Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	407,403	$40.65M	29.7%	$100.02	—	RESV CAP ETF	042765719
—	ARROW INVTS TR	480,940	$10.15M	7.4%	$20.97	—	RVRSE CAP500 ETF	042765677
XLE	SELECT SECTOR SPDR TR	101,629	$8.418M	6.2%	$74.73	—	ENERGY	81369Y506
EZU	ISHARES INC	166,499	$7.506M	5.5%	$45.08	—	MSCI EURZONE ETF	464286608
XLI	SELECT SECTOR SPDR TR	71,823	$7.267M	5.3%	$101.18	—	SBI INT-INDS	81369Y704
DTH	WISDOMTREE TR	188,274	$7.089M	5.2%	$37.65	—	ITL HIGH DIV FD	97717W802
RPV	INVESCO EXCHANGE TRADED FD T	89,946	$6.827M	5.0%	$75.90	—	S&P500 PUR VAL	46137V258
IEV	ISHARES TR	132,897	$6.648M	4.9%	$50.02	—	EUROPE ETF	464287861
XLB	SELECT SECTOR SPDR TR	79,746	$6.432M	4.7%	$80.66	—	SBI MATERIALS	81369Y100
—	ARROW INVTS TR	213,966	$5.929M	4.3%	$29.12	—	DWA TACT INTL	042765685
DVY	ISHARES TR	48,475	$5.68M	4.2%	$121.99	—	SELECT DIVID ETF	464287168
TLT	ISHARES TR	42,756	$4.548M	3.3%	$104.66	—	20 YR TR BD ETF	464287432
SHY	ISHARES TR	39,268	$3.226M	2.4%	$82.16	—	1 3 YR TREAS BD	464287457
—	JPMORGAN CHASE & CO	80,726	$1.791M	1.3%	$18.98	—	ALERIAN ML ETN	46625H365
LQD	ISHARES TR	16,133	$1.768M	1.3%	$105.43	—	IBOXX INV CP ETF	464287242
TUR	ISHARES INC	27,868	$909K	0.7%	$37.00	—	MSCI TURKEY ETF	464286715
INDA	ISHARES TR	17,799	$701K	0.5%	$41.48	—	MSCI INDIA ETF	46429B598
PWR	QUANTA SVCS INC	2,721	$453K	0.3%	$136.18	+12.4%	COM	74762E102
AES	AES CORP	18,641	$449K	0.3%	$20.69	+8.1%	COM	00130H105
EG	EVEREST RE GROUP LTD	1,243	$445K	0.3%	$295.65	+15.8%	COM	G3223R108
DE	DEERE & CO	965	$398K	0.3%	$388.70	+2.2%	COM	244199105
FICO	FAIR ISAAC CORP	481	$338K	0.2%	$665.18	0.0%	COM	303250104
SLV	ISHARES SILVER TR	14,217	$314K	0.2%	$22.12	—	ISHARES	46428Q109
NWS	NEWS CORP NEW	17,944	$313K	0.2%	$16.79	+7.4%	CL B	65249B208
AIZ	ASSURANT INC	2,390	$287K	0.2%	$139.44	-14.6%	COM	04621X108
—	INTERPUBLIC GROUP COS INC	7,701	$287K	0.2%	$32.08	0.0%	COM	460690100
OMC	OMNICOM GROUP INC	2,978	$281K	0.2%	$80.37	0.0%	COM	681919106
—	DISH NETWORK CORPORATION	29,509	$275K	0.2%	$12.13	—	CL A	25470M109
LNC	LINCOLN NATL CORP IND	11,441	$257K	0.2%	$30.24	-18.1%	COM	534187109
JBHT	HUNT J B TRANS SVCS INC	1,458	$256K	0.2%	$169.23	+4.4%	COM	445658107
CPRT	COPART INC	3,274	$246K	0.2%	$34.00	0.0%	COM	217204106
STLD	STEEL DYNAMICS INC	2,120	$240K	0.2%	$111.23	0.0%	COM	858119100
ODFL	OLD DOMINION FREIGHT LINE IN	703	$240K	0.2%	$139.59	+18.0%	COM	679580100
CTAS	CINTAS CORP	509	$236K	0.2%	$107.49	0.0%	COM	172908105
GEL	GENESIS ENERGY L P	20,812	$234K	0.2%	$7.77	—	UNIT LTD PARTN	371927104
BBWI	BATH & BODY WORKS INC	6,232	$228K	0.2%	$38.62	0.0%	COM	070830104
—	MAGELLAN MIDSTREAM PRTNRS LP	3,958	$215K	0.2%	$54.26	—	COM UNIT RP LP	559080106
PAA	PLAINS ALL AMERN PIPELINE L	17,011	$212K	0.2%	$11.30	—	UNIT LTD PARTN	726503105
NUE	NUCOR CORP	1,371	$212K	0.2%	$127.89	+19.1%	COM	670346105
SBLK	STAR BULK CARRIERS CORP.	10,007	$211K	0.2%	$19.47	+12.3%	SHS PAR	Y8162K204
LKQ	LKQ CORP	3,714	$211K	0.2%	$48.50	+7.0%	COM	501889208
PAGP	PLAINS GP HLDGS L P	16,063	$211K	0.2%	$11.90	—	LTD PARTNR INT A	72651A207
USAC	USA COMPRESSION PARTNERS LP	9,928	$210K	0.2%	$11.06	—	COMUNIT LTDPAR	90290N109
WES	WESTERN MIDSTREAM PARTNERS L	7,827	$206K	0.2%	$26.37	—	COM UNIT LP INT	958669103
EPD	ENTERPRISE PRODS PARTNERS L	7,877	$204K	0.1%	$25.90	—	COM	293792107
ET	ENERGY TRANSFER L P	16,350	$204K	0.1%	$6.72	—	COM UT LTD PTN	29273V100
KMX	CARMAX INC	3,160	$203K	0.1%	$66.93	0.0%	COM	143130102
RL	RALPH LAUREN CORP	1,726	$201K	0.1%	$94.23	+18.7%	CL A	751212101
SUN	SUNOCO LP/SUNOCO FIN CORP	4,586	$201K	0.1%	$43.89	—	COM UT REP LP	86765K109
AAP	ADVANCE AUTO PARTS INC	1,648	$200K	0.1%	$147.53	-11.3%	COM	00751Y106
—	NUSTAR ENERGY LP	12,717	$199K	0.1%	$14.47	—	UNIT COM	67058H102
AM	ANTERO MIDSTREAM CORP	18,215	$191K	0.1%	$3.92	+123.6%	COM	03676B102
—	THE NECESSITY RETAIL REIT IN	29,950	$188K	0.1%	$7.21	—	COM CLASS A	02607T109
SPH	SUBURBAN PROPANE PARTNERS L	12,194	$187K	0.1%	$28.19	—	UNIT LTD PARTN	864482104
BSM	BLACK STONE MINERALS L P	11,896	$187K	0.1%	$13.71	—	COM UNIT	09225M101
—	HOLLY ENERGY PARTNERS L P	10,744	$187K	0.1%	$16.04	—	COM UT LTD PTN	435763107
GNL	GLOBAL NET LEASE INC	14,290	$184K	0.1%	$15.90	—	COM NEW	379378201
—	ENLINK MIDSTREAM LLC	16,775	$182K	0.1%	$2.42	—	COM UNIT REP LTD	29336T100
KRP	KIMBELL RTY PARTNERS LP	11,896	$181K	0.1%	$8.75	—	UNIT	49435R102
NWL	NEWELL BRANDS INC	14,528	$181K	0.1%	$11.84	+5.0%	COM	651229106
OPITQ	OFFICE PPTYS INCOME TR	13,437	$165K	0.1%	$13.73	—	COM SHS BEN INT	67623C109
NCLH	NORWEGIAN CRUISE LINE HLDG L	11,731	$158K	0.1%	$13.42	+11.5%	SHS	G66721104
BDN	BRANDYWINE RLTY TR	30,653	$145K	0.1%	$8.47	—	SH BEN INT NEW	105368203
KNOP	KNOT OFFSHORE PARTNERS LP	21,101	$113K	0.1%	$11.19	-45.4%	COM UNITS	Y48125101
FSP	FRANKLIN STR PPTYS CORP	68,969	$108K	0.1%	$3.64	—	COM	35471R106