Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	529,977	$45.5M	18.5%	$100.21	—	RESV CAP ETF	042765719
ICF	ISHARES TR	129,446	$14.39M	5.9%	$95.70	—	COHEN STEER REIT	464287564
XLU	SELECT SECTOR SPDR TR	243,097	$14.14M	5.8%	$52.92	—	SBI INT-UTILS	81369Y886
SDY	SPDR SERIES TRUST	138,149	$13.73M	5.6%	$89.52	—	S&P DIVID ETF	78464A763
XLY	SELECT SECTOR SPDR TR	120,326	$13.7M	5.6%	$113.85	—	SBI CONS DISCR	81369Y407
XLV	SELECT SECTOR SPDR TR	148,882	$13.66M	5.6%	$86.51	—	SBI HEALTHCARE	81369Y209
—	ARROW INVTS TR	500,117	$13.48M	5.5%	$29.90	—	DWA COUNTRY ETF	042765685
IYR	ISHARES TR	151,535	$13.19M	5.4%	$87.04	—	U.S. REAL ES ETF	464287739
IVW	ISHARES TR	76,153	$13.13M	5.3%	$172.36	—	S&P 500 GRWT ETF	464287309
SPLV	INVESCO EXCHNG TRADED FD TR	245,350	$12.91M	5.3%	$46.65	—	S&P500 LOW VOL	46138E354
ILF	ISHARES TR	373,045	$12.4M	5.0%	$33.23	—	LATN AMER 40 ETF	464287390
HYG	ISHARES TR	96,671	$8.359M	3.4%	$86.47	—	IBOXX HI YD ETF	464288513
TLT	ISHARES TR	61,450	$7.77M	3.2%	$119.05	—	20 YR TR BD ETF	464287432
VUG	VANGUARD INDEX FDS	28,453	$4.451M	1.8%	$127.04	—	GROWTH ETF	922908736
VOT	VANGUARD INDEX FDS	28,903	$4.126M	1.7%	$142.75	—	MCAP GR IDXVIP	922908538
EMB	ISHARES TR	25,867	$2.847M	1.2%	$110.06	—	JPMORGAN USD EMG	464288281
ANGL	VANECK VECTORS ETF TR	97,863	$2.814M	1.1%	$28.75	—	FALLEN ANGEL HG	92189F437
LQD	ISHARES TR	23,191	$2.761M	1.1%	$119.05	—	IBOXX INV CP ETF	464287242
CWB	SPDR SERIES TRUST	52,326	$2.734M	1.1%	$52.25	—	BLMBRG BRC CNVRT	78464A359
—	ARROW INVTS TR	54,497	$2.572M	1.0%	$47.20	—	DOGS OF THE	042765693
INDA	ISHARES TR	41,513	$1.463M	0.6%	$33.70	—	MSCI INDIA ETF	46429B598
EWZ	ISHARES INC	29,893	$1.225M	0.5%	$38.19	—	MSCI BRAZIL ETF	464286400
IHY	VANECK VECTORS ETF TR	38,975	$950K	0.4%	$24.37	—	INTL HIGH YIELD	92189F445
NGL	NGL ENERGY PARTNERS LP	51,422	$721K	0.3%	$12.42	—	COM UNIT REPST	62913M107
BALL	BALL CORP	11,531	$667K	0.3%	$49.32	0.0%	COM	058498106
—	AMERIGAS PARTNERS L P	20,174	$623K	0.3%	$37.18	—	UNIT L P INT	030975106
MMLP	MARTIN MIDSTREAM PRTNRS L P	49,935	$622K	0.3%	$21.74	—	UNIT L P INT	573331105
—	NUSTAR ENERGY LP	22,854	$615K	0.3%	$38.72	—	UNIT COM	67058H102
—	CRESTWOOD EQUITY PARTNERS LP	17,177	$604K	0.2%	$23.35	—	UNIT LTD PARTNER	226344208
—	BUCKEYE PARTNERS L P	17,628	$600K	0.2%	$34.91	—	UNIT LTD PARTN	118230101
KR	KROGER CO	24,274	$597K	0.2%	$24.89	-5.1%	COM	501044101
SUN	SUNOCO LP	19,143	$596K	0.2%	$30.52	—	COM UT REP LP	86765K109
—	SUNCOKE ENERGY PARTNERS L P	47,811	$595K	0.2%	$10.35	—	COMUNIT REP LT	86722Y101
GEL	GENESIS ENERGY L P	25,440	$593K	0.2%	$22.24	—	UNIT LTD PARTN	371927104
—	GOLAR LNG PARTNERS LP	45,687	$590K	0.2%	$14.96	—	COM UNIT LPI	Y2745C102
USAC	USA COMPRESSION PARTNERS LP	37,125	$580K	0.2%	$16.18	—	COMUNIT LTDPAR	90290N109
ARLP	ALLIANCE RES PARTNER L P	27,542	$561K	0.2%	$18.55	—	UT LTD PART	01877R108
—	AMERICAN MIDSTREAM PARTNERS	107,654	$557K	0.2%	$6.32	—	COM UNITS	02752P100
SPH	SUBURBAN PROPANE PARTNERS L	24,599	$551K	0.2%	$35.43	—	UNIT LTD PARTN	864482104
DKL	DELEK LOGISTICS PARTNERS LP	16,948	$550K	0.2%	$32.63	—	COM UNT RP INT	24664T103
UUP	INVESCO DB US DLR INDEX TR	20,274	$528K	0.2%	$25.43	—	BULLISH FD	46141D203
—	ENABLE MIDSTREAM PARTNERS LP	36,398	$521K	0.2%	$16.43	—	COM UNIT RP IN	292480100
KNOP	KNOT OFFSHORE PARTNERS LP	27,355	$519K	0.2%	$11.40	-2.4%	COM UNITS	Y48125101
—	PBF LOGISTICS LP	24,536	$516K	0.2%	$21.01	—	UNIT LTD PTNR	69318Q104
BHR	BRAEMAR HOTELS & RESORTS INC	41,859	$511K	0.2%	$11.51	—	COM	10482B101
USDP	USD PARTNERS LP	47,020	$509K	0.2%	$10.71	—	COM UT REP LTD	903318103
KIM	KIMCO RLTY CORP	25,138	$465K	0.2%	$10.40	+19.8%	COM	49446R109
—	SITE CENTERS CORP	33,427	$455K	0.2%	$11.23	—	COM	82981J109
—	RETAIL VALUE INC	14,492	$452K	0.2%	$25.75	—	COM	76133Q102
—	ASHFORD HOSPITALITY TR INC	92,277	$438K	0.2%	$5.71	—	COM SHS	044103109
—	SEASPAN CORP	49,478	$430K	0.2%	$10.06	—	SHS	Y75638109
APLE	APPLE HOSPITALITY REIT INC	26,337	$429K	0.2%	$18.55	—	COM NEW	03784Y200
IRT	INDEPENDENCE RLTY TR INC	38,747	$418K	0.2%	$9.87	—	COM	45378A106
FSP	FRANKLIN STREET PPTYS CORP	58,090	$418K	0.2%	$11.64	—	COM	35471R106
—	WASHINGTON PRIME GROUP NEW	73,859	$417K	0.2%	$9.54	—	COM	93964W108
—	SUMMIT MIDSTREAM PARTNERS LP	42,852	$417K	0.2%	$18.71	—	COM UNIT LTD	866142102
—	HOSPITALITY PPTYS TR	15,780	$415K	0.2%	$28.09	—	COM SH BEN INT	44106M102
KRG	KITE RLTY GROUP TR	25,876	$414K	0.2%	$17.07	—	COM NEW	49803T300
—	CHESAPEAKE LODGING TR	14,772	$411K	0.2%	$24.82	—	SH BEN INT	165240102
CLDT	CHATHAM LODGING TR	20,929	$403K	0.2%	$21.21	—	COM	16208T102
—	PENNSYLVANIA RL ESTATE INVT	62,348	$392K	0.2%	$9.29	—	SH BEN INT	709102107
RLJ	RLJ LODGING TR	22,091	$388K	0.2%	$19.76	—	COM	74965L101
—	SENIOR HSG PPTYS TR	31,147	$367K	0.1%	$19.95	—	SH BEN INT	81721M109
—	RPT REALTY	30,556	$367K	0.1%	$11.95	—	COM SH BEN INT	74971D101
—	CAPITAL PRODUCT PARTNERS L P	32,882	$345K	0.1%	$10.49	—	PARTNERSHP UNITS	Y11082206
AES	AES CORP	18,648	$337K	0.1%	$9.38	+40.4%	COM	00130H105
—	DUKE REALTY CORP	10,767	$329K	0.1%	$25.92	—	COM NEW	264411505
GME	GAMESTOP CORP NEW	31,193	$317K	0.1%	$3.08	-2.0%	CL A	36467W109
—	CENTURYLINK INC	25,038	$300K	0.1%	$26.10	—	COM	156700106
—	CBL & ASSOC PPTYS INC	184,095	$285K	0.1%	$1.55	—	COM	124830100
DSSI	DIAMOND S SHIPPING INC	22,585	$235K	0.1%	$10.41	—	COM	Y20676105
SDLPEUR	SEADRILL PARTNERS LLC	270,037	$231K	0.1%	$3.20	—	COMUNIT REP LB	Y7545W109