Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	465,803	$46.86M	30.7%	$100.02	—	RESV CAP ETF	042765719
XLK	SELECT SECTOR SPDR TR	109,603	$12.79M	8.4%	$78.04	—	TECHNOLOGY	81369Y803
—	ARROW INVTS TR	336,766	$9.21M	6.0%	$29.12	—	DWA COUNTRY ETF	042765685
IVW	ISHARES TR	39,123	$9.041M	5.9%	$165.05	—	S&P 500 GRWT ETF	464287309
VOT	VANGUARD INDEX FDS	50,191	$9.041M	5.9%	$180.13	—	MCAP GR IDXVIP	922908538
MTUM	ISHARES TR	60,246	$8.88M	5.8%	$106.48	—	MSCI USA MMENTM	46432F396
EEM	ISHARES TR	183,125	$8.074M	5.3%	$44.09	—	MSCI EMG MKT ETF	464287234
XLB	SELECT SECTOR SPDR TR	123,631	$7.868M	5.2%	$63.64	—	SBI MATERIALS	81369Y100
QUAL	ISHARES TR	75,597	$7.842M	5.1%	$103.73	—	MSCI USA QLT FCT	46432F339
XLY	SELECT SECTOR SPDR TR	52,317	$7.69M	5.0%	$127.70	—	SBI CONS DISCR	81369Y407
—	ARROW INVTS TR	125,000	$2.698M	1.8%	$20.84	—	QVM EQT FACTOR	042765784
TIP	ISHARES TR	21,244	$2.687M	1.8%	$123.01	—	TIPS BD ETF	464287176
SHY	ISHARES TR	29,741	$2.573M	1.7%	$86.20	—	1 3 YR TREAS BD	464287457
EMB	ISHARES TR	21,053	$2.335M	1.5%	$109.22	—	JPMORGAN USD EMG	464288281
CWB	SPDR SER TR	32,384	$2.231M	1.5%	$60.49	—	BLMBRG BRC CNVRT	78464A359
LQD	ISHARES TR	16,462	$2.218M	1.5%	$134.51	—	IBOXX INV CP ETF	464287242
HYG	ISHARES TR	22,220	$1.864M	1.2%	$81.64	—	IBOXX HI YD ETF	464288513
SCHP	SCHWAB STRATEGIC TR	29,553	$1.821M	1.2%	$60.05	—	US TIPS ETF	808524870
SPIP	SPDR SER TR	18,085	$558K	0.4%	$30.16	—	PORTFLI TIPS ETF	78464A656
FCX	FREEPORT-MCMORAN INC	30,162	$472K	0.3%	$8.58	+57.4%	CL B	35671D857
GLP	GLOBAL PARTNERS LP	24,526	$322K	0.2%	$13.13	—	COM UNITS	37946R109
DKL	DELEK LOGISTICS PARTNERS LP	10,463	$297K	0.2%	$22.91	—	COM UNT RP INT	24664T103
SPH	SUBURBAN PROPANE PARTNERS L	16,914	$275K	0.2%	$33.60	—	UNIT LTD PARTN	864482104
—	HOEGH LNG PARTNERS LP	25,201	$267K	0.2%	$16.84	—	COM UNIT LTD	Y3262R100
CAPL	CROSSAMERICA PARTNERS LP	17,575	$261K	0.2%	$13.46	—	UT LTD PTN INT	22758A105
—	FRONT YD RESIDENTIAL CORP	28,901	$253K	0.2%	$8.75	—	COM	35904G107
—	LUMEN TECHNOLOGIES INC	25,042	$253K	0.2%	$22.00	—	COM	156700106
AM	ANTERO MIDSTREAM CORP	46,972	$252K	0.2%	$3.81	0.0%	COM	03676B102
IRT	INDEPENDENCE RLTY TR INC	21,571	$250K	0.2%	$9.87	—	COM	45378A106
KRG	KITE RLTY GROUP TR	21,150	$245K	0.2%	$11.56	—	COM NEW	49803T300
GNL	GLOBAL NET LEASE INC	14,903	$237K	0.2%	$15.90	—	COM NEW	379378201
—	DCP MIDSTREAM LP	20,982	$234K	0.2%	$11.15	—	COM UT LTD PTN	23311P100
—	ENLINK MIDSTREAM LLC	99,227	$233K	0.2%	$2.35	—	COM UNIT REP LTD	29336T100
—	SPRAGUE RES LP	15,305	$232K	0.2%	$15.16	—	COM UNIT REP LTD	849343108
—	GASLOG PARTNERS LP	68,237	$229K	0.1%	$3.36	—	UNIT LTD PTNRP	Y2687W108
BDN	BRANDYWINE RLTY TR	21,989	$227K	0.1%	$10.32	—	SH BEN INT NEW	105368203
—	MOBILE TELESYSTEMS PJSC	25,829	$225K	0.1%	$9.38	—	SPONSORED ADR	607409109
KNOP	KNOT OFFSHORE PARTNERS LP	17,269	$223K	0.1%	$11.47	-17.5%	COM UNITS	Y48125101
MPLX	MPLX LP	13,758	$217K	0.1%	$15.77	—	COM UNIT REP LTD	55336V100
—	CRESTWOOD EQUITY PARTNERS LP	17,182	$214K	0.1%	$12.45	—	UNIT LTD PARTNER	226344208
DMLP	DORCHESTER MINERALS LP	20,601	$213K	0.1%	$10.34	—	COM UNIT	25820R105
—	BP MIDSTREAM PARTNERS LP	21,094	$209K	0.1%	$9.91	—	UNIT LTD PTNR	0556EL109
USAC	USA COMPRESSION PARTNERS LP	20,817	$208K	0.1%	$10.86	—	COMUNIT LTDPAR	90290N109
—	ENABLE MIDSTREAM PARTNERS LP	49,717	$206K	0.1%	$4.14	—	COM UNIT RP IN	292480100
—	PBF LOGISTICS LP	25,015	$204K	0.1%	$8.16	—	UNIT LTD PTNR	69318Q104