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
iShares Inc Mcsi Chile Investable	ETF	464286640	746	14,319	SH		DFND		0	14,319	0
iShares MSCI Emerging Markets Asia	ETF	464286426	943	12,787	SH		DFND		0	12,787	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	887	7,645	SH		DFND		0	7,645	0
iShares S&P Emerging Mkts	ETF	464288216	771	23,458	SH		DFND		0	23,458	0
iShares Tr Msci Poland Investable	ETF	46429B606	697	25,730	SH		DFND		0	25,730	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	582	14,203	SH		DFND		0	14,203	0
ISHARES INC	ETF	46434G830	511	16,251	SH		DFND		0	16,251	0
ISHARES INC	ETF	464286202	563	22,862	SH		DFND		0	22,862	0
ISHARES INC	ETF	464286764	444	13,572	SH		DFND		0	13,572	0
ISHARES INC	ETF	46434G780	462	17,949	SH		DFND		0	17,949	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	540	15,330	SH		DFND		0	15,330	0
ISHARES TRUST	ETF	46435G334	394	11,354	SH		DFND		0	11,354	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,357	26,106	SH		DFND		0	26,106	0
ISHARES INC	ETF	464286772	550	7,356	SH		DFND		0	7,356	0
ishares Msci Europe Small-Cap	ETF	464288497	1,719	29,726	SH		DFND		0	29,726	0
iShares MSCI India	ETF	46429B598	623	17,288	SH		DFND		0	17,288	0
iShares Russell 2000	ETF	464287655	2,976	19,545	SH		DFND		0	19,545	0
iShares Tr S&P Global Info	ETF	464287291	1,250	8,141	SH		DFND		0	8,141	0
iShares Dow Jones US Industrial Sector Index	ETF	464287754	280	1,918	SH		DFND		0	1,918	0
PowerShares QQQ	ETF	73935A104	279	1,795	SH		DFND		0	1,795	0
ISHARES MSCI EAFE SMALL CAP	ETF	464288273	486	7,541	SH		DFND		0	7,541	0
iShares Silver Trust Index Fund	ETF	46428Q109	163	10,221	SH		DFND		0	10,221	0
SPDR SERIES TRUST	ETF	78464A508	358	11,674	SH		DFND		0	11,674	0
iShares MSCI Thailand Capped Index Fd	ETF	464286624	569	6,156	SH		DFND		0	6,156	0
Vanguard FTSE Developed Markets	ETF	921943858	1,567	34,967	SH		DFND		0	34,967	0
VANGUARD FINANCIALS INDEX FUND	ETF	92204A405	345	4,926	SH		DFND		0	4,926	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	757	13,164	SH		DFND		0	13,164	0
ALPS ALERIAN MLP ETF	ETF	00162Q866	482	44,767	SH		DFND		0	44,767	0
SPDR BLMBERG BRCLY CONV SECRT ETF	ETF	78464A359	1,783	35,273	SH		DFND		0	35,273	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	3,255	13,160	SH		DFND		0	13,160	0
ISHARES SELECT DIVIDEND ETF IV	ETF	464287168	1,182	12,015	SH		DFND		0	12,015	0
ISHARES MSCI EMERGING MARKETS ETF	ETF	464287234	2,680	56,890	SH		DFND		0	56,890	0
ISHARES MSCI EAFE ETF	ETF	464287465	3,013	42,863	SH		DFND		0	42,863	0
ISHARES MSCI GERMANY ETF	ETF	464286806	507	15,375	SH		DFND		0	15,375	0
ISHARES MSCI HONG KONG ETF	ETF	464286871	513	20,238	SH		DFND		0	20,238	0
ISHARES MSCI BRAZIL ETF	ETF	464286400	633	15,671	SH		DFND		0	15,671	0
SCHWAB FUNDA EMG MKTS LARGE COM ETF	ETF	808524730	292	9,618	SH		DFND		0	9,618	0
SPDR S&P China ETF	ETF	78463X400	744	6,948	SH		DFND		0	6,948	0
ISHARES IBOXX HIGH YIELDBOND ETF	ETF	464288513	311	3,568	SH		DFND		0	3,568	0
ISHARES COHEN AND STEERSREIT ETF	ETF	464287564	525	5,194	SH		DFND		0	5,194	0
ISHARES S&P SMALL-CAP 600 VALUE ETF	ETF	464287879	2,807	18,280	SH		DFND		0	18,280	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	2,539	14,922	SH		DFND		0	14,922	0
ISHARES CORE S&P US VALUE ETF IV	ETF	464287663	973	17,607	SH		DFND		0	17,607	0
ISHARES CORE S&P 500 ETF	ETF	464287200	822	3,059	SH		DFND		0	3,059	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	4,901	32,086	SH		DFND		0	32,086	0
ISHARES RUSSELL MID CAP ETF	ETF	464287499	897	4,311	SH		DFND		0	4,311	0
ISHARES US HEALTHCARE ETF	ETF	464287762	1,062	6,097	SH		DFND		0	6,097	0
ISHARES U.S. BASIC MATERIALS ETF	ETF	464287838	2,928	28,658	SH		DFND		0	28,658	0
ISHARES US TECHNOLOGY ETF	ETF	464287721	505	3,105	SH		DFND		0	3,105	0
ISHARES DOW JONES U.S. ETF	ETF	464287846	1,812	13,562	SH		DFND		0	13,562	0
DIREXION ALL CAP INSIDERSENTI ETF	ETF	25459Y769	1,252	31,079	SH		DFND		0	31,079	0
SPDR S&P 400 MID CAP GROWTH ETF	ETF	78464A821	624	4,084	SH		DFND		0	4,084	0
NETFLIX INC	ETF	64110L106	328	1,694	SH		DFND		0	1,694	0
PROSHARES S&P 500 DIV ARISTOCRAT ETF	ETF	74348A467	833	13,285	SH		DFND		0	13,285	0
POWERSHARES PREFERRED PORTFOLIO ETF	ETF	73936T565	435	30,223	SH		DFND		0	30,223	0
Powershares ETF Trust II Intl	ETF	73936Q835	968	35,113	SH		DFND		0	35,113	0
DIREXION NASDAQ 100 EQL WGHT IDX ETF	ETF	25459Y207	227	5,261	SH		DFND		0	5,261	0
GUGGENHEIM S&P MIDCAP 400 PURE ETF	ETF	78355W601	966	6,300	SH		DFND		0	6,300	0
GUGGENHEIM S&P 500 EQUALWEIGHT ETF	ETF	78355W106	257	2,586	SH		DFND		0	2,586	0
Market Vectors Russia ETF	ETF	92189F403	554	26,133	SH		DFND		0	26,133	0
GUGGENHEIM S&P 500 EQUALWEI MAT ETF	ETF	78355W825	1,295	11,855	SH		DFND		0	11,855	0
GUGGENHEIM S&P 500 EQUALWEIG HC ETF	ETF	78355W841	333	1,849	SH		DFND		0	1,849	0
GUGGENHEIM S&P 500 EQUALWE TECH ETF	ETF	78355W817	565	3,840	SH		DFND		0	3,840	0
GUGGENHEIM S&P SMALLCAP 600 PURE ETF	ETF	78355W700	383	5,561	SH		DFND		0	5,561	0
SCHWAB US SMALL CAP ETF	ETF	808524607	238	3,523	SH		DFND		0	3,523	0
SCHWAB US BROAD MARKET ETF	ETF	808524102	3,654	57,046	SH		DFND		0	57,046	0
SCHWAB US DIVIDEND EQUITY ETF	ETF	808524797	1,370	27,314	SH		DFND		0	27,314	0
SCHWAB US LARGE CAP GROWTH ETF	ETF	808524300	379	5,313	SH		DFND		0	5,313	0
CHARLES SCHWAB US MC ETF	ETF	808524508	559	10,763	SH		DFND		0	10,763	0
SCHWAB US LARGE CAP ETF	ETF	808524201	2,823	44,480	SH		DFND		0	44,480	0
SCHWAB US AGGREGATE BONDETF	ETF	808524839	233	4,594	SH		DFND		0	4,594	0
ALPS SECTOR DIVIDEND DOGS ETF	ETF	00162Q858	214	4,768	SH		DFND		0	4,768	0
SPDR S&P 600 SMALL CAP VALUE ETF	ETF	78464A300	1,649	13,368	SH		DFND		0	13,368	0
SPDR S&P 500 ETF Trust	ETF	78462F103	592	2,224	SH		DFND		0	2,224	0
ISHARES CORE US REIT ETF	ETF	464288521	954	19,381	SH		DFND		0	19,381	0
VANGUARD INTERMEDIATE TERM COR ETF	ETF	92206C870	823	9,429	SH		DFND		0	9,429	0
VANGUARD S&P 500 ETF	ETF	922908363	4,962	20,230	SH		DFND		0	20,230	0
VANGUARD TOTAL STOCK MARKET ETF	ETF	922908769	248	1,815	SH		DFND		0	1,815	0
VANGUARD FTSE EMERGING MARKETS ETF	ETF	922042858	1,807	39,363	SH		DFND		0	39,363	0
SPDR S&P BIOTECH ETF	ETF	78464A870	381	4,490	SH		DFND		0	4,490	0
GUGGENHEIM SP 500 TOP 50ETF	ETF	78355W205	329	1,738	SH		DFND		0	1,738	0
APPLE INC	COM	037833100	1,501	8,918	SH		DFND		0	8,918	0
AbbVie Inc	COM	00287Y109	778	7,974	SH		DFND		0	7,974	0
ACADIA Pharmaceuticals Inc	COM	004225108	558	18,650	SH		DFND		0	18,650	0
Argan Inc Com	COM	04010E109	522	11,600	SH		DFND		0	11,600	0
ALAMO GROUP INC COM	COM	011311107	465	4,125	SH		DFND		0	4,125	0
AMAZON COM INC	COM	023135106	444	362	SH		DFND		0	362	0
Andeavor Com	COM	03349M105	767	6,710	SH		DFND		0	6,710	0
AQUINOX PHARMACEUTICALS INC	COM	03842B101	198	15,850	SH		DFND		0	15,850	0
Array BioPharma Inc	COM	04269X105	143	11,177	SH		DFND		0	11,177	0
YAMANA GOLD INC	COM	98462Y100	56	18,185	SH		DFND		0	18,185	0
BROADCOM LIMITED	COM	Y09827109	5,102	19,872	SH		DFND		0	19,872	0
AVERY DENNISON CORP	COM	053611109	833	7,254	SH		DFND		0	7,254	0
AMERICAN WTR WKS CO INC NEW COM	COM	030420103	255	2,796	SH		DFND		0	2,796	0
American Axle & Mfg Holdings	COM	024061103	551	32,397	SH		DFND		0	32,397	0
Atlantica Yield Plc Shs Isin #gb00blp5yb	COM	G0751N103	2,090	98,569	SH		DFND		0	98,569	0
BOEING CO	COM	097023105	299	1,010	SH		DFND		0	1,010	0
Bank of America Corp	COM	060505104	277	9,198	SH		DFND		0	9,198	0
BAXTER INTL INC COM	COM	071813109	645	9,981	SH		DFND		0	9,981	0
Biocryst Pharmaceuticals Inc	COM	09058V103	164	33,500	SH		DFND		0	33,500	0
BLACKROCK KELSO CAP	COM	092533108	217	38,496	SH		DFND		0	38,496	0
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	375	38,940	SH		DFND		0	38,940	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	640	3,231	SH		DFND		0	3,231	0
Catalyst Biosciences Inc	COM	14888D208	222	12,100	SH		DFND		0	12,100	0
CORPORATE CAPITAL TR	COM	219880101	1,562	102,594	SH		DFND		0	102,594	0
CERNER CORP	COM	156782104	981	14,577	SH		DFND		0	14,577	0
COLONY NORTHSTAR INC	COM	19625W104	266	29,773	SH		DFND		0	29,773	0
COMCAST CORPORATION CLASS A	COM	20030N101	234	5,930	SH		DFND		0	5,930	0
CUMMINS INC	COM	231021106	3,207	18,169	SH		DFND		0	18,169	0
CNO FINL GROUP INC COM	COM	12621E103	582	23,602	SH		DFND		0	23,602	0
Capital One Financial Corporation	COM	14040H105	802	8,055	SH		DFND		0	8,055	0
Cisco Systems Inc	COM	17275R102	400	10,000	SH		DFND		0	10,000	0
CYTOSORBENTS CORPORATION	COM	23283X206	73	10,550	SH		DFND		0	10,550	0
Customers Bancorp Inc Com	COM	23204G100	644	24,789	SH		DFND		0	24,789	0
CVS HEALTH CORPORATION	COM	126650100	1,615	22,303	SH		DFND		0	22,303	0
Chevron Corp	COM	166764100	283	2,309	SH		DFND		0	2,309	0
DEERE & CO	COM	244199105	202	1,278	SH		DFND		0	1,278	0
WALT DISNEY CO	COM	254687106	466	4,387	SH		DFND		0	4,387	0
ENBRIDGE INC	COM	29250N105	482	12,417	SH		DFND		0	12,417	0
EPR PROPERTIES REIT	COM	26884U109	300	4,787	SH		DFND		0	4,787	0
ENSCO PLC	COM	G3157S106	103	18,844	SH		DFND		0	18,844	0
EXLSERVICE HOLDINGS INC COM	COM	302081104	677	11,224	SH		DFND		0	11,224	0
FACEBOOK INC CLASS A	COM	30303M102	869	4,929	SH		DFND		0	4,929	0
Fiserv Inc	COM	337738108	1,164	8,877	SH		DFND		0	8,877	0
F N B CORPORATION	COM	302520101	2,612	189,000	SH		DFND		0	189,000	0
Amicus Therapeutics Inc	COM	03152W109	154	10,750	SH		DFND		0	10,750	0
FS ENERGY & POWER FUND	COM	30264D109	292	41,576	SH		DFND		0	41,576	0
FS GLOBAL CR OPPORTUNITIES FD	COM	30291B100	111	14,902	SH		DFND		0	14,902	0
FS INVESTMENT CORP	COM	302635107	3,898	529,682	SH		DFND		0	529,682	0
FS INVT CORP II	COM	35952V105	145	16,261	SH		DFND		0	16,261	0
GREENBRIER COMPANIES INC	COM	393657101	2,721	51,143	SH		DFND		0	51,143	0
GENERAL ELECTRIC CO	COM	369604103	231	14,018	SH		DFND		0	14,018	0
Gilead Sciences Inc	COM	375558103	494	6,486	SH		DFND		0	6,486	0
SPDR Gold Trust	COM	78463V107	418	3,385	SH		DFND		0	3,385	0
GLOBAL NET LEASE INC	COM	379378201	1,364	79,916	SH		DFND		0	79,916	0
Google Cl. C	COM	02079K107	336	321	SH		DFND		0	321	0
Google Cl. A	COM	02079K305	422	401	SH		DFND		0	401	0
GRAPHIC PACKAGING HLDG CO COM	COM	388689101	261	16,956	SH		DFND		0	16,956	0
HANESBRANDS INC	COM	410345102	1,972	94,371	SH		DFND		0	94,371	0
HOME DEPOT INC	COM	437076102	820	4,338	SH		DFND		0	4,338	0
Healthsouth Corp Com New	COM	29261A100	3,761	76,118	SH		DFND		0	76,118	0
HINES GLOBAL REIT INC	COM	433240108	108	12,072	SH		DFND		0	12,072	0
Honeywell International	COM	438516106	302	1,972	SH		DFND		0	1,972	0
Henry Schein Inc	COM	806407102	796	11,395	SH		DFND		0	11,395	0
HLTHCARE TR OF AMER REIT	COM	42225P501	630	22,632	SH		DFND		0	22,632	0
ADVISORSHARES TR PERITUS	COM	00768Y503	360	9,956	SH		DFND		0	9,956	0
IBM CORP	COM	459200101	2,644	17,238	SH		DFND		0	17,238	0
INTEL CORPORATION	COM	458140100	4,351	94,326	SH		DFND		0	94,326	0
JOHNSON & JOHNSON	COM	478160104	3,500	25,216	SH		DFND		0	25,216	0
JPMORGAN CHASE & CO	COM	46625H100	2,948	27,955	SH		DFND		0	27,955	0
KEYW HOLDING CORP	COM	493723100	608	87,305	SH		DFND		0	87,305	0
COCA COLA COMPANY	COM	191216100	215	4,727	SH		DFND		0	4,727	0
Lam Research Corp	COM	512807108	1,381	7,505	SH		DFND		0	7,505	0
LADENBURG THALMAN FIN SVCS INC PFD SER A	COM	50575Q201	439	17,345	SH		DFND		0	17,345	0
SOUTHWEST AIRLINES	COM	844741108	3,436	54,131	SH		DFND		0	54,131	0
MAIN STREET CAPITAL	COM	56035L104	541	14,649	SH		DFND		0	14,649	0
MARRIOTT INTL INC CLASS A	COM	571903202	1,190	8,766	SH		DFND		0	8,766	0
PIONEER MUNICIPAL HIGH I	COM	723762100	186	17,242	SH		DFND		0	17,242	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	57	13,500	SH		DFND		0	13,500	0
McDonalds Corp	COM	580135101	314	1,835	SH		DFND		0	1,835	0
3M Company	COM	88579Y101	226	966	SH		DFND		0	966	0
MERCK & CO INC	COM	58933Y105	569	10,338	SH		DFND		0	10,338	0
MIRATI THERAPEUTICS INC	COM	60468T105	232	12,550	SH		DFND		0	12,550	0
MICROSOFT CORP	COM	594918104	505	5,749	SH		DFND		0	5,749	0
MURPHY OIL CORPORATION	COM	626717102	2,558	82,516	SH		DFND		0	82,516	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	726	13,646	SH		DFND		0	13,646	0
NUVEEN AMT FREE QUALITY	COM	670657105	400	30,802	SH		DFND		0	30,802	0
Navios Maritime Ptn	COM	Y62267102	34	14,472	SH		DFND		0	14,472	0
GLOBAL X FDS	COM	37950E747	435	33,136	SH		DFND		0	33,136	0
NVIDIA CORP	COM	67066G104	252	1,301	SH		DFND		0	1,301	0
NOVO NORDISK A/S-ADR	COM	670100205	3,667	68,395	SH		DFND		0	68,395	0
NEW YORK REIT INC REIT	COM	64976L109	339	163,879	SH		DFND		0	163,879	0
REALTY INCM CORP REIT	COM	756109104	3,187	56,041	SH		DFND		0	56,041	0
POWERSHARES EXCHANGE TRADED	COM	73935X849	213	6,592	SH		DFND		0	6,592	0
Pennsylvania Real Estate Investment Trust	COM	709102107	922	77,546	SH		DFND		0	77,546	0
PROCTER & GAMBLE	COM	742718109	334	3,842	SH		DFND		0	3,842	0
Pimco High Income Fund	COM	722014107	98	13,244	SH		DFND		0	13,244	0
GROWLIFE INC COM	COM	39985X104	0	30,000	SH		DFND		0	30,000	0
Polymet Mining Corp	COM	731916102	12	15,000	SH		DFND		0	15,000	0
PORTLAND GEN ELEC CO COM NEW	COM	736508847	445	9,768	SH		DFND		0	9,768	0
Qualcomm Inc	COM	747525103	289	4,430	SH		DFND		0	4,430	0
Qorvo Inc	COM	74736K101	603	9,056	SH		DFND		0	9,056	0
ROYAL CARIBBEAN CRUISES LTD COM	COM	V7780T103	228	1,913	SH		DFND		0	1,913	0
RUDOLPH TECHNOLOGIES INC COM	COM	781270103	347	14,541	SH		DFND		0	14,541	0
RAYTHEON CO COM NEW	COM	755111507	392	2,089	SH		DFND		0	2,089	0
SIRIUS XM HLDGS INC	COM	82968B103	121	22,717	SH		DFND		0	22,717	0
SJW GROUP COM	COM	784305104	256	4,013	SH		DFND		0	4,013	0
SOLAR CAP LTD COM	COM	83413U100	245	12,148	SH		DFND		0	12,148	0
Sanchez Energy Corp	COM	79970Y105	121	22,793	SH		DFND		0	22,793	0
Sanchez Midstream Partners	COM	79971C201	238	21,479	SH		DFND		0	21,479	0
SOUTHERN COMPANY	COM	842587107	334	6,956	SH		DFND		0	6,956	0
S&P Global Inc Com	COM	78409V104	780	4,608	SH		DFND		0	4,608	0
SSGA ACTIVE TRUST	COM	78467V608	316	6,700	SH		DFND		0	6,700	0
Constellation Brands Inc Cl A	COM	21036P108	626	2,741	SH		DFND		0	2,741	0
A T & T INC	COM	00206R102	781	20,509	SH		DFND		0	20,509	0
TERNIUM S A	COM	880890108	2,568	81,217	SH		DFND		0	81,217	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	2,391	22,911	SH		DFND		0	22,911	0
UNITED DEV FUNDING REIT	COM	910187103	111	36,111	SH		DFND		0	36,111	0
United Natural Foods Inc	COM	911163103	800	16,247	SH		DFND		0	16,247	0
UNUM GROUP	COM	91529Y106	3,163	57,695	SH		DFND		0	57,695	0
United Rentals Inc	COM	911363109	1,007	5,860	SH		DFND		0	5,860	0
VISA INC	COM	92826C839	505	4,374	SH		DFND		0	4,374	0
VEREIT INC REIT	COM	92339V100	4,509	596,936	SH		DFND		0	596,936	0
INVESCO MUNICIPAL TRUST	COM	46131J103	175	14,750	SH		DFND		0	14,750	0
VENTAS INC REIT	COM	92276F100	741	14,572	SH		DFND		0	14,572	0
VERIZON COMMUNICATN	COM	92343V104	509	9,853	SH		DFND		0	9,853	0
WESTERN ALLIANCE BANCORP COM	COM	957638109	804	14,207	SH		DFND		0	14,207	0
Wells Fargo & Co	COM	949746101	3,599	59,487	SH		DFND		0	59,487	0
Wal-Mart Inc	COM	931142103	3,242	32,828	SH		DFND		0	32,828	0
WTB Financial Crp B	COM	929334209	255	723	SH		DFND		0	723	0
WYNDHAM WORLDWIDE CORPORATION	COM	98310W108	3,524	30,413	SH		DFND		0	30,413	0
EXXON MOBIL CORP	COM	30231G102	488	5,913	SH		DFND		0	5,913	0
Zebra Technologies Corp Cl A	COM	989207105	1,174	11,315	SH		DFND		0	11,315	0