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	652	7,337	SH		DFND		0	7,337	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	570	15,150	SH		DFND		0	15,150	0
Advisorshares Tr Peritus High Yield ETF	COM	00768Y503	349	9,709	SH		DFND		0	9,709	0
ALAMO GROUP INC COM	COM	011311107	388	3,619	SH		DFND		0	3,619	0
ALPHABET INC CAP STK CL A	COM	02079K305	363	373	SH		DFND		0	373	0
ALPHABET INC CAP STK CL C	COM	02079K107	266	278	SH		DFND		0	278	0
ALPS Alerian MLP ETF	COM	00162Q866	515	45,911	SH		DFND		0	45,911	0
AMAZON COM INC COM	COM	023135106	233	243	SH		DFND		0	243	0
American Axle & Mfg Holdings	COM	024061103	479	27,253	SH		DFND		0	27,253	0
AMERICAN WTR WKS CO INC NEW COM	COM	030420103	209	2,586	SH		DFND		0	2,586	0
Andeavor Com	COM	03349M105	622	6,034	SH		DFND		0	6,034	0
APPLE INC COM	COM	037833100	949	6,163	SH		DFND		0	6,163	0
Argan Inc Com	COM	04010E109	685	10,188	SH		DFND		0	10,188	0
AT&T INC COM	COM	00206R102	449	11,469	SH		DFND		0	11,469	0
Atlantica Yield Plc Shs Isin #gb00blp5yb	COM	G0751N103	1,859	94,378	SH		DFND		0	94,378	0
AVERY DENNISON CORP COM	COM	053611109	597	6,072	SH		DFND		0	6,072	0
BARNES GROUP INC COM	COM	067806109	446	6,341	SH		DFND		0	6,341	0
BAXTER INTL INC COM	COM	071813109	566	9,031	SH		DFND		0	9,031	0
BLUEROCK RESIDENTIAL GRW REIT COM CL A	COM	09627J102	298	26,982	SH		DFND		0	26,982	0
Broadcom Limited Shs	COM	Y09827109	4,947	20,398	SH		DFND		0	20,398	0
Capital One Financial Corporation	COM	14040H105	605	7,152	SH		DFND		0	7,152	0
CERNER CORP COM	COM	156782104	938	13,155	SH		DFND		0	13,155	0
CHEVRON CORP NEW COM	COM	166764100	205	1,749	SH		DFND		0	1,749	0
Constellation Brands Inc Cl A	COM	21036P108	481	2,416	SH		DFND		0	2,416	0
Cummins Inc Formerlycummins Engine Inc	COM	231021106	3,047	18,135	SH		DFND		0	18,135	0
Customers Bancorp Inc Com	COM	23204G100	701	21,491	SH		DFND		0	21,491	0
CVS HEALTH CORP COM	COM	126650100	1,760	21,644	SH		DFND		0	21,644	0
DISNEY WALT CO COM DISNEY	COM	254687106	300	3,051	SH		DFND		0	3,051	0
ENBRIDGE INC COM	COM	29250N105	387	9,256	SH		DFND		0	9,256	0
EPR PPTYS COM SH BEN INT	COM	26884U109	263	3,771	SH		DFND		0	3,771	0
EXLSERVICE HOLDINGS INC COM	COM	302081104	604	10,362	SH		DFND		0	10,362	0
EXXON MOBIL CORP COM	COM	30231G102	380	4,647	SH		DFND		0	4,647	0
F N B Corporation	COM	302520101	2,625	187,143	SH		DFND		0	187,143	0
FACEBOOK INC CL A	COM	30303M102	900	5,270	SH		DFND		0	5,270	0
Fiserv Inc	COM	337738108	1,013	7,858	SH		DFND		0	7,858	0
FS INVT CORP COM	COM	302635107	225	26,660	SH		DFND		0	26,660	0
GENERAL ELECTRIC CO COM	COM	369604103	211	8,767	SH		DFND		0	8,767	0
GILEAD SCIENCES INC COM	COM	375558103	278	3,432	SH		DFND		0	3,432	0
Global X Fds Global X Ftse Norway 30 Et	COM	37950E747	439	32,444	SH		DFND		0	32,444	0
Greenbrier Companies Inc	COM	393657101	2,442	50,727	SH		DFND		0	50,727	0
Healthsouth Corp Com New	COM	421924309	3,425	73,901	SH		DFND		0	73,901	0
Henry Schein Inc	COM	806407102	809	9,875	SH		DFND		0	9,875	0
HOME DEPOT INC COM	COM	437076102	631	3,858	SH		DFND		0	3,858	0
HONEYWELL INTL INC COM	COM	438516106	255	1,802	SH		DFND		0	1,802	0
INTEL CORP COM	COM	458140100	3,621	95,101	SH		DFND		0	95,101	0
INTERNATIONAL BUSINESS MACHS COM	COM	459200101	2,454	16,920	SH		DFND		0	16,920	0
ISHARES COHEN & STEERS REIT ETF	ETF	464287564	507	5,046	SH		DFND		0	5,046	0
ISHARES CORE S&P 500 ETF	ETF	464287200	727	2,875	SH		DFND		0	2,875	0
ishares Core US Value ETF	ETF	464287663	1,000	19,109	SH		DFND		0	19,109	0
iShares Inc Mcsi Chile Investable	ETF	464286640	711	14,626	SH		DFND		0	14,626	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	935	8,037	SH		DFND		0	8,037	0
iShares MSCI Austria Index Fund	ETF	464286202	530	22,654	SH		DFND		0	22,654	0
ISHARES MSCI BRAZIL CAPPED ETF	ETF	464286400	661	15,867	SH		DFND		0	15,867	0
ISHARES MSCI EAFE ETF	ETF	464287465	2,567	37,489	SH		DFND		0	37,489	0
iShares MSCI EAFE Small-Cap	ETF	464288273	459	7,416	SH		DFND		0	7,416	0
iShares MSCI Emerging Markets Asia	ETF	464286426	902	12,971	SH		DFND		0	12,971	0
ISHARES MSCI EMERGING MARKETS ETF	ETF	464287234	2,088	46,597	SH		DFND		0	46,597	0
ishares Msci Europe Small-Cap	ETF	464288497	1,746	31,068	SH		DFND		0	31,068	0
ISHARES MSCI GERMANY ETF	ETF	464286806	461	14,217	SH		DFND		0	14,217	0
iShares MSCI Hong Kong Index	ETF	464286871	460	18,665	SH		DFND		0	18,665	0
iShares MSCI India	ETF	46429B598	578	17,609	SH		DFND		0	17,609	0
iShares MSCI Italy Capped Index	ETF	46434G830	507	16,120	SH		DFND		0	16,120	0
iShares MSCI Singapore Index	ETF	46434G780	431	17,604	SH		DFND		0	17,604	0
iShares MSCI South Korea Index Fund	ETF	464286772	502	7,272	SH		DFND		0	7,272	0
iShares MSCI Spain Index Fund	ETF	464286764	447	13,275	SH		DFND		0	13,275	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	579	15,561	SH		DFND		0	15,561	0
iShares MSCI Thailand Capped Index Fd	ETF	464286624	541	6,264	SH		DFND		0	6,264	0
iShares MSCI United Kingdom Ind Fund	ETF	46435G334	384	11,064	SH		DFND		0	11,064	0
ISHARES RUSSELL MID-CAP ETF	ETF	464287499	831	4,219	SH		DFND		0	4,219	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	4,938	34,437	SH		DFND		0	34,437	0
iShares S&P Emerging Mkts	ETF	464288216	782	23,150	SH		DFND		0	23,150	0
ISHARES S&P MID-CAP 400 GROWTH ETF	ETF	464287606	1,214	6,004	SH		DFND		0	6,004	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	1,187	12,681	SH		DFND		0	12,681	0
Ishares Tr Cre U S Reit Etf	ETF	464288521	1,028	20,888	SH		DFND		0	20,888	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	325	3,667	SH		DFND		0	3,667	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	560	14,437	SH		DFND		0	14,437	0
iShares Tr Msci Poland Investable	ETF	46429B606	695	26,239	SH		DFND		0	26,239	0
iShares Tr S&P Global Info	ETF	464287291	1,220	8,570	SH		DFND		0	8,570	0
ISHARES U.S. BASIC MATERIALS ETF	ETF	464287838	740	7,731	SH		DFND		0	7,731	0
ISHARES U.S. HEALTHCARE ETF	ETF	464287762	1,208	7,029	SH		DFND		0	7,029	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	1,274	15,951	SH		DFND		0	15,951	0
ISHARES U.S. TECHNOLOGY ETF	ETF	464287721	513	3,425	SH		DFND		0	3,425	0
JOHNSON & JOHNSON COM	COM	478160104	2,883	22,181	SH		DFND		0	22,181	0
JPMORGAN CHASE & CO COM	COM	46625H100	2,561	26,821	SH		DFND		0	26,821	0
K12 INC COM	COM	48273U102	462	25,946	SH		DFND		0	25,946	0
LADENBURG THALMAN FIN SVCS INC PFD SER A	COM	50575Q201	427	17,232	SH		DFND		0	17,232	0
Lam Research Corp	COM	512807108	1,331	7,197	SH		DFND		0	7,197	0
Market Vectors Russia ETF	ETF	92189F403	585	26,287	SH		DFND		0	26,287	0
MARRIOTT INTL INC NEW CL A	COM	571903202	870	7,890	SH		DFND		0	7,890	0
MCDONALDS CORP COM	COM	580135101	202	1,290	SH		DFND		0	1,290	0
MIRATI THERAPEUTICS INC COM	COM	60468T105	146	12,500	SH		DFND		0	12,500	0
Murphy Oil Corporation	COM	626717102	2,202	82,914	SH		DFND		0	82,914	0
NAVIOS MARITIME PARTNERS L P UNIT LPI	COM	Y62267102	28	13,872	SH		DFND		0	13,872	0
NETFLIX INC COM	COM	64110L106	292	1,613	SH		DFND		0	1,613	0
NEW YORK REIT INC COM	COM	64976L109	194	24,733	SH		DFND		0	24,733	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	662	12,254	SH		DFND		0	12,254	0
Novo-Nordisk As Adr-Each Cnv Into 1	COM	670100205	3,333	69,221	SH		DFND		0	69,221	0
NVIDIA CORP COM	COM	67066G104	212	1,189	SH		DFND		0	1,189	0
Orion Engineered Carbons Sa Com Npv	COM	L72967109	2,198	97,935	SH		DFND		0	97,935	0
Pennsylvania Real Estate Investment Trust	COM	709102107	694	66,182	SH		DFND		0	66,182	0
PEPSICO INC COM	COM	713448108	621	5,581	SH		DFND		0	5,581	0
Pimco High Income Fund	COM	722014107	114	13,737	SH		DFND		0	13,737	0
PORTLAND GEN ELEC CO COM NEW	COM	736508847	381	8,364	SH		DFND		0	8,364	0
Powershares ETF Trust II Intl	ETF	73936Q835	997	36,878	SH		DFND		0	36,878	0
POWERSHARES QQQ TRUST, SERIES 1	ETF	73935A104	2,954	20,316	SH		DFND		0	20,316	0
Qorvo Inc Com	COM	74736K101	525	7,433	SH		DFND		0	7,433	0
RAYTHEON CO COM NEW	COM	755111507	400	2,146	SH		DFND		0	2,146	0
REALTY INCOME CORP COM	COM	756109104	3,124	54,636	SH		DFND		0	54,636	0
ROYAL CARIBBEAN CRUISES LTD COM	COM	V7780T103	214	1,813	SH		DFND		0	1,813	0
RUDOLPH TECHNOLOGIES INC COM	COM	781270103	330	12,566	SH		DFND		0	12,566	0
S&P Global Inc Com	COM	78409V104	639	4,091	SH		DFND		0	4,091	0
SANCHEZ ENERGY CORP COM	COM	79970Y105	138	28,665	SH		DFND		0	28,665	0
SANCHEZ MIDSTREAM PARTNERS LP COM UNITS REP B	COM	79971C201	117	10,415	SH		DFND		0	10,415	0
SIRIUS XM HLDGS INC COM	COM	82968B103	114	20,796	SH		DFND		0	20,796	0
SOUTHERN CO COM	COM	842587107	343	6,989	SH		DFND		0	6,989	0
Southwest Airlines Co	COM	844741108	2,328	41,592	SH		DFND		0	41,592	0
SPDR Barclays Conv Secs ETF	ETF	78464A359	1,554	30,443	SH		DFND		0	30,443	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	3,049	13,626	SH		DFND		0	13,626	0
SPDR GOLD SHARES	ETF	78463V107	200	1,646	SH		DFND		0	1,646	0
SPDR S&P 500 ETF	ETF	78462F103	2,002	7,969	SH		DFND		0	7,969	0
SPDR S&P 600 SMALL CAP VALUE ETF	ETF	78464A300	851	6,734	SH		DFND		0	6,734	0
SPDR S&P BIOTECH ETF	ETF	78464A870	380	4,394	SH		DFND		0	4,394	0
SPDR S&P China ETF	ETF	78463X400	727	7,095	SH		DFND		0	7,095	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,285	25,941	SH		DFND		0	25,941	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	785	13,709	SH		DFND		0	13,709	0
Spdr Ser Tr Dj Wilshire Large Cap	ETF	78464A508	337	2,890	SH		DFND		0	2,890	0
Ssga Active Etf Tr Blackstone / Gso SR L	COM	78467V608	321	6,785	SH		DFND		0	6,785	0
STARBUCKS CORP COM	COM	855244109	309	5,767	SH		DFND		0	5,767	0
Target Corp	COM	87612E106	2,210	37,467	SH		DFND		0	37,467	0
Texas Instruments Incorporated	COM	882508104	2,010	22,431	SH		DFND		0	22,431	0
United Natural Foods Inc	COM	911163103	652	15,688	SH		DFND		0	15,688	0
United Rentals Inc	COM	911363109	771	5,559	SH		DFND		0	5,559	0
UnumProvident Corporation	COM	91529Y106	2,953	57,756	SH		DFND		0	57,756	0
VANGUARD FINANCIALS INDEX FUND	ETF	92204A405	307	4,705	SH		DFND		0	4,705	0
VANGUARD FTSE DEVELOPED MARKETS ETF	ETF	921943858	1,434	33,052	SH		DFND		0	33,052	0
VANGUARD FTSE EMERGING MARKETS ETF	ETF	922042858	1,635	37,544	SH		DFND		0	37,544	0
Vanguard Inter-Term Corporate Bond	ETF	92206C870	810	9,208	SH		DFND		0	9,208	0
VANGUARD S&P 500 ETF	ETF	922908363	4,525	19,611	SH		DFND		0	19,611	0
VEREIT INC COM	COM	92339V100	3,592	433,340	SH		DFND		0	433,340	0
VERIZON COMMUNICATIONS INC COM	COM	92343V104	269	5,442	SH		DFND		0	5,442	0
VISA INC COM CL A	COM	92826C839	255	2,426	SH		DFND		0	2,426	0
WAL-MART STORES INC COM	COM	931142103	2,542	32,535	SH		DFND		0	32,535	0
WELLS FARGO CO NEW COM	COM	949746101	3,246	58,860	SH		DFND		0	58,860	0
WESTERN ALLIANCE BANCORP COM	COM	957638109	684	12,904	SH		DFND		0	12,904	0
Wyndham Worldwide Corp	COM	98310W108	3,200	30,358	SH		DFND		0	30,358	0
Yamana Gold Inc Com Npv	COM	98462Y100	47	17,939	SH		DFND		0	17,939	0
Zebra Technologies Corp Cl A	COM	989207105	1,089	10,033	SH		DFND		0	10,033	0