Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	725,187	$72.65M	21.3%	$100.21	—	RESV CAP ETF	042765719
VUG	VANGUARD INDEX FDS	179,765	$25.5M	7.5%	$127.04	—	GROWTH ETF	922908736
MTUM	ISHARES TR	203,162	$21.52M	6.3%	$88.89	—	USA MOMENTUM FCT	46432F396
XLK	SELECT SECTOR SPDR TR	323,277	$21.15M	6.2%	$48.09	—	TECHNOLOGY	81369Y803
EWJ	ISHARES INC	342,434	$20.78M	6.1%	$59.99	—	MSCI JPN ETF NEW	46434G822
XLF	SELECT SECTOR SPDR TR	707,218	$19.5M	5.7%	$23.25	—	SBI INT-FINL	81369Y605
EEM	ISHARES TR	403,292	$19.47M	5.7%	$41.39	—	MSCI EMG MKT ETF	464287234
VLUE	ISHARES TR	226,099	$18.55M	5.4%	$83.62	—	EDGE MSCI USA VL	46432F388
IJT	ISHARES TR	102,887	$17.89M	5.3%	$170.15	—	S&P SML 600 GWT	464287887
XLY	SELECT SECTOR SPDR TR	170,441	$17.26M	5.1%	$101.29	—	SBI CONS DISCR	81369Y407
SHY	ISHARES TR	206,202	$17.23M	5.1%	$83.79	—	1 3 YR TREAS BD	464287457
—	ARROW INVTS TR	370,000	$11.24M	3.3%	$30.39	—	DWA COUNTRY ETF	042765685
VBK	VANGUARD INDEX FDS	32,343	$5.303M	1.6%	$163.96	—	SML CP GRW ETF	922908595
TIP	ISHARES TR	45,612	$5.156M	1.5%	$114.08	—	TIPS BD ETF	464287176
CWB	SPDR SERIES TRUST	86,136	$4.45M	1.3%	$48.10	—	BLMBRG BRC CNVRT	78464A359
EWY	ISHARES INC	34,379	$2.594M	0.8%	$55.39	—	MSCI STH KOR ETF	464286772
EWO	ISHARES INC	102,132	$2.59M	0.8%	$18.57	—	MSCI AUSTRIA ETF	464286202
MCHI	ISHARES TR	36,906	$2.531M	0.7%	$66.55	—	MSCI CHINA ETF	46429B671
EWI	ISHARES INC	66,816	$2.148M	0.6%	$30.44	—	MSCI ITALY ETF	46434G830
EWT	ISHARES INC	40,681	$1.56M	0.5%	$38.35	—	MSCI TAIWAN ETF	46434G772
QAT	ISHARES TR	94,230	$1.549M	0.5%	$16.44	—	MSCI QATAR ETF	46434V779
INDA	ISHARES TR	39,523	$1.349M	0.4%	$34.13	—	MSCI INDIA ETF	46429B598
—	FLIR SYS INC	19,061	$953K	0.3%	$46.61	—	COM	302445101
BBY	BEST BUY INC	13,090	$916K	0.3%	$30.77	+74.3%	COM	086516101
—	GLOBAL X FDS	69,318	$907K	0.3%	$13.08	—	MSCI PAKISTAN	37950E689
—	POWERSHS DB MULTI SECT COMM	64,971	$726K	0.2%	$11.17	—	DB OIL FUND	73936B507
USAC	USA COMPRESSION PARTNERS LP	40,357	$683K	0.2%	$16.40	—	COMUNIT LTDPAR	90290N109
—	CRESTWOOD EQUITY PARTNERS LP	26,435	$677K	0.2%	$19.55	—	UNIT LTD PARTNER	226344208
—	SUNCOKE ENERGY PARTNERS L P	37,751	$672K	0.2%	$7.72	—	COMUNIT REP LT	86722Y101
—	TEEKAY OFFSHORE PARTNERS L P	291,938	$663K	0.2%	$3.43	—	PARTNERSHIP UN	Y8565J101
—	SANCHEZ MIDSTREAM PARTNERS L	63,483	$657K	0.2%	$12.37	—	COM UNITS REP B	79971C201
—	GUESS INC	31,457	$652K	0.2%	$12.78	—	COM	401617105
MMLP	MARTIN MIDSTREAM PRTNRS L P	47,923	$647K	0.2%	$26.01	—	UNIT L P INT	573331105
KNOP	KNOT OFFSHORE PARTNERS LP	32,566	$645K	0.2%	$11.46	-2.7%	COM UNITS	Y48125101
—	ALLIANCE HOLDINGS GP LP	25,522	$638K	0.2%	$18.77	—	COM UNITS LP	01861G100
—	GREEN PLAINS PARTNERS LP	36,547	$636K	0.2%	$18.85	—	COM REP PTR IN	393221106
EFNL	ISHARES TR	15,168	$636K	0.2%	$41.93	—	MSCI FINLAND ETF	46429B515
—	STONEMOR PARTNERS L P	101,677	$631K	0.2%	$10.67	—	COM UNITS INT	86183Q100
GLP	GLOBAL PARTNERS LP	40,911	$628K	0.2%	$24.66	—	COM UNITS	37946R109
SPH	SUBURBAN PROPANE PARTNERS L	28,357	$624K	0.2%	$37.90	—	UNIT LTD PARTN	864482104
—	CAPITAL PRODUCT PARTNERS L P	197,208	$615K	0.2%	$5.55	—	COM UNIT LP	Y11082107
DKL	DELEK LOGISTICS PARTNERS LP	21,604	$612K	0.2%	$32.63	—	COM UNT RP INT	24664T103
—	PBF LOGISTICS LP	32,646	$602K	0.2%	$21.01	—	UNIT LTD PTNR	69318Q104
SUN	SUNOCO LP	23,492	$599K	0.2%	$30.53	—	COM U REP LP	86765K109
DLNG	DYNAGAS LNG PARTNERS LP	58,615	$586K	0.2%	$14.33	—	COM UNIT LTD PT	Y2188B108
—	LASALLE HOTEL PPTYS	19,841	$576K	0.2%	$29.82	—	COM SH BEN INT	517942108
—	CHESAPEAKE LODGING TR	20,540	$571K	0.2%	$24.47	—	SH BEN INT	165240102
CAPL	CROSSAMERICA PARTNERS LP	27,631	$568K	0.2%	$25.31	—	UT LTD PTN INT	22758A105
—	CENTURYLINK INC	33,768	$555K	0.2%	$28.26	—	COM	156700106
CNA	CNA FINL CORP	11,165	$551K	0.2%	$25.12	+18.1%	COM	126117100
—	AMERICAN MIDSTREAM PARTNERS	50,079	$541K	0.2%	$9.35	—	COM UNITS	02752P100
—	ASHFORD HOSPITALITY TR INC	83,544	$540K	0.2%	$6.20	—	COM SHS	044103109
—	WASHINGTON PRIME GROUP NEW	80,466	$537K	0.2%	$10.86	—	COM	93964W108
—	WADDELL & REED FINL INC	25,888	$523K	0.2%	$18.87	—	CL A	930059100
IRT	INDEPENDENCE RLTY TR INC	55,806	$512K	0.2%	$9.87	—	COM	45378A106
APLE	APPLE HOSPITALITY REIT INC	28,740	$505K	0.1%	$18.72	—	COM NEW	03784Y200
XHR	XENIA HOTELS & RESORTS INC	25,538	$504K	0.1%	$19.38	—	COM	984017103
—	GOLAR LNG PARTNERS LP	29,208	$500K	0.1%	$16.47	—	COM UNIT LPI	Y2745C102
SDLPEUR	SEADRILL PARTNERS LLC	181,694	$500K	0.1%	$5.82	—	COMUNIT REP LB	Y7545W109
RLJ	RLJ LODGING TR	25,175	$489K	0.1%	$20.07	—	COM	74965L101
—	HOSPITALITY PPTYS TR	19,016	$482K	0.1%	$28.15	—	COM SH BEN INT	44106M102
MGM	MGM RESORTS INTERNATIONAL	13,654	$478K	0.1%	$30.64	+9.9%	COM	552953101
—	ENBRIDGE ENERGY PARTNERS L P	48,417	$467K	0.1%	$15.67	—	COM	29250R106
—	SENIOR HSG PPTYS TR	29,741	$466K	0.1%	$22.14	—	SH BEN INT	81721M109
EWK	ISHARES INC	21,588	$461K	0.1%	$21.14	—	MSCI BELGIUM ETF	464286301
—	NUSTAR ENERGY LP	22,555	$456K	0.1%	$43.72	—	UNIT COM	67058H102
—	SUMMIT MIDSTREAM PARTNERS LP	32,381	$455K	0.1%	$22.29	—	COM UNIT LTD	866142102
FSP	FRANKLIN STREET PPTYS CORP	53,959	$454K	0.1%	$12.07	—	COM	35471R106
GLW	CORNING INC	15,953	$445K	0.1%	$21.32	+16.4%	COM	219350105
—	CBL & ASSOC PPTYS INC	98,355	$410K	0.1%	$9.14	—	COM	124830100
UAE	ISHARES TR	18,255	$306K	0.1%	$16.76	—	MSCI UAE ETF	46434V761