Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	715,187	$71.59M	24.1%	$100.21	—	RESV CAP ETF	042765719
VUG	VANGUARD INDEX FDS	163,071	$26.26M	8.8%	$127.04	—	GROWTH ETF	922908736
XLK	SELECT SECTOR SPDR TR	288,970	$21.77M	7.3%	$48.09	—	TECHNOLOGY	81369Y803
MTUM	ISHARES TR	181,603	$21.61M	7.3%	$88.89	—	USA MOMENTUM FCT	46432F396
IJT	ISHARES TR	91,968	$18.55M	6.2%	$170.15	—	S&P SML 600 GWT	464287887
VOT	VANGUARD INDEX FDS	128,248	$18.27M	6.1%	$134.41	—	MCAP GR IDXVIP	922908538
XLY	SELECT SECTOR SPDR TR	152,022	$17.82M	6.0%	$101.29	—	SBI CONS DISCR	81369Y407
FNX	FIRST TR MID CAP CORE ALPHAD	224,850	$16.12M	5.4%	$68.45	—	COM SHS	33735B108
—	ARROW INVTS TR	555,000	$15.92M	5.4%	$29.90	—	DWA COUNTRY ETF	042765685
FYX	FIRST TR SML CP CORE ALPHA F	216,311	$14.92M	5.0%	$65.97	—	COM SHS	33734Y109
VBK	VANGUARD INDEX FDS	30,108	$5.64M	1.9%	$164.74	—	SML CP GRW ETF	922908595
TIP	ISHARES TR	41,479	$4.588M	1.5%	$114.01	—	TIPS BD ETF	464287176
TLT	ISHARES TR	38,400	$4.503M	1.5%	$117.27	—	20 YR TR BD ETF	464287432
CWB	SPDR SERIES TRUST	77,957	$4.205M	1.4%	$48.35	—	BLMBRG BRC CNVRT	78464A359
HYG	ISHARES TR	20,768	$1.795M	0.6%	$85.08	—	IBOXX HI YD ETF	464288513
INDA	ISHARES TR	55,000	$1.786M	0.6%	$33.70	—	MSCI INDIA ETF	46429B598
IHY	VANECK VECTORS ETF TR	47,291	$1.152M	0.4%	$24.37	—	INTL HIGH YIELD	92189F445
SHY	ISHARES TR	120,840	$1.004M	0.3%	$83.79	—	1 3 YR TREAS BD	464287457
ANGL	VANECK VECTORS ETF TR	34,046	$990K	0.3%	$29.08	—	FALLEN ANGEL HG	92189F437
NKE	NIKE INC	10,632	$901K	0.3%	$72.98	0.0%	CL B	654106103
BBY	BEST BUY INC	10,832	$860K	0.3%	$30.77	+90.2%	COM	086516101
—	FLIR SYS INC	13,736	$844K	0.3%	$46.61	—	COM	302445101
RHI	ROBERT HALF INTL INC	11,139	$784K	0.3%	$73.26	0.0%	COM	770323103
—	GLOBAL X FDS	69,318	$735K	0.2%	$13.08	—	MSCI PAKISTAN	37950E689
DBO	INVESCO DB MLTI SECTR CMMTY	46,429	$626K	0.2%	$12.47	—	OIL FD	46140H403
DBE	INVESCO DB MLTI SECTR CMMTY	34,406	$624K	0.2%	$17.09	—	ENERGY FD	46140H304
DKL	DELEK LOGISTICS PARTNERS LP	18,110	$616K	0.2%	$32.67	—	COM UNT RP INT	24664T103
—	ENLINK MIDSTREAM PARTNERS LP	31,521	$588K	0.2%	$15.53	—	COM UNIT REP LTD	29336U107
SUN	SUNOCO LP	19,459	$575K	0.2%	$30.46	—	COM U REP LP	86765K109
—	ENERGY TRANSFER PARTNERS LP	25,564	$569K	0.2%	$19.05	—	UNIT LTD PRT INT	29278N103
—	CRESTWOOD EQUITY PARTNERS LP	15,327	$563K	0.2%	$19.55	—	UNIT LTD PARTNER	226344208
—	NUSTAR ENERGY LP	19,816	$551K	0.2%	$42.59	—	UNIT COM	67058H102
—	ENBRIDGE ENERGY PARTNERS L P	49,589	$545K	0.2%	$15.47	—	COM	29250R106
—	CENTURYLINK INC	25,535	$541K	0.2%	$28.26	—	COM	156700106
ARLP	ALLIANCE RES PARTNER L P	26,457	$540K	0.2%	$18.35	—	UT LTD PART	01877R108
SDLPEUR	SEADRILL PARTNERS LLC	144,140	$530K	0.2%	$5.82	—	COMUNIT REP LB	Y7545W109
GEL	GENESIS ENERGY L P	21,817	$519K	0.2%	$21.92	—	UNIT LTD PARTN	371927104
—	PBF LOGISTICS LP	23,062	$497K	0.2%	$21.01	—	UNIT LTD PTNR	69318Q104
—	SUNCOKE ENERGY PARTNERS L P	32,364	$494K	0.2%	$9.11	—	COMUNIT REP LT	86722Y101
KNOP	KNOT OFFSHORE PARTNERS LP	22,732	$493K	0.2%	$11.46	+9.0%	COM UNITS	Y48125101
SPH	SUBURBAN PROPANE PARTNERS L	20,725	$488K	0.2%	$37.90	—	UNIT LTD PARTN	864482104
—	BUCKEYE PARTNERS L P	13,668	$488K	0.2%	$35.20	—	UNIT LTD PARTN	118230101
BHR	BRAEMAR HOTELS & RESORTS INC	40,786	$480K	0.2%	$11.41	—	COM	10482B101
USAC	USA COMPRESSION PARTNERS LP	28,760	$475K	0.2%	$16.40	—	COMUNIT LTDPAR	90290N109
GME	GAMESTOP CORP NEW	31,009	$474K	0.2%	$3.09	+14.5%	CL A	36467W109
—	ENABLE MIDSTREAM PARTNERS LP	28,071	$473K	0.2%	$17.12	—	COM UNIT RP IN	292480100
—	RAMCO-GERSHENSON PPTYS TR	34,644	$471K	0.2%	$13.21	—	COM SH BEN INT	751452202
IRT	INDEPENDENCE RLTY TR INC	44,375	$467K	0.2%	$9.87	—	COM	45378A106
—	HOSPITALITY PPTYS TR	15,935	$460K	0.2%	$28.15	—	COM SH BEN INT	44106M102
CLDT	CHATHAM LODGING TR	21,930	$458K	0.2%	$21.21	—	COM	16208T102
GLW	CORNING INC	12,929	$456K	0.2%	$26.48	0.0%	COM	219350105
—	CHESAPEAKE LODGING TR	14,187	$455K	0.2%	$24.47	—	SH BEN INT	165240102
NRG	NRG ENERGY INC	12,176	$455K	0.2%	$26.82	+3.9%	COM NEW	629377508
—	LASALLE HOTEL PPTYS	13,160	$455K	0.2%	$29.82	—	COM SH BEN INT	517942108
—	SUMMIT MIDSTREAM PARTNERS LP	31,676	$453K	0.2%	$21.87	—	COM UNIT LTD	866142102
—	AMERIGAS PARTNERS L P	11,434	$452K	0.2%	$42.20	—	UNIT L P INT	030975106
RLJ	RLJ LODGING TR	20,374	$449K	0.2%	$20.07	—	COM	74965L101
—	GOLAR LNG PARTNERS LP	31,172	$447K	0.2%	$16.23	—	COM UNIT LPI	Y2745C102
NGL	NGL ENERGY PARTNERS LP	38,288	$444K	0.1%	$12.50	—	COM UNIT REPST	62913M107
—	SENIOR HSG PPTYS TR	25,235	$443K	0.1%	$22.14	—	SH BEN INT	81721M109
KIM	KIMCO RLTY CORP	26,404	$442K	0.1%	$10.40	+13.0%	COM	49446R109
AES	AES CORP	31,514	$441K	0.1%	$9.38	+10.4%	COM	00130H105
—	CVR REFNG LP	22,310	$440K	0.1%	$22.35	—	COMUNIT REP LT	12663P107
—	CAPITAL PRODUCT PARTNERS L P	157,967	$439K	0.1%	$5.45	—	COM UNIT LP	Y11082107
KRG	KITE RLTY GROUP TR	26,236	$437K	0.1%	$17.07	—	COM NEW	49803T300
—	SEASPAN CORP	52,248	$435K	0.1%	$10.18	—	SHS	Y75638109
APLE	APPLE HOSPITALITY REIT INC	24,820	$434K	0.1%	$18.72	—	COM NEW	03784Y200
USDP	USD PARTNERS LP	44,844	$433K	0.1%	$10.74	—	COM UT REP LTD	903318103
FSP	FRANKLIN STREET PPTYS CORP	53,655	$429K	0.1%	$12.02	—	COM	35471R106
MMLP	MARTIN MIDSTREAM PRTNRS L P	35,564	$413K	0.1%	$26.01	—	UNIT L P INT	573331105
—	WASHINGTON PRIME GROUP NEW	55,718	$407K	0.1%	$10.86	—	COM	93964W108
—	ASHFORD HOSPITALITY TR INC	63,328	$405K	0.1%	$6.20	—	COM SHS	044103109
—	PENNSYLVANIA RL ESTATE INVT	40,298	$381K	0.1%	$10.99	—	SH BEN INT	709102107
—	DDR CORP	25,578	$342K	0.1%	$17.89	—	COM	23317H854
—	FERRELLGAS PARTNERS L.P.	150,715	$333K	0.1%	$3.36	—	UNIT LTD PART	315293100
—	CBL & ASSOC PPTYS INC	74,275	$296K	0.1%	$9.02	—	COM	124830100
—	AMERICAN MIDSTREAM PARTNERS	46,152	$293K	0.1%	$9.35	—	COM UNITS	02752P100