866	690	57,724	SH		DFND		0	57,724	0
Global X Fds Global X Ftse Norway 30 Et	ETF	37950E747	376	32,719	SH		DFND		0	32,719	0
iShares C&S Realty Maj	ETF	464287564	600	5,939	SH		DFND		0	5,939	0
ishares Core US Value ETF	ETF	464287663	1,399	27,470	SH		DFND		0	27,470	0
iShares DJ US Healthcare Sector	ETF	464287762	1,573	9,462	SH		DFND		0	9,462	0
iShares DJ US Tech Sect Index	ETF	464287721	500	3,580	SH		DFND		0	3,580	0
iShares Dow Jones Select Dividend	ETF	464287168	1,428	15,489	SH		DFND		0	15,489	0
iShares Inc Mcsi Chile Investable	ETF	464286640	617	14,816	SH		DFND		0	14,816	0
iShares Inc Msci Brazil Index	ETF	464286400	542	15,893	SH		DFND		0	15,893	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	1,031	9,019	SH		DFND		0	9,019	0
iShares MSCI Austria Index Fund	ETF	464286202	498	23,478	SH		DFND		0	23,478	0
iShares MSCI EAFE Index	ETF	464287465	345	5,291	SH		DFND		0	5,291	0
iShares MSCI EAFE Small-Cap	ETF	464288273	437	7,569	SH		DFND		0	7,569	0
iShares MSCI Emerging Markets Asia	ETF	464286426	926	14,287	SH		DFND		0	14,287	0
ishares Msci Europe Small-Cap	ETF	464288497	1,832	35,219	SH		DFND		0	35,219	0
iShares MSCI Germany	ETF	464286806	428	14,170	SH		DFND		0	14,170	0
iShares MSCI Hong Kong Index	ETF	464286871	445	19,016	SH		DFND		0	19,016	0
iShares MSCI India	ETF	46429B598	580	18,095	SH		DFND		0	18,095	0
iShares MSCI Italy Capped Index	ETF	46434G830	452	16,523	SH		DFND		0	16,523	0
iShares MSCI Singapore Index	ETF	46434G780	420	17,662	SH		DFND		0	17,662	0
iShares MSCI South Korea Index Fund	ETF	464286772	506	7,473	SH		DFND		0	7,473	0
iShares MSCI Spain Index Fund	ETF	464286764	440	13,404	SH		DFND		0	13,404	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	563	15,747	SH		DFND		0	15,747	0
iShares MSCI Thailand Capped Index Fd	ETF	464286624	487	6,250	SH		DFND		0	6,250	0
iShares MSCI United Kingdom Ind Fund	ETF	46435G334	376	11,073	SH		DFND		0	11,073	0
iShares Russell MC Idx	ETF	464287499	999	5,201	SH		DFND		0	5,201	0
iShares S&P 500 Index	ETF	464287200	696	2,862	SH		DFND		0	2,862	0
iShares S&P Emerging Mkts	ETF	464288216	803	25,055	SH		DFND		0	25,055	0
Ishares Tr Cre U S Reit Etf	ETF	464288521	1,458	29,646	SH		DFND		0	29,646	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	315	3,566	SH		DFND		0	3,566	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	494	14,604	SH		DFND		0	14,604	0
iShares Tr Msci Poland Investable	ETF	46429B606	658	27,140	SH		DFND		0	27,140	0
iShares Tr S&P Global Info	ETF	464287291	1,270	9,707	SH		DFND		0	9,707	0
Market Vectors Russia ETF	ETF	92189F403	489	25,514	SH		DFND		0	25,514	0
Powershares ETF Trust II Intl	ETF	73936Q835	1,081	41,167	SH		DFND		0	41,167	0
SPDR Barclays Conv Secs ETF	ETF	78464A359	1,706	34,384	SH		DFND		0	34,384	0
SPDR S&P China ETF	ETF	78463X400	646	7,243	SH		DFND		0	7,243	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,307	28,011	SH		DFND		0	28,011	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	860	15,487	SH		DFND		0	15,487	0
Spdr Ser Tr Dj Wilshire Small Cap	ETF	78464A300	990	8,304	SH		DFND		0	8,304	0
Spdr Ser Tr Dj Wilshire Large Cap	ETF	78464A508	347	3,056	SH		DFND		0	3,056	0
SPDR Ser Tr S&P Biotech Etf	ETF	78464A870	480	6,224	SH		DFND		0	6,224	0
Ssga Active Etf Tr Blackstone / Gso SR L	ETF	78467V608	311	6,576	SH		DFND		0	6,576	0
Vanguard Emerging Markets Stock ETF	ETF	922042858	1,573	38,537	SH		DFND		0	38,537	0
Vanguard Europe Pacific ETF	ETF	921943858	1,454	35,203	SH		DFND		0	35,203	0
Vanguard Inter-Term Corporate Bond	ETF	92206C870	892	10,193	SH		DFND		0	10,193	0
MIRATI THERAPEUTICS INC COM	COM	60468T105	51	14,000	SH		DFND		0	14,000	0
NETFLIX INC COM	COM	64110L106	242	1,621	SH		DFND		0	1,621	0
FACEBOOK INC CL A	COM	30303M102	226	1,500	SH		DFND		0	1,500	0
NEW YORK REIT INC COM	COM	64976L109	87	10,094	SH		DFND		0	10,094	0
AT&T INC COM	COM	00206R102	307	8,144	SH		DFND		0	8,144	0
ABBVIE INC.	COM	00287Y109	511	7,050	SH		DFND		0	7,050	0
American Axle & Mfg Holdings	COM	024061103	298	19,147	SH		DFND		0	19,147	0
Argan Inc Com	COM	04010E109	500	8,334	SH		DFND		0	8,334	0
Broadcom Limited Shs	COM	Y09827109	4,547	19,514	SH		DFND		0	19,514	0
Bunge Ltd.	COM	G16962105	434	5,829	SH		DFND		0	5,829	0
Capital One Financial Corporation	COM	14040H105	477	5,778	SH		DFND		0	5,778	0
Centurytel Inc	COM	156700106	2,796	117,085	SH		DFND		0	117,085	0
Cerner Corp	COM	156782104	658	9,901	SH		DFND		0	9,901	0
Chemed Corp New	COM	16359R103	1,333	6,521	SH		DFND		0	6,521	0
Cinemark Hldgs Inc Com	COM	17243V102	2,315	59,613	SH		DFND		0	59,613	0
Cummins Inc Formerlycummins Engine Inc	COM	231021106	2,876	17,729	SH		DFND		0	17,729	0
Customers Bancorp Inc Com	COM	23204G100	491	17,372	SH		DFND		0	17,372	0
CVS Corporation	COM	126650100	1,595	19,823	SH		DFND		0	19,823	0
Epr Pptys Sbi Usd0.01	COM	26884U109	277	3,865	SH		DFND		0	3,865	0
F N B Corporation	COM	302520101	2,573	181,730	SH		DFND		0	181,730	0
Fiserv Inc	COM	337738108	771	6,310	SH		DFND		0	6,310	0
Greenbrier Companies Inc	COM	393657101	2,224	48,088	SH		DFND		0	48,088	0
Hain Celestial Group Inc	COM	405217100	451	11,639	SH		DFND		0	11,639	0
Healthsouth Corp Com New	COM	421924309	3,144	64,979	SH		DFND		0	64,979	0
Henry Jack & Associates Inc	COM	426281101	637	6,133	SH		DFND		0	6,133	0
Home Depot, Inc.	COM	437076102	367	2,396	SH		DFND		0	2,396	0
Intel Corporation	COM	458140100	3,030	89,816	SH		DFND		0	89,816	0
International Business Machines Corp	COM	459200101	2,348	15,264	SH		DFND		0	15,264	0
Johnson & Johnson	COM	478160104	2,524	19,086	SH		DFND		0	19,086	0
JP Morgan Chase & Co.	COM	46625H100	2,239	24,497	SH		DFND		0	24,497	0
Lam Research Corp	COM	512807108	888	6,284	SH		DFND		0	6,284	0
Marriott International Inc	COM	571903202	694	6,919	SH		DFND		0	6,919	0
Murphy Oil Corporation	COM	626717102	2,029	79,172	SH		DFND		0	79,172	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	573	10,555	SH		DFND		0	10,555	0
Novo-Nordisk As Adr-Each Cnv Into 1	COM	670100205	2,879	67,141	SH		DFND		0	67,141	0
Oneok Inc	COM	682680103	1,512	28,994	SH		DFND		0	28,994	0
Pennsylvania Real Estate Investment Trust	COM	709102107	598	52,895	SH		DFND		0	52,895	0
Pimco High Income Fund	COM	722014107	129	14,821	SH		DFND		0	14,821	0
Realty Income Corp	COM	756109104	2,825	51,208	SH		DFND		0	51,208	0
Rowan Companies Inc	COM	G7665A101	254	24,829	SH		DFND		0	24,829	0
S&P Global Inc Com	COM	78409V104	488	3,346	SH		DFND		0	3,346	0
Target Corp	COM	87612E106	1,694	32,396	SH		DFND		0	32,396	0
Tesoro Corp Com Formerly Tesoro Pete	COM	881609101	493	5,277	SH		DFND		0	5,277	0
Texas Instruments Incorporated	COM	882508104	1,471	19,132	SH		DFND		0	19,132	0
United Rentals Inc	COM	911363109	519	4,610	SH		DFND		0	4,610	0
UnumProvident Corporation	COM	91529Y106	2,623	56,270	SH		DFND		0	56,270	0
Vereit Inc Com	COM	92339V100	2,890	355,078	SH		DFND		0	355,078	0
Wal-Mart Stores Inc	COM	931142103	2,361	31,205	SH		DFND		0	31,205	0
Wells Fargo & Company	COM	949746101	3,089	55,751	SH		DFND		0	55,751	0
WESTERN ALLIANCE BANCORP COM	COM	957638109	536	10,908	SH		DFND		0	10,908	0
Wyndham Worldwide Corp	COM	98310W108	2,951	29,389	SH		DFND		0	29,389	0
Yamana Gold Inc Com Npv	COM	98462Y100	34	14,010	SH		DFND		0	14,010	0
Zebra Technologies Corp Cl A	COM	989207105	837	8,334	SH		DFND		0	8,334	0