Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$40.99M	45.2%	$99.97	—	RESV CAP ETF	042765719
XLI	SELECT SECTOR SPDR TR	29,743	$4.587M	5.1%	$101.18	—	INDL	81369Y704
EZU	ISHARES INC	69,065	$4.278M	4.7%	$59.50	—	MSCI EURZONE ETF	464286608
IVW	ISHARES TR	35,235	$4.254M	4.7%	$120.72	—	S&P 500 GRWT ETF	464287309
GYLD	ARROW ETF TR	307,217	$4.101M	4.5%	$13.13	—	ARROW DJ GLB YLD	04273H104
MTUM	ISHARES TR	15,934	$4.086M	4.5%	$156.89	—	MSCI USA MMENTM	46432F396
IEV	ISHARES TR	61,386	$4.02M	4.4%	$63.25	—	EUROPE ETF	464287861
XLF	SELECT SECTOR SPDR TR	66,847	$3.601M	4.0%	$41.11	—	FINANCIAL	81369Y605
TLT	ISHARES TR	14,845	$1.327M	1.5%	$89.37	—	20 YR TR BD ETF	464287432
LQD	ISHARES TR	11,860	$1.322M	1.5%	$112.98	—	IBOXX INV CP ETF	464287242
VUG	VANGUARD INDEX FDS	2,740	$1.314M	1.5%	$285.85	—	GROWTH ETF	922908736
TIP	ISHARES TR	11,631	$1.294M	1.4%	$111.09	—	TIPS BD ETF	464287176
CWB	SPDR SERIES TRUST	13,123	$1.188M	1.3%	$90.50	—	BBG CONV SEC ETF	78464A359
HYG	ISHARES TR	13,130	$1.066M	1.2%	$81.19	—	IBOXX HI YD ETF	464288513
EMB	ISHARES TR	10,553	$1.005M	1.1%	$95.19	—	JPMORGAN USD EMG	464288281
RFG	INVESCO EXCHANGE TRADED FD T	17,680	$901K	1.0%	$43.83	—	S&P MDCP400 PR	46137V217
EZA	ISHARES INC	9,049	$580K	0.6%	$48.13	—	MSCI STH AFR ETF	464286780
MCHI	ISHARES TR	8,619	$568K	0.6%	$54.42	—	MSCI CHINA ETF	46429B671
EWP	ISHARES INC	11,107	$550K	0.6%	$31.66	—	MSCI SPAIN ETF	464286764
EWI	ISHARES INC	10,146	$527K	0.6%	$37.77	—	MSCI ITALY ETF	46434G830
EWS	ISHARES INC	18,544	$526K	0.6%	$25.98	—	MSCI SINGPOR ETF	46434G780
EIS	ISHARES INC	5,191	$521K	0.6%	$74.36	—	MSCI ISRAEL ETF	464286632
ECH	ISHARES INC	15,271	$503K	0.6%	$31.45	—	MSCI CHILE ETF	464286640
ENOR	ISHARES TR	17,322	$494K	0.5%	$27.87	—	MSCI NORWAY ETF	46429B499
EPOL	ISHARES TR	14,937	$481K	0.5%	$32.26	—	MSCI POLAND ETF	46429B606
EWG	ISHARES INC	11,486	$478K	0.5%	$42.31	—	MSCI GERMANY ETF	464286806
NEM	NEWMONT CORP	4,619	$389K	0.4%	$52.90	+31.2%	COM	651639106
GRMN	GARMIN LTD	1,235	$304K	0.3%	$154.67	+48.1%	SHS	H2906T109
PWR	QUANTA SVCS INC	719	$298K	0.3%	$388.50	0.0%	COM	74762E102
HAS	HASBRO INC	3,874	$294K	0.3%	$76.49	0.0%	COM	418056107
KR	KROGER CO	4,265	$288K	0.3%	$68.24	+1.2%	COM	501044101
BR	BROADRIDGE FINL SOLUTIONS IN	1,155	$275K	0.3%	$247.24	0.0%	COM	11133T103
TX	TERNIUM SA	7,259	$252K	0.3%	$30.10	—	SPONSORED ADS	880890108
HR	HEALTHCARE RLTY TR	12,955	$234K	0.3%	$15.94	—	CL A COM	42226K105
SBLK	STAR BULK CARRIERS CORP.	12,360	$230K	0.3%	$15.55	+21.1%	SHS PAR	Y8162K204
BCE	BCE INC	9,705	$227K	0.3%	$23.52	0.0%	COM NEW	05534B760
OHI	OMEGA HEALTHCARE INVS INC	5,375	$227K	0.3%	$42.22	—	COM	681936100
BNL	BROADSTONE NET LEASE INC	12,160	$217K	0.2%	$16.26	—	COM	11135E203
PK	PARK HOTELS & RESORTS INC	19,461	$216K	0.2%	$10.31	—	COM	700517105
GNL	GLOBAL NET LEASE INC	26,451	$215K	0.2%	$10.75	—	COM NEW	379378201
XRN	GLOBAL MED REIT INC	6,374	$215K	0.2%	$33.71	—	COM NEW	37954A303
HIW	HIGHWOODS PPTYS INC	6,419	$204K	0.2%	$31.82	—	COM	431284108
DEA	EASTERLY GOVT PPTYS INC	8,876	$204K	0.2%	$22.93	—	COM SHS	27616P301
BDN	BRANDYWINE RLTY TR	46,431	$194K	0.2%	$6.36	—	SH BEN INT NEW	105368203
IEP	ICAHN ENTERPRISES LP	22,216	$187K	0.2%	$8.81	—	DEPOSITARY UNIT	451100101
BSM	BLACK STONE MINERALS L P	13,986	$184K	0.2%	$13.09	—	COM UNIT	09225M101
GEL	GENESIS ENERGY L P	10,848	$181K	0.2%	$10.00	—	UNIT LTD PARTN	371927104
CHCT	COMMUNITY HEALTHCARE TR INC	11,837	$181K	0.2%	$16.44	—	COM	20369C106
ET	ENERGY TRANSFER L P	10,268	$176K	0.2%	$17.16	—	COM UT LTD PTN	29273V100
KRP	KIMBELL RTY PARTNERS LP	12,595	$170K	0.2%	$13.93	—	UNIT	49435R102
TXO	TXO PARTNERS LP	11,528	$162K	0.2%	$14.05	—	COM UNIT	87313P103
MNR	MACH NATURAL RESOURCES LP	12,216	$161K	0.2%	$14.30	—	COM UNIT LTD PAR	55445L100
AES	AES CORP	11,003	$145K	0.2%	$10.37	+23.1%	COM	00130H105