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 TR	CORE S&P TTL STK	464287150	441,214	5,203	SH		DFND		0	6,591	0
INVESCO EXCH TRADED FD TR II	S&P SMALLCAP 600	46138G664	37,334	344	SH		DFND		0	237	0
SCHWAB STRATEGIC TR	US LRG CAP ETF	808524201	2,821,812	62,499	SH		DFND		0	60,646	0
ISHARES TR	LATN AMER 40 ETF	464287390	4,006	175	SH		DFND		0	175	0
SCHWAB STRATEGIC TR	US AGGREGATE B	808524839	867	19	SH		DFND		0	19	0
FS KKR CAP CORP	COM	302635206	243,569	13,918	SH		DFND		0	13,918	0
SCHWAB STRATEGIC TR	US SML CAP ETF	808524607	64,978	1,604	SH		DFND		0	1,604	0
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	8,173	167	SH		DFND		0	167	0
FIDELITY COVINGTON TRUST	STOCK FOR INFL	316092386	7,149	231	SH		DFND		0	231	0
ISHARES TR	U.S. BAS MTL ETF	464287838	823,981	6,604	SH		DFND		0	7,455	0
ISHARES TR	IBOXX INV CP ETF	464287242	13,390	127	SH		DFND		0	127	0
SCHWAB STRATEGIC TR	EMRG MKTEQ ETF	808524706	1,586	67	SH		DFND		0	67	0
SCHWAB STRATEGIC TR	US LCAP GR ETF	808524300	176,959	3,185	SH		DFND		0	3,185	0
SCHWAB STRATEGIC TR	US LCAP VA ETF	808524409	1,827,764	27,685	SH		DFND		0	26,855	0
INVESCO EXCHANGE TRADED FD T	WILDERHIL CLAN	46137V134	1,763	46	SH		DFND		0	46	0
FRANKLIN BSP RLTY TR INC	COMMON STOCK	35243J101	376,151	29,159	SH		DFND		0	29,159	0
ISHARES TR	S&P 500 GRWT ETF	464287309	181,350	3,100	SH		DFND		0	3,100	0
INVESCO EXCH TRADED FD TR II	SOLAR ETF	46138G706	31,583	433	SH		DFND		0	433	0
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	4,182,494	93,338	SH		DFND		0	98,149	0
INVESCO EXCHANGE TRADED FD T	S&P SMCP VLU MNT	46137V480	7,044	154	SH		DFND		0	154	0
REALTY INCOME CORP	COM	756109104	486,254	7,666	SH		DFND		0	7,666	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	55,970	412	SH		DFND		0	412	0
MAIN STR CAP CORP	COM	56035L104	265,933	7,197	SH		DFND		0	7,197	0
ISHARES TR	US CONSM STAPLES	464287812	1,361,262	6,713	SH		DFND		0	6,615	0
INVESCO EXCH TRADED FD TR II	S&P 500 REVENUE	46138G698	677,512	9,163	SH		DFND		0	9,068	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL UTL	46137V274	2,095,283	18,010	SH		DFND		0	16,663	0
SELECT SECTOR SPDR TR	COMMUNICATION	81369Y852	1,776	37	SH		DFND		0	37	0
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	3,922	29	SH		DFND		0	29	0
APPLE INC	COM	037833100	370,233	2,849	SH		DFND		0	2,849	0
ISHARES TR	GLOBAL ENERG ETF	464287341	174,792	4,483	SH		DFND		0	0	0
SPDR SER TR	S&P BIOTECH	78464A870	10,541	127	SH		DFND		0	127	0
ISHARES TR	CORE S&P500 ETF	464287200	963,733	2,508	SH		DFND		0	2,517	0
ISHARES TR	S&P MC 400GR ETF	464287606	137,761	2,017	SH		DFND		0	2,017	0
COSTAR GROUP INC	COM	22160N109	309,120	4,000	SH		DFND		0	4,000	0
ISHARES TR	U.S. UTILITS ETF	464287697	270,264	3,123	SH		DFND		0	3,151	0
ISHARES TR	U.S. ENERGY ETF	464287796	92,143	1,982	SH		DFND		0	1,982	0
ISHARES TR	DOW JONES US ETF	464287846	495,285	5,300	SH		DFND		0	5,497	0
SPDR SER TR	PORTFOLIO INTRMD	78464A375	2,196	69	SH		DFND		0	69	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	35,370	185	SH		DFND		0	185	0
SPDR SER TR	S&P 600 SMCP VAL	78464A300	52,102	702	SH		DFND		0	702	0
INVESCO EXCHANGE TRADED FD T	DYNMC MEDIA	46137V696	3,468	108	SH		DFND		0	108	0
ISHARES TR	GLOBAL TECH ETF	464287291	14,435	322	SH		DFND		0	322	0
SCHWAB STRATEGIC TR	1000 INDEX ETF	808524722	23,007	623	SH		DFND		0	623	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	1,692	24	SH		DFND		0	24	0
ISHARES TR	CORE US AGGBD ET	464287226	10,960	113	SH		DFND		0	113	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	158,551	1,122	SH		DFND		0	1,122	0
ISHARES TR	U.S. REAL ES ETF	464287739	97,155	1,154	SH		DFND		0	9,712	0
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	2,259	23	SH		DFND		0	23	0
SPDR SER TR	PORTFOLIO LN TSR	78464A664	9,290	320	SH		DFND		0	320	0
ISHARES TR	RUSSELL 2000 ETF	464287655	1,046	6	SH		DFND		0	6	0
ISHARES TR	U.S. FINLS ETF	464287788	32,226	427	SH		DFND		0	427	0
SPDR SER TR	PORTFLI INTRMDIT	78464A672	12,793	453	SH		DFND		0	453	0
ISHARES TR	TIPS BD ETF	464287176	1,809	17	SH		DFND		0	17	0
THE NECESSITY RETAIL REIT IN	COM CLASS A	02607T109	128,278	21,632	SH		DFND		0	23,853	0
ISHARES TR	COHEN STEER REIT	464287564	26,104	476	SH		DFND		0	476	0
SCHWAB STRATEGIC TR	SHT TM US TRES	808524862	1,352,601	28,039	SH		DFND		0	29,673	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	105,751	1,209	SH		DFND		0	1,209	0
INVESCO EXCHANGE TRADED FD T	BUYBACK ACHIEV	46137V308	23,957	280	SH		DFND		0	280	0
ISHARES TR	RUS MDCP VAL ETF	464287473	6,215	59	SH		DFND		0	59	0
SCHWAB STRATEGIC TR	SCHWB FDT INT LG	808524755	25,058	862	SH		DFND		0	862	0
INVESCO EXCHANGE TRADED FD T	S&P 500 TOP 50	46137V233	112,634	408	SH		DFND		0	408	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL IND	46137V324	52,590	295	SH		DFND		0	295	0
VANGUARD WORLD FDS	UTILITIES ETF	92204A876	2,028,646	13,228	SH		DFND		0	10,559	0
ISHARES TR	US HLTHCARE ETF	464287762	2,082,999	7,342	SH		DFND		0	7,234	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL MAT	46137V316	2,221	14	SH		DFND		0	14	0
INVESCO EXCHANGE TRADED FD T	DYNMC MKT ETF	46137V712	2,495	24	SH		DFND		0	24	0
SPDR INDEX SHS FDS	ASIA PACIF ETF	78463X301	40,712	424	SH		DFND		0	424	0
ISHARES TR	US INDUSTRIALS	464287754	42,635	442	SH		DFND		0	3,776	0
ISHARES TR	S&P SML 600 GWT	464287887	6,592	61	SH		DFND		0	61	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	12,147	57	SH		DFND		0	57	0
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	639,721	2,579	SH		DFND		0	1,728	0
ISHARES TR	EXPANDED TECH	464287515	2,559	10	SH		DFND		0	10	0
ISHARES TR	SELECT DIVID ETF	464287168	733,730	6,084	SH		DFND		0	6,084	0
SCHWAB STRATEGIC TR	SCHWAB FDT US SC	808524763	71,575	1,532	SH		DFND		0	1,532	0
SPDR SER TR	PORTFOLI S&P1500	78464A805	73,489	1,554	SH		DFND		0	1,554	0
SPDR SER TR	S&P 400 MDCP GRW	78464A821	43,647	668	SH		DFND		0	668	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	288,801	822	SH		DFND		0	822	0
SELECT SECTOR SPDR TR	SBI MATERIALS	81369Y100	3,573	46	SH		DFND		0	46	0
ISHARES TR	US TELECOM ETF	464287713	2,714	121	SH		DFND		0	121	0
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	30,490	192	SH		DFND		0	192	0
SPDR SER TR	PORTFOLIO S&P500	78464A854	46,105	1,025	SH		DFND		0	1,025	0
SCHWAB STRATEGIC TR	US DIVIDEND EQ	808524797	2,299,589	30,442	SH		DFND		0	30,432	0
INVESCO EXCHANGE TRADED FD T	FTSE RAFI 1000	46137V613	18,308	118	SH		DFND		0	118	0
VANGUARD INDEX FDS	VALUE ETF	922908744	2,235,673	15,927	SH		DFND		0	18,706	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	24,017	193	SH		DFND		0	193	0
ISHARES TR	RUS MID CAP ETF	464287499	27,115	402	SH		DFND		0	402	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	4,378	128	SH		DFND		0	368	0
SCHWAB STRATEGIC TR	SCHWAB FDT US BM	808524789	20,890	397	SH		DFND		0	397	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,234,956	5,844	SH		DFND		0	6,575	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL DIS	46137V381	10,248	87	SH		DFND		0	87	0
ISHARES TR	S&P MC 400VL ETF	464287705	1,314,029	13,036	SH		DFND		0	9,909	0
ISHARES TR	U.S. TECH ETF	464287721	50,728	681	SH		DFND		0	681	0
ISHARES TR	MSCI EMG MKT ETF	464287234	64,999	1,715	SH		DFND		0	1,715	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL STP	46137V373	8,696	51	SH		DFND		0	51	0
BRIGHTSPIRE CAPITAL INC	COM CL A	10949T109	100,907	16,197	SH		DFND		0	16,197	0
SCHWAB STRATEGIC TR	US MID-CAP ETF	808524508	100,434	1,531	SH		DFND		0	1,531	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL ENR	46137V365	432,724	5,953	SH		DFND		0	5,010	0
ISHARES TR	CORE S&P US VLU	464287663	25,074	355	SH		DFND		0	355	0
SOUTHWEST AIRLS CO	COM	844741108	353,771	10,507	SH		DFND		0	10,507	0
PHILLIPS EDISON & CO INC	COMMON STOCK	71844V201	1,462,730	45,940	SH		DFND		0	46,727	0
VANGUARD WORLD FDS	INDUSTRIAL ETF	92204A603	16,072	88	SH		DFND		0	88	0
ISHARES TR	US CONSUM DISCRE	464287580	1,652	29	SH		DFND		0	29	0
ISHARES TR	SP SMCP600VL ETF	464287879	882,146	9,661	SH		DFND		0	6,349	0
ISHARES TR	RUS 2000 VAL ETF	464287630	2,357	17	SH		DFND		0	17	0
FIDELITY COVINGTON TRUST	LOW VOLITY ETF	316092824	279,112	6,044	SH		DFND		0	6,044	0
SCHWAB STRATEGIC TR	SCHWAB FDT US LG	808524771	211,783	3,963	SH		DFND		0	3,963	0
INVESCO EXCHANGE TRADED FD T	S&P MDCP400 PR	46137V217	4,835	27	SH		DFND		0	27	0
PROSHARES TR	S&P 500 DV ARIST	74348A467	810,168	9,003	SH		DFND		0	9,003	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL HLT	46137V332	139,764	485	SH		DFND		0	533	0
ISHARES TR	S&P 500 VAL ETF	464287408	1,607,521	11,081	SH		DFND		0	8,764	0
FIDELITY COVINGTON TRUST	HIGH YILD ETF	316092618	5,198	113	SH		DFND		0	113	0
SPDR SER TR	PRTFLO S&P500 VL	78464A508	37,412	962	SH		DFND		0	962	0
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	12,067	233	SH		DFND		0	233	0
SPDR INDEX SHS FDS	GLB NAT RESRCE	78463X541	728,716	12,780	SH		DFND		0	14,209	0
GLOBAL NET LEASE INC	COM NEW	379378201	294,264	23,410	SH		DFND		0	23,410	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL TEC	46137V282	137,615	566	SH		DFND		0	566	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	19,158	94	SH		DFND		0	94	0
ISHARES TR	RUS MD CP GR ETF	464287481	84,352	1,009	SH		DFND		0	1,009	0
SCHWAB STRATEGIC TR	SCHWB FDT EMK LG	808524730	71,490	2,885	SH		DFND		0	2,885	0
ISHARES TR	RUS 1000 VAL ETF	464287598	18,350	121	SH		DFND		0	121	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL FIN	46137V340	8,856	157	SH		DFND		0	157	0
INVESCO EXCHANGE TRADED FD T	GLOBAL DRGN CN	46137V571	5,056	185	SH		DFND		0	185	0
ISHARES TR	GLOBAL 100 ETF	464287572	32,281	504	SH		DFND		0	504	0
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	548,166	7,353	SH		DFND		0	6,615	0
SPDR SER TR	S&P TRANSN ETF	78464A532	7,057	105	SH		DFND		0	105	0
SPDR SER TR	BBG CONV SEC ETF	78464A359	154,223	2,397	SH		DFND		0	2,397	0