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
ABERDEEN STANDARD PHYSICAL SWISS GOLD SHARES ETF	ETF	00326A104	1,424	11,440	SH		DFND		0	11,440	0
ACADIA PHARMACEUTICALS INC	COM	004225108	373	13,921	SH		DFND		0	13,921	0
ALPHABET INC	COM	02079K107	614	523	SH		DFND		0	523	0
ALPS ETF TR ALERIAN MLP	ETF	00162Q866	485	48,359	SH		DFND		0	48,359	0
AMAZON.COM INC	COM	023135106	962	540	SH		DFND		0	540	0
AMERICAN FIN TRUST INC	COM	02607T109	919	85,126	SH		DFND		0	85,126	0
AMICUS THERAPEUTICS INC	COM	03152W109	104	7,656	SH		DFND		0	7,656	0
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	2,266	124,551	SH		DFND		0	124,551	0
APPLE INC	COM	037833100	1,098	5,781	SH		DFND		0	5,781	0
ARES CAPITAL CORPORATION	COM	04010L103	210	12,254	SH		DFND		0	12,254	0
AT&T INC	COM	00206R102	493	15,722	SH		DFND		0	15,722	0
Atkore Intl Group Inc Com	COM	047649108	788	36,625	SH		DFND		0	36,625	0
BB&T CORP	COM	054937107	1,780	38,274	SH		DFND		0	38,274	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	286	1,426	SH		DFND		0	1,426	0
BIOCRYST PHARMACEUTICALS INC	COM	09058V103	223	27,443	SH		DFND		0	27,443	0
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	348	32,363	SH		DFND		0	32,363	0
BOEING CO	COM	097023105	370	970	SH		DFND		0	970	0
Boston Scientific Corporation	COM	101137107	978	25,484	SH		DFND		0	25,484	0
BROADCOM INC	COM	11135F101	5,158	17,154	SH		DFND		0	17,154	0
CAMBRIA GLOBAL ASSET ALLOCATION ETF	ETF	132061607	473	17,833	SH		DFND		0	17,833	0
CAMBRIA GLOBAL MOMENTUM ETF	ETF	132061508	300	11,975	SH		DFND		0	11,975	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	668	29,535	SH		DFND		0	29,535	0
CAMBRIA SHAREHOLDER YIELD ETF	ETF	132061201	258	7,167	SH		DFND		0	7,167	0
CATALYST BIOSCIENCES INC	COM	14888D208	130	16,131	SH		DFND		0	16,131	0
CHEVRON CORPORATION	COM	166764100	194	1,575	SH		DFND		0	1,575	0
CISCO SYSTEMS INC	COM	17275R102	398	7,385	SH		DFND		0	7,385	0
COCA COLA COMPANY	COM	191216100	406	8,679	SH		DFND		0	8,679	0
COLONY CAPITAL INC	COM	19626G108	105	19,740	SH		DFND		0	19,740	0
COLONY CREDIT REAL ESTAT	COM	19625T101	1,283	81,952	SH		DFND		0	81,952	0
COSTAMARE INC	COM	Y1771G102	1,689	324,850	SH		DFND		0	324,850	0
CRH PLC-ADR	COM	12626K203	1,262	40,739	SH		DFND		0	40,739	0
CVS HEALTH CORPORATION	COM	126650100	1,310	24,308	SH		DFND		0	24,308	0
CYTOSORBENTS CORPORATION	COM	23283X206	106	14,108	SH		DFND		0	14,108	0
ELI LILLY & CO	COM	532457108	3,638	28,038	SH		DFND		0	28,038	0
ENCOMPASS HEALTH CORPORATION	COM	29261A100	3,997	68,456	SH		DFND		0	68,456	0
EVERCORE PARTNERS INC COM	COM	29977A105	588	6,464	SH		DFND		0	6,464	0
Exchange Traded Concepts TRUST Emqq Emg	COM	301505889	347	10,543	SH		DFND		0	10,543	0
EXTENDED STAY AMER INC SHS 1 COM 1 CL B	COM	30224P200	1,714	95,495	SH		DFND		0	95,495	0
EXXON MOBIL CORP	COM	30231G102	283	3,513	SH		DFND		0	3,513	0
FACEBOOK INC	COM	30303M102	186	1,115	SH		DFND		0	1,115	0
FEDEX CORP	COM	31428X106	236	1,304	SH		DFND		0	1,304	0
FS ENERGY & POWER FUND	COM	30264D109	257	42,797	SH		DFND		0	42,797	0
FS GLOBAL CR OPPORTUNITIES FD	COM	30291B100	120	15,747	SH		DFND		0	15,747	0
FS INVT CORP II	COM	35952V105	126	23,578	SH		DFND		0	23,578	0
FS KKR CAPITAL CORP	COM	302635107	1,490	246,404	SH		DFND		0	246,404	0
GENERAL ELECTRIC COMPANY	COM	369604103	123	12,383	SH		DFND		0	12,383	0
GILEAD SCIENCES INC	COM	375558103	267	4,120	SH		DFND		0	4,120	0
GLOBAL NET LEASE INCORPO	COM	379378201	1,302	68,892	SH		DFND		0	68,892	0
GLOBAL X FDS	COM	37950E747	287	23,016	SH		DFND		0	23,016	0
HOME DEPOT INC	COM	437076102	428	2,235	SH		DFND		0	2,235	0
HTG MOLECULAR DIAGNOSTICS INC	COM	40434H104	159	63,724	SH		DFND		0	63,724	0
INTEL CORP	COM	458140100	3,251	60,543	SH		DFND		0	60,543	0
INVESCO DB COMMODITY INDEX	COM	46138B103	152	9,571	SH		DFND		0	9,571	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	257	8,116	SH		DFND		0	8,116	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	1,153	69,442	SH		DFND		0	69,442	0
INVESCO QQQ TR	COM	46090E103	4,368	24,313	SH		DFND		0	24,313	0
ISHARES CORE S&P 500 ETF	ETF	464287200	664	10,323	SH		DFND		0	10,323	0
ISHARES INC	ETF	464286202	291	14,631	SH		DFND		0	14,631	0
ISHARES INC	ETF	46434G780	315	13,314	SH		DFND		0	13,314	0
ISHARES INC	ETF	464286764	297	10,390	SH		DFND		0	10,390	0
ISHARES INC	ETF	464286772	311	5,110	SH		DFND		0	5,110	0
iShares Inc Mcsi Chile Investable	ETF	464286640	404	9,357	SH		DFND		0	9,357	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	640	5,822	SH		DFND		0	5,822	0
ISHARES MBS ETF	ETF	464288588	2,673	25,136	SH		DFND		0	25,136	0
ISHARES MSCI EAFE ETF	ETF	464287465	238	3,677	SH		DFND		0	3,677	0
ISHARES MSCI EAFE SMALL CAP	COM	464288273	584	10,179	SH		DFND		0	10,179	0
iShares MSCI Emerging Markets Asia	COM	464286426	695	10,274	SH		DFND		0	10,274	0
ishares Msci Europe Small-Cap	COM	464288497	1,322	26,188	SH		DFND		0	26,188	0
ISHARES MSCI GERMANY ETF	ETF	464286806	303	11,273	SH		DFND		0	11,273	0
ISHARES MSCI HONG KONG ETF	ETF	464286871	355	13,548	SH		DFND		0	13,548	0
iShares MSCI India	COM	46429B598	424	12,043	SH		DFND		0	12,043	0
iShares MSCI Taiwan Index Fd	COM	46434G772	379	10,964	SH		DFND		0	10,964	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	425	2,778	SH		DFND		0	2,778	0
ISHARES RUSSELL MID CAP ETF	ETF	464287499	716	13,279	SH		DFND		0	13,279	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	7,595	44,066	SH		DFND		0	44,066	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	4,139	36,716	SH		DFND		0	36,716	0
iShares S&P Emerging Mkts	COM	464288216	653	22,809	SH		DFND		0	22,809	0
ISHARES S&P MIDCAP FUND	COM	464287507	196	1,038	SH		DFND		0	1,038	0
ISHARES S&P SMALL-CAP 600 GROWTH ETF	ETF	464287887	241	1,351	SH		DFND		0	1,351	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	855	8,711	SH		DFND		0	8,711	0
iShares Tr Msci All Peru Capped Index Fd	COM	464289842	393	10,012	SH		DFND		0	10,012	0
ISHARES TRUST	COM	46435G334	280	8,492	SH		DFND		0	8,492	0
ISHARES TRUST	COM	464288521	847	16,382	SH		DFND		0	16,382	0
ISHARES TRUST	COM	464287663	764	13,943	SH		DFND		0	13,943	0
ISHARES TRUST	COM	464287564	461	4,153	SH		DFND		0	4,153	0
ISHARES U S HEALTHCARE ETF	ETF	464287762	943	4,868	SH		DFND		0	4,868	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	4,172	47,935	SH		DFND		0	47,935	0
ISHARES US TECHNOLOGY ETF	ETF	464287721	407	2,138	SH		DFND		0	2,138	0
JOHNSON & JOHNSON	COM	478160104	2,636	18,858	SH		DFND		0	18,858	0
JPMORGAN CHASE & CO	COM	46625H100	2,116	20,907	SH		DFND		0	20,907	0
KEYCORP NEW COM	COM	493267108	1,243	78,941	SH		DFND		0	78,941	0
KLA-TENCOR CORP	COM	482480100	1,666	13,960	SH		DFND		0	13,960	0
Kraneshares Tr Csi China Internet Etf	ETF	500767306	357	7,596	SH		DFND		0	7,596	0
LAM RESEARCH CORP	COM	512807108	2,498	13,955	SH		DFND		0	13,955	0
Lpl Finl Hldgs Inc Com	COM	50212V100	768	13,584	SH		DFND		0	13,584	0
MAIN STREET CAPITAL	COM	56035L104	461	12,416	SH		DFND		0	12,416	0
Market Vectors Russia ETF	ETF	92189F403	385	18,707	SH		DFND		0	18,707	0
MASTERCARD INCORPORATED	COM	57636Q104	223	948	SH		DFND		0	948	0
McDonalds Corp	COM	580135101	510	2,690	SH		DFND		0	2,690	0
MDC HOLDINGS INC-DEL	COM	552676108	1,406	48,389	SH		DFND		0	48,389	0
MERCK & CO. INC.	COM	58933Y105	646	7,768	SH		DFND		0	7,768	0
Micron Technology Inc	COM	595112103	388	9,388	SH		DFND		0	9,388	0
MICROSOFT CORP	COM	594918104	453	3,848	SH		DFND		0	3,848	0
MORGAN STANLEY COM NEW	COM	617446448	592	14,045	SH		DFND		0	14,045	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	657	11,967	SH		DFND		0	11,967	0
O Reilly Automotive Inc	COM	67103H107	930	2,395	SH		DFND		0	2,395	0
On Assignment Inc	COM	00191U102	428	6,756	SH		DFND		0	6,756	0
PARATEK PHARMACEUTICALS INC	COM	699374302	142	26,567	SH		DFND		0	26,567	0
Pennsylvania Real Estate Investment Trust	COM	709102107	571	90,839	SH		DFND		0	90,839	0
PHILLIPS 66	COM	718546104	1,101	11,577	SH		DFND		0	11,577	0
Pimco High Income Fund	ETF	722014107	148	16,477	SH		DFND		0	16,477	0
Planet Fitness Inc Cl A	COM	72703H101	992	14,440	SH		DFND		0	14,440	0
Powershares ETF Trust II Intl	ETF	46138E636	649	24,826	SH		DFND		0	24,826	0
Powershares Exchangetraded Fd Tr Golden	COM	46137V571	354	8,756	SH		DFND		0	8,756	0
PROCTER & GAMBLE CO	COM	742718109	273	2,625	SH		DFND		0	2,625	0
PROSHARES S&P 500 DIVIDEND	ETF	74348A467	728	10,740	SH		DFND		0	10,740	0
Qorvo Inc Com	COM	74736K101	666	9,293	SH		DFND		0	9,293	0
QUALCOMM INC	COM	747525103	212	3,729	SH		DFND		0	3,729	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	1,654	14,434	SH		DFND		0	14,434	0
SCHWAB US LARGE CAP GROWTH ETF	ETF	808524300	3,095	38,970	SH		DFND		0	38,970	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	4,200	16,211	SH		DFND		0	16,211	0
SPDR GOLD TR	ETF	78463V107	187	1,539	SH		DFND		0	1,539	0
SPDR S&P 500 ETF TRUST	ETF	78462F103	4,664	16,512	SH		DFND		0	16,512	0
SPDR S&P BIOTECH ETF	ETF	78464A870	300	3,322	SH		DFND		0	3,322	0
SPDR S&P China ETF	ETF	78463X400	452	4,507	SH		DFND		0	4,507	0
SPDR S&P EMERGING MRKT SML CP ETF	ETF	78463X756	999	22,424	SH		DFND		0	22,424	0
SPDR SER TR	ETF	78464A300	2,599	43,112	SH		DFND		0	43,112	0
Spdr Ser Tr Db Intl Govt Inflation	ETF	78464A490	547	10,121	SH		DFND		0	10,121	0
SPDR SERIES TRUST	ETF	78464A508	272	8,994	SH		DFND		0	8,994	0
SPDR SERIES TRUST	ETF	78464A359	1,754	33,573	SH		DFND		0	33,573	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	COM	85208R101	551	44,500	SH		DFND		0	44,500	0
Sprouts Fmrs Mkt Inc Com	COM	85208M102	591	27,476	SH		DFND		0	27,476	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	2,013	18,979	SH		DFND		0	18,979	0
TORONTO-DOMINION BANK	COM	891160509	1,972	36,301	SH		DFND		0	36,301	0
TRITON INTERNATIONAL	COM	G9078F107	2,006	64,503	SH		DFND		0	64,503	0
UNION PACIFIC CORP COM	COM	907818108	288	1,724	SH		DFND		0	1,724	0
UNITED DEVELOPMENT FUNDING IV	COM	910187103	142	26,666	SH		DFND		0	26,666	0
United Natural Foods Inc	COM	911163103	203	15,416	SH		DFND		0	15,416	0
VANGUARD FTSE DEVELOPED	ETF	921943858	1,346	32,947	SH		DFND		0	32,947	0
VANGUARD FTSE EMERGING MARKETS	ETF	922042858	1,257	29,589	SH		DFND		0	29,589	0
VANGUARD GROWTH INDEX FUND	ETF	922908736	188	1,206	SH		DFND		0	1,206	0
VANGUARD INTERMEDIATE TERM	ETF	92206C870	665	7,663	SH		DFND		0	7,663	0
VANGUARD S&P 500 ETF	ETF	922908363	3,066	11,816	SH		DFND		0	11,816	0
VANGUARD TOTAL STOCK MARKET INDEX FUND	ETF	922908769	218	1,506	SH		DFND		0	1,506	0
VANGUARD VALUE INDEX FUND	ETF	922908744	205	1,910	SH		DFND		0	1,910	0
VENTAS INC	COM	92276F100	660	10,349	SH		DFND		0	10,349	0
VEREIT INC	COM	92339V100	4,029	160,072	SH		DFND		0	160,072	0
VERIZON COMMUNICATIONS	COM	92343V104	473	8,007	SH		DFND		0	8,007	0
VISA INC	COM	92826C839	348	2,233	SH		DFND		0	2,233	0
WALGREEN BOOTS ALLIANCE INC	COM	931427108	2,312	36,545	SH		DFND		0	36,545	0
WALT DISNEY CO	COM	254687106	368	3,318	SH		DFND		0	3,318	0
Zebra Technologies Corp Cl A	COM	989207105	1,729	8,253	SH		DFND		0	8,253	0