Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	562,206	$56.39M	22.7%	$100.22	—	RESV CAP ETF	042765719
ICF	ISHARES TR	140,537	$15.83M	6.4%	$97.04	—	COHEN STEER REIT	464287564
—	ARROW INVTS TR	488,617	$13.39M	5.4%	$29.90	—	DWA COUNTRY ETF	042765685
XLU	SELECT SECTOR SPDR TR	223,819	$13.35M	5.4%	$52.92	—	SBI INT-UTILS	81369Y886
XLY	SELECT SECTOR SPDR TR	110,784	$13.21M	5.3%	$113.85	—	SBI CONS DISCR	81369Y407
XLK	SELECT SECTOR SPDR TR	165,821	$12.94M	5.2%	$78.04	—	TECHNOLOGY	81369Y803
SDY	SPDR SERIES TRUST	127,194	$12.83M	5.2%	$89.52	—	S&P DIVID ETF	78464A763
IVW	ISHARES TR	70,114	$12.57M	5.1%	$172.36	—	S&P 500 GRWT ETF	464287309
SPLV	INVESCO EXCHNG TRADED FD TR	225,893	$12.43M	5.0%	$46.65	—	S&P500 LOW VOL	46138E354
QUAL	ISHARES TR	135,427	$12.39M	5.0%	$91.47	—	USA QUALITY FCTR	46432F339
IYR	ISHARES TR	139,519	$12.18M	4.9%	$87.04	—	U.S. REAL ES ETF	464287739
RWR	SPDR SERIES TRUST	107,802	$10.65M	4.3%	$98.80	—	DJ REIT ETF	78464A607
TLT	ISHARES TR	53,102	$7.052M	2.8%	$119.05	—	20 YR TR BD ETF	464287432
SHY	ISHARES TR	58,793	$4.984M	2.0%	$84.77	—	1 3 YR TREAS BD	464287457
VUG	VANGUARD INDEX FDS	21,298	$3.48M	1.4%	$127.04	—	GROWTH ETF	922908736
VOT	VANGUARD INDEX FDS	23,161	$3.458M	1.4%	$142.75	—	MCAP GR IDXVIP	922908538
HYG	ISHARES TR	37,886	$3.303M	1.3%	$86.47	—	IBOXX HI YD ETF	464288513
—	ARROW INVTS TR	54,497	$2.763M	1.1%	$47.20	—	DOGS OF THE	042765693
EMB	ISHARES TR	22,615	$2.562M	1.0%	$110.06	—	JPMORGAN USD EMG	464288281
LQD	ISHARES TR	20,213	$2.514M	1.0%	$119.05	—	IBOXX INV CP ETF	464287242
ANGL	VANECK VECTORS ETF TR	56,962	$1.669M	0.7%	$28.75	—	FALLEN ANGEL HG	92189F437
INDA	ISHARES TR	42,953	$1.516M	0.6%	$33.75	—	MSCI INDIA ETF	46429B598
CBRE	CBRE GROUP INC	10,927	$561K	0.2%	$49.70	0.0%	CL A	12504L109
—	MOBILE TELESYSTEMS PJSC	51,857	$483K	0.2%	$9.31	—	SPONSORED ADR	607409109
—	BUCKEYE PARTNERS L P	11,706	$481K	0.2%	$34.91	—	UNIT LTD PARTN	118230101
—	AMERIGAS PARTNERS L P	13,283	$463K	0.2%	$37.18	—	UNIT L P INT	030975106
USAC	USA COMPRESSION PARTNERS LP	25,564	$454K	0.2%	$16.18	—	COMUNIT LTDPAR	90290N109
SPH	SUBURBAN PROPANE PARTNERS L	17,944	$436K	0.2%	$35.43	—	UNIT LTD PARTN	864482104
NGL	NGL ENERGY PARTNERS LP	28,947	$428K	0.2%	$12.42	—	COM UNIT REPST	62913M107
IRT	INDEPENDENCE RLTY TR INC	36,897	$427K	0.2%	$9.87	—	COM	45378A106
—	PENNSYLVANIA RL ESTATE INVT	64,675	$420K	0.2%	$9.19	—	SH BEN INT	709102107
—	CRESTWOOD EQUITY PARTNERS LP	11,719	$419K	0.2%	$23.35	—	UNIT LTD PARTNER	226344208
—	ANDEAVOR LOGISTICS LP	11,534	$419K	0.2%	$36.33	—	COM UNIT LP INT	03350F106
GLP	GLOBAL PARTNERS LP	20,636	$411K	0.2%	$19.92	—	COM UNITS	37946R109
—	NUSTAR ENERGY LP	14,955	$406K	0.2%	$38.72	—	UNIT COM	67058H102
SUN	SUNOCO LP	12,981	$406K	0.2%	$30.52	—	COM UT REP LP	86765K109
—	RPT REALTY	33,529	$406K	0.2%	$11.96	—	SH BEN INT	74971D101
KNOP	KNOT OFFSHORE PARTNERS LP	21,148	$404K	0.2%	$11.40	+4.4%	COM UNITS	Y48125101
—	PBF LOGISTICS LP	19,064	$403K	0.2%	$21.01	—	UNIT LTD PTNR	69318Q104
KIM	KIMCO RLTY CORP	21,734	$402K	0.2%	$10.40	+28.3%	COM	49446R109
CLDT	CHATHAM LODGING TR	20,929	$395K	0.2%	$21.21	—	COM	16208T102
—	SITE CENTERS CORP	29,721	$394K	0.2%	$11.23	—	COM	82981J109
RLJ	RLJ LODGING TR	22,091	$392K	0.2%	$19.76	—	COM	74965L101
DKL	DELEK LOGISTICS PARTNERS LP	12,250	$392K	0.2%	$32.63	—	COM UNT RP INT	24664T103
—	CENTURYLINK INC	33,031	$388K	0.2%	$22.63	—	COM	156700106
APLE	APPLE HOSPITALITY REIT INC	24,456	$388K	0.2%	$18.55	—	COM NEW	03784Y200
—	ENABLE MIDSTREAM PARTNERS LP	28,332	$388K	0.2%	$16.43	—	COM UNIT RP IN	292480100
KRG	KITE RLTY GROUP TR	25,306	$383K	0.2%	$17.07	—	COM NEW	49803T300
—	GASLOG PARTNERS LP	17,944	$381K	0.2%	$21.23	—	UNIT LTD PTNRP	Y2687W108
—	HOSPITALITY PPTYS TR	15,193	$380K	0.2%	$28.09	—	COM SH BEN INT	44106M102
GEL	GENESIS ENERGY L P	17,286	$379K	0.2%	$22.24	—	UNIT LTD PARTN	371927104
—	DCP MIDSTREAM LP	12,391	$363K	0.1%	$29.30	—	COM UT LTD PTN	23311P100
—	HOEGH LNG PARTNERS LP	20,807	$360K	0.1%	$17.30	—	COM UNIT LTD	Y3262R100
KRP	KIMBELL RTY PARTNERS LP	22,117	$357K	0.1%	$16.14	—	UNIT	49435R102
CAPL	CROSSAMERICA PARTNERS LP	21,924	$352K	0.1%	$16.06	—	UT LTD PTN INT	22758A105
—	GOLAR LNG PARTNERS LP	30,748	$347K	0.1%	$14.96	—	COM UNIT LPI	Y2745C102
ARLP	ALLIANCE RES PARTNER L P	19,586	$333K	0.1%	$18.55	—	UT LTD PART	01877R108
—	ENLINK MIDSTREAM LLC	31,760	$320K	0.1%	$10.08	—	COM UNIT REP LTD	29336T100
—	SUMMIT MIDSTREAM PARTNERS LP	41,702	$310K	0.1%	$18.71	—	COM UNIT LTD	866142102
—	CAPITAL PRODUCT PARTNERS L P	28,213	$296K	0.1%	$10.49	—	PARTNERSHP UNITS	Y11082206
—	CBL & ASSOC PPTYS INC	278,012	$289K	0.1%	$1.38	—	COM	124830100
—	WASHINGTON PRIME GROUP NEW	73,859	$282K	0.1%	$9.54	—	COM	93964W108
—	SENIOR HSG PPTYS TR	33,984	$281K	0.1%	$18.98	—	SH BEN INT	81721M109
AES	AES CORP	15,910	$267K	0.1%	$9.38	+42.6%	COM	00130H105
—	ASHFORD HOSPITALITY TR INC	80,713	$240K	0.1%	$5.71	—	COM SHS	044103109
MMLP	MARTIN MIDSTREAM PRTNRS L P	32,001	$228K	0.1%	$21.74	—	UNIT L P INT	573331105