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 GOLD SHARES ETF	ETF	00326A104	1,567	11,046	SH		DFND		0	11,046	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	680	18,750	SH		DFND		0	18,750	0
AGILE THERAPEUTICS INC COM	COM	00847L100	21	18,250	SH		DFND		0	18,250	0
AIMMUNE THERAPEUTICS INC COM	COM	00900T107	238	10,750	SH		DFND		0	10,750	0
ALERIAN MLP ETF	ETF	00162Q866	666	73,235	SH		DFND		0	73,235	0
Allegion Plc Com Usd0.01	COM	G0176J109	824	7,959	SH		DFND		0	7,959	0
ALPHABET INC CAP STK CL A	COM	02079K305	1,572	1,288	SH		DFND		0	1,288	0
ALPHABET INC CAP STK CL C	COM	02079K107	553	455	SH		DFND		0	455	0
AMAZON COM INC COM	COM	023135106	1,059	611	SH		DFND		0	611	0
AMERICAN EXPRESS CO COM	COM	025816109	242	2,053	SH		DFND		0	2,053	0
AMERICAN FIN TR INC COM CLASS A	COM	02607T109	858	59,406	SH		DFND		0	59,406	0
AMICUS THERAPEUTICS INC COM	COM	03152W109	87	10,850	SH		DFND		0	10,850	0
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	2,875	150,043	SH		DFND		0	150,043	0
APPLE INC COM	COM	037833100	1,161	5,111	SH		DFND		0	5,111	0
AT&T INC COM	COM	00206R102	645	17,057	SH		DFND		0	17,057	0
BANK NEW YORK MELLON CORP COM	COM	064058100	358	7,932	SH		DFND		0	7,932	0
BANK OZK	COM	06417N103	2,006	73,609	SH		DFND		0	73,609	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	282	1,360	SH		DFND		0	1,360	0
BIOCRYST PHARMACEUTICALS COM	COM	09058V103	53	18,950	SH		DFND		0	18,950	0
BLUEROCK RESIDENTIAL GRW REIT COM CL A	COM	09627J102	307	26,198	SH		DFND		0	26,198	0
BOEING CO COM	COM	097023105	412	1,087	SH		DFND		0	1,087	0
Boston Scientific Corporation	COM	101137107	1,783	43,830	SH		DFND		0	43,830	0
BROADCOM INC	COM	11135F101	4,369	15,833	SH		DFND		0	15,833	0
BUSINESS DEV CORP OF AMER COM	COM	12325J101	244	30,647	SH		DFND		0	30,647	0
CAMBRIA GLOBAL MOMENTUM ETF	ETF	132061508	211	8,339	SH		DFND		0	8,339	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	626	28,007	SH		DFND		0	28,007	0
CAMBRIA SHAREHOLDER YIELD ETF	ETF	132061201	229	6,315	SH		DFND		0	6,315	0
CATALYST BIOSCIENCES INC COM NEW	COM	14888D208	90	18,310	SH		DFND		0	18,310	0
CDW CORP COM	COM	12514G108	270	2,197	SH		DFND		0	2,197	0
Centene Corp Del	COM	15135B101	1,128	26,083	SH		DFND		0	26,083	0
CHARLES SCHWAB US MC ETF	ETF	808524508	211	3,621	SH		DFND		0	3,621	0
CHEVRON CORP NEW COM	COM	166764100	209	1,772	SH		DFND		0	1,772	0
CISCO SYS INC COM	COM	17275R102	492	10,385	SH		DFND		0	10,385	0
CLEARWAY ENERGY INC	COM	18539C105	295	16,304	SH		DFND		0	16,304	0
Clearway Energy Inc Cl A	COM	18539C105	1,890	109,053	SH		DFND		0	109,053	0
COCA COLA CO COM	COM	191216100	486	9,057	SH		DFND		0	9,057	0
COLONY CREDIT REAL ESTAT	COM	19625T101	595	50,138	SH		DFND		0	50,138	0
COMERICA INC	COM	200340107	1,872	28,394	SH		DFND		0	28,394	0
CONATUS PHARMACEUTICALS INC COM	COM	20600T108	14	47,500	SH		DFND		0	47,500	0
CRH PLC-ADR	COM	12626K203	3,186	92,791	SH		DFND		0	92,791	0
CUMMINS INC COM	COM	231021106	3,008	18,500	SH		DFND		0	18,500	0
CYTOSORBENTS CORP COM NEW	COM	23283X206	67	13,500	SH		DFND		0	13,500	0
Diodes Inc	COM	254543101	581	14,486	SH		DFND		0	14,486	0
DISNEY WALT CO COM DISNEY	COM	254687106	260	1,960	SH		DFND		0	1,960	0
ENABLE MIDSTREAM PARTNERS LP	COM	292480100	142	11,858	SH		DFND		0	11,858	0
ENBRIDGE INC COM	COM	29250N105	2,116	60,373	SH		DFND		0	60,373	0
ENCOMPASS HEALTH CORPORATION	COM	29261A100	4,021	63,583	SH		DFND		0	63,583	0
ENDEAVOUR SILVER CORP	COM	29258Y103	85	38,251	SH		DFND		0	38,251	0
EXCHANGE LISTED FUNDS TRUST	ETF	30151E814	509	15,035	SH		DFND		0	15,035	0
Exchange Traded Concepts TRUST Emqq Emg	ETF	301505889	1,790	57,391	SH		DFND		0	57,391	0
EXTENDED STAY AMER INC SHS 1 COM 1 CL B	COM	30224P200	2,426	165,715	SH		DFND		0	165,715	0
EXXON MOBIL CORP COM	COM	30231G102	293	4,176	SH		DFND		0	4,176	0
FACEBOOK INC CL A	COM	30303M102	1,639	9,152	SH		DFND		0	9,152	0
FEDEX CORP COM	COM	31428X106	247	1,747	SH		DFND		0	1,747	0
FRANKLIN LIBERTYQ U.S. EQUITY ETF	ETF	35473P801	280	8,486	SH		DFND		0	8,486	0
FS INVESTMENT CORP III COM	COM	30282X103	186	24,618	SH		DFND		0	24,618	0
FS KKR CAPITAL CORP COM	COM	302635107	3,336	570,580	SH		DFND		0	570,580	0
GEMPHIRE THERAPEUTICS INC COM	COM	36870A108	4	12,250	SH		DFND		0	12,250	0
GENERAL ELECTRIC CO COM	COM	369604103	269	30,192	SH		DFND		0	30,192	0
GILEAD SCIENCES INC COM	COM	375558103	277	4,471	SH		DFND		0	4,471	0
GLOBAL NET LEASE INC COM NEW	COM	379378201	1,136	58,370	SH		DFND		0	58,370	0
HEALTHCARE TR AMER INC CL A NEW	COM	42225P501	321	10,985	SH		DFND		0	10,985	0
HOME DEPOT INC COM	COM	437076102	643	2,777	SH		DFND		0	2,777	0
HTG MOLECULAR DIAGNOSTICS INC COM	COM	40434H104	46	66,900	SH		DFND		0	66,900	0
INTEL CORP COM	COM	458140100	3,058	59,433	SH		DFND		0	59,433	0
INVESCO ACTIVE U.S. REALESTATE FUND	ETF	46090A101	775	8,245	SH		DFND		0	8,245	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	316	10,212	SH		DFND		0	10,212	0
INVESCO MUNICIPAL TRUST	ETF	46131J103	186	14,750	SH		DFND		0	14,750	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	1,092	69,945	SH		DFND		0	69,945	0
INVESCO QQQ TRUST	ETF	46090E103	6,708	35,545	SH		DFND		0	35,545	0
INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	ETF	46137V282	2,108	11,094	SH		DFND		0	11,094	0
INVESCO S&P 500 EQUAL WEIGHT UTILITIES ETF	ETF	46137V274	233	2,278	SH		DFND		0	2,278	0
INVESCO S&P 500 LOW VOLATILITY ETF	ETF	46138E354	490	8,579	SH		DFND		0	8,579	0
INVESCO S&P 500 TOP 50 ETF	ETF	46137V233	538	2,405	SH		DFND		0	2,405	0
ISHARES COHEN & STEERS REIT ETF	ETF	464287564	733	6,138	SH		DFND		0	6,138	0
ISHARES CORE S&P 500 ETF	ETF	464287200	1,141	3,764	SH		DFND		0	3,764	0
ISHARES CORE S&P U.S. VALUE ETF	ETF	464287663	1,036	17,913	SH		DFND		0	17,913	0
ISHARES CORE U S AGGREGATE BD	ETF	464287226	1,192	10,533	SH		DFND		0	10,533	0
ISHARES CORE U.S. REIT ETF	ETF	464288521	1,205	21,727	SH		DFND		0	21,727	0
ISHARES EDGE MSCI MIN VOL EAFE ETF	ETF	46429B689	1,522	20,774	SH		DFND		0	20,774	0
ISHARES EDGE MSCI MIN VOL USA ETF	ETF	46429B697	714	11,185	SH		DFND		0	11,185	0
ISHARES EXPONENTIAL TECHNOLOGIES ETF	ETF	46434V381	201	5,208	SH		DFND		0	5,208	0
ISHARES INC	ETF	464286202	243	12,663	SH		DFND		0	12,663	0
ISHARES INC	ETF	464286764	240	8,649	SH		DFND		0	8,649	0
ISHARES INC	ETF	464286772	233	4,151	SH		DFND		0	4,151	0
iShares Inc Mcsi Bric Index Fd	ETF	464286657	718	17,769	SH		DFND		0	17,769	0
iShares Inc Msci Brazil Index	ETF	464286400	2,039	48,404	SH		DFND		0	48,404	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	1,417	12,501	SH		DFND		0	12,501	0
ISHARES MBS ETF	ETF	464288588	713	6,587	SH		DFND		0	6,587	0
ISHARES MSCI EAFE ETF	ETF	464287465	246	3,787	SH		DFND		0	3,787	0
ISHARES MSCI EAFE SMALL CAP	ETF	464288273	510	8,927	SH		DFND		0	8,927	0
iShares MSCI Emerging Markets Asia	ETF	464286426	772	12,116	SH		DFND		0	12,116	0
ISHARES MSCI GERMANY ETF	ETF	464286806	270	10,098	SH		DFND		0	10,098	0
iShares MSCI India	ETF	46429B598	1,619	48,239	SH		DFND		0	48,239	0
ISHARES MSCI JAPAN ETF	ETF	46434G822	509	8,988	SH		DFND		0	8,988	0
iShares MSCI Malaysia Index	ETF	46434G814	1,240	44,557	SH		DFND		0	44,557	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	1,740	47,861	SH		DFND		0	47,861	0
ISHARES RUSSELL MID-CAP ETF	ETF	464287499	1,065	18,987	SH		DFND		0	18,987	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	10,671	59,274	SH		DFND		0	59,274	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	216	1,818	SH		DFND		0	1,818	0
ISHARES S&P MIDCAP FUND	ETF	464287507	218	1,130	SH		DFND		0	1,130	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	1,082	10,620	SH		DFND		0	10,620	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	391	4,495	SH		DFND		0	4,495	0
Ishares Tr Msci Indonesia Investable	ETF	46429B309	902	36,862	SH		DFND		0	36,862	0
iShares Tr S&P Global Info	ETF	464287291	1,117	6,041	SH		DFND		0	6,041	0
ISHARES TRUST	ETF	46435G334	226	7,238	SH		DFND		0	7,238	0
ISHARES U.S. CONSUMER SERVICES ETF	ETF	464287580	1,704	7,841	SH		DFND		0	7,841	0
ISHARES U.S. HEALTHCARE ETF	ETF	464287762	1,117	5,898	SH		DFND		0	5,898	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	7,553	80,751	SH		DFND		0	80,751	0
ISHARES U.S. TECHNOLOGY ETF	ETF	464287721	2,103	10,296	SH		DFND		0	10,296	0
ISHARES U.S. UTILITIES ETF	ETF	464287697	1,829	11,233	SH		DFND		0	11,233	0
JOHNSON & JOHNSON COM	COM	478160104	3,000	23,180	SH		DFND		0	23,180	0
JPMORGAN DIVERSIFIED RTNGBL EQT ETF	ETF	46641Q100	245	4,012	SH		DFND		0	4,012	0
KBS REAL ESTATE INVT TR II INC COM	COM	48243C109	101	22,604	SH		DFND		0	22,604	0
KLA CORPORATION	COM	482480100	3,340	20,960	SH		DFND		0	20,960	0
LILLY ELI & CO COM	COM	532457108	2,803	25,092	SH		DFND		0	25,092	0
Lpl Finl Hldgs Inc Com	COM	50212V100	1,631	19,925	SH		DFND		0	19,925	0
MAIN STREET CAPITAL	COM	56035L104	454	10,585	SH		DFND		0	10,585	0
Market Vectors Russia ETF	ETF	92189F403	1,589	69,666	SH		DFND		0	69,666	0
MASTERCARD INC CL A	COM	57636Q104	283	1,055	SH		DFND		0	1,055	0
MCDONALDS CORP COM	COM	580135101	558	2,599	SH		DFND		0	2,599	0
MDC HOLDINGS INC-DEL	COM	552676108	3,063	71,087	SH		DFND		0	71,087	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	33	13,500	SH		DFND		0	13,500	0
MERCK & CO INC COM	COM	58933Y105	850	10,033	SH		DFND		0	10,033	0
MICROSOFT CORP COM	COM	594918104	612	4,506	SH		DFND		0	4,506	0
Mitsubishi UFJ Financial Group Inc (source: Morni	COM	606822104	291	57,471	SH		DFND		0	57,471	0
MOLSON COORS BREWING CO	COM	60871R209	2,455	42,705	SH		DFND		0	42,705	0
MONDELEZ INTL INC CL A	COM	609207105	252	4,569	SH		DFND		0	4,569	0
NATIONAL CINEMEDIA INC	COM	635309107	2,170	264,822	SH		DFND		0	264,822	0
NEOLEUKIN THERAPEUTICS INC COM	COM	64049K104	42	14,900	SH		DFND		0	14,900	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	801	15,487	SH		DFND		0	15,487	0
NOVARTIS A G SPONSORED ADR	COM	66987V109	300	3,461	SH		DFND		0	3,461	0
NUVEEN AMT FREE QUALITY	COM	670657105	433	30,348	SH		DFND		0	30,348	0
Nxp Semiconductors N V	COM	N6596X109	296	2,716	SH		DFND		0	2,716	0
O REILLY AUTOMOTIVE INC NEW COM	COM	67103H107	971	2,438	SH		DFND		0	2,438	0
Oshkosh Truck Corp	COM	688239201	888	11,724	SH		DFND		0	11,724	0
PARATEK PHARMACEUTICALS INC COM	COM	699374302	107	25,050	SH		DFND		0	25,050	0
Pennsylvania Real Estate Investment Trust	COM	709102107	1,079	188,650	SH		DFND		0	188,650	0
PEPSICO INC COM	COM	713448108	204	1,494	SH		DFND		0	1,494	0
PIONEER MUNICIPAL HIGH INCOME	COM	723762100	180	16,400	SH		DFND		0	16,400	0
Planet Fitness Inc Cl A	COM	72703H101	730	12,626	SH		DFND		0	12,626	0
Powershares ETF Trust II Intl	ETF	46138E636	1,046	39,939	SH		DFND		0	39,939	0
PPG INDS INC COM	COM	693506107	211	1,787	SH		DFND		0	1,787	0
PRINCIPAL FINANCIAL GROUP INC	COM	74251V102	2,290	40,133	SH		DFND		0	40,133	0
PROCTER & GAMBLE CO COM	COM	742718109	1,375	11,068	SH		DFND		0	11,068	0
PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF	ETF	74348A467	783	10,656	SH		DFND		0	10,656	0
QEP RESOURCES INC	COM	74733V100	948	256,645	SH		DFND		0	256,645	0
Qorvo Inc Com	COM	74736K101	1,622	21,890	SH		DFND		0	21,890	0
QUALCOMM INC COM	COM	747525103	313	4,229	SH		DFND		0	4,229	0
Regeneron Pharmaceuticals	COM	75886F107	1,369	4,937	SH		DFND		0	4,937	0
S&P Global Inc Com	COM	78409V104	1,640	6,697	SH		DFND		0	6,697	0
SACHEM CAPITAL CORP	COM	78590A109	51	11,000	SH		DFND		0	11,000	0
SCHWAB FUNDAMENTAL INL LARGE COM ETF	ETF	808524755	446	15,429	SH		DFND		0	15,429	0
SCHWAB INTERMEDIATE TERMUS TRS ETF	ETF	808524854	370	6,736	SH		DFND		0	6,736	0
SCHWAB SHORT TERM US TREASURY ETF	ETF	808524862	543	10,758	SH		DFND		0	10,758	0
SCHWAB U.S. LARGE-CAP GROWTH ETF	ETF	808524300	2,887	32,681	SH		DFND		0	32,681	0
SCHWAB U.S. REIT ETF	ETF	808524847	645	13,966	SH		DFND		0	13,966	0
SCHWAB US AGGREGATE BONDETF	ETF	808524839	1,018	19,085	SH		DFND		0	19,085	0
SCHWAB US BROAD MARKET ETF	ETF	808524102	7,897	106,852	SH		DFND		0	106,852	0
SCHWAB US DIVIDEND EQUITY ETF	ETF	808524797	2,919	51,582	SH		DFND		0	51,582	0
SCHWAB US LARGE CAP VALUE ETF	ETF	808524409	1,269	21,687	SH		DFND		0	21,687	0
SCHWAB US LARGE CAP ETF	ETF	808524201	7,825	105,931	SH		DFND		0	105,931	0
SCHWAB US SMALL CAP ETF	ETF	808524607	758	10,453	SH		DFND		0	10,453	0
Sony Corporation	COM	835699307	350	5,930	SH		DFND		0	5,930	0
SOUTHERN CO COM	COM	842587107	240	3,897	SH		DFND		0	3,897	0
SOUTHWEST AIRLINES	COM	844741108	732	12,736	SH		DFND		0	12,736	0
SPDR BLACKSTONE GSO SENIOR	COM	78467V608	263	5,683	SH		DFND		0	5,683	0
SPDR BLMBERG BRCLY CONV SECRT ETF	ETF	78464A359	1,902	35,471	SH		DFND		0	35,471	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	7,215	26,806	SH		DFND		0	26,806	0
SPDR PORTFOLIO LARGE CAP ETF	ETF	78464A854	761	20,992	SH		DFND		0	20,992	0
SPDR S&P 400 MID CAP GROWTH ETF	ETF	78464A821	560	10,219	SH		DFND		0	10,219	0
SPDR S&P 500 ETF	ETF	78462F103	7,599	25,619	SH		DFND		0	25,619	0
SPDR S&P 500 VALUE ETF	ETF	78464A508	1,602	48,051	SH		DFND		0	48,051	0
SPDR S&P 600 SMALL CAP VALUE ETF	ETF	78464A300	1,133	18,319	SH		DFND		0	18,319	0
SPDR S&P BIOTECH ETF	ETF	78464A870	366	4,786	SH		DFND		0	4,786	0
SPDR S&P China ETF	ETF	78463X400	1,979	21,933	SH		DFND		0	21,933	0
SPDR S&P EMERGING ASIA PACIFIC ETF	ETF	78463X301	483	4,930	SH		DFND		0	4,930	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,166	26,862	SH		DFND		0	26,862	0
SPDR SSGA US LG CP LW VLT INX ETF	ETF	78468R804	1,651	14,775	SH		DFND		0	14,775	0
SPDR TOTAL STOCK MARKET ETF	ETF	78464A805	873	22,840	SH		DFND		0	22,840	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	COM	85208R101	607	42,891	SH		DFND		0	42,891	0
SPROTT PHYSICAL SILVER TR TR UNIT	COM	85207K107	77	12,367	SH		DFND		0	12,367	0
Sterling Bancorp	COM	85917A100	790	39,394	SH		DFND		0	39,394	0
Sysco Corporation	COM	871829107	628	7,920	SH		DFND		0	7,920	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	2,961	22,925	SH		DFND		0	22,925	0
TRITON INTERNATIONAL	COM	G9078F107	2,918	86,260	SH		DFND		0	86,260	0
Ubiquiti Inc Com	COM	90353W103	895	7,574	SH		DFND		0	7,574	0
UNITED DEV FUNDING REIT	COM	910187103	101	33,364	SH		DFND		0	33,364	0
VANGUARD FTSE DEVELOPED MARKETS ETF	ETF	921943858	1,467	35,787	SH		DFND		0	35,787	0
VANGUARD INTERMEDIATE TERM CORPORATE BOND ETF	ETF	92206C870	1,135	12,441	SH		DFND		0	12,441	0
VENTAS INC REIT	COM	92276F100	538	8,396	SH		DFND		0	8,396	0
VERASTEM INC	COM	92337C104	14	13,000	SH		DFND		0	13,000	0
VEREIT INC REIT	COM	92339V100	5,675	583,129	SH		DFND		0	583,129	0
WALGREEN BOOTS ALLIANCE INC	COM	931427108	2,748	49,724	SH		DFND		0	49,724	0
Wisdomtree Tr Em Ex St-Owned	COM	97717X578	1,239	44,815	SH		DFND		0	44,815	0
WISDOMTREE US QLT DIV GRW ETF	ETF	97717X669	416	8,834	SH		DFND		0	8,834	0
WSDMTRE TR CHN EX ST OWNENTR ETF IV	ETF	97717X719	2,674	37,622	SH		DFND		0	37,622	0
Xperi Corp Com	COM	98421B100	2,835	137,089	SH		DFND		0	137,089	0
YAMANA GOLD INC	COM	98462Y100	150	47,343	SH		DFND		0	47,343	0
ZEBRA TECH CORP	COM	989207105	1,845	8,942	SH		DFND		0	8,942	0