Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	725,187	$72.46M	23.7%	$100.21	—	RESV CAP ETF	042765719
VUG	VANGUARD INDEX FDS	165,762	$24.83M	8.1%	$127.04	—	GROWTH ETF	922908736
XLK	SELECT SECTOR SPDR TR	300,378	$20.87M	6.8%	$48.09	—	TECHNOLOGY	81369Y803
MTUM	ISHARES TR	189,033	$20.74M	6.8%	$88.89	—	USA MOMENTUM FCT	46432F396
VOT	VANGUARD INDEX FDS	135,434	$18.2M	5.9%	$134.41	—	MCAP GR IDXVIP	922908538
IJT	ISHARES TR	95,302	$18.01M	5.9%	$170.15	—	S&P SML 600 GWT	464287887
XLY	SELECT SECTOR SPDR TR	157,425	$17.21M	5.6%	$101.29	—	SBI CONS DISCR	81369Y407
FNX	FIRST TR MID CAP CORE ALPHAD	234,271	$16.04M	5.2%	$68.45	—	COM SHS	33735B108
FYX	FIRST TR SML CP CORE ALPHA F	224,079	$14.78M	4.8%	$65.97	—	COM SHS	33734Y109
—	ARROW INVTS TR	470,000	$13.68M	4.5%	$30.11	—	DWA COUNTRY ETF	042765685
SHY	ISHARES TR	144,153	$12.02M	3.9%	$83.79	—	1 3 YR TREAS BD	464287457
VBK	VANGUARD INDEX FDS	29,108	$5.117M	1.7%	$163.96	—	SML CP GRW ETF	922908595
TIP	ISHARES TR	40,621	$4.585M	1.5%	$114.08	—	TIPS BD ETF	464287176
CWB	SPDR SERIES TRUST	74,529	$3.952M	1.3%	$48.10	—	BLMBRG BRC CNVRT	78464A359
HYG	ISHARES TR	44,960	$3.825M	1.2%	$85.08	—	IBOXX HI YD ETF	464288513
IHY	VANECK VECTORS ETF TR	65,893	$1.606M	0.5%	$24.37	—	INTL HIGH YIELD	92189F445
INDA	ISHARES TR	41,737	$1.389M	0.5%	$34.09	—	MSCI INDIA ETF	46429B598
EWO	ISHARES INC	47,209	$1.069M	0.3%	$18.57	—	MSCI AUSTRIA ETF	464286202
EWI	ISHARES INC	36,501	$1.055M	0.3%	$30.44	—	MSCI ITALY ETF	46434G830
MCHI	ISHARES TR	16,128	$1.042M	0.3%	$66.55	—	MSCI CHINA ETF	46429B671
EWY	ISHARES INC	15,170	$1.027M	0.3%	$55.39	—	MSCI STH KOR ETF	464286772
BBY	BEST BUY INC	12,655	$944K	0.3%	$30.77	+80.4%	COM	086516101
CBRE	CBRE GROUP INC	18,709	$893K	0.3%	$47.29	0.0%	CL A	12504L109
EWS	ISHARES INC	37,147	$891K	0.3%	$23.99	—	MSCI SINGPOR ETF	46434G780
—	FLIR SYS INC	16,242	$844K	0.3%	$46.61	—	COM	302445101
—	CVR REFNG LP	36,740	$821K	0.3%	$22.35	—	COMUNIT REP LT	12663P107
—	GLOBAL X FDS	69,318	$767K	0.3%	$13.08	—	MSCI PAKISTAN	37950E689
—	SEASPAN CORP	71,035	$723K	0.2%	$10.18	—	SHS	Y75638109
—	LASALLE HOTEL PPTYS	18,416	$630K	0.2%	$29.82	—	COM SH BEN INT	517942108
—	ENABLE MIDSTREAM PARTNERS LP	36,211	$620K	0.2%	$17.12	—	COM UNIT RP IN	292480100
DBE	INVESCO DB MLTI SECTR CMMTY	34,406	$588K	0.2%	$17.09	—	ENERGY FD	46140H304
—	TALLGRASS ENERGY PARTNERS LP	13,557	$587K	0.2%	$43.30	—	COM UNIT	874697105
DBO	INVESCO DB MLTI SECTR CMMTY	46,429	$579K	0.2%	$12.47	—	OIL FD	46140H403
—	WASHINGTON PRIME GROUP NEW	71,104	$577K	0.2%	$10.86	—	COM	93964W108
—	DDR CORP	32,076	$574K	0.2%	$17.89	—	COM	23317H854
—	ASHFORD HOSPITALITY TR INC	70,917	$574K	0.2%	$6.20	—	COM SHS	044103109
NGL	NGL ENERGY PARTNERS LP	45,925	$574K	0.2%	$12.50	—	COM UNIT REPST	62913M107
—	CRESTWOOD EQUITY PARTNERS LP	17,922	$569K	0.2%	$19.55	—	UNIT LTD PARTNER	226344208
—	CBL & ASSOC PPTYS INC	101,691	$566K	0.2%	$9.02	—	COM	124830100
—	ENERGY TRANSFER PARTNERS LP	29,556	$563K	0.2%	$19.05	—	UNIT LTD PRT INT	29278N103
—	ENLINK MIDSTREAM PARTNERS LP	36,129	$561K	0.2%	$15.53	—	COM UNIT REP LTD	29336U107
SDLPEUR	SEADRILL PARTNERS LLC	160,816	$558K	0.2%	$5.82	—	COMUNIT REP LB	Y7545W109
—	ENBRIDGE ENERGY PARTNERS L P	50,542	$552K	0.2%	$15.47	—	COM	29250R106
GEL	GENESIS ENERGY L P	25,138	$551K	0.2%	$21.92	—	UNIT LTD PARTN	371927104
—	CENTURYLINK INC	29,330	$547K	0.2%	$28.26	—	COM	156700106
BHR	BRAEMAR HOTELS & RESORTS INC	47,580	$543K	0.2%	$11.41	—	COM	10482B101
—	CHESAPEAKE LODGING TR	17,063	$540K	0.2%	$24.47	—	SH BEN INT	165240102
—	NUSTAR ENERGY LP	23,833	$540K	0.2%	$42.59	—	UNIT COM	67058H102
KIM	KIMCO RLTY CORP	31,719	$539K	0.2%	$10.40	0.0%	COM	49446R109
—	PBF LOGISTICS LP	25,405	$534K	0.2%	$21.01	—	UNIT LTD PTNR	69318Q104
—	HOSPITALITY PPTYS TR	18,644	$533K	0.2%	$28.15	—	COM SH BEN INT	44106M102
—	SENIOR HSG PPTYS TR	29,326	$531K	0.2%	$22.14	—	SH BEN INT	81721M109
—	SUMMIT MIDSTREAM PARTNERS LP	34,485	$531K	0.2%	$21.87	—	COM UNIT LTD	866142102
KNOP	KNOT OFFSHORE PARTNERS LP	23,822	$528K	0.2%	$11.46	+0.1%	COM UNITS	Y48125101
RLJ	RLJ LODGING TR	23,871	$526K	0.2%	$20.07	—	COM	74965L101
IRT	INDEPENDENCE RLTY TR INC	50,540	$521K	0.2%	$9.87	—	COM	45378A106
KRG	KITE RLTY GROUP TR	30,347	$518K	0.2%	$17.07	—	COM NEW	49803T300
ARLP	ALLIANCE RES PARTNER L P	28,167	$517K	0.2%	$18.35	—	UT LTD PART	01877R108
—	FERRELLGAS PARTNERS L.P.	153,576	$516K	0.2%	$3.36	—	UNIT LTD PART	315293100
—	PENNSYLVANIA RL ESTATE INVT	46,783	$514K	0.2%	$10.99	—	SH BEN INT	709102107
CLDT	CHATHAM LODGING TR	23,757	$504K	0.2%	$21.21	—	COM	16208T102
—	RAMCO-GERSHENSON PPTYS TR	37,618	$497K	0.2%	$13.21	—	COM SH BEN INT	751452202
SPH	SUBURBAN PROPANE PARTNERS L	21,124	$496K	0.2%	$37.90	—	UNIT LTD PARTN	864482104
—	AMERIGAS PARTNERS L P	11,658	$492K	0.2%	$42.20	—	UNIT L P INT	030975106
GME	GAMESTOP CORP NEW	33,714	$491K	0.2%	$3.09	0.0%	CL A	36467W109
USDP	USD PARTNERS LP	45,706	$491K	0.2%	$10.74	—	COM UT REP LTD	903318103
DKL	DELEK LOGISTICS PARTNERS LP	17,560	$486K	0.2%	$32.63	—	COM UNT RP INT	24664T103
MMLP	MARTIN MIDSTREAM PRTNRS L P	35,249	$486K	0.2%	$26.01	—	UNIT L P INT	573331105
—	AMERICAN MIDSTREAM PARTNERS	47,056	$480K	0.2%	$9.35	—	COM UNITS	02752P100
APLE	APPLE HOSPITALITY REIT INC	26,404	$472K	0.2%	$18.72	—	COM NEW	03784Y200
USAC	USA COMPRESSION PARTNERS LP	27,915	$470K	0.2%	$16.40	—	COMUNIT LTDPAR	90290N109
FSP	FRANKLIN STREET PPTYS CORP	54,703	$468K	0.2%	$12.02	—	COM	35471R106
AES	AES CORP	34,760	$466K	0.2%	$9.38	0.0%	COM	00130H105
—	CAPITAL PRODUCT PARTNERS L P	152,109	$465K	0.2%	$5.55	—	COM UNIT LP	Y11082107
SUN	SUNOCO LP	18,133	$453K	0.1%	$30.53	—	COM U REP LP	86765K109
—	BUCKEYE PARTNERS L P	12,432	$437K	0.1%	$35.15	—	UNIT LTD PARTN	118230101
—	GOLAR LNG PARTNERS LP	27,672	$428K	0.1%	$16.47	—	COM UNIT LPI	Y2745C102
MGM	MGM RESORTS INTERNATIONAL	13,841	$402K	0.1%	$30.65	+1.4%	COM	552953101
—	SUNCOKE ENERGY PARTNERS L P	26,388	$396K	0.1%	$7.72	—	COMUNIT REP LT	86722Y101
NRG	NRG ENERGY INC	12,799	$393K	0.1%	$26.82	0.0%	COM NEW	629377508