Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	457,403	$45.53M	36.4%	$99.97	—	RESV CAP ETF	042765719
QUAL	ISHARES TR	45,206	$5.958M	4.8%	$134.87	—	MSCI USA QLT FCT	46432F339
RPV	INVESCO EXCHANGE TRADED FD T	80,799	$5.945M	4.7%	$75.90	—	S&P500 PUR VAL	46137V258
IVW	ISHARES TR	84,249	$5.764M	4.6%	$70.48	—	S&P 500 GRWT ETF	464287309
XLI	SELECT SECTOR SPDR TR	56,836	$5.762M	4.6%	$101.18	—	INDL	81369Y704
—	ARROW INVTS TR	213,966	$5.61M	4.5%	$29.12	—	DWA TACT INTL	042765685
EZU	ISHARES INC	131,733	$5.564M	4.4%	$45.08	—	MSCI EURZONE ETF	464286608
XLY	SELECT SECTOR SPDR TR	34,498	$5.553M	4.4%	$160.98	—	SBI CONS DISCR	81369Y407
XLK	SELECT SECTOR SPDR TR	33,079	$5.423M	4.3%	$173.86	—	TECHNOLOGY	81369Y803
VOT	VANGUARD INDEX FDS	26,803	$5.22M	4.2%	$194.77	—	MCAP GR IDXVIP	922908538
RFG	INVESCO EXCHANGE TRADED FD T	132,861	$5.207M	4.2%	$39.19	—	S&P MDCP400 PR	46137V217
IEV	ISHARES TR	104,313	$4.979M	4.0%	$50.02	—	EUROPE ETF	464287861
—	JPMORGAN CHASE & CO	73,178	$1.807M	1.4%	$18.98	—	ALERIAN ML ETN	46625H365
SHY	ISHARES TR	22,233	$1.8M	1.4%	$80.97	—	1 3 YR TREAS BD	464287457
TIP	ISHARES TR	16,929	$1.756M	1.4%	$103.72	—	TIPS BD ETF	464287176
LQD	ISHARES TR	13,930	$1.421M	1.1%	$105.43	—	IBOXX INV CP ETF	464287242
HYG	ISHARES TR	18,379	$1.355M	1.1%	$75.02	—	IBOXX HI YD ETF	464288513
CWB	SPDR SER TR	19,793	$1.342M	1.1%	$69.87	—	BBG CONV SEC ETF	78464A359
EMB	ISHARES TR	16,002	$1.32M	1.1%	$86.39	—	JPMORGAN USD EMG	464288281
VUG	VANGUARD INDEX FDS	4,728	$1.287M	1.0%	$282.96	—	GROWTH ETF	922908736
—	ARROW INVTS TR	57,756	$1.194M	1.0%	$20.97	—	RVRSE CAP500 ETF	042765677
EG	EVEREST GROUP LTD	1,095	$407K	0.3%	$295.65	+18.0%	COM	G3223R108
TAP	MOLSON COORS BEVERAGE CO	6,390	$406K	0.3%	$56.78	+5.9%	CL B	60871R209
INVH	INVITATION HOMES INC	11,217	$355K	0.3%	$30.29	+3.6%	COM	46187W107
PWR	QUANTA SVCS INC	1,821	$341K	0.3%	$136.18	+46.8%	COM	74762E102
GNL	GLOBAL NET LEASE INC	26,169	$251K	0.2%	$12.70	—	COM NEW	379378201
SLG	SL GREEN RLTY CORP	6,402	$239K	0.2%	$30.05	—	COM	78440X887
DLR	DIGITAL RLTY TR INC	1,818	$220K	0.2%	$113.60	0.0%	COM	253868103
VNO	VORNADO RLTY TR	9,622	$218K	0.2%	$18.14	—	SH BEN INT	929042109
STLD	STEEL DYNAMICS INC	2,034	$218K	0.2%	$110.51	-9.2%	COM	858119100
JBHT	HUNT J B TRANS SVCS INC	1,078	$203K	0.2%	$187.50	0.0%	COM	445658107
PAGP	PLAINS GP HLDGS L P	11,706	$189K	0.2%	$11.99	—	LTD PARTNR INT A	72651A207
PAA	PLAINS ALL AMERN PIPELINE L	12,256	$188K	0.1%	$11.38	—	UNIT LTD PARTN	726503105
KNOP	KNOT OFFSHORE PARTNERS LP	27,012	$184K	0.1%	$9.75	-44.4%	COM UNITS	Y48125101
ET	ENERGY TRANSFER L P	13,012	$183K	0.1%	$7.13	—	COM UT LTD PTN	29273V100
BSM	BLACK STONE MINERALS L P	10,293	$177K	0.1%	$17.23	—	COM UNIT	09225M101
AM	ANTERO MIDSTREAM CORP	14,569	$175K	0.1%	$3.92	+159.4%	COM	03676B102
—	ENLINK MIDSTREAM LLC	13,845	$169K	0.1%	$2.99	—	COM UNIT REP LTD	29336T100
SPH	SUBURBAN PROPANE PARTNERS L	10,259	$165K	0.1%	$28.19	—	UNIT LTD PARTN	864482104
BDN	BRANDYWINE RLTY TR	33,287	$151K	0.1%	$7.92	—	SH BEN INT NEW	105368203
—	GLOBAL MED REIT INC	16,374	$147K	0.1%	$9.13	—	COM NEW	37954A204
—	HUDSON PAC PPTYS INC	21,765	$145K	0.1%	$4.22	—	COM	444097109
GEL	GENESIS ENERGY L P	13,462	$139K	0.1%	$7.85	—	UNIT LTD PARTN	371927104
F	FORD MTR CO DEL	10,744	$133K	0.1%	$11.09	0.0%	COM	345370860
PDM	PIEDMONT OFFICE REALTY TR IN	20,711	$116K	0.1%	$7.27	—	COM CL A	720190206
MPT	MEDICAL PPTYS TRUST INC	19,100	$104K	0.1%	$9.26	—	COM	58463J304
—	CITY OFFICE REIT INC	23,148	$98,379	0.1%	$5.57	—	COM	178587101
OPITQ	OFFICE PPTYS INCOME TR	12,491	$51,213	0.0%	$13.73	—	COM SHS BEN INT	67623C109