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	1,455	99,575	SH		DFND		0	99,575	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	795	18,750	SH		DFND		0	18,750	0
AIMMUNE THERAPEUTICS INC COM	COM	00900T107	369	10,750	SH		DFND		0	10,750	0
ALERIAN MLP ETF	ETF	00162Q866	602	70,825	SH		DFND		0	70,825	0
Allegion Plc Com Usd0.01	COM	G0176J109	962	7,729	SH		DFND		0	7,729	0
ALPHABET INC CAP STK CL A	COM	02079K305	1,711	1,275	SH		DFND		0	1,275	0
ALPHABET INC CAP STK CL C	COM	02079K107	625	461	SH		DFND		0	461	0
AMARIN CORP PLC SPONS ADR NEW	COM	023111206	374	17,450	SH		DFND		0	17,450	0
AMAZON COM INC COM	COM	023135106	1,038	558	SH		DFND		0	558	0
AMERICAN EXPRESS CO COM	COM	025816109	260	2,095	SH		DFND		0	2,095	0
AMERICAN FIN TR INC COM CLASS A	COM	02607T109	639	48,124	SH		DFND		0	48,124	0
AMERIPRISE FINL INC	COM	03076C106	2,139	12,841	SH		DFND		0	12,841	0
AMICUS THERAPEUTICS INC COM	COM	03152W109	98	10,150	SH		DFND		0	10,150	0
APPLE INC COM	COM	037833100	1,613	5,415	SH		DFND		0	5,415	0
AT&T INC COM	COM	00206R102	913	23,450	SH		DFND		0	23,450	0
BANK AMER CORP COM	COM	060505104	209	5,902	SH		DFND		0	5,902	0
BANK NEW YORK MELLON CORP COM	COM	064058100	385	7,659	SH		DFND		0	7,659	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	293	1,296	SH		DFND		0	1,296	0
BLUEROCK RESIDENTIAL GRW REIT COM CL A	COM	09627J102	288	23,986	SH		DFND		0	23,986	0
BOEING CO COM	COM	097023105	332	1,018	SH		DFND		0	1,018	0
Boston Scientific Corporation	COM	101137107	1,959	43,327	SH		DFND		0	43,327	0
BROADCOM INC	COM	11135F101	4,919	15,561	SH		DFND		0	15,561	0
BUSINESS DEV CORP OF AMER COM	COM	12325J101	237	30,647	SH		DFND		0	30,647	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	633	26,487	SH		DFND		0	26,487	0
CAMBRIA SHAREHOLDER YIELD ETF	ETF	132061201	247	6,144	SH		DFND		0	6,144	0
Capital One Financial Corporation	COM	14040H105	1,868	18,160	SH		DFND		0	18,160	0
CATALYST BIOSCIENCES INC COM NEW	COM	14888D208	121	18,310	SH		DFND		0	18,310	0
CDW CORP COM	COM	12514G108	303	2,124	SH		DFND		0	2,124	0
Centene Corp Del	COM	15135B101	1,690	26,891	SH		DFND		0	26,891	0
CHEVRON CORP NEW COM	COM	166764100	213	1,772	SH		DFND		0	1,772	0
CIENA Corporation	COM	171779309	1,526	35,760	SH		DFND		0	35,760	0
CISCO SYS INC COM	COM	17275R102	502	10,398	SH		DFND		0	10,398	0
CITIGROUP INC	COM	172967424	2,581	32,300	SH		DFND		0	32,300	0
CLEARWAY ENERGY INC	COM	18539C105	2,653	138,253	SH		DFND		0	138,253	0
CLOVIS ONCOLOGY INC COM	COM	189464100	114	11,050	SH		DFND		0	11,050	0
COCA COLA CO COM	COM	191216100	501	8,891	SH		DFND		0	8,891	0
COLONY CREDIT REAL ESTAT	COM	19625T101	541	40,538	SH		DFND		0	40,538	0
CONATUS PHARMACEUTICALS INC COM	COM	20600T108	16	41,500	SH		DFND		0	41,500	0
CUMMINS INC COM	COM	231021106	3,236	18,087	SH		DFND		0	18,087	0
CYTOSORBENTS CORP COM NEW	COM	23283X206	52	13,500	SH		DFND		0	13,500	0
Diodes Inc	COM	254543101	834	14,801	SH		DFND		0	14,801	0
DISNEY WALT CO COM DISNEY	COM	254687106	285	1,965	SH		DFND		0	1,965	0
ENABLE MIDSTREAM PARTNERS LP	COM	292480100	102	10,220	SH		DFND		0	10,220	0
ENBRIDGE INC COM	COM	29250N105	2,357	59,279	SH		DFND		0	59,279	0
ENCOMPASS HEALTH CORPORATION	COM	29261A100	4,237	61,180	SH		DFND		0	61,180	0
ENDEAVOUR SILVER CORP	COM	29258Y103	89	37,299	SH		DFND		0	37,299	0
EXCHANGE LISTED FUNDS TRUST	COM	30151E814	501	14,940	SH		DFND		0	14,940	0
Exchange Traded Concepts TRUST Emqq Emg	COM	301505889	2,010	56,954	SH		DFND		0	56,954	0
EXTENDED STAY AMER INC SHS 1 COM 1 CL B	COM	30224P200	2,699	181,687	SH		DFND		0	181,687	0
EXXON MOBIL CORP COM	COM	30231G102	296	4,270	SH		DFND		0	4,270	0
FACEBOOK INC CL A	COM	30303M102	1,853	9,001	SH		DFND		0	9,001	0
FEDEX CORP COM	COM	31428X106	225	1,453	SH		DFND		0	1,453	0
FRANKLIN LIBERTYQ U.S. EQUITY ETF	ETF	35473P801	307	8,783	SH		DFND		0	8,783	0
FS GLOBAL CR OPPORTUNITIE FDA SHS BEN INT	COM	30291B100	82	10,975	SH		DFND		0	10,975	0
FS KKR CAPITAL CORP COM	COM	302635107	3,366	543,618	SH		DFND		0	543,618	0
GENERAL ELECTRIC CO COM	COM	369604103	334	29,650	SH		DFND		0	29,650	0
GILEAD SCIENCES INC COM	COM	375558103	291	4,471	SH		DFND		0	4,471	0
GLOBAL NET LEASE INC COM NEW	COM	379378201	1,214	57,043	SH		DFND		0	57,043	0
HEALTHCARE TR AMER INC CL A NEW	COM	42225P501	249	7,862	SH		DFND		0	7,862	0
HOME DEPOT INC COM	COM	437076102	596	2,730	SH		DFND		0	2,730	0
HP INC	COM	40434L105	2,541	123,624	SH		DFND		0	123,624	0
HTG MOLECULAR DIAGNOSTICS INC COM	COM	40434H104	48	66,900	SH		DFND		0	66,900	0
INDUSTRIAL SELECT SECTOR SPDR FUND	COM	81369Y704	2,252	27,646	SH		DFND		0	27,646	0
INTEL CORP COM	COM	458140100	3,970	66,313	SH		DFND		0	66,313	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	340	10,069	SH		DFND		0	10,069	0
INVESCO MUNICIPAL TRUST	ETF	46131J103	183	14,750	SH		DFND		0	14,750	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	1,082	65,347	SH		DFND		0	65,347	0
INVESCO QQQ TRUST	ETF	46090E103	8,463	38,661	SH		DFND		0	38,661	0
INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	ETF	46137V282	2,200	10,443	SH		DFND		0	10,443	0
INVESCO S&P 500 LOW VOLATILITY ETF	ETF	46138E354	1,421	23,232	SH		DFND		0	23,232	0
INVESCO S&P 500 TOP 50 ETF	ETF	46137V233	746	3,005	SH		DFND		0	3,005	0
IOVANCE BIOTHERAPEUTICS INC COM	COM	462260100	221	8,150	SH		DFND		0	8,150	0
ISHARES COHEN & STEERS REIT ETF	ETF	464287564	652	5,550	SH		DFND		0	5,550	0
ISHARES CORE S&P 500 ETF	ETF	464287200	1,877	5,722	SH		DFND		0	5,722	0
ISHARES CORE S&P U.S. VALUE ETF	ETF	464287663	1,065	16,899	SH		DFND		0	16,899	0
ISHARES CORE U S AGGREGATE BD	ETF	464287226	1,184	10,542	SH		DFND		0	10,542	0
ISHARES CORE U.S. REIT ETF	ETF	464288521	1,122	20,565	SH		DFND		0	20,565	0
ISHARES DOW JONES US ETF	ETF	464287846	750	4,482	SH		DFND		0	4,482	0
ISHARES EDGE MSCI MIN VOL GLBL ETF	ETF	464286525	310	3,129	SH		DFND		0	3,129	0
ISHARES EDGE MSCI MIN VOL EAFE ETF	ETF	46429B689	1,404	18,835	SH		DFND		0	18,835	0
ISHARES EDGE MSCI MIN VOL USA ETF	ETF	46429B697	639	9,736	SH		DFND		0	9,736	0
ISHARES EXPONENTIAL TECHNOLOGIES ETF	ETF	46434V381	235	5,510	SH		DFND		0	5,510	0
ISHARES IBOXX INVT GRADEBOND ETF	ETF	464287242	577	4,420	SH		DFND		0	4,420	0
ISHARES INC	ETF	464286202	255	12,267	SH		DFND		0	12,267	0
ISHARES INC	ETF	464286764	244	8,431	SH		DFND		0	8,431	0
ISHARES INC	ETF	464286772	251	4,044	SH		DFND		0	4,044	0
iShares Inc Mcsi Bric Index Fd	ETF	464286657	690	15,230	SH		DFND		0	15,230	0
iShares Inc Msci Brazil Index	ETF	464286400	2,294	48,349	SH		DFND		0	48,349	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	1,342	11,714	SH		DFND		0	11,714	0
ISHARES MBS ETF	ETF	464288588	742	6,871	SH		DFND		0	6,871	0
ISHARES MSCI EAFE ETF	ETF	464287465	2,558	36,838	SH		DFND		0	36,838	0
ISHARES MSCI EAFE SMALL CAP ETF	ETF	464288273	541	8,682	SH		DFND		0	8,682	0
iShares MSCI Emerging Markets Asia	ETF	464286426	738	10,428	SH		DFND		0	10,428	0
ISHARES MSCI GERMANY ETF	ETF	464286806	288	9,773	SH		DFND		0	9,773	0
iShares MSCI India	ETF	46429B598	1,692	48,137	SH		DFND		0	48,137	0
ISHARES MSCI JAPAN ETF	ETF	46434G822	516	8,708	SH		DFND		0	8,708	0
iShares MSCI Malaysia Index	ETF	46434G814	1,270	44,574	SH		DFND		0	44,574	0
iShares MSCI Taiwan Index Fd	ETF	46434G772	1,963	47,742	SH		DFND		0	47,742	0
ISHARES RUSSELL MID-CAP ETF	ETF	464287499	1,033	17,298	SH		DFND		0	17,298	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	9,825	50,535	SH		DFND		0	50,535	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	6,009	46,143	SH		DFND		0	46,143	0
ISHARES S&P MIDCAP FUND	ETF	464287507	233	1,132	SH		DFND		0	1,132	0
ISHARES SELECT DIVIDEND ETF	ETF	464287168	1,070	10,125	SH		DFND		0	10,125	0
ISHARES TOTAL US STOCK MARKET ETF	ETF	464287150	321	4,368	SH		DFND		0	4,368	0
ISHARES TR	ETF	46432F842	223	3,424	SH		DFND		0	3,424	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	387	4,401	SH		DFND		0	4,401	0
Ishares Tr Msci Indonesia Investable	ETF	46429B309	947	36,934	SH		DFND		0	36,934	0
iShares Tr S&P Global Info	ETF	464287291	1,184	5,625	SH		DFND		0	5,625	0
ISHARES TRUST	ETF	46429B267	415	16,001	SH		DFND		0	16,001	0
ISHARES TRUST	ETF	46435G334	239	7,015	SH		DFND		0	7,015	0
ISHARES U.S. FINANCIALS ETF	ETF	464287788	2,405	17,447	SH		DFND		0	17,447	0
ISHARES U.S. HEALTHCARE ETF	ETF	464287762	1,230	5,697	SH		DFND		0	5,697	0
ISHARES U.S. REAL ESTATE ETF	ETF	464287739	3,225	34,649	SH		DFND		0	34,649	0
ISHARES U.S. TECHNOLOGY ETF	ETF	464287721	2,481	10,636	SH		DFND		0	10,636	0
JOHNSON & JOHNSON COM	COM	478160104	3,269	22,408	SH		DFND		0	22,408	0
JPMORGAN CHASE & CO COM	COM	46625H100	285	2,045	SH		DFND		0	2,045	0
KBS REAL ESTATE INVT TR II INC COM	COM	48243C109	85	22,604	SH		DFND		0	22,604	0
KLA CORPORATION	COM	482480100	3,570	20,031	SH		DFND		0	20,031	0
LOCKHEED MARTIN CORP COM	COM	539830109	302	740	SH		DFND		0	740	0
Lpl Finl Hldgs Inc Com	COM	50212V100	1,824	19,774	SH		DFND		0	19,774	0
MAIN STREET CAPITAL	COM	56035L104	478	10,785	SH		DFND		0	10,785	0
Market Vectors Russia ETF	ETF	92189F403	1,737	69,589	SH		DFND		0	69,589	0
MASTERCARD INC CL A	COM	57636Q104	268	894	SH		DFND		0	894	0
MCDONALDS CORP COM	COM	580135101	484	2,452	SH		DFND		0	2,452	0
MDC HOLDINGS INC-DEL	COM	552676108	2,592	67,943	SH		DFND		0	67,943	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	29	13,500	SH		DFND		0	13,500	0
MERCK & CO INC COM	COM	58933Y105	833	9,942	SH		DFND		0	9,942	0
MICROSOFT CORP COM	COM	594918104	858	5,358	SH		DFND		0	5,358	0
MOLSON COORS BREWING CO	COM	60871R209	1,584	29,402	SH		DFND		0	29,402	0
MONDELEZ INTL INC CL A	COM	609207105	251	4,571	SH		DFND		0	4,571	0
Monster Beverage Corp Usd0.005 Isin No.us6	COM	61174X109	960	15,120	SH		DFND		0	15,120	0
NATIONAL CINEMEDIA INC	COM	635309107	1,868	256,154	SH		DFND		0	256,154	0
NEOLEUKIN THERAPEUTICS INC COM	COM	64049K104	177	14,550	SH		DFND		0	14,550	0
Norwegian Cruise Line Hldgs Ltd Com Usd0	COM	G66721104	880	15,081	SH		DFND		0	15,081	0
NOVARTIS A G SPONSORED ADR	COM	66987V109	327	3,461	SH		DFND		0	3,461	0
NUVEEN AMT FREE QUALITY	COM	670657105	434	30,348	SH		DFND		0	30,348	0
Nxp Semiconductors N V	COM	N6596X109	345	2,716	SH		DFND		0	2,716	0
O REILLY AUTOMOTIVE INC NEW COM	COM	67103H107	1,030	2,352	SH		DFND		0	2,352	0
Oshkosh Truck Corp	COM	688239201	1,059	11,195	SH		DFND		0	11,195	0
OWENS CORNING	COM	690742101	3,053	46,893	SH		DFND		0	46,893	0
PARATEK PHARMACEUTICALS INC COM	COM	699374302	100	25,050	SH		DFND		0	25,050	0
PIMCO INVEST GRADE CORP BND IDX ETF	ETF	72201R817	669	5,977	SH		DFND		0	5,977	0
PIONEER MUNICIPAL HIGH INCOME	COM	723762100	177	16,400	SH		DFND		0	16,400	0
Powershares ETF Trust II Intl	ETF	46138E636	1,035	38,167	SH		DFND		0	38,167	0
PRINCIPAL FINANCIAL GROUP INC	COM	74251V102	2,100	38,174	SH		DFND		0	38,174	0
PROCTER & GAMBLE CO COM	COM	742718109	1,381	11,066	SH		DFND		0	11,066	0
PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF	COM	74348A467	848	11,155	SH		DFND		0	11,155	0
QEP RESOURCES INC	COM	74733V100	1,146	254,706	SH		DFND		0	254,706	0
Qorvo Inc Com	COM	74736K101	2,453	21,113	SH		DFND		0	21,113	0
QUALCOMM INC COM	COM	747525103	374	4,229	SH		DFND		0	4,229	0
Regeneron Pharmaceuticals	COM	75886F107	1,871	4,983	SH		DFND		0	4,983	0
Restaurant Brands International Inc Com	COM	76131D103	826	12,962	SH		DFND		0	12,962	0
S&P Global Inc Com	COM	78409V104	1,961	7,182	SH		DFND		0	7,182	0
SACHEM CAPITAL CORP	COM	78590A109	47	11,000	SH		DFND		0	11,000	0
SCHWAB FUNDAMENTAL INL LARGE COM ETF	ETF	808524755	865	30,131	SH		DFND		0	30,131	0
SCHWAB U.S. LARGE-CAP GROWTH ETF	ETF	808524300	4,457	44,148	SH		DFND		0	44,148	0
SCHWAB US BROAD MARKET ETF	ETF	808524102	8,453	104,970	SH		DFND		0	104,970	0
SCHWAB US DIVIDEND EQUITY ETF	ETF	808524797	3,314	56,069	SH		DFND		0	56,069	0
SCHWAB US LARGE CAP VALUE ETF	ETF	808524409	2,017	33,116	SH		DFND		0	33,116	0
SCHWAB US LARGE CAP ETF	ETF	808524201	8,866	109,880	SH		DFND		0	109,880	0
SCHWAB US SMALL CAP ETF	ETF	808524607	869	11,330	SH		DFND		0	11,330	0
Sony Corporation	COM	835699307	403	5,930	SH		DFND		0	5,930	0
SOUTHERN CO COM	COM	842587107	248	3,898	SH		DFND		0	3,898	0
SOUTHWEST AIRLINES	COM	844741108	744	12,736	SH		DFND		0	12,736	0
SPDR BLMBERG BRCLY CONV SECRT ETF	ETF	78464A359	2,500	42,199	SH		DFND		0	42,199	0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF	ETF	78467X109	4,988	17,495	SH		DFND		0	17,495	0
SPDR PORTFOLIO S P 1500 CMPST ST ETF	ETF	78464A805	968	23,234	SH		DFND		0	23,234	0
SPDR PORTFOLIO S&P 500 ETF	ETF	78464A854	685	17,279	SH		DFND		0	17,279	0
SPDR S&P 400 MID CAP GROWTH ETF	ETF	78464A821	675	11,503	SH		DFND		0	11,503	0
SPDR S&P 500 ETF	ETF	78462F103	5,564	17,214	SH		DFND		0	17,214	0
SPDR S&P 500 VALUE ETF	ETF	78464A508	1,796	50,912	SH		DFND		0	50,912	0
SPDR S&P 600 SMALL CAP VALUE ETF	ETF	78464A300	1,019	15,574	SH		DFND		0	15,574	0
SPDR S&P BIOTECH ETF	ETF	78464A870	435	4,576	SH		DFND		0	4,576	0
SPDR S&P China ETF	ETF	78463X400	528	5,151	SH		DFND		0	5,151	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,064	23,108	SH		DFND		0	23,108	0
SPDR SSGA US LG CP LW VLT INX ETF	ETF	78468R804	682	5,676	SH		DFND		0	5,676	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	COM	85208R101	588	40,131	SH		DFND		0	40,131	0
SPROTT PHYSICAL SILVER TR TR UNIT	COM	85207K107	80	12,367	SH		DFND		0	12,367	0
SSGA ACTIVE TRUST	COM	78467V608	290	6,225	SH		DFND		0	6,225	0
Sterling Bancorp	COM	85917A100	810	38,465	SH		DFND		0	38,465	0
SYSCO CORP COM	COM	871829107	691	8,083	SH		DFND		0	8,083	0
TAKEDA PHARMACEUTICAL	COM	874060205	2,548	129,161	SH		DFND		0	129,161	0
TRITON INTERNATIONAL	COM	G9078F107	3,373	83,916	SH		DFND		0	83,916	0
UNITED DEV FDG IV COM	COM	910187103	91	33,644	SH		DFND		0	33,644	0
VAG TOTAL CORPORATE BONDETF	ETF	92206C573	786	8,717	SH		DFND		0	8,717	0
VANGUARD FTSE DEVELOPED MARKETS ETF	ETF	921943858	1,445	32,782	SH		DFND		0	32,782	0
VANGUARD INTERMEDIATE TERM	ETF	92206C870	3,945	43,199	SH		DFND		0	43,199	0
VANGUARD S&P 500 ETF	ETF	922908363	3,866	13,058	SH		DFND		0	13,058	0
VANGUARD TOTAL STOCK MARKET INDEX FUND	ETF	922908769	362	2,192	SH		DFND		0	2,192	0
VANGUARD VALUE INDEX FUND	ETF	922908744	200	1,671	SH		DFND		0	1,671	0
VENTAS INC COM	COM	92276F100	537	9,322	SH		DFND		0	9,322	0
VERASTEM INC COM	COM	92337C104	39	29,250	SH		DFND		0	29,250	0
VEREIT INC COM	COM	92339V100	5,344	574,634	SH		DFND		0	574,634	0
VERIZON COMMUNICATIONS INC COM	COM	92343V104	568	9,321	SH		DFND		0	9,321	0
VIACOMCBS INC CL B	COM	92556H206	229	5,443	SH		DFND		0	5,443	0
VISA INC COM CL A	COM	92826C839	552	2,917	SH		DFND		0	2,917	0
WALGREEN BOOTS ALLIANCE INC	COM	931427108	2,828	47,969	SH		DFND		0	47,969	0
Wisdomtree Tr China Divid Ex St Owned En	ETF	97717X719	3,123	37,582	SH		DFND		0	37,582	0
Wisdomtree Tr Em Ex St-Owned	ETF	97717X578	1,196	38,323	SH		DFND		0	38,323	0
WISDOMTREE US QLT DIV GRW ETF	ETF	97717X669	554	11,193	SH		DFND		0	11,193	0
Xperi Corp Com	COM	98421B100	2,448	132,326	SH		DFND		0	132,326	0
YAMANA GOLD INC	COM	98462Y100	182	46,228	SH		DFND		0	46,228	0
Zebra Technologies Corp Cl A	COM	989207105	2,171	8,501	SH		DFND		0	8,501	0