Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ARROW INVTS TR	2,811,451	$56.29M	15.3%	$20.02	—	RESV CAP MGMT	042765776
VUG	VANGUARD INDEX FDS	218,664	$27.78M	7.6%	$127.04	—	GROWTH ETF	922908736
MTUM	ISHARES TR	227,342	$20.21M	5.5%	$88.89	—	USA MOMENTUM FCT	46432F396
VBK	VANGUARD INDEX FDS	136,657	$19.91M	5.4%	$132.31	—	SML CP GRW ETF	922908595
FEX	FIRST TR LRGE CP CORE ALPHA	373,938	$19.88M	5.4%	$53.16	—	COM SHS	33734K109
XLK	SELECT SECTOR SPDR TR	361,774	$19.8M	5.4%	$48.09	—	TECHNOLOGY	81369Y803
XLF	SELECT SECTOR SPDR TR	791,624	$19.53M	5.3%	$23.25	—	SBI INT-FINL	81369Y605
EZU	ISHARES	472,491	$19.05M	5.2%	$40.32	—	MSCI EURZONE ETF	464286608
XLI	SELECT SECTOR SPDR TR	276,396	$18.82M	5.1%	$62.22	—	SBI INT-INDS	81369Y704
EEM	ISHARES TR	451,362	$18.68M	5.1%	$41.39	—	MSCI EMG MKT ETF	464287234
IEV	ISHARES TR	418,255	$18.54M	5.1%	$44.32	—	EUROPE ETF	464287861
HYG	ISHARES TR	174,052	$15.38M	4.2%	$88.39	—	IBOXX HI YD ETF	464288513
TLT	ISHARES TR	97,997	$12.26M	3.3%	$125.12	—	20 YR TR BD ETF	464287432
VOT	VANGUARD INDEX FDS	65,760	$7.739M	2.1%	$117.69	—	MCAP GR IDXVIP	922908538
CWB	SPDR SERIES TRUST	102,103	$5.066M	1.4%	$48.10	—	BLMBRG BRC CNVRT	78464A359
ANGL	VANECK VECTORS ETF TR	164,205	$4.867M	1.3%	$29.13	—	FALLEN ANGEL HG	92189F437
EMB	ISHARES TR	41,633	$4.761M	1.3%	$113.70	—	JP MOR EM MK ETF	464288281
LQD	ISHARES TR	38,230	$4.607M	1.3%	$117.91	—	IBOXX INV CP ETF	464287242
EWT	ISHARES INC	128,066	$4.58M	1.2%	$30.47	—	MSCI TAIWAN ETF	46434G772
EWO	ISHARES	211,673	$4.496M	1.2%	$18.39	—	AUSTRIA CAPD ETF	464286202
EWP	ISHARES	136,068	$4.468M	1.2%	$32.84	—	MSCI SPAN CP ETF	464286764
EWN	ISHARES	154,332	$4.465M	1.2%	$28.93	—	MSCI NETHERL ETF	464286814
EWY	ISHARES	65,659	$4.452M	1.2%	$53.49	—	MSCI STH KOR ETF	464286772
BBY	BEST BUY INC	19,071	$1.093M	0.3%	$30.77	+27.4%	COM	086516101
NUE	NUCOR CORP	17,940	$1.038M	0.3%	$45.63	+6.2%	COM	670346105
SUN	SUNOCO LP	27,868	$853K	0.2%	$30.61	—	COM U REP LP	86765K109
—	SUNCOKE ENERGY PARTNERS L P	46,751	$820K	0.2%	$7.72	—	COMUNIT REP LT	86722Y101
—	GUESS INC	59,000	$754K	0.2%	$12.78	—	COM	401617105
XHR	XENIA HOTELS & RESORTS INC	38,600	$748K	0.2%	$19.38	—	COM	984017103
—	WADDELL & REED FINL INC	39,000	$736K	0.2%	$18.87	—	CL A	930059100
CNA	CNA FINL CORP	14,800	$722K	0.2%	$25.12	0.0%	COM	126117100
DKL	DELEK LOGISTICS PARTNERS LP	21,807	$714K	0.2%	$32.74	—	COM UNT RP INT	24664T103
CAPL	CROSSAMERICA PARTNERS LP	27,657	$705K	0.2%	$25.49	—	UT LTD PTN INT	22758A105
KNOP	KNOT OFFSHORE PARTNERS LP	30,580	$702K	0.2%	$11.46	0.0%	COM UNITS	Y48125101
—	STONEMOR PARTNERS L P	73,457	$694K	0.2%	$12.95	—	COM UNITS INT	86183Q100
IRT	INDEPENDENCE RLTY TR INC	69,700	$688K	0.2%	$9.87	—	COM	45378A106
—	CAPITAL PRODUCT PARTNERS L P	201,856	$686K	0.2%	$5.69	—	COM UNIT LP	Y11082107
SDLPEUR	SEADRILL PARTNERS LLC	200,109	$680K	0.2%	$6.11	—	COMUNIT REP LB	Y7545W109
—	CNX COAL RES LP	45,239	$676K	0.2%	$14.94	—	COM UNIT RP LP	12592V100
—	CENTURYLINK INC	28,274	$675K	0.2%	$31.36	—	COM	156700106
—	CARE CAP PPTYS INC	25,208	$673K	0.2%	$26.94	—	COM	141624106
—	LASALLE HOTEL PPTYS	22,500	$671K	0.2%	$29.82	—	COM SH BEN INT	517942108
USAC	USA COMPRESSION PARTNERS LP	40,936	$670K	0.2%	$16.37	—	COMUNIT LTDPAR	90290N109
—	SUMMIT MIDSTREAM PARTNERS LP	29,548	$669K	0.2%	$22.64	—	COM UNIT LTD	866142102
—	CHESAPEAKE LODGING TR	27,300	$668K	0.2%	$24.47	—	SH BEN INT	165240102
—	ASHFORD HOSPITALITY TR INC	109,512	$666K	0.2%	$6.20	—	COM SHS	044103109
—	WASHINGTON PRIME GROUP NEW	78,549	$657K	0.2%	$11.19	—	COM	93964W108
—	SENIOR HSG PPTYS TR	31,870	$651K	0.2%	$22.30	—	SH BEN INT	81721M109
APLE	APPLE HOSPITALITY REIT INC	34,400	$644K	0.2%	$18.72	—	COM NEW	03784Y200
GLP	GLOBAL PARTNERS LP	35,506	$641K	0.2%	$25.99	—	COM UNITS	37946R109
—	GREEN PLAINS PARTNERS LP	34,130	$638K	0.2%	$18.69	—	COM REP PTR IN	393221106
MMLP	MARTIN MIDSTREAM PRTNRS L P	36,291	$637K	0.2%	$29.70	—	UNIT L P INT	573331105
—	CRESTWOOD EQUITY PARTNERS LP	26,921	$633K	0.2%	$18.25	—	UNIT LTD PARTNER	226344208
—	NUSTAR ENERGY LP	13,522	$631K	0.2%	$53.87	—	UNIT COM	67058H102
—	GOLAR LNG PARTNERS LP	31,086	$624K	0.2%	$15.33	—	COM UNIT LPI	Y2745C102
—	ALLIANCE HOLDINGS GP LP	25,920	$614K	0.2%	$17.25	—	COM UNITS LP	01861G100
DLNG	DYNAGAS LNG PARTNERS LP	39,868	$610K	0.2%	$15.30	—	COM UNIT LTD PT	Y2188B108
SPH	SUBURBAN PROPANE PARTNERS L	25,466	$606K	0.2%	$39.92	—	UNIT LTD PARTN	864482104
—	SANCHEZ MIDSTREAM PARTNERS L	47,086	$605K	0.2%	$12.85	—	COM UNITS REP B	79971C201
—	HOSPITALITY PPTYS TR	20,691	$603K	0.2%	$28.13	—	COM SH BEN INT	44106M102
FSP	FRANKLIN STREET PPTYS CORP	54,069	$599K	0.2%	$12.23	—	COM	35471R106
—	ENBRIDGE ENERGY PARTNERS L P	37,370	$598K	0.2%	$16.00	—	COM	29250R106
—	AMERICAN MIDSTREAM PARTNERS	45,239	$581K	0.2%	$7.86	—	COM UNITS	02752P100
—	CBL & ASSOC PPTYS INC	67,766	$571K	0.2%	$11.12	—	COM	124830100
—	NAVIOS MARITIME MIDSTREAM LP	60,877	$570K	0.2%	$9.36	—	COM UNIT LTD	Y62134104
RLJ	RLJ LODGING TR	28,600	$568K	0.2%	$19.86	—	COM	74965L101
GLW	CORNING INC	17,845	$536K	0.1%	$20.97	+8.6%	COM	219350105
LEG	LEGGETT & PLATT INC	10,045	$528K	0.1%	$51.23	+1.9%	COM	524660107
—	CVR PARTNERS LP	145,225	$507K	0.1%	$10.35	—	COM	126633106
—	TEEKAY OFFSHORE PARTNERS L P	140,452	$403K	0.1%	$5.06	—	PARTNERSHIP UN	Y8565J101