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 Std PHys SwissGold Shr ETF	ETF	00326A104	1,386	91,511	SH		DFND		0	91,511	0
Acadia Pharmaceuticals Inc	COM	004225108	672	15,750	SH		DFND		0	15,750	0
Activision Blizzard Inc	COM	00507V109	824	10,927	SH		DFND		0	10,927	0
AFLAC Inc	COM	001055102	233	6,597	SH		DFND		0	6,597	0
Agile Therapeutics Inc	COM	00847L100	42	21,250	SH		DFND		0	21,250	0
AIMMUNE THERAPEUTICS INC COM	COM	00900T107	180	12,500	SH		DFND		0	12,500	0
Alerian MLP	ETF	00162Q866	443	94,418	SH		DFND		0	94,418	0
Alibaba Group Holding Ltd	COM	01609W102	1,078	5,252	SH		DFND		0	5,252	0
Allegion PLC	COM	G0176J109	758	7,452	SH		DFND		0	7,452	0
Alphabet Inc Cl A	COM	02079K305	2,086	1,497	SH		DFND		0	1,497	0
Alphabet Inc Cl C	COM	02079K107	615	504	SH		DFND		0	504	0
Amarin Corp PLC	COM	023111206	61	14,750	SH		DFND		0	14,750	0
Amazon.com Inc	COM	023135106	2,641	1,190	SH		DFND		0	1,190	0
American Finance Trust Inc	COM	02607T109	1,288	185,334	SH		DFND		0	185,334	0
Ameriprise Financial Inc	COM	03076C106	1,715	13,891	SH		DFND		0	13,891	0
AMICUS THERAPEUTICS INC COM	COM	03152W109	93	10,150	SH		DFND		0	10,150	0
Annaly Capital Management Inc	COM	035710409	98	16,837	SH		DFND		0	16,837	0
Apple Inc	COM	037833100	2,651	9,114	SH		DFND		0	9,114	0
ARES CAPITAL CORP COM	COM	04010L103	129	12,049	SH		DFND		0	12,049	0
AT&T Inc	COM	00206R102	2,800	95,410	SH		DFND		0	95,410	0
Bank of America Corp	COM	060505104	234	10,674	SH		DFND		0	10,674	0
Berkshire Hathaway Cl B	COM	084670702	284	1,631	SH		DFND		0	1,631	0
BIOCRYST PHARMACEUTICALS INC COM	COM	09058V103	37	18,950	SH		DFND		0	18,950	0
BlueRock Residential Growth REIT	COM	09627J102	346	57,786	SH		DFND		0	57,786	0
Boeing Co	COM	097023105	560	3,898	SH		DFND		0	3,898	0
Broadcom Inc	COM	11135F101	4,145	15,086	SH		DFND		0	15,086	0
Business Dev Corp Of America	COM	12325J101	12,308	1,600,601	SH		DFND		0	1,600,601	0
Calamos Convertible Opps & income	COM	128117108	190	20,000	SH		DFND		0	20,000	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	382	24,804	SH		DFND		0	24,804	0
Catalyst Biosciences Inc	COM	14888D208	86	19,310	SH		DFND		0	19,310	0
Ciena Corp	COM	171779309	3,048	66,737	SH		DFND		0	66,737	0
CIM Income NAV T	COM	12588C207	1,109	64,034	SH		DFND		0	64,034	0
CIM Real Estate Finance Trust	COM	12558Q103	5,891	758,285	SH		DFND		0	758,285	0
Cisco Systems Inc	COM	17275R102	443	11,127	SH		DFND		0	11,127	0
Clearway Energy Inc Cl A	COM	18539C204	2,187	110,620	SH		DFND		0	110,620	0
Clovis Oncology Inc	COM	189464100	119	18,550	SH		DFND		0	18,550	0
CNL Healthcare Properties Inc	COM	12612C108	418	53,560	SH		DFND		0	53,560	0
Coca Cola Company	COM	191216100	616	13,633	SH		DFND		0	13,633	0
Colony Credit Real Estate Inc Cl A	COM	19625T101	964	205,875	SH		DFND		0	205,875	0
Conatus Pharmaceuticals Inc	COM	20600T108	13	43,940	SH		DFND		0	43,940	0
Costco Wholesale Corp	COM	22160K105	349	1,131	SH		DFND		0	1,131	0
CYTOSORBENTS CORP COM NEW	COM	23283X206	104	13,500	SH		DFND		0	13,500	0
Delta Air Lines	COM	247361702	2,182	98,881	SH		DFND		0	98,881	0
Digital Turbine Inc	COM	25400W102	496	84,735	SH		DFND		0	84,735	0
DISCOVER FINL SVCS COM	COM	254709108	1,578	39,006	SH		DFND		0	39,006	0
Dominion Energy Inc	COM	25746U109	971	12,305	SH		DFND		0	12,305	0
eBay Inc.	COM	278642103	2,497	59,815	SH		DFND		0	59,815	0
Emerging Markets Internet & eCommerce	COM	301505889	2,092	55,612	SH		DFND		0	55,612	0
ENBRIDGE INC COM	COM	29250N105	2,106	74,373	SH		DFND		0	74,373	0
Encompass Health Corp	COM	29261A100	3,075	45,040	SH		DFND		0	45,040	0
EXTENDED STAY AMER INC SHS 1 COM 1 CL B	COM	30224P200	149	13,950	SH		DFND		0	13,950	0
Exxon Mobil Corporation	COM	30231G102	617	14,175	SH		DFND		0	14,175	0
Facebook Inc	COM	30303M102	2,317	11,026	SH		DFND		0	11,026	0
First Trust NASDAQ Tech Div ETF	ETF	33738R118	555	14,297	SH		DFND		0	14,297	0
First Trust North American Energy Infrastructure Fund ETF	ETF	33738D101	289	14,300	SH		DFND		0	14,300	0
Fleetcor Technologies Inc	COM	339041105	1,809	7,639	SH		DFND		0	7,639	0
FRANKLIN LIBERTYQ U.S. EQUITY ETF	ETF	35473P801	235	8,529	SH		DFND		0	8,529	0
FS KKR Capital Corp	COM	302635107	3,757	1,168,322	SH		DFND		0	1,168,322	0
General Electric Company	COM	369604103	238	35,269	SH		DFND		0	35,269	0
Gilead Sciences Inc	COM	375558103	366	4,868	SH		DFND		0	4,868	0
Global Net Lease Inc	COM	379378201	1,982	146,089	SH		DFND		0	146,089	0
Greengro Technologies Inc	COM	39526G107	44	10,025	SH		DFND		0	10,025	0
Healthcare Trust of America Class A	COM	42225P501	273	10,729	SH		DFND		0	10,729	0
Home Depot Inc	COM	437076102	892	3,983	SH		DFND		0	3,983	0
HP Inc	COM	40434L105	1,879	121,494	SH		DFND		0	121,494	0
Htg Molecular Diagnostics Inc	COM	40434H104	24	72,849	SH		DFND		0	72,849	0
Industrial Property Trust Inc Cl A	COM	45632A306	82	66,123	SH		DFND		0	66,123	0
Inmode Ltd	COM	M5425M103	487	17,298	SH		DFND		0	17,298	0
Intel Corp	COM	458140100	3,399	56,813	SH		DFND		0	56,813	0
Invesco Exchange Traded Fd Tr S&P Mdcp Momntum	ETF	46137V464	435	7,743	SH		DFND		0	7,743	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	227	9,709	SH		DFND		0	9,709	0
Invesco International Corporate Bond	ETF	46138E636	952	37,334	SH		DFND		0	37,334	0
INVESCO MUNICIPAL TRUST	ETF	46131J103	172	14,750	SH		DFND		0	14,750	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	730	61,767	SH		DFND		0	61,767	0
Invesco QQQ Trust Series 1	ETF	46090E103	2,325	10,722	SH		DFND		0	10,722	0
INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	ETF	46137V282	604	3,219	SH		DFND		0	3,219	0
INVESCO S&P 500 TOP 50 ETF	ETF	46137V233	647	2,870	SH		DFND		0	2,870	0
IOVANCE BIOTHERAPEUTICS INC COM	COM	462260100	243	8,150	SH		DFND		0	8,150	0
iShares 1-3 Year Treasury Bond	ETF	464287457	684	7,900	SH		DFND		0	7,900	0
iShares Barclays 7-10 Yr Treasury Bond	ETF	464287440	386	3,188	SH		DFND		0	3,188	0
iShares Core S&P 500	ETF	464287200	993	3,389	SH		DFND		0	3,389	0
iShares Core US Aggregate Bond	ETF	464287226	1,253	10,801	SH		DFND		0	10,801	0
ISHARES DOW JONES US ETF	ETF	464287846	390	2,700	SH		DFND		0	2,700	0
iShares Dow Jones US Healthcare Sector Index	ETF	464287762	1,059	5,322	SH		DFND		0	5,322	0
iShares Dow Jones US Telecommunications Sector Index	ETF	464287713	547	21,978	SH		DFND		0	21,978	0
iShares Dow Jones US Utilities Sector Index	ETF	464287697	529	3,835	SH		DFND		0	3,835	0
iShares Edge MSCI Min Vol EAFE	ETF	46429B689	1,235	19,134	SH		DFND		0	19,134	0
iShares Edge MSCI Min Vol USA	ETF	46429B697	664	12,262	SH		DFND		0	12,262	0
ISHARES EXPONENTIAL TECHNOLOGIES ETF	ETF	46434V381	254	7,159	SH		DFND		0	7,159	0
iShares IBOXX High Yield	ETF	464288513	817	10,292	SH		DFND		0	10,292	0
iShares iBoxx Investment Grade Corp	ETF	464287242	314	2,503	SH		DFND		0	2,503	0
iShares JP Morgan USD Emerging Markets Bond ETF	ETF	464288281	1,230	12,041	SH		DFND		0	12,041	0
iShares MSCI Brazil	ETF	464286400	1,183	52,197	SH		DFND		0	52,197	0
iShares MSCI BRIC Index	ETF	464286657	547	14,392	SH		DFND		0	14,392	0
iShares MSCI EAFE Growth ETF	ETF	464288885	511	6,628	SH		DFND		0	6,628	0
iShares MSCI Emerging Mkts Asia Index	ETF	464286426	583	9,441	SH		DFND		0	9,441	0
iShares MSCI India Index	ETF	46429B598	1,256	47,901	SH		DFND		0	47,901	0
iShares MSCI Indonesia Invst Mkt	ETF	46429B309	654	39,706	SH		DFND		0	39,706	0
iShares MSCI Japan Index	ETF	46434G822	415	7,901	SH		DFND		0	7,901	0
iShares MSCI Malaysia Index	ETF	46434G814	1,046	44,432	SH		DFND		0	44,432	0
iShares MSCI Taiwan Capped ETF	ETF	46434G772	1,713	45,985	SH		DFND		0	45,985	0
iShares Russell Mid-Cap ETF	ETF	464287499	774	15,551	SH		DFND		0	15,551	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	1,818	10,935	SH		DFND		0	10,935	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	225	2,282	SH		DFND		0	2,282	0
iShares S&P Global Technology Sector Index	ETF	464287291	918	4,284	SH		DFND		0	4,284	0
ISHARES TR CORE S&P US VLU	ETF	464287663	1,869	37,024	SH		DFND		0	37,024	0
ISHARES TR ESG MSCI USA ETF	ETF	46435G425	271	4,109	SH		DFND		0	4,109	0
ISHARES U.S. CONSUMER GOODS ETF	ETF	464287812	566	5,200	SH		DFND		0	5,200	0
iShares U.S. Preferred Stock Index	ETF	464288687	292	8,782	SH		DFND		0	8,782	0
iShares U.S. Technology ETF	ETF	464287721	1,386	6,140	SH		DFND		0	6,140	0
iShares US Treasury Bd	ETF	46429B267	221	7,944	SH		DFND		0	7,944	0
J2 Global Inc	COM	48123V102	966	11,891	SH		DFND		0	11,891	0
Jazz Pharmaceuticals PLC	COM	G50871105	881	7,710	SH		DFND		0	7,710	0
Johnson & Johnson	COM	478160104	3,188	21,532	SH		DFND		0	21,532	0
KINROSS GOLD CORP	COM	496902404	110	16,460	SH		DFND		0	16,460	0
Lockheed Martin Corp	COM	539830109	356	990	SH		DFND		0	990	0
LPL Finl Hldgs Inc	COM	50212V100	1,535	23,498	SH		DFND		0	23,498	0
MAIN STREET CAPITAL	COM	56035L104	286	10,611	SH		DFND		0	10,611	0
Marsh & McLennan Co Inc	COM	571748102	472	4,535	SH		DFND		0	4,535	0
McDonald's Corporation	COM	580135101	2,134	65,139	SH		DFND		0	65,139	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	7	13,500	SH		DFND		0	13,500	0
Merck & Co Inc	COM	58933Y105	814	10,467	SH		DFND		0	10,467	0
Microsoft Corp	COM	594918104	1,281	7,438	SH		DFND		0	7,438	0
Molson Coors Beverage Company Class B	COM	60871R209	1,260	32,711	SH		DFND		0	32,711	0
MONDELEZ INTL INC CL A	COM	609207105	232	4,573	SH		DFND		0	4,573	0
Monster Beverage Corp	COM	61174X109	911	13,728	SH		DFND		0	13,728	0
National Cinemedia Inc	COM	635309107	3,516	1,112,330	SH		DFND		0	1,112,330	0
National Health Investors Inc	COM	63633D104	291	5,666	SH		DFND		0	5,666	0
NEOLEUKIN THERAPEUTICS INC COM	COM	64049K104	165	14,550	SH		DFND		0	14,550	0
Netflix Inc	COM	64110L106	262	648	SH		DFND		0	648	0
NorthStar Healthcare Income	COM	66705T105	3,197	511,637	SH		DFND		0	511,637	0
Norwegian Cruise Line Holdings	COM	G66721104	1,415	120,765	SH		DFND		0	120,765	0
Novartis AG Spons ADR	COM	66987V109	283	3,273	SH		DFND		0	3,273	0
NUVEEN AMT FREE QUALITY MUNICIPAL INCOME FUND	ETF	670657105	403	29,783	SH		DFND		0	29,783	0
NXP SEMICONDUCTORS N V COM	COM	N6596X109	279	2,716	SH		DFND		0	2,716	0
O Reilly Automotive Inc	COM	67103H107	883	2,215	SH		DFND		0	2,215	0
OWL ROCK CAPITAL CORPORATION COM	COM	69121K104	287	24,920	SH		DFND		0	24,920	0
Pacific Oak Strategic Opportunity REIT	COM	694701103	726	68,314	SH		DFND		0	68,314	0
PARATEK PHARMACEUTICALS INC COM	COM	699374302	78	25,050	SH		DFND		0	25,050	0
Pepsico Incorporated	COM	713448108	229	1,837	SH		DFND		0	1,837	0
Phillips Edison & Company	COM	71844V102	14,815	1,334,690	SH		DFND		0	1,334,690	0
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST	COM	723762100	166	16,400	SH		DFND		0	16,400	0
Potnetwork Holdings Inc	COM	737636209	466	45,300	SH		DFND		0	45,300	0
Preferred Apt Cmntys Inc Cl A	COM	74039L103	111	15,527	SH		DFND		0	15,527	0
Principal Financial Group Inc	COM	74251V102	1,872	51,281	SH		DFND		0	51,281	0
Procter & Gamble Co	COM	742718109	1,376	12,027	SH		DFND		0	12,027	0
PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF	ETF	74348A467	721	11,466	SH		DFND		0	11,466	0
QEP RESOURCES INC COM	COM	74733V100	58	68,500	SH		DFND		0	68,500	0
Qorvo Inc	COM	74736K101	1,967	19,313	SH		DFND		0	19,313	0
QUALCOMM Incorporated	COM	747525103	321	4,666	SH		DFND		0	4,666	0
Regeneron Pharmaceuticals	COM	75886F107	2,287	3,984	SH		DFND		0	3,984	0
Restaurant Brands International Inc	COM	76131D103	972	18,480	SH		DFND		0	18,480	0
S&P Global Inc	COM	78409V104	1,926	6,408	SH		DFND		0	6,408	0
Sanchez Midstream Partners	COM	79971C201	9	21,628	SH		DFND		0	21,628	0
SCHWAB US BROAD MARKET ETF	ETF	808524102	6,228	90,116	SH		DFND		0	90,116	0
SCHWAB US LARGE CAP VALUE ETF	ETF	808524409	616	12,756	SH		DFND		0	12,756	0
SCHWAB US LARGE CAP ETF	ETF	808524201	1,280	18,324	SH		DFND		0	18,324	0
Schwab US Large Cap Growth	ETF	808524300	1,706	18,131	SH		DFND		0	18,131	0
SONY CORP SPONSORED ADR	COM	835699307	391	5,930	SH		DFND		0	5,930	0
Southern Company	COM	842587107	391	7,062	SH		DFND		0	7,062	0
Southwest Airlines Co	COM	844741108	344	13,175	SH		DFND		0	13,175	0
SPDR Gold Shares	ETF	78463V107	2,707	17,193	SH		DFND		0	17,193	0
SPDR Health Care Select Sector	ETF	81369Y209	533	5,273	SH		DFND		0	5,273	0
SPDR INDEX SHS FDS S&P EMKTSC ETF	ETF	78463X756	799	21,779	SH		DFND		0	21,779	0
SPDR Index Shs S&P China	ETF	78463X400	436	4,458	SH		DFND		0	4,458	0
SPDR NYSE Technology	ETF	78464A102	524	5,873	SH		DFND		0	5,873	0
SPDR PORTFOLIO S&P 500 ETF	ETF	78464A854	539	15,705	SH		DFND		0	15,705	0
SPDR Portfolio Total Stock Market	ETF	78464A805	745	20,855	SH		DFND		0	20,855	0
SPDR S&P 500 Trust	ETF	78462F103	2,595	9,185	SH		DFND		0	9,185	0
SPDR S&P 500 Value ETF	ETF	78464A508	493	17,532	SH		DFND		0	17,532	0
SPDR S&P Biotech	ETF	78464A870	388	3,768	SH		DFND		0	3,768	0
SPDR SSGA US LG CP LW VLT INX ETF	ETF	78468R804	491	4,980	SH		DFND		0	4,980	0
SPROTT PHYSICAL GOLD AND SILVER TRUST	COM	85208R101	533	36,466	SH		DFND		0	36,466	0
Sprott Physical Silver Unit	COM	85207K107	59	11,342	SH		DFND		0	11,342	0
SSGA ACTIVE ETF TR BLKSTN GSOSRLN	ETF	78467V608	213	5,104	SH		DFND		0	5,104	0
Sysco Corporation	COM	871829107	418	8,122	SH		DFND		0	8,122	0
Takeda Pharmaceutical Co Ltd ADR	COM	874060205	2,062	117,201	SH		DFND		0	117,201	0
Tegna Inc	COM	87901J105	2,045	190,525	SH		DFND		0	190,525	0
Townebank Portsmouth VA	COM	89214P109	215	12,152	SH		DFND		0	12,152	0
Triton International Ltd	COM	G9078F107	2,326	77,634	SH		DFND		0	77,634	0
United Development Funding IV	COM	910187103	140	84,976	SH		DFND		0	84,976	0
VanEck Vectors Business Development Co	ETF	92189F411	375	34,648	SH		DFND		0	34,648	0
VanEck Vectors Morningstar Wide Moat Research	ETF	92189F643	1,006	20,362	SH		DFND		0	20,362	0
VanEck Vectors Russia	ETF	92189F403	1,286	67,737	SH		DFND		0	67,737	0
Vanguard FTSE Developed Markets	ETF	921943858	1,178	33,104	SH		DFND		0	33,104	0
Vanguard Intermediate-Term Corporate Bond	ETF	92206C870	1,156	12,857	SH		DFND		0	12,857	0
Vanguard S&P 500	ETF	922908363	1,324	5,553	SH		DFND		0	5,553	0
Vanguard Small-Cap	ETF	922908751	334	2,484	SH		DFND		0	2,484	0
Vanguard Small-Cap Value	ETF	922908611	293	3,083	SH		DFND		0	3,083	0
Vanguard Total Bond Market	ETF	921937835	214	2,508	SH		DFND		0	2,508	0
Vanguard Total Stock Market	ETF	922908769	245	1,875	SH		DFND		0	1,875	0
Ventas Inc	COM	92276F100	388	13,798	SH		DFND		0	13,798	0
VERASTEM INC COM	COM	92337C104	77	29,250	SH		DFND		0	29,250	0
Vereit Inc 6.70 Pfd F	COM	92339V209	214	8,803	SH		DFND		0	8,803	0
Vereit Inc Com	COM	92339V100	3,041	577,620	SH		DFND		0	577,620	0
Verizon Communications	COM	92343V104	629	11,518	SH		DFND		0	11,518	0
Visa Inc	COM	92826C839	1,330	7,455	SH		DFND		0	7,455	0
W.P. Carey Inc.	COM	92936U109	365	5,918	SH		DFND		0	5,918	0
Wal-Mart Inc	COM	931142103	296	2,495	SH		DFND		0	2,495	0
Walt Disney Co	COM	254687106	303	2,995	SH		DFND		0	2,995	0
Wisdomtree China Ex State Owned Enterprises	ETF	97717X719	3,085	36,454	SH		DFND		0	36,454	0
WisdomTree EmMkts ex-Stt-Ownd Entrprs	ETF	97717X578	860	32,278	SH		DFND		0	32,278	0
Xperi Corporation	COM	98421B100	2,381	156,172	SH		DFND		0	156,172	0
YAMANA GOLD INC	COM	98462Y100	218	44,038	SH		DFND		0	44,038	0