Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	446,303	$44.65M	29.3%	$100.02	—	RESV CAP ETF	042765719
—	ARROW INVTS TR	336,766	$11.77M	7.7%	$29.12	—	DWA COUNTRY ETF	042765685
DBC	INVESCO DB COMMDY INDX TRCK	465,165	$9.387M	6.2%	$18.80	—	UNIT	46138B103
—	ARROW INVTS TR	294,898	$6.767M	4.4%	$23.09	—	RVRSE CAP500 ETF	042765677
TLT	ISHARES TR	43,521	$6.281M	4.1%	$144.36	—	20 YR TR BD ETF	464287432
FYX	FIRST TR SML CP CORE ALPHA F	61,953	$5.667M	3.7%	$78.91	—	COM SHS	33734Y109
XLK	SELECT SECTOR SPDR TR	37,182	$5.552M	3.6%	$149.32	—	TECHNOLOGY	81369Y803
XLF	SELECT SECTOR SPDR TR	147,167	$5.523M	3.6%	$34.05	—	FINANCIAL	81369Y605
FNX	FIRST TR MID CAP CORE ALPHAD	56,333	$5.508M	3.6%	$93.88	—	COM SHS	33735B108
RWR	SPDR SER TR	51,729	$5.454M	3.6%	$105.43	—	DJ REIT ETF	78464A607
ICF	ISHARES TR	82,402	$5.391M	3.5%	$65.42	—	COHEN STEER REIT	464287564
XLI	SELECT SECTOR SPDR TR	54,384	$5.321M	3.5%	$102.40	—	SBI INT-INDS	81369Y704
LQD	ISHARES TR	17,375	$2.311M	1.5%	$134.34	—	IBOXX INV CP ETF	464287242
EMB	ISHARES TR	20,571	$2.264M	1.5%	$112.46	—	JPMORGAN USD EMG	464288281
HYG	ISHARES TR	22,432	$1.963M	1.3%	$82.40	—	IBOXX HI YD ETF	464288513
CWB	SPDR SER TR	21,218	$1.811M	1.2%	$60.49	—	BLMBRG BRC CNVRT	78464A359
—	JPMORGAN CHASE & CO	94,024	$1.708M	1.1%	$16.59	—	ALERIAN ML ETN	46625H365
INDA	ISHARES TR	34,857	$1.697M	1.1%	$41.48	—	MSCI INDIA ETF	46429B598
NWS	NEWS CORP NEW	28,549	$663K	0.4%	$19.28	+14.1%	CL B	65249B208
PWR	QUANTA SVCS INC	5,672	$646K	0.4%	$93.14	+6.8%	COM	74762E102
RHI	ROBERT HALF INTL INC	5,908	$593K	0.4%	$87.20	+12.2%	COM	770323103
CBRE	CBRE GROUP INC	5,760	$561K	0.4%	$85.36	+8.9%	CL A	12504L109
NWL	NEWELL BRANDS INC	24,610	$545K	0.4%	$15.95	+31.3%	COM	651229106
GRMN	GARMIN LTD	3,223	$501K	0.3%	$147.43	0.0%	SHS	H2906T109
DE	DEERE & CO	1,417	$475K	0.3%	$342.83	-1.0%	COM	244199105
EL	LAUDER ESTEE COS INC	1,580	$474K	0.3%	$305.30	0.0%	CL A	518439104
NUE	NUCOR CORP	4,725	$465K	0.3%	$87.00	+14.1%	COM	670346105
DBO	INVESCO DB MULTI-SECTOR COMM	32,091	$440K	0.3%	$10.53	—	OIL FD	46140H403
—	CITY OFFICE REIT INC	24,349	$435K	0.3%	$12.43	—	COM	178587101
LEG	LEGGETT & PLATT INC	8,764	$393K	0.3%	$51.63	-6.7%	COM	524660107
NWSA	NEWS CORP NEW	16,670	$392K	0.3%	$17.90	+27.0%	CL A	65249B109
IPGP	IPG PHOTONICS CORP	2,428	$385K	0.3%	$183.72	0.0%	COM	44980X109
BWA	BORGWARNER INC	8,345	$361K	0.2%	$40.55	-8.0%	COM	099724106
LUMN	LUMEN TECHNOLOGIES INC	28,823	$357K	0.2%	$10.90	+4.1%	COM	550241103
—	COLUMBIA PPTY TR INC	17,798	$339K	0.2%	$17.63	—	COM NEW	198287203
MHK	MOHAWK INDS INC	1,796	$319K	0.2%	$203.54	-4.8%	COM	608190104
HESM	HESS MIDSTREAM LP	11,218	$316K	0.2%	$16.63	+6.9%	CL A SHS	428103105
—	ENLINK MIDSTREAM LLC	45,822	$313K	0.2%	$2.35	—	COM UNIT REP LTD	29336T100
—	RATTLER MIDSTREAM LP	26,524	$311K	0.2%	$9.54	—	COM UNITS	75419T103
KRP	KIMBELL RTY PARTNERS LP	21,945	$310K	0.2%	$7.95	—	UNIT	49435R102
—	MOBILE TELESYSTEMS PJSC	32,050	$309K	0.2%	$9.21	—	SPONSORED ADR	607409109
DKL	DELEK LOGISTICS PARTNERS LP	6,800	$308K	0.2%	$41.98	—	COM UNT RP INT	24664T103
JBHT	HUNT J B TRANS SVCS INC	1,838	$307K	0.2%	$161.70	+1.2%	COM	445658107
ILPT	INDUSTRIAL LOGISTICS PPTYS T	11,872	$302K	0.2%	$26.09	—	COM SHS BEN INT	456237106
BDN	BRANDYWINE RLTY TR	21,951	$295K	0.2%	$10.68	—	SH BEN INT NEW	105368203
WPC	WP CAREY INC	3,995	$292K	0.2%	$74.52	—	COM	92936U109
ODFL	OLD DOMINION FREIGHT LINE IN	1,014	$290K	0.2%	$125.25	+8.4%	COM	679580100
—	SPIRIT RLTY CAP INC NEW	6,270	$289K	0.2%	$47.91	—	COM NEW	84860W300
ICVT	ISHARES TR	2,902	$289K	0.2%	$101.85	—	CONV BD ETF	46435G102
USAC	USA COMPRESSION PARTNERS LP	17,138	$284K	0.2%	$11.06	—	COMUNIT LTDPAR	90290N109
SUN	SUNOCO LP/SUNOCO FIN CORP	7,571	$283K	0.2%	$37.72	—	COM UT REP LP	86765K109
AM	ANTERO MIDSTREAM CORP	27,192	$283K	0.2%	$3.81	+85.9%	COM	03676B102
GTY	GETTY RLTY CORP NEW	9,640	$283K	0.2%	$31.09	—	COM	374297109
—	APTIV PLC	1,886	$281K	0.2%	$157.22	—	SHS	G6095L109
SPH	SUBURBAN PROPANE PARTNERS L	18,228	$280K	0.2%	$29.89	—	UNIT LTD PARTN	864482104
HYLB	DBX ETF TR	6,985	$280K	0.2%	$40.34	—	XTRACK USD HIGH	233051432
WES	WESTERN MIDSTREAM PARTNERS L	13,156	$276K	0.2%	$13.81	—	COM UNIT LP INT	958669103
MPLX	MPLX LP	9,629	$274K	0.2%	$15.94	—	COM UNIT REP LTD	55336V100
FSP	FRANKLIN STR PPTYS CORP	58,613	$272K	0.2%	$4.45	—	COM	35471R106
VIV	TELEFONICA BRASIL SA	34,995	$272K	0.2%	$8.48	—	NEW ADR	87936R205
—	DCP MIDSTREAM LP	9,613	$271K	0.2%	$11.97	—	COM UT LTD PTN	23311P100
GNL	GLOBAL NET LEASE INC	16,843	$270K	0.2%	$16.15	—	COM NEW	379378201
KNOP	KNOT OFFSHORE PARTNERS LP	14,317	$269K	0.2%	$11.53	+30.4%	COM UNITS	Y48125101
HCA	HCA HEALTHCARE INC	1,101	$267K	0.2%	$195.76	+20.2%	COM	40412C101
—	MAGELLAN MIDSTREAM PRTNRS LP	5,825	$266K	0.2%	$48.85	—	COM UNIT RP LP	559080106
—	SL GREEN RLTY CORP	3,736	$265K	0.2%	$80.00	—	COM	78440X804
—	BP MIDSTREAM PARTNERS LP	19,781	$262K	0.2%	$10.35	—	UNIT LTD PTNR	0556EL109
—	CRESTWOOD EQUITY PARTNERS LP	9,189	$261K	0.2%	$13.26	—	UNIT LTD PARTNER	226344208
OPITQ	OFFICE PPTYS INCOME TR	10,250	$260K	0.2%	$23.51	—	COM SHS BEN INT	67623C109
PAGP	PLAINS GP HLDGS L P	24,173	$260K	0.2%	$11.96	—	LTD PARTNR INT A	72651A207
PAA	PLAINS ALL AMERN PIPELINE L	25,489	$259K	0.2%	$11.37	—	UNIT LTD PARTN	726503105
—	TE CONNECTIVITY LTD	1,883	$258K	0.2%	$137.02	—	REG SHS	H84989104
—	PHILLIPS 66 PARTNERS LP	7,138	$256K	0.2%	$39.48	—	COM UNIT REP INT	718549207
EPD	ENTERPRISE PRODS PARTNERS L	11,852	$256K	0.2%	$24.10	—	COM	293792107
GEL	GENESIS ENERGY L P	25,582	$255K	0.2%	$6.46	—	UNIT LTD PARTN	371927104
ET	ENERGY TRANSFER L P	26,625	$255K	0.2%	$6.19	—	COM UT LTD PTN	29273V100
AIZ	ASSURANT INC	1,607	$254K	0.2%	$149.64	0.0%	COM	04621X108
—	ENABLE MIDSTREAM PARTNERS LP	31,003	$252K	0.2%	$4.30	—	COM UNIT RP IN	292480100
—	NUSTAR ENERGY LP	15,978	$251K	0.2%	$14.40	—	UNIT COM	67058H102
OHI	OMEGA HEALTHCARE INVS INC	8,275	$248K	0.2%	$35.46	—	COM	681936100
NHI	NATIONAL HEALTH INVS INC	4,520	$242K	0.2%	$64.53	—	COM	63633D104
—	PBF LOGISTICS LP	19,069	$241K	0.2%	$8.30	—	UNIT LTD PTNR	69318Q104
UHS	UNIVERSAL HLTH SVCS INC	1,684	$233K	0.2%	$147.53	+0.3%	CL B	913903100
GLP	GLOBAL PARTNERS LP	10,968	$232K	0.2%	$13.13	—	COM UNITS	37946R109
HIG	HARTFORD FINL SVCS GROUP INC	3,217	$226K	0.1%	$60.45	0.0%	COM	416515104
—	SHELL MIDSTREAM PARTNERS L P	19,030	$224K	0.1%	$10.50	—	UNIT LTD INT	822634101
URI	UNITED RENTALS INC	608	$213K	0.1%	$312.74	+4.0%	COM	911363109
FOX	FOX CORP	5,652	$210K	0.1%	$32.23	0.0%	CL B COM	35137L204
—	OASIS MIDSTREAM PARTNERS LP	9,314	$208K	0.1%	$23.42	—	COM UNITS REPS	67420T206
GWW	GRAINGER W W INC	527	$207K	0.1%	$420.23	-1.3%	COM	384802104
CHRW	C H ROBINSON WORLDWIDE INC	2,369	$206K	0.1%	$86.91	-6.4%	COM NEW	12541W209
UA	UNDER ARMOUR INC	11,603	$203K	0.1%	$19.15	0.0%	CL C	904311206
—	PEOPLES UNITED FINANCIAL INC	10,847	$189K	0.1%	$17.42	—	COM	712704105
—	HOEGH LNG PARTNERS LP	15,996	$79,000	0.1%	$16.84	—	COM UNIT LTD	Y3262R100