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
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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	1,601	12,670	SH		DFND		0	12,670	0
ACADIA PHARMACEUTICALS INC	COM	004225108	420	20,050	SH		DFND		0	20,050	0
ALPHABET INC	COM	02079K107	690	625	SH		DFND		0	625	0
ALPS ETF TR ALERIAN MLP	ETF	00162Q866	545	62,424	SH		DFND		0	62,424	0
AMAZON.COM INC	COM	023135106	1,081	670	SH		DFND		0	670	0
AMERICAN FIN TRUST INC	COM	02607T109	1,033	61,193	SH		DFND		0	61,193	0
AMICUS THERAPEUTICS INC	COM	03152W109	117	10,750	SH		DFND		0	10,750	0
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	2,547	152,937	SH		DFND		0	152,937	0
APPLE INC	COM	037833100	1,234	7,299	SH		DFND		0	7,299	0
AQUINOX PHARMACEUTICALS INC	COM	03842B101	36	15,150	SH		DFND		0	15,150	0
ARES CAPITAL CORPORATION	COM	04010L103	236	14,657	SH		DFND		0	14,657	0
AT&T INC	COM	00206R102	554	18,315	SH		DFND		0	18,315	0
Atkore Intl Group Inc Com	COM	047649108	886	44,670	SH		DFND		0	44,670	0
BB&T CORP	COM	054937107	2,001	46,180	SH		DFND		0	46,180	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	322	1,566	SH		DFND		0	1,566	0
BIOCRYST PHARMACEUTICALS INC	COM	09058V103	251	28,700	SH		DFND		0	28,700	0
BLACKROCK KELSO CAP	COM	092533108	91	28,700	SH		DFND		0	28,700	0
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	392	38,664	SH		DFND		0	38,664	0
BOEING CO	COM	097023105	416	1,056	SH		DFND		0	1,056	0
Boston Scientific Corporation	COM	101137107	1,099	31,123	SH		DFND		0	31,123	0
BROADCOM INC	COM	11135F101	5,796	22,797	SH		DFND		0	22,797	0
CAMBRIA GLOBAL ASSET ALLOCATION ETF	ETF	132061607	532	20,339	SH		DFND		0	20,339	0
CAMBRIA GLOBAL MOMENTUM ETF	ETF	132061508	338	13,648	SH		DFND		0	13,648	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	751	33,040	SH		DFND		0	33,040	0
CAMBRIA SHAREHOLDER YIELD ETF	ETF	132061201	290	8,009	SH		DFND		0	8,009	0
CATALYST BIOSCIENCES INC	COM	14888D208	147	18,310	SH		DFND		0	18,310	0
CHARLES SCHWAB US MC ETF	ETF	808524508	1,261	20,708	SH		DFND		0	20,708	0
CHEVRON CORPORATION	COM	166764100	218	1,847	SH		DFND		0	1,847	0
CISCO SYSTEMS INC	COM	17275R102	448	10,097	SH		DFND		0	10,097	0
COCA COLA COMPANY	COM	191216100	457	9,437	SH		DFND		0	9,437	0
COLONY CAPITAL INC	COM	19626G108	118	18,823	SH		DFND		0	18,823	0
COLONY CREDIT REAL ESTAT	COM	19625T101	1,442	69,298	SH		DFND		0	69,298	0
CONATUS PHARMACEUTICALS INC	COM	20600T108	97	50,940	SH		DFND		0	50,940	0
COSTAMARE INC	COM	Y1771G102	1,898	432,371	SH		DFND		0	432,371	0
CRH PLC-ADR	COM	12626K203	1,419	53,864	SH		DFND		0	53,864	0
CSX CORP	COM	126408103	259	3,436	SH		DFND		0	3,436	0
CVS HEALTH CORPORATION	COM	126650100	1,473	22,485	SH		DFND		0	22,485	0
CYTOSORBENTS CORPORATION	COM	23283X206	120	14,700	SH		DFND		0	14,700	0
DIREXION ALL CAP INSIDERSENTI ETF	ETF	25459Y769	257	5,629	SH		DFND		0	5,629	0
ELI LILLY & CO	COM	532457108	4,088	35,315	SH		DFND		0	35,315	0
ENCOMPASS HEALTH CORPORATION	COM	29261A100	4,492	72,819	SH		DFND		0	72,819	0
ENSCO PLC	COM	G3157S106	51	13,103	SH		DFND		0	13,103	0
EVERCORE PARTNERS INC COM	COM	29977A105	661	9,247	SH		DFND		0	9,247	0
EXCHANGE LISTED FUNDS TRUST	COM	30151E814	277	8,257	SH		DFND		0	8,257	0
Exchange Traded Concepts TRUST Emqq Emg	COM	301505889	390	14,626	SH		DFND		0	14,626	0
EXTENDED STAY AMER INC SHS 1 COM 1 CL B	COM	30224P200	1,926	124,310	SH		DFND		0	124,310	0
EXXON MOBIL CORP	COM	30231G102	319	4,283	SH		DFND		0	4,283	0
FACEBOOK INC	COM	30303M102	209	1,409	SH		DFND		0	1,409	0
FEDEX CORP	COM	31428X106	266	1,613	SH		DFND		0	1,613	0
FS ENERGY & POWER FUND	COM	30264D109	289	43,981	SH		DFND		0	43,981	0
FS GLOBAL CR OPPORTUNITIES FD	COM	30291B100	135	17,824	SH		DFND		0	17,824	0
FS INVT CORP II	COM	35952V105	142	17,284	SH		DFND		0	17,284	0
FS KKR CAPITAL CORP	COM	302635107	1,675	309,673	SH		DFND		0	309,673	0
GEMPHIRE THERAPEUTICS INC	COM	36870A108	10	12,250	SH		DFND		0	12,250	0
GENERAL ELECTRIC COMPANY	COM	369604103	139	15,655	SH		DFND		0	15,655	0
GILEAD SCIENCES INC	COM	375558103	301	4,763	SH		DFND		0	4,763	0
GLOBAL NET LEASE INCORPO	COM	379378201	1,463	62,783	SH		DFND		0	62,783	0
GLOBAL X FDS	COM	37950E747	323	28,000	SH		DFND		0	28,000	0
GROWLIFE INC COM	COM	39985X104	1	189,000	SH		DFND		0	189,000	0
Henry Schein Inc	COM	806407102	1,104	14,063	SH		DFND		0	14,063	0
HINES GLOBAL REIT INC	COM	433240108	112	12,422	SH		DFND		0	12,422	0
HOME DEPOT INC	COM	437076102	482	2,731	SH		DFND		0	2,731	0
HTG MOLECULAR DIAGNOSTICS INC	COM	40434H104	179	74,420	SH		DFND		0	74,420	0
INTEL CORP	COM	458140100	3,653	77,796	SH		DFND		0	77,796	0
INVESCO DB COMMODITY INDEX	COM	46138B103	171	11,255	SH		DFND		0	11,255	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	289	9,357	SH		DFND		0	9,357	0
INVESCO MUNICIPAL TRUST	COM	46131J103	168	15,100	SH		DFND		0	15,100	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	1,296	80,407	SH		DFND		0	80,407	0
INVESCO QQQ TR	COM	46090E103	4,908	28,802	SH		DFND		0	28,802	0
INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF	ETF	46137V332	257	1,237	SH		DFND		0	1,237	0
INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	ETF	46137V282	3,316	18,892	SH		DFND		0	18,892	0
INVESCO S&P 500 TOP 50 ETF	ETF	46137V233	221	1,014	SH		DFND		0	1,014	0
IOVANCE BIOTHERAPEUTICS INC	COM	462260100	93	10,150	SH		DFND		0	10,150	0
ISHARES CORE S&P 500 ETF	ETF	464287200	747	2,888	SH		DFND		0	2,888	0
ISHARES IBOXX HIGH YIELDBOND ETF	ETF	464288513	249	3,066	SH		DFND		0	3,066	0
ISHARES INC	COM	464286202	327	17,830	SH		DFND		0	17,830	0
ISHARES INC	COM	464286764	334	12,454	SH		DFND		0	12,454	0
ISHARES INC	COM	464286772	350	5,953	SH		DFND		0	5,953	0
ISHARES INC	COM	46434G780	355	16,108	SH		DFND		0	16,108	0
iShares Inc Mcsi Chile Investable	COM	464286640	454	10,985	SH		DFND		0	10,985	0
iShares JPMorgan USD Emerging Mkts Bond	COM	464288281	720	6,935	SH		DFND		0	6,935	0
ISHARES MBS ETF	ETF	464288588	3,004	28,593	SH		DFND		0	28,593	0
ISHARES MSCI EAFE ETF	ETF	464287465	268	4,534	SH		DFND		0	4,534	0
ISHARES MSCI EAFE SMALL CAP	COM	464288273	657	12,691	SH		DFND		0	12,691	0
iShares MSCI Emerging Markets Asia	COM	464286426	781	12,844	SH		DFND		0	12,844	0
ishares Msci Europe Small-Cap	COM	464288497	1,486	33,095	SH		DFND		0	33,095	0
ISHARES MSCI GERMANY ETF	ETF	464286806	341	13,472	SH		DFND		0	13,472	0
ISHARES MSCI HONG KONG ETF	ETF	464286871	399	17,688	SH		DFND		0	17,688	0
iShares MSCI India	COM	46429B598	477	14,311	SH		DFND		0	14,311	0
iShares MSCI Taiwan Index Fd	COM	46434G772	426	13,491	SH		DFND		0	13,491	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	478	3,263	SH		DFND		0	3,263	0
ISHARES RUSSELL MID CAP ETF	ETF	464287499	805	17,274	SH		DFND		0	17,274	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	8,534	51,766	SH		DFND		0	51,766	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	4,651	41,860	SH		DFND		0	41,860	0
iShares S&P Emerging Mkts	COM	464288216	734	26,522	SH		DFND		0	26,522	0
ISHARES S&P MIDCAP FUND	COM	464287507	221	1,200	SH		DFND		0	1,200	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	271	1,505	SH		DFND		0	1,505	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	961	10,695	SH		DFND		0	10,695	0
iShares Tr Msci All Peru Capped Index Fd	COM	464289842	442	12,456	SH		DFND		0	12,456	0
iShares Tr S&P Global Info	COM	464287291	1,145	7,956	SH		DFND		0	7,956	0
ISHARES TRUST	COM	464287564	519	5,416	SH		DFND		0	5,416	0
ISHARES TRUST	COM	464287663	859	17,509	SH		DFND		0	17,509	0
ISHARES TRUST	COM	464288521	952	21,225	SH		DFND		0	21,225	0
ISHARES TRUST	COM	46435G334	315	10,748	SH		DFND		0	10,748	0
ISHARES U S HEALTHCARE ETF	ETF	464287762	1,060	5,838	SH		DFND		0	5,838	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	4,688	55,961	SH		DFND		0	55,961	0
ISHARES US TECHNOLOGY ETF	ETF	464287721	458	2,821	SH		DFND		0	2,821	0
JOHNSON & JOHNSON	COM	478160104	2,962	22,887	SH		DFND		0	22,887	0
JPMORGAN CHASE & CO	COM	46625H100	2,378	24,328	SH		DFND		0	24,328	0
KEYCORP NEW COM	COM	493267108	1,397	94,242	SH		DFND		0	94,242	0
KEYW HOLDING CORP	COM	493723100	722	87,305	SH		DFND		0	87,305	0
KLA-TENCOR CORP	COM	482480100	1,873	20,934	SH		DFND		0	20,934	0
Kraneshares Tr Csi China Internet Etf	ETF	500767306	402	10,730	SH		DFND		0	10,730	0
LAM RESEARCH CORP	COM	512807108	2,807	20,618	SH		DFND		0	20,618	0
LORD ABBETT SHORT DURATION	COM	543916100	257	62,149	SH		DFND		0	62,149	0
Lpl Finl Hldgs Inc Com	COM	50212V100	863	14,133	SH		DFND		0	14,133	0
MAIN STREET CAPITAL	COM	56035L104	519	12,070	SH		DFND		0	12,070	0
Market Vectors Russia ETF	ETF	92189F403	433	23,145	SH		DFND		0	23,145	0
MASTERCARD INCORPORATED	COM	57636Q104	251	1,222	SH		DFND		0	1,222	0
McDonalds Corp	COM	580135101	574	3,281	SH		DFND		0	3,281	0
MDC HOLDINGS INC-DEL	COM	552676108	1,580	56,210	SH		DFND		0	56,210	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	35	13,500	SH		DFND		0	13,500	0
MERCK & CO. INC.	COM	58933Y105	726	10,116	SH		DFND		0	10,116	0
Micron Technology Inc	COM	595112103	436	13,763	SH		DFND		0	13,763	0
MICROSOFT CORP	COM	594918104	510	4,942	SH		DFND		0	4,942	0
MORGAN STANLEY COM NEW	COM	617446448	666	16,801	SH		DFND		0	16,801	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	739	17,435	SH		DFND		0	17,435	0
NUVEEN AMT FREE QUALITY	COM	670657105	379	30,802	SH		DFND		0	30,802	0
O Reilly Automotive Inc	COM	67103H107	1,045	3,009	SH		DFND		0	3,009	0
On Assignment Inc	COM	00191U102	482	8,855	SH		DFND		0	8,855	0
PARATEK PHARMACEUTICALS INC	COM	699374302	160	24,450	SH		DFND		0	24,450	0
Pennsylvania Real Estate Investment Trust	COM	709102107	642	108,217	SH		DFND		0	108,217	0
PHILLIPS 66	COM	718546104	1,238	14,341	SH		DFND		0	14,341	0
Pimco High Income Fund	COM	722014107	167	20,882	SH		DFND		0	20,882	0
PIONEER MUNICIPAL HIGH INCOME	COM	723762100	177	17,266	SH		DFND		0	17,266	0
Plains All American Pipeline Lp	COM	726503105	864	43,143	SH		DFND		0	43,143	0
Planet Fitness Inc Cl A	COM	72703H101	1,115	20,810	SH		DFND		0	20,810	0
Potnetwork Holdings Inc	COM	737636209	3	45,300	SH		DFND		0	45,300	0
Powershares ETF Trust II Intl	ETF	46138E636	730	29,017	SH		DFND		0	29,017	0
Powershares Exchangetraded Fd Tr Golden	COM	46137V571	398	12,649	SH		DFND		0	12,649	0
PROCTER & GAMBLE CO	COM	742718109	307	3,213	SH		DFND		0	3,213	0
PROSHARES S&P 500 DIVIDEND	COM	74348A467	818	11,848	SH		DFND		0	11,848	0
Qorvo Inc Com	COM	74736K101	749	12,348	SH		DFND		0	12,348	0
QUALCOMM INC	COM	747525103	239	4,254	SH		DFND		0	4,254	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	1,859	18,997	SH		DFND		0	18,997	0
S&P Global Inc Com	COM	78409V104	923	5,433	SH		DFND		0	5,433	0
Sanchez Energy Corp	COM	79970Y105	3	11,131	SH		DFND		0	11,131	0
Sanchez Midstream Partners	COM	79971C201	95	39,369	SH		DFND		0	39,369	0
SCHWAB 1000 INDEX ETF	ETF	808524722	715	23,908	SH		DFND		0	23,908	0
SCHWAB FUNDA EMG MKTS LARGE COM ETF	ETF	808524730	263	8,835	SH		DFND		0	8,835	0
SCHWAB US BROAD MARKET ETF	ETF	808524102	3,490	47,304	SH		DFND		0	47,304	0
SCHWAB US DIVIDEND EQUITY ETF	ETF	808524797	1,047	18,972	SH		DFND		0	18,972	0
SCHWAB US LARGE CAP GROWTH ETF	ETF	808524300	3,478	40,918	SH		DFND		0	40,918	0
SCHWAB US LARGE CAP ETF	ETF	808524201	5,990	82,302	SH		DFND		0	82,302	0
SCHWAB US SMALL CAP ETF	ETF	808524607	3,617	44,444	SH		DFND		0	44,444	0
SOUTHWEST AIRLINES	COM	844741108	807	12,645	SH		DFND		0	12,645	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	4,720	18,547	SH		DFND		0	18,547	0
SPDR GOLD TR	COM	78463V107	211	1,719	SH		DFND		0	1,719	0
SPDR S&P 400 MID CAP GROWTH ETF	ETF	78464A821	277	4,669	SH		DFND		0	4,669	0
SPDR S&P 500 ETF TRUST	ETF	78462F103	5,241	19,188	SH		DFND		0	19,188	0
SPDR S&P 600 SMALL CAP GROWTH ETF	ETF	78464A201	2,322	32,248	SH		DFND		0	32,248	0
SPDR S&P BIOTECH ETF	ETF	78464A870	338	4,670	SH		DFND		0	4,670	0
SPDR S&P China ETF	ETF	78463X400	508	5,993	SH		DFND		0	5,993	0
SPDR S&P EMERGING MRKT SML CP ETF	ETF	78463X756	1,123	27,413	SH		DFND		0	27,413	0
SPDR SER TR	COM	78464A300	2,921	42,995	SH		DFND		0	42,995	0
Spdr Ser Tr Db Intl Govt Inflation	COM	78464A490	615	11,823	SH		DFND		0	11,823	0
SPDR SERIES TRUST	COM	78464A359	1,971	39,518	SH		DFND		0	39,518	0
SPDR SERIES TRUST	COM	78464A508	306	11,259	SH		DFND		0	11,259	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	COM	85208R101	620	48,503	SH		DFND		0	48,503	0
SPROTT PHYSICAL SILVER TR TR UNIT	COM	85207K107	70	12,367	SH		DFND		0	12,367	0
Sprouts Fmrs Mkt Inc Com	COM	85208M102	665	28,308	SH		DFND		0	28,308	0
SSGA ACTIVE TRUST	COM	78467V608	255	5,721	SH		DFND		0	5,721	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	2,262	23,805	SH		DFND		0	23,805	0
TORONTO-DOMINION BANK	COM	891160509	2,216	44,513	SH		DFND		0	44,513	0
TRITON INTERNATIONAL	COM	G9078F107	2,254	72,557	SH		DFND		0	72,557	0
UNION PACIFIC CORP COM	COM	907818108	324	1,940	SH		DFND		0	1,940	0
UNITED DEVELOPMENT FUNDING IV	COM	910187103	160	37,206	SH		DFND		0	37,206	0
United Natural Foods Inc	COM	911163103	229	21,664	SH		DFND		0	21,664	0
VANGUARD FTSE DEVELOPED	COM	921943858	1,513	40,599	SH		DFND		0	40,599	0
VANGUARD FTSE EMERGING MARKETS	COM	922042858	1,413	36,962	SH		DFND		0	36,962	0
VANGUARD INDEX FUNDS	COM	922908736	212	1,518	SH		DFND		0	1,518	0
VANGUARD INDEX FUNDS	COM	922908744	231	2,285	SH		DFND		0	2,285	0
VANGUARD INDEX FUNDS	COM	922908769	245	1,732	SH		DFND		0	1,732	0
VANGUARD INTERMEDIATE TERM	COM	92206C870	748	9,027	SH		DFND		0	9,027	0
VANGUARD S&P 500 ETF	ETF	922908363	3,446	13,660	SH		DFND		0	13,660	0
VENTAS INC	COM	92276F100	742	12,219	SH		DFND		0	12,219	0
VERASTEM INC	COM	92337C104	94	29,250	SH		DFND		0	29,250	0
VEREIT INC	COM	92339V100	4,527	614,418	SH		DFND		0	614,418	0
VERIZON COMMUNICATIONS	COM	92343V104	532	9,656	SH		DFND		0	9,656	0
VISA INC	COM	92826C839	392	2,859	SH		DFND		0	2,859	0
WALGREEN BOOTS ALLIANCE INC	COM	931427108	2,598	38,025	SH		DFND		0	38,025	0
WALT DISNEY CO	COM	254687106	414	3,757	SH		DFND		0	3,757	0
YAMANA GOLD INC	COM	98462Y100	25	10,624	SH		DFND		0	10,624	0
Zebra Technologies Corp Cl A	COM	989207105	1,943	12,203	SH		DFND		0	12,203	0