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
AbbVie Inc	COM	00287Y109	288	3,012	SH		DFND		0	3,012	0
Aberdeen Std PHys SwissGold Shr ETF	ETF	00326A104	1,463	85,401	SH		DFND		0	85,401	0
Acadia Pharmaceuticals Inc	COM	004225108	935	19,350	SH		DFND		0	19,350	0
Activision Blizzard Inc	COM	00507V109	836	10,574	SH		DFND		0	10,574	0
Advanced Micro Devices	COM	007903107	2,322	30,248	SH		DFND		0	30,248	0
AFLAC Inc	COM	001055102	250	6,597	SH		DFND		0	6,597	0
Agile Therapeutics Inc	COM	00847L100	58	21,250	SH		DFND		0	21,250	0
AIMMUNE THERAPEUTICS INC COM	COM	00900T107	204	12,250	SH		DFND		0	12,250	0
Alibaba Group Holding Ltd	COM	01609W102	1,247	5,024	SH		DFND		0	5,024	0
Allegion PLC	COM	G0176J109	763	7,328	SH		DFND		0	7,328	0
Alphabet Inc A	COM	02079K305	2,313	1,565	SH		DFND		0	1,565	0
Alphabet Inc Cl C	COM	02079K107	653	457	SH		DFND		0	457	0
ALPS Alerian MLP ETF	ETF	00162Q452	474	18,580	SH		DFND		0	18,580	0
AMARIN CORP PLC SPONS ADR NEW	COM	023111206	149	21,600	SH		DFND		0	21,600	0
Amazon.com Inc	COM	023135106	3,665	1,239	SH		DFND		0	1,239	0
AMERICAN FIN TRUST INC	COM	02607T109	272	35,275	SH		DFND		0	35,275	0
Ameriprise Financial Inc	COM	03076C106	1,967	12,122	SH		DFND		0	12,122	0
AMICUS THERAPEUTICS INC COM	COM	03152W109	153	10,150	SH		DFND		0	10,150	0
Annaly Capital Management Inc	COM	035710409	104	14,154	SH		DFND		0	14,154	0
Apple Inc	COM	037833100	4,059	9,775	SH		DFND		0	9,775	0
ARES CAPITAL CORP COM	COM	04010L103	169	11,749	SH		DFND		0	11,749	0
AT&T Inc	COM	00206R102	2,684	88,874	SH		DFND		0	88,874	0
Bank of America Corp	COM	060505104	257	10,076	SH		DFND		0	10,076	0
Berkshire Hathaway Cl B	COM	084670702	334	1,572	SH		DFND		0	1,572	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	COM	084670702	228	1,279	SH		DFND		0	1,279	0
BIOCRYST PHARMACEUTICALS INC COM	COM	09058V103	90	18,950	SH		DFND		0	18,950	0
BlueRock Residential Growth REIT	COM	09627J102	465	59,207	SH		DFND		0	59,207	0
Boeing Co	COM	097023105	763	4,193	SH		DFND		0	4,193	0
Broadcom Inc	COM	11135F101	4,576	14,130	SH		DFND		0	14,130	0
BUSINESS DEVELOPMENT	COM	12325J101	351	54,291	SH		DFND		0	54,291	0
Calamos Convertible Opps & income	COM	128117108	236	20,865	SH		DFND		0	20,865	0
CAMBRIA GLOBAL VALUE ETF	ETF	132061409	379	21,585	SH		DFND		0	21,585	0
CATALYST BIOSCIENCES INC COM NEW	COM	14888D208	107	18,310	SH		DFND		0	18,310	0
Ciena Corp	COM	171779309	1,386	23,039	SH		DFND		0	23,039	0
Cigna Corp	COM	125523100	1,709	9,367	SH		DFND		0	9,367	0
Cisco Systems Inc	COM	17275R102	590	12,611	SH		DFND		0	12,611	0
Citigroup Inc	COM	172967424	2,130	39,662	SH		DFND		0	39,662	0
Clearway Energy Inc Cl A	COM	18539C105	2,678	107,703	SH		DFND		0	107,703	0
Clearway Energy Inc Cl C	COM	18539C204	378	14,300	SH		DFND		0	14,300	0
CLOVIS ONCOLOGY INC COM	COM	189464100	162	24,050	SH		DFND		0	24,050	0
Coca Cola Company	COM	191216100	630	13,382	SH		DFND		0	13,382	0
Colony Cap Inc Cl A	COM	19626G108	28	11,657	SH		DFND		0	11,657	0
Colony Credit Real Estate Inc Cl A	COM	19625T101	1,337	201,499	SH		DFND		0	201,499	0
Costco Wholesale Corp	COM	22160K105	542	1,632	SH		DFND		0	1,632	0
CYTOSORBENTS CORP COM NEW	COM	23283X206	133	13,500	SH		DFND		0	13,500	0
Delta Air Lines	COM	247361702	2,736	92,392	SH		DFND		0	92,392	0
Discover Financial Services	COM	254709108	2,003	35,998	SH		DFND		0	35,998	0
Dominion Energy Inc	COM	25746U109	885	11,265	SH		DFND		0	11,265	0
eBay Inc.	COM	278642103	3,082	56,852	SH		DFND		0	56,852	0
Emerging Markets Internet & eCommerce	COM	301505889	2,737	53,974	SH		DFND		0	53,974	0
Enbridge Inc	COM	29250N105	2,172	64,967	SH		DFND		0	64,967	0
Encompass Health Corp	COM	29261A100	2,787	42,393	SH		DFND		0	42,393	0
Exxon Mobil Corporation	COM	30231G102	619	13,809	SH		DFND		0	13,809	0
Facebook Inc	COM	30303M102	3,044	11,951	SH		DFND		0	11,951	0
FEDEX CORP COM	COM	31428X106	212	1,479	SH		DFND		0	1,479	0
First Trust NASDAQ Tech Div ETF	ETF	33738R118	615	13,946	SH		DFND		0	13,946	0
Fleetcor Technologies Inc	COM	339041105	1,880	8,012	SH		DFND		0	8,012	0
FRANKLIN LIBERTYQ U.S. EQUITY ETF	ETF	35473P801	249	7,750	SH		DFND		0	7,750	0
FS ENERGY & POWER FUND	COM	30264D109	410	114,356	SH		DFND		0	114,356	0
FS KKR Capital Corp	COM	302635206	4,490	286,487	SH		DFND		0	286,487	0
FS KKR Capital Corp II	COM	35952V303	3,116	210,493	SH		DFND		0	210,493	0
General Electric Company	COM	369604103	123	18,196	SH		DFND		0	18,196	0
GILEAD SCIENCES INC COM	COM	375558103	364	4,768	SH		DFND		0	4,768	0
Global Net Lease Inc	COM	379378201	2,598	145,471	SH		DFND		0	145,471	0
Greengro Technologies Inc	COM	39526G107	0	10,025	SH		DFND		0	10,025	0
Healthcare Trust of America Class A	COM	42225P501	279	10,699	SH		DFND		0	10,699	0
Home Depot Inc	COM	437076102	948	3,541	SH		DFND		0	3,541	0
HP Inc	COM	40434L105	1,992	107,483	SH		DFND		0	107,483	0
Htg Molecular Diagnostics Inc	COM	40434H104	52	72,850	SH		DFND		0	72,850	0
Inmode Ltd	COM	M5425M103	497	15,982	SH		DFND		0	15,982	0
Intel Corp	COM	458140100	2,588	53,095	SH		DFND		0	53,095	0
International Business Machines	COM	459200101	252	2,008	SH		DFND		0	2,008	0
Invesco Exchange Traded Fd Tr S&P Mdcp Momntum	ETF	46137V464	529	8,094	SH		DFND		0	8,094	0
INVESCO INTERNATIONAL BUYBACK ACHIEVERSA ETF	ETF	46138E644	246	8,518	SH		DFND		0	8,518	0
Invesco International Corporate Bond	ETF	46138E636	1,065	37,609	SH		DFND		0	37,609	0
INVESCO MUNICIPAL TRUST	ETF	46131J103	173	14,750	SH		DFND		0	14,750	0
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NOA K-1A ETF	ETF	46090F100	733	56,693	SH		DFND		0	56,693	0
Invesco QQQ Trust Series 1	ETF	46090E103	5,072	19,695	SH		DFND		0	19,695	0
INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	ETF	46137V282	638	3,037	SH		DFND		0	3,037	0
INVESCO S&P 500 TOP 50 ETF	ETF	46137V233	658	2,522	SH		DFND		0	2,522	0
IOVANCE BIOTHERAPEUTICS INC COM	COM	462260100	223	8,150	SH		DFND		0	8,150	0
iShares Barclays 20 Yr Treasury Bond	ETF	464287432	242	1,451	SH		DFND		0	1,451	0
iShares Core S&P 500	ETF	464287200	1,006	3,008	SH		DFND		0	3,008	0
iShares Core S&P U.S. Value ETF	ETF	464287663	2,237	40,110	SH		DFND		0	40,110	0
iShares Core US Aggregate Bond	ETF	464287226	1,065	8,962	SH		DFND		0	8,962	0
ISHARES DOW JONES US ETF	ETF	464287846	435	2,602	SH		DFND		0	2,602	0
iShares Dow Jones US Healthcare Sector Index	ETF	464287762	3,915	18,036	SH		DFND		0	18,036	0
iShares Dow Jones US Telecommunications Sector Index	ETF	464287713	1,036	37,239	SH		DFND		0	37,239	0
iShares Dow Jones US Utilities Sector Index	ETF	464287697	1,816	12,954	SH		DFND		0	12,954	0
iShares Edge MSCI EAFE Minimum Vol	ETF	46429B689	1,094	16,179	SH		DFND		0	16,179	0
iShares ESG MSCI USA ETF	ETF	46435G425	344	4,570	SH		DFND		0	4,570	0
ISHARES EXPONENTIAL TECHNOLOGIES ETF	ETF	46434V381	322	7,243	SH		DFND		0	7,243	0
iShares iBoxx $ High Yield Corporate Bond ETF	ETF	464288513	1,384	16,399	SH		DFND		0	16,399	0
iShares iBoxx Investment Grade Corp	ETF	464287242	353	2,568	SH		DFND		0	2,568	0
iShares JP Morgan USD Emerging Markets Bond ETF	ETF	464288281	1,387	12,145	SH		DFND		0	12,145	0
iShares MSCI Brazil	ETF	464286400	1,554	50,149	SH		DFND		0	50,149	0
iShares MSCI BRIC Index	ETF	464286657	607	13,278	SH		DFND		0	13,278	0
iShares MSCI EAFE Growth ETF	ETF	464288885	611	6,965	SH		DFND		0	6,965	0
iShares MSCI Emerging Mkts Asia Index	ETF	464286426	641	8,659	SH		DFND		0	8,659	0
iShares MSCI Germany Index	ETF	464286806	267	9,233	SH		DFND		0	9,233	0
iShares MSCI India Index	ETF	46429B598	1,525	46,406	SH		DFND		0	46,406	0
iShares MSCI Indonesia Invst Mkt	ETF	46429B309	726	38,342	SH		DFND		0	38,342	0
iShares MSCI Japan Index	ETF	46434G822	440	7,792	SH		DFND		0	7,792	0
iShares MSCI Malaysia Index	ETF	46434G814	1,171	43,438	SH		DFND		0	43,438	0
iShares MSCI South Korea Index	ETF	464286772	261	4,015	SH		DFND		0	4,015	0
iShares MSCI Switzerland Index	ETF	464286749	248	6,096	SH		DFND		0	6,096	0
iShares MSCI Taiwan Capped ETF	ETF	46434G772	1,847	41,092	SH		DFND		0	41,092	0
iShares Russell Mid-Cap ETF	ETF	464287499	856	14,778	SH		DFND		0	14,778	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	4,718	22,692	SH		DFND		0	22,692	0
ISHARES S&P 500 VALUE ETF	ETF	464287408	231	2,084	SH		DFND		0	2,084	0
iShares S&P Global Technology Sector Index	ETF	464287291	1,029	4,080	SH		DFND		0	4,080	0
ISHARES U.S. CONSUMER GOODS ETF	ETF	464287812	2,949	23,084	SH		DFND		0	23,084	0
iShares U.S. Financials ETF	ETF	464287788	2,484	22,534	SH		DFND		0	22,534	0
iShares U.S. Preferred Stock Index	ETF	464288687	300	8,447	SH		DFND		0	8,447	0
iShares U.S. Technology ETF	ETF	464287721	4,335	15,862	SH		DFND		0	15,862	0
iShares US Treasury Bd	ETF	46429B267	271	9,656	SH		DFND		0	9,656	0
J2 Global Inc	COM	48123V102	1,401	20,306	SH		DFND		0	20,306	0
Jazz Pharmaceuticals PLC	COM	G50871105	927	7,560	SH		DFND		0	7,560	0
Johnson & Johnson	COM	478160104	3,118	21,297	SH		DFND		0	21,297	0
KBS REAL ESTATE INVESTMENT	COM	48243C109	59	22,403	SH		DFND		0	22,403	0
KINROSS GOLD CORP	COM	496902404	139	16,460	SH		DFND		0	16,460	0
Lockheed Martin Corp	COM	539830109	330	841	SH		DFND		0	841	0
Lowe's Companies Inc	COM	548661107	201	1,389	SH		DFND		0	1,389	0
LPL Finl Hldgs Inc	COM	50212V100	2,046	24,304	SH		DFND		0	24,304	0
MainStreet Capital Corp	COM	56035L104	385	11,842	SH		DFND		0	11,842	0
Marriott Intl Inc Cl A	COM	571903202	210	2,234	SH		DFND		0	2,234	0
Marsh & McLennan Co Inc	COM	571748102	530	4,535	SH		DFND		0	4,535	0
McDonald's Corporation	COM	580135101	435	2,316	SH		DFND		0	2,316	0
MDC Holdings Inc	COM	552676108	2,374	56,091	SH		DFND		0	56,091	0
MEDLEY CAPITAL CORPORATION	COM	58503F106	10	13,500	SH		DFND		0	13,500	0
Merck & Co Inc	COM	58933Y105	859	10,469	SH		DFND		0	10,469	0
Microsoft Corp	COM	594918104	1,840	9,029	SH		DFND		0	9,029	0
Molson Coors Beverage Company Class B	COM	60871R209	1,315	34,478	SH		DFND		0	34,478	0
MONDELEZ INTL INC CL A	COM	609207105	250	4,575	SH		DFND		0	4,575	0
Monster Beverage Corp	COM	61174X109	1,059	13,142	SH		DFND		0	13,142	0
National Cinemedia Inc	COM	635309107	3,582	1,098,066	SH		DFND		0	1,098,066	0
National Health Investors Inc	COM	63633D104	313	4,780	SH		DFND		0	4,780	0
Netflix Inc	ETF	64110L106	229	492	SH		DFND		0	492	0
Nike Inc Class B	COM	654106103	319	3,108	SH		DFND		0	3,108	0
Norwegian Cruise Line Holdings	COM	G66721104	1,122	71,772	SH		DFND		0	71,772	0
Novartis AG Spons ADR	COM	66987V109	295	3,563	SH		DFND		0	3,563	0
NUVEEN AMT FREE QUALITY	COM	670657105	413	29,783	SH		DFND		0	29,783	0
NVIDIA Corp	COM	67066G104	1,072	2,476	SH		DFND		0	2,476	0
NXP SEMICONDUCTORS F	COM	N6596X109	354	2,916	SH		DFND		0	2,916	0
O Reilly Automotive Inc	COM	67103H107	972	2,141	SH		DFND		0	2,141	0
OWL ROCK CAPITAL CORPORATION COM	COM	69121K104	389	31,573	SH		DFND		0	31,573	0
PARATEK PHARMACEUTICALS INC COM	COM	699374302	130	25,050	SH		DFND		0	25,050	0
Pepsico Incorporated	COM	713448108	260	1,955	SH		DFND		0	1,955	0
Pfizer Inc	COM	717081103	223	6,227	SH		DFND		0	6,227	0
PIONEER MUNICIPAL HIGH INCOME	COM	723762100	172	16,400	SH		DFND		0	16,400	0
Potnetwork Holdings Inc	COM	737636209	0	45,300	SH		DFND		0	45,300	0
Preferred Apt Cmntys Inc Cl A	COM	74039L103	132	17,725	SH		DFND		0	17,725	0
Principal Financial Group Inc	COM	74251V102	2,052	44,529	SH		DFND		0	44,529	0
Procter & Gamble Co	COM	742718109	317	2,563	SH		DFND		0	2,563	0
PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF	ETF	74348A467	797	10,896	SH		DFND		0	10,896	0
Q Biomed Inc Com	COM	74736N105	18	10,615	SH		DFND		0	10,615	0
Qorvo Inc	COM	74736K101	2,534	19,858	SH		DFND		0	19,858	0
QUALCOMM Incorporated	COM	747525103	434	4,675	SH		DFND		0	4,675	0
Regeneron Pharmaceuticals	COM	75886F107	1,940	3,240	SH		DFND		0	3,240	0
Restaurant Brands International Inc	COM	76131D103	951	17,154	SH		DFND		0	17,154	0
S&P Global Inc	COM	78409V104	2,316	6,744	SH		DFND		0	6,744	0
Sanchez Midstream Partners	COM	79971C201	6	21,030	SH		DFND		0	21,030	0
Schwab US Broad Market ETF	ETF	808524102	10,071	125,358	SH		DFND		0	125,358	0
SCHWAB US LARGE CAP VALUE ETF	ETF	808524409	655	12,145	SH		DFND		0	12,145	0
SCHWAB US LARGE CAP ETF IV	ETF	808524201	1,359	16,782	SH		DFND		0	16,782	0
Schwab US Large Cap Growth	ETF	808524300	1,913	17,202	SH		DFND		0	17,202	0
Sony Corp ADR	COM	835699307	470	5,930	SH		DFND		0	5,930	0
Southern Company	COM	842587107	354	6,585	SH		DFND		0	6,585	0
Southwest Airlines Co	COM	844741108	472	13,540	SH		DFND		0	13,540	0
SPDR Barclays High Yield Bond	ETF	78468R622	381	3,662	SH		DFND		0	3,662	0
SPDR BLOOMBERG BARCLAYS CONVERTIBLE	ETF	78464A359	215	3,274	SH		DFND		0	3,274	0
SPDR Financial Select Sector	ETF	81369Y605	257	10,650	SH		DFND		0	10,650	0
SPDR Gold Shares	ETF	78463V107	3,101	17,497	SH		DFND		0	17,497	0
SPDR Health Care Select Sector	ETF	81369Y209	695	6,588	SH		DFND		0	6,588	0
SPDR Index Shs S&P China	ETF	78463X400	448	3,872	SH		DFND		0	3,872	0
SPDR NYSE Technology	ETF	78464A102	696	6,495	SH		DFND		0	6,495	0
SPDR PORTFOLIO S&P 500 ETF	ETF	78464A854	606	15,317	SH		DFND		0	15,317	0
SPDR Portfolio Total Stock Market	ETF	78464A805	784	19,000	SH		DFND		0	19,000	0
SPDR S&P 500 Trust	ETF	78462F103	4,352	13,483	SH		DFND		0	13,483	0
SPDR S&P 500 Value ETF	ETF	78464A508	531	17,107	SH		DFND		0	17,107	0
SPDR S&P Biotech	ETF	78464A870	392	3,584	SH		DFND		0	3,584	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	920	20,706	SH		DFND		0	20,706	0
SPDR SSGA US LG CP LW VLT INX ETF	ETF	78468R804	523	4,745	SH		DFND		0	4,745	0
SPDR Technology Select Sector	ETF	81369Y803	261	2,353	SH		DFND		0	2,353	0
SPROTT PHYSICAL GOLD & SILVER TR UNIT	COM	85208R101	536	31,758	SH		DFND		0	31,758	0
Sprott Physical Silver Unit	COM	85207K107	73	10,982	SH		DFND		0	10,982	0
SSGA ACTIVE TRUST	ETF	78467V608	297	6,734	SH		DFND		0	6,734	0
Sysco Corporation	COM	871829107	493	8,123	SH		DFND		0	8,123	0
Takeda Pharmaceutical Co Ltd ADR	COM	874060205	1,938	104,920	SH		DFND		0	104,920	0
Tegna Inc	COM	87901J105	2,272	183,875	SH		DFND		0	183,875	0
Townebank Portsmouth VA	COM	89214P109	239	12,152	SH		DFND		0	12,152	0
Triton International Ltd	COM	G9078F107	2,497	74,948	SH		DFND		0	74,948	0
United Development Funding IV	COM	910187103	128	85,041	SH		DFND		0	85,041	0
VanEck Vectors Business Development Co	ETF	92189F411	443	35,535	SH		DFND		0	35,535	0
VanEck Vectors Morningstar Wide Moat Research	ETF	92189F643	1,100	19,932	SH		DFND		0	19,932	0
VanEck Vectors Russia	ETF	92189F403	1,502	66,240	SH		DFND		0	66,240	0
Vanguard FTSE Developed Markets	ETF	921943858	1,342	32,754	SH		DFND		0	32,754	0
Vanguard FTSE Emerging Markets	ETF	922042858	247	5,887	SH		DFND		0	5,887	0
Vanguard Intermediate Term Corporate Bond ETF	ETF	92206C870	1,070	11,101	SH		DFND		0	11,101	0
Vanguard S&P 500	ETF	922908363	2,337	8,204	SH		DFND		0	8,204	0
Vanguard Small-Cap	ETF	922908751	521	3,320	SH		DFND		0	3,320	0
Vanguard Small-Cap Value	ETF	922908611	351	3,088	SH		DFND		0	3,088	0
Vanguard Total Bond Market	ETF	921937835	200	2,268	SH		DFND		0	2,268	0
Vanguard Total Stock Market	ETF	922908769	358	2,268	SH		DFND		0	2,268	0
Ventas Inc	COM	92276F100	435	11,038	SH		DFND		0	11,038	0
VERASTEM INC COM	COM	92337C104	50	29,250	SH		DFND		0	29,250	0
Vereit Inc Com	COM	92339V100	3,515	534,906	SH		DFND		0	534,906	0
Verizon Communications	COM	92343V104	638	11,317	SH		DFND		0	11,317	0
ViacomCBS Inc B	COM	92556H206	216	9,291	SH		DFND		0	9,291	0
Visa Inc	COM	92826C839	1,404	7,136	SH		DFND		0	7,136	0
W.P. Carey Inc.	COM	92936U109	423	5,812	SH		DFND		0	5,812	0
Walmart Inc	COM	931142103	311	2,485	SH		DFND		0	2,485	0
Walt Disney Co	COM	254687106	322	2,671	SH		DFND		0	2,671	0
Wisdomtree China Ex State Owned Enterprises	COM	97717X719	2,314	21,784	SH		DFND		0	21,784	0
WisdomTree EmMkts ex-Stt-Ownd Entrprs	COM	97717X578	958	28,926	SH		DFND		0	28,926	0
Xperi Holding Corporation	COM	98390M103	1,819	120,013	SH		DFND		0	120,013	0
YAMANA GOLD INC	COM	98462Y100	250	43,260	SH		DFND		0	43,260	0
ZOOM VIDEO COMMUNICATION	COM	98980L101	215	903	SH		DFND		0	903	0