Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	432,203	$43.05M	30.3%	$100.02	—	RESV CAP ETF	042765719
DBC	INVESCO DB COMMDY INDX TRCK	565,518	$13.94M	9.8%	$20.76	—	UNIT	46138B103
—	ARROW INVTS TR	478,277	$9.938M	7.0%	$20.97	—	RVRSE CAP500 ETF	042765677
XLE	SELECT SECTOR SPDR TR	108,917	$9.527M	6.7%	$74.73	—	ENERGY	81369Y506
DTD	WISDOMTREE TR	114,024	$6.916M	4.9%	$61.26	—	US TOTAL DIVIDND	97717W109
XLP	SELECT SECTOR SPDR TR	90,782	$6.768M	4.8%	$66.73	—	SBI CONS STPLS	81369Y308
XLV	SELECT SECTOR SPDR TR	49,699	$6.752M	4.7%	$135.85	—	SBI HEALTHCARE	81369Y209
PEY	INVESCO EXCHANGE TRADED FD T	306,999	$6.352M	4.5%	$20.12	—	HIG YLD EQ DIV	46137V563
DVY	ISHARES TR	51,660	$6.23M	4.4%	$121.99	—	SELECT DIVID ETF	464287168
—	ARROW INVTS TR	213,966	$5.971M	4.2%	$29.12	—	DWA TACT INTL	042765685
LQD	ISHARES TR	30,849	$3.252M	2.3%	$105.43	—	IBOXX INV CP ETF	464287242
TLT	ISHARES TR	18,585	$1.85M	1.3%	$102.43	—	20 YR TR BD ETF	464287432
—	JPMORGAN CHASE & CO	83,564	$1.818M	1.3%	$18.98	—	ALERIAN ML ETN	46625H365
TUR	ISHARES INC	46,176	$1.709M	1.2%	$37.00	—	MSCI TURKEY ETF	464286715
EMB	ISHARES TR	18,470	$1.562M	1.1%	$84.59	—	JPMORGAN USD EMG	464288281
HYG	ISHARES TR	20,692	$1.524M	1.1%	$73.63	—	IBOXX HI YD ETF	464288513
CWB	SPDR SER TR	22,548	$1.451M	1.0%	$63.30	—	BBG CONV SEC ETF	78464A359
INDA	ISHARES TR	21,437	$895K	0.6%	$41.48	—	MSCI INDIA ETF	46429B598
EG	EVEREST RE GROUP LTD	1,550	$513K	0.4%	$295.65	0.0%	COM	G3223R108
AES	AES CORP	17,835	$513K	0.4%	$20.61	+14.4%	COM	00130H105
PWR	QUANTA SVCS INC	3,319	$473K	0.3%	$136.18	+3.8%	COM	74762E102
NUE	NUCOR CORP	3,296	$434K	0.3%	$127.89	+1.3%	COM	670346105
DE	DEERE & CO	995	$427K	0.3%	$388.70	0.0%	COM	244199105
ADM	ARCHER DANIELS MIDLAND CO	4,517	$419K	0.3%	$69.63	+20.1%	COM	039483102
KR	KROGER CO	9,192	$410K	0.3%	$45.54	-5.9%	COM	501044101
DBE	INVESCO DB MULTI-SECTOR COMM	17,351	$393K	0.3%	$17.07	—	ENERGY FD	46140H304
PDBC	INVESCO ACTVELY MNGD ETC FD	23,948	$354K	0.2%	$15.51	—	OPTIMUM YIELD	46090F100
LUMN	LUMEN TECHNOLOGIES INC	61,436	$321K	0.2%	$8.16	-24.7%	COM	550241103
NWS	NEWS CORP NEW	17,261	$318K	0.2%	$16.74	+2.7%	CL B	65249B208
JBHT	HUNT J B TRANS SVCS INC	1,566	$273K	0.2%	$169.23	0.0%	COM	445658107
AIZ	ASSURANT INC	2,094	$262K	0.2%	$142.32	-11.4%	COM	04621X108
ODFL	OLD DOMINION FREIGHT LINE IN	874	$248K	0.2%	$139.59	0.0%	COM	679580100
RL	RALPH LAUREN CORP	2,347	$248K	0.2%	$94.23	0.0%	CL A	751212101
VNO	VORNADO RLTY TR	11,902	$248K	0.2%	$20.81	—	SH BEN INT	929042109
—	ENLINK MIDSTREAM LLC	20,081	$247K	0.2%	$2.42	—	COM UNIT REP LTD	29336T100
—	DISH NETWORK CORPORATION	17,561	$247K	0.2%	$14.04	—	CL A	25470M109
LNC	LINCOLN NATL CORP IND	7,950	$244K	0.2%	$32.63	0.0%	COM	534187109
GLP	GLOBAL PARTNERS LP	6,803	$237K	0.2%	$14.77	—	COM UNITS	37946R109
DVA	DAVITA INC	3,139	$234K	0.2%	$77.66	0.0%	COM	23918K108
GTY	GETTY RLTY CORP NEW	6,614	$224K	0.2%	$31.09	—	COM	374297109
LKQ	LKQ CORP	4,032	$215K	0.2%	$48.50	0.0%	COM	501889208
DMLP	DORCHESTER MINERALS LP	7,144	$214K	0.2%	$23.87	—	COM UNIT	25820R105
SBLK	STAR BULK CARRIERS CORP.	11,094	$213K	0.2%	$19.47	0.0%	SHS PAR	Y8162K204
HSIC	HENRY SCHEIN INC	2,666	$213K	0.1%	$75.72	0.0%	COM	806407102
—	NUSTAR ENERGY LP	13,251	$212K	0.1%	$14.47	—	UNIT COM	67058H102
AAP	ADVANCE AUTO PARTS INC	1,431	$210K	0.1%	$150.07	0.0%	COM	00751Y106
HESM	HESS MIDSTREAM LP	6,953	$208K	0.1%	$22.03	0.0%	CL A SHS	428103105
URI	UNITED RENTALS INC	585	$208K	0.1%	$318.25	0.0%	COM	911363109
AM	ANTERO MIDSTREAM CORP	19,214	$207K	0.1%	$3.92	+118.4%	COM	03676B102
GNRC	GENERAC HLDGS INC	2,053	$207K	0.1%	$113.16	0.0%	COM	368736104
USAC	USA COMPRESSION PARTNERS LP	10,508	$205K	0.1%	$11.06	—	COMUNIT LTDPAR	90290N109
HIG	HARTFORD FINL SVCS GROUP INC	2,643	$200K	0.1%	$67.68	0.0%	COM	416515104
PAGP	PLAINS GP HLDGS L P	15,858	$197K	0.1%	$11.89	—	LTD PARTNR INT A	72651A207
ET	ENERGY TRANSFER L P	16,603	$197K	0.1%	$6.72	—	COM UT LTD PTN	29273V100
BSM	BLACK STONE MINERALS L P	11,636	$196K	0.1%	$13.67	—	COM UNIT	09225M101
NWL	NEWELL BRANDS INC	14,918	$195K	0.1%	$11.84	0.0%	COM	651229106
—	HOLLY ENERGY PARTNERS L P	10,714	$194K	0.1%	$16.04	—	COM UT LTD PTN	435763107
PAA	PLAINS ALL AMERN PIPELINE L	16,499	$194K	0.1%	$11.26	—	UNIT LTD PARTN	726503105
GEL	GENESIS ENERGY L P	18,806	$192K	0.1%	$7.39	—	UNIT LTD PARTN	371927104
GNL	GLOBAL NET LEASE INC	15,188	$191K	0.1%	$15.90	—	COM NEW	379378201
FSP	FRANKLIN STR PPTYS CORP	65,244	$178K	0.1%	$3.76	—	COM	35471R106
KRP	KIMBELL RTY PARTNERS LP	10,592	$177K	0.1%	$7.95	—	UNIT	49435R102
SPH	SUBURBAN PROPANE PARTNERS L	11,056	$168K	0.1%	$29.51	—	UNIT LTD PARTN	864482104
—	THE NECESSITY RETAIL REIT IN	27,963	$166K	0.1%	$7.27	—	COM CLASS A	02607T109
OPITQ	OFFICE PPTYS INCOME TR	11,673	$156K	0.1%	$13.94	—	COM SHS BEN INT	67623C109
BDN	BRANDYWINE RLTY TR	25,136	$155K	0.1%	$9.29	—	SH BEN INT NEW	105368203
NCLH	NORWEGIAN CRUISE LINE HLDG L	11,225	$137K	0.1%	$13.35	+12.8%	SHS	G66721104
KNOP	KNOT OFFSHORE PARTNERS LP	11,922	$115K	0.1%	$15.11	-20.0%	COM UNITS	Y48125101
CCL	CARNIVAL CORP	12,737	$103K	0.1%	$8.62	0.0%	COMMON STOCK	143658300