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
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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
ABERDEEN STANDARD PHYSICAL SWISS GOLD SHARES ETF	ETF	00326A104	1,460	12,690	SH		DFND		0	12,690	0
ACADIA PHARMACEUTICALS INC	COM	004225108	392	19,250	SH		DFND		0	19,250	0
ALPHABET INC	COM	02079K107	640	546	SH		DFND		0	546	0
ALPHABET INC	COM	02079K305	214	182	SH		DFND		0	182	0
ALPS ETF TR ALERIAN MLP	ETF	00162Q866	435	40,971	SH		DFND		0	40,971	0
AMAZON.COM INC	COM	023135106	1,122	573	SH		DFND		0	573	0
AMICUS THERAPEUTICS INC	COM	03152W109	126	10,750	SH		DFND		0	10,750	0
APPLE INC	COM	037833100	1,383	6,224	SH		DFND		0	6,224	0
AQUINOX PHARMACEUTICALS INC	COM	03842B101	46	16,650	SH		DFND		0	16,650	0
AT&T INC	COM	00206R102	439	13,300	SH		DFND		0	13,300	0
Atkore Intl Group Inc Com	COM	047649108	1,204	45,397	SH		DFND		0	45,397	0
BANK OF AMERICA CORP	COM	060505104	202	6,983	SH		DFND		0	6,983	0
BB&T CORP	COM	054937107	2,364	48,674	SH		DFND		0	48,674	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	296	1,387	SH		DFND		0	1,387	0
BIOCRYST PHARMACEUTICALS INC	COM	09058V103	241	31,500	SH		DFND		0	31,500	0
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	384	39,543	SH		DFND		0	39,543	0
BOEING CO	COM	097023105	233	627	SH		DFND		0	627	0
Boston Scientific Corporation	COM	101137107	1,186	30,808	SH		DFND		0	30,808	0
BROADCOM INC	COM	11135F101	5,860	23,935	SH		DFND		0	23,935	0
CAMBRIA GLOBAL ASSET ALLOCATION ETF	ETF	132061607	500	18,721	SH		DFND		0	18,721	0
CAMBRIA GLOBAL MOMENTUM ETF	ETF	132061508	327	12,224	SH		DFND		0	12,224	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	737	31,209	SH		DFND		0	31,209	0
CAMBRIA SHAREHOLDER YIELD ETF	ETF	132061201	285	7,233	SH		DFND		0	7,233	0
CATALYST BIOSCIENCES INC	COM	14888D208	180	17,310	SH		DFND		0	17,310	0
CHEVRON CORPORATION	COM	166764100	219	1,798	SH		DFND		0	1,798	0
CISCO SYSTEMS INC	COM	17275R102	492	10,333	SH		DFND		0	10,333	0
COCA COLA COMPANY	COM	191216100	241	5,148	SH		DFND		0	5,148	0
CONATUS PHARMACEUTICALS INC	COM	20600T108	261	46,750	SH		DFND		0	46,750	0
CORPORATE CAP TRUST INC	COM	219880101	921	62,760	SH		DFND		0	62,760	0
COSTAMARE INC	COM	Y1771G102	2,992	462,231	SH		DFND		0	462,231	0
CRH PLC-ADR	COM	12626K203	1,789	54,816	SH		DFND		0	54,816	0
CVS HEALTH CORPORATION	COM	126650100	1,860	23,627	SH		DFND		0	23,627	0
CYTOSORBENTS CORPORATION	COM	23283X206	176	14,700	SH		DFND		0	14,700	0
ELI LILLY & CO	COM	532457108	4,039	37,610	SH		DFND		0	37,610	0
ENCOMPASS HEALTH CORPORATION	COM	29261A100	6,000	77,043	SH		DFND		0	77,043	0
Energy Transfer Equity, LP	COM	29273V100	1,682	96,540	SH		DFND		0	96,540	0
ENSCO PLC	COM	G3157S106	120	15,600	SH		DFND		0	15,600	0
EVERCORE PARTNERS INC COM	COM	29977A105	910	9,054	SH		DFND		0	9,054	0
EXCHANGE LISTED FUNDS TRUST	COM	30151E814	357	9,645	SH		DFND		0	9,645	0
Exchange Traded Concepts TRUST Emqq Emg	COM	301505889	509	15,912	SH		DFND		0	15,912	0
Extended Stay Amer Inc Shs 1 Com 1 Cl B	COM	30224P200	2,693	133,152	SH		DFND		0	133,152	0
EXXON MOBIL CORP	COM	30231G102	422	4,982	SH		DFND		0	4,982	0
FACEBOOK INC	COM	30303M102	254	1,589	SH		DFND		0	1,589	0
FS ENERGY & POWER FUND	COM	30264D109	284	43,730	SH		DFND		0	43,730	0
FS GLOBAL CR OPPORTUNITIES FD	COM	30291B100	140	17,726	SH		DFND		0	17,726	0
FS INVESTMENT CORPORATION	COM	302635107	969	145,676	SH		DFND		0	145,676	0
FS INVT CORP II	COM	35952V105	142	17,175	SH		DFND		0	17,175	0
GEMPHIRE THERAPEUTICS INC	COM	36870A108	25	16,250	SH		DFND		0	16,250	0
GENERAL ELECTRIC COMPANY	COM	369604103	164	15,638	SH		DFND		0	15,638	0
GILEAD SCIENCES INC	COM	375558103	404	5,483	SH		DFND		0	5,483	0
GLOBAL X FDS	COM	37950E747	458	30,254	SH		DFND		0	30,254	0
Henry Schein Inc	COM	806407102	1,208	14,209	SH		DFND		0	14,209	0
HINES GLOBAL REIT INC	COM	433240108	112	12,422	SH		DFND		0	12,422	0
HOME DEPOT INC	COM	437076102	560	2,719	SH		DFND		0	2,719	0
HTG MOLECULAR DIAGNOSTICS INC	COM	40434H104	308	69,900	SH		DFND		0	69,900	0
INTEL CORP	COM	458140100	3,913	82,722	SH		DFND		0	82,722	0
INVESCO DB COMMODITY INDEX	ETF	46138B103	196	11,146	SH		DFND		0	11,146	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	267	7,788	SH		DFND		0	7,788	0
INVESCO MUNICIPAL TRUST	ETF	46131J103	165	14,750	SH		DFND		0	14,750	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	1,497	79,772	SH		DFND		0	79,772	0
INVESCO QQQ TR	ETF	4609E0000	7,410	39,960	SH		DFND		0	39,960	0
ISHARES CORE S&P 500 ETF	ETF	464287200	769	2,631	SH		DFND		0	2,631	0
ISHARES INC	ETF	464286202	449	19,680	SH		DFND		0	19,680	0
ISHARES INC	ETF	464286764	396	13,401	SH		DFND		0	13,401	0
ISHARES INC	ETF	46434G780	432	18,021	SH		DFND		0	18,021	0
ISHARES INC	ETF	464286772	438	6,450	SH		DFND		0	6,450	0
iShares Inc Mcsi Chile Investable	ETF	464286640	540	11,938	SH		DFND		0	11,938	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	788	7,317	SH		DFND		0	7,317	0
ISHARES MSCI EAFE ETF	ETF	464287465	300	4,423	SH		DFND		0	4,423	0
ISHARES MSCI EAFE SMALL CAP	ETF	464288273	837	13,497	SH		DFND		0	13,497	0
iShares MSCI Emerging Markets Asia	ETF	464286426	760	11,206	SH		DFND		0	11,206	0
ishares Msci Europe Small-Cap	ETF	464288497	1,593	28,763	SH		DFND		0	28,763	0
ISHARES MSCI GERMANY ETF	ETF	464286806	446	15,111	SH		DFND		0	15,111	0
ISHARES MSCI HONG KONG ETF	ETF	464286871	460	19,412	SH		DFND		0	19,412	0
iShares MSCI India	ETF	46429B598	494	15,244	SH		DFND		0	15,244	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	556	14,558	SH		DFND		0	14,558	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	6,966	41,423	SH		DFND		0	41,423	0
ISHARES RUSSELL MID CAP ETF	ETF	464287499	897	4,155	SH		DFND		0	4,155	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	10,939	61,745	SH		DFND		0	61,745	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	243	2,103	SH		DFND		0	2,103	0
iShares S&P Emerging Mkts	ETF	464288216	635	22,361	SH		DFND		0	22,361	0
ISHARES S&P MIDCAP FUND	ETF	464287507	238	1,183	SH		DFND		0	1,183	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	6,993	34,668	SH		DFND		0	34,668	0
ISHARES S&P SMALL-CAP 600 VALUE ETF	ETF	464287879	6,498	38,928	SH		DFND		0	38,928	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	833	8,363	SH		DFND		0	8,363	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	288	3,340	SH		DFND		0	3,340	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	493	13,363	SH		DFND		0	13,363	0
iShares Tr S&P Global Info	ETF	464287291	1,277	7,295	SH		DFND		0	7,295	0
ISHARES TRUST	ETF	46435G334	407	11,893	SH		DFND		0	11,893	0
ISHARES TRUST	ETF	464287564	506	5,061	SH		DFND		0	5,061	0
ISHARES TRUST	ETF	464287663	776	13,792	SH		DFND		0	13,792	0
ISHARES TRUST	ETF	464288521	765	15,821	SH		DFND		0	15,821	0
ISHARES U S HEALTHCARE ETF	ETF	464287762	944	4,665	SH		DFND		0	4,665	0
ISHARES U.S. CONSUMER SERVICES ETF	ETF	464287580	703	3,323	SH		DFND		0	3,323	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	668	8,357	SH		DFND		0	8,357	0
ISHARES U.S. TECHNOLOGY ETF	ETF	464287721	1,891	9,749	SH		DFND		0	9,749	0
JOHNSON & JOHNSON	COM	478160104	3,303	23,821	SH		DFND		0	23,821	0
JPMORGAN CHASE & CO	COM	46625H100	2,895	26,101	SH		DFND		0	26,101	0
KeyCorp	COM	493267108	1,916	96,341	SH		DFND		0	96,341	0
KLA-TENCOR CORP	COM	482480100	2,249	22,142	SH		DFND		0	22,142	0
Kraneshares Tr Csi China Internet Etf	ETF	500767306	560	11,480	SH		DFND		0	11,480	0
LAM RESEARCH CORP	COM	512807108	3,164	20,865	SH		DFND		0	20,865	0
Lpl Finl Hldgs Inc Com	COM	50212V100	896	13,897	SH		DFND		0	13,897	0
Market Vectors Russia ETF	ETF	92189F403	540	25,055	SH		DFND		0	25,055	0
MASTERCARD INCORPORATED	COM	57636Q104	221	1,036	SH		DFND		0	1,036	0
MCDONALDS CORP COM	COM	580135101	417	2,493	SH		DFND		0	2,493	0
MDC HOLDINGS INC-DEL	COM	552676108	1,699	57,493	SH		DFND		0	57,493	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	48	13,500	SH		DFND		0	13,500	0
Micron Technology Inc	COM	595112103	497	10,995	SH		DFND		0	10,995	0
MICROSOFT CORP	COM	594918104	487	4,399	SH		DFND		0	4,399	0
MORGAN STANLEY COM NEW	COM	617446448	759	16,316	SH		DFND		0	16,316	0
NAVIOS MARITIME PARTNERS L P UNIT LPI	COM	Y62267102	24	13,872	SH		DFND		0	13,872	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	973	16,948	SH		DFND		0	16,948	0
NUVEEN AMT FREE QUALITY	COM	670657105	378	30,802	SH		DFND		0	30,802	0
O REILLY AUTOMOTIVE INC NEW COM	COM	67103H107	982	2,829	SH		DFND		0	2,829	0
On Assignment Inc	COM	00191U102	633	8,027	SH		DFND		0	8,027	0
PARATEK PHARMACEUTICALS INC	COM	699374302	115	13,450	SH		DFND		0	13,450	0
Pennsylvania Real Estate Investment Trust	COM	709102107	970	102,559	SH		DFND		0	102,559	0
Pimco High Income Fund	ETF	722014107	140	16,801	SH		DFND		0	16,801	0
PIONEER MUNICIPAL HIGH INCOME	COM	723762100	175	16,400	SH		DFND		0	16,400	0
Plains All American Pipeline Lp	COM	726503105	1,078	43,130	SH		DFND		0	43,130	0
Planet Fitness Inc Cl A	COM	72703H101	1,256	23,256	SH		DFND		0	23,256	0
Powershares ETF Trust II Intl	ETF	46138E636	783	30,214	SH		DFND		0	30,214	0
Powershares Exchangetraded Fd Tr Golden	ETF	46137V571	527	13,673	SH		DFND		0	13,673	0
PROCTER & GAMBLE CO	COM	742718109	239	2,749	SH		DFND		0	2,749	0
Qorvo Inc Com	COM	74736K101	915	11,902	SH		DFND		0	11,902	0
QUALCOMM INC	COM	747525103	251	4,304	SH		DFND		0	4,304	0
REALTY INCOME CORP COM	COM	756109104	3,098	54,456	SH		DFND		0	54,456	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	2,550	19,702	SH		DFND		0	19,702	0
S&P Global Inc Com	COM	78409V104	1,044	5,345	SH		DFND		0	5,345	0
SANCHEZ MIDSTREAM PARTNERS LP COM UNITS REP B	COM	79971C201	138	19,570	SH		DFND		0	19,570	0
SPDR S&P 500 ETF TRUST	ETF	78462F103	212	759	SH		DFND		0	759	0
SPDR S&P BIOTECH ETF	ETF	78464A870	403	4,212	SH		DFND		0	4,212	0
SPDR S&P China ETF	ETF	78463X400	626	6,482	SH		DFND		0	6,482	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,048	23,408	SH		DFND		0	23,408	0
SPDR SER TR	ETF	78464A300	892	13,080	SH		DFND		0	13,080	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	650	12,364	SH		DFND		0	12,364	0
SPDR SERIES TRUST	ETF	78464A359	1,526	28,354	SH		DFND		0	28,354	0
SPDR SERIES TRUST	ETF	78464A508	336	10,828	SH		DFND		0	10,828	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	ETF	85208R101	543	46,503	SH		DFND		0	46,503	0
SPROTT PHYSICAL SILVER TR TR UNIT	ETF	85207K107	65	12,367	SH		DFND		0	12,367	0
Sprouts Fmrs Mkt Inc Com	COM	85208M102	740	27,009	SH		DFND		0	27,009	0
SSGA ACTIVE TRUST	COM	78467V608	297	6,290	SH		DFND		0	6,290	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	2,510	23,450	SH		DFND		0	23,450	0
TORONTO-DOMINION BANK	COM	891160509	2,884	47,534	SH		DFND		0	47,534	0
TRITON INTERNATIONAL	COM	G9078F107	2,535	76,134	SH		DFND		0	76,134	0
UNITED DEVELOPMENT FUNDING IV	COM	910187103	59	14,242	SH		DFND		0	14,242	0
United Natural Foods Inc	COM	911163103	606	20,237	SH		DFND		0	20,237	0
VANGUARD FTSE DEVELOPED	ETF	921943858	1,505	34,983	SH		DFND		0	34,983	0
VANGUARD FTSE EMERGING MARKETS	ETF	922042858	1,345	32,885	SH		DFND		0	32,885	0
VANGUARD INDEX FUNDS	ETF	922908744	200	1,835	SH		DFND		0	1,835	0
VANGUARD INDEX FUNDS	ETF	922908736	207	1,340	SH		DFND		0	1,340	0
VANGUARD INTERMEDIATE TERM	ETF	92206C870	773	9,263	SH		DFND		0	9,263	0
VANGUARD S&P 500 ETF	ETF	922908363	3,423	12,819	SH		DFND		0	12,819	0
VENTAS INC	COM	92276F100	224	3,759	SH		DFND		0	3,759	0
VERASTEM INC	COM	92337C104	144	22,500	SH		DFND		0	22,500	0
VEREIT INC	COM	92339V100	3,749	516,093	SH		DFND		0	516,093	0
VERIZON COMMUNICATIONS	COM	92343V104	412	7,607	SH		DFND		0	7,607	0
VISA INC	COM	92826C839	430	2,896	SH		DFND		0	2,896	0
WALGREEN BOOTS ALLIANCE INC	COM	931427108	2,969	40,658	SH		DFND		0	40,658	0
WALT DISNEY CO	COM	254687106	361	3,080	SH		DFND		0	3,080	0
YAMANA GOLD INC	COM	98462Y100	25	10,535	SH		DFND		0	10,535	0
Zebra Technologies Corp Cl A	COM	989207105	2,213	12,519	SH		DFND		0	12,519	0