Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARCM	ARROW INVTS TR	695,187	$69.27M	26.8%	$99.65	$100.25	-0.6%	RESV CAP ETF	042765719
XLV	SELECT SECTOR SPDR TR	171,696	$14.85M	5.8%	$86.51	$90.51	-4.4%	SBI HEALTHCARE	81369Y209
XLU	SELECT SECTOR SPDR TR	280,324	$14.84M	5.7%	$52.92 *	$27.17	-2.6%	SBI INT-UTILS	81369Y886
SDY	SPDR SERIES TRUST	159,305	$14.26M	5.5%	$89.52	$94.30	-5.1%	S&P DIVID ETF	78464A763
ICF	ISHARES TR	148,961	$14.26M	5.5%	$95.70 *	$49.86	-4.0%	COHEN STEER REIT	464287564
PFM	INVESCO EXCHANGE TRADED FD T	576,180	$14.24M	5.5%	$24.72	$26.31	-6.1%	DIVID ACHIEVEV	46137V506
XLP	SELECT SECTOR SPDR TR	275,275	$13.98M	5.4%	$50.78	$54.26	-6.4%	SBI CONS STPLS	81369Y308
SPLV	INVESCO EXCHNG TRADED FD TR	282,918	$13.2M	5.1%	$46.65	$48.49	-3.8%	S&P500 LOW VOL	46138E354
VIG	VANGUARD GROUP	130,512	$12.78M	5.0%	$97.95	$104.28	-6.1%	DIV APP ETF	921908844
QUAL	ISHARES TR	166,300	$12.77M	4.9%	$76.76	$82.96	-7.5%	USA QUALITY FCTR	46432F339
—	ARROW INVTS TR	515,000	$12.76M	4.9%	$24.78	$29.90	—	DWA COUNTRY ETF	042765685
TLT	ISHARES TR	66,176	$8.041M	3.1%	$121.51	$118.24	+2.8%	20 YR TR BD ETF	464287432
SHY	ISHARES TR	94,646	$7.914M	3.1%	$83.62	$84.02	-0.5%	1 3 YR TREAS BD	464287457
VUG	VANGUARD INDEX FDS	34,544	$4.64M	1.8%	$134.32 *	$20.94	+6.9%	GROWTH ETF	922908736
VTV	VANGUARD INDEX FDS	34,448	$3.374M	1.3%	$97.94	$105.18	-6.9%	VALUE ETF	922908744
EWZ	ISHARES INC	40,300	$1.539M	0.6%	$38.19	$38.72	-1.3%	MSCI BRAZIL ETF	464286400
INDA	ISHARES TR	45,671	$1.523M	0.6%	$33.35	$35.20	-5.3%	MSCI INDIA ETF	46429B598
—	ARROW INVTS TR	45,000	$1.084M	0.4%	$24.09	$24.09	—	QVM EQT FACTOR	042765784
KR	KROGER CO	28,460	$783K	0.3%	$27.51 *	$24.89	-5.0%	COM	501044101
NKE	NIKE INC	10,061	$746K	0.3%	$74.15 *	$72.98	-7.3%	CL B	654106103
GRMN	GARMIN LTD	11,325	$717K	0.3%	$63.31 *	$54.80	-1.6%	SHS	H2906T109
SYY	SYSCO CORP	11,063	$693K	0.3%	$62.64 *	$55.73	-7.0%	COM	871829107
RHI	ROBERT HALF INTL INC	12,087	$691K	0.3%	$57.17	$72.33	-20.9%	COM	770323103
BBY	BEST BUY INC	11,662	$618K	0.2%	$52.99 *	$32.11	+26.1%	COM	086516101
—	GLOBAL X FDS	69,318	$559K	0.2%	$8.06	$13.08	—	MSCI PAKISTAN	37950E689
UUP	INVESCO DB US DLR INDEX TR	20,802	$529K	0.2%	$25.43	$25.70	-1.0%	BULLISH FD	46141D203
USDP	USD PARTNERS LP	49,491	$517K	0.2%	$10.45	$10.71	—	COM UT REP LTD	903318103
SUN	SUNOCO LP	17,312	$471K	0.2%	$27.21	$30.46	—	COM U REP LP	86765K109
ENB	ENBRIDGE INC	14,764	$459K	0.2%	$31.09 *	$20.25	-3.3%	COM	29250N105
MMLP	MARTIN MIDSTREAM PRTNRS L P	44,219	$455K	0.2%	$10.29	$22.94	—	UNIT L P INT	573331105
—	PBF LOGISTICS LP	22,166	$446K	0.2%	$20.12	$21.01	—	UNIT LTD PTNR	69318Q104
—	SEASPAN CORP	54,977	$430K	0.2%	$7.82	$10.06	—	SHS	Y75638109
ARLP	ALLIANCE RES PARTNER L P	24,810	$430K	0.2%	$17.33	$18.35	—	UT LTD PART	01877R108
NGL	NGL ENERGY PARTNERS LP	43,716	$419K	0.2%	$9.58	$12.14	—	COM UNIT REPST	62913M107
—	RPT REALTY	34,903	$417K	0.2%	$11.95	$11.95	—	COM SH BEN INT	74971D101
—	ENABLE MIDSTREAM PARTNERS LP	30,210	$409K	0.2%	$13.54	$16.87	—	COM UNIT RP IN	292480100
KNOP	KNOT OFFSHORE PARTNERS LP	22,565	$405K	0.2%	$17.95 *	$11.46	-8.4%	COM UNITS	Y48125101
SPH	SUBURBAN PROPANE PARTNERS L	20,969	$404K	0.2%	$19.27	$37.68	—	UNIT LTD PARTN	864482104
DKL	DELEK LOGISTICS PARTNERS LP	13,737	$402K	0.2%	$29.26	$32.67	—	COM UNT RP INT	24664T103
IRT	INDEPENDENCE RLTY TR INC	42,436	$390K	0.2%	$9.19	$9.87	—	COM	45378A106
—	GOLAR LNG PARTNERS LP	35,883	$388K	0.2%	$10.81	$15.52	—	COM UNIT LPI	Y2745C102
KIM	KIMCO RLTY CORP	26,118	$383K	0.1%	$14.66 *	$10.40	+2.2%	COM	49446R109
USAC	USA COMPRESSION PARTNERS LP	29,487	$383K	0.1%	$12.99	$16.32	—	COMUNIT LTDPAR	90290N109
—	BUCKEYE PARTNERS L P	13,157	$381K	0.1%	$28.96	$35.20	—	UNIT LTD PARTN	118230101
CLDT	CHATHAM LODGING TR	21,108	$373K	0.1%	$17.67	$21.21	—	COM	16208T102
KRG	KITE RLTY GROUP TR	26,307	$371K	0.1%	$14.10	$17.07	—	COM NEW	49803T300
—	CAPITAL PRODUCT PARTNERS L P	176,400	$369K	0.1%	$2.09	$5.10	—	COM UNIT LP	Y11082107
GME	GAMESTOP CORP NEW	28,851	$364K	0.1%	$12.62 *	$3.09	-1.1%	CL A	36467W109
—	HOSPITALITY PPTYS TR	15,250	$364K	0.1%	$23.87	$28.15	—	COM SH BEN INT	44106M102
—	CRESTWOOD EQUITY PARTNERS LP	13,001	$363K	0.1%	$27.92	$19.55	—	UNIT LTD PARTNER	226344208
GEL	GENESIS ENERGY L P	19,541	$361K	0.1%	$18.47	$21.92	—	UNIT LTD PARTN	371927104
APLE	APPLE HOSPITALITY REIT INC	25,216	$360K	0.1%	$14.28	$18.65	—	COM NEW	03784Y200
—	NUSTAR ENERGY LP	17,209	$360K	0.1%	$20.92	$42.59	—	UNIT COM	67058H102
—	RETAIL VALUE INC	14,005	$358K	0.1%	$25.56	$25.56	—	COM	76133Q102
GLW	CORNING INC	11,726	$354K	0.1%	$30.19 *	$26.48	-6.2%	COM	219350105
AES	AES CORP	24,197	$350K	0.1%	$14.46 *	$9.38	+20.0%	COM	00130H105
—	SITE CENTERS CORP	31,496	$349K	0.1%	$11.08	$11.08	—	COM	82981J109
—	DUKE REALTY CORP	13,310	$345K	0.1%	$25.92	$25.92	—	COM NEW	264411505
FSP	FRANKLIN STREET PPTYS CORP	54,549	$340K	0.1%	$6.23	$11.92	—	COM	35471R106
—	CENTURYLINK INC	21,726	$329K	0.1%	$15.14	$28.26	—	COM	156700106
BHR	BRAEMAR HOTELS & RESORTS INC	36,781	$328K	0.1%	$8.92	$11.41	—	COM	10482B101
—	SUMMIT MIDSTREAM PARTNERS LP	32,162	$323K	0.1%	$10.04	$21.69	—	COM UNIT LTD	866142102
—	CHESAPEAKE LODGING TR	13,238	$322K	0.1%	$24.32	$24.47	—	SH BEN INT	165240102
—	SUNCOKE ENERGY PARTNERS L P	30,102	$320K	0.1%	$10.63	$9.11	—	COMUNIT REP LT	86722Y101
RLJ	RLJ LODGING TR	19,414	$318K	0.1%	$16.38	$20.07	—	COM	74965L101
—	AMERIGAS PARTNERS L P	11,867	$300K	0.1%	$25.28	$41.59	—	UNIT L P INT	030975106
—	ENLINK MIDSTREAM PARTNERS LP	26,743	$294K	0.1%	$10.99	$15.53	—	COM UNIT REP LTD	29336U107
—	WASHINGTON PRIME GROUP NEW	59,430	$289K	0.1%	$4.86	$10.49	—	COM	93964W108
—	SENIOR HSG PPTYS TR	24,564	$288K	0.1%	$11.72	$22.14	—	SH BEN INT	81721M109
—	CVR REFNG LP	26,341	$275K	0.1%	$10.44	$20.52	—	COMUNIT REP LT	12663P107
—	ASHFORD HOSPITALITY TR INC	68,145	$273K	0.1%	$4.01	$6.05	—	COM SHS	044103109
—	PENNSYLVANIA RL ESTATE INVT	46,041	$273K	0.1%	$5.93	$10.36	—	SH BEN INT	709102107
—	AMERICAN MIDSTREAM PARTNERS	78,819	$239K	0.1%	$3.03	$6.73	—	COM UNITS	02752P100
SDLPEUR	SEADRILL PARTNERS LLC	127,355	$220K	0.1%	$1.73	$5.82	—	COMUNIT REP LB	Y7545W109