Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IVW	ISHARES TR	32,929	$4.684M	4.1%	$142.26	$138.63	+2.6%	S&P 500 GRWT ETF	464287309
MTUM	ISHARES TR	14,150	$4.49M	3.9%	$317.34	$308.79	+2.8%	MSCI USA MMENTM	46432F396
VBR	VANGUARD INDEX FDS	15,169	$3.504M	3.0%	$231.03	$244.02	-5.3%	MRNGSTR SML CP V	922908611
IJT	ISHARES TR	21,521	$3.45M	3.0%	$160.33	$171.24	-6.4%	S&P SML 600 GWT	464287887
EWO	ISHARES INC	15,034	$640K	0.6%	$42.56	$43.24	-1.6%	MSCI AUSTRIA ETF	464286202
EWN	ISHARES INC	5,712	$387K	0.3%	$67.75	$68.11	-0.5%	MSCI NETHERL ETF	464286814
DE	DEERE & CO	414	$278K	0.2%	$671.55	$636.05	+5.6%	COM	244199105
BBY	BEST BUY INC	3,017	$266K	0.2%	$88.24	$86.27	+2.3%	COM	086516101
GRMN	GARMIN LTD	870	$250K	0.2%	$286.84	$276.92	+3.6%	SHS	H2906T109

Increased Positions (42)

SHY ISHARES TR 2.6%

Value $3.029M (+35.1%) Shares 37,297 (+36.6%) Share Price $81.20 Est. Cost/Share $82.27 Unrealized @ Report Date -1.3%

DBC INVESCO DB COMMDY INDX TRCK 1.5%

Value $1.763M (+42.5%) Shares 54,543 (+17.5%) Share Price $32.32 Est. Cost/Share $26.14 Unrealized @ Report Date +23.6%

TX TERNIUM SA 0.3%

Value $385K (+58.1%) Shares 7,083 (+24.3%) Share Price $54.30 Est. Cost/Share $34.21 Unrealized @ Report Date +58.7%

RHI ROBERT HALF INC. 0.4%

Value $410K (+21.4%) Shares 11,166 (+1.4%) Share Price $36.75 Est. Cost/Share $28.17 Unrealized @ Report Date +30.5%

UAN CVR PARTNERS LP/CVR NITROGEN 0.2%

Value $266K (+31.5%) Shares 2,149 (+18.4%) Share Price $123.78 Est. Cost/Share $124.75 Unrealized @ Report Date —

DMLP DORCHESTER MINERALS L P 0.2%

Value $268K (+31.1%) Shares 9,575 (+18.0%) Share Price $28.04 Est. Cost/Share $27.16 Unrealized @ Report Date —

SUN SUNOCO LP/SUNOCO FIN CORP 0.2%

Value $267K (+25.1%) Shares 3,660 (+15.9%) Share Price $72.87 Est. Cost/Share $66.05 Unrealized @ Report Date —

TXO TXO PARTNERS LP 0.2%

Value $264K (+24.7%) Shares 19,335 (+14.0%) Share Price $13.67 Est. Cost/Share $13.58 Unrealized @ Report Date —

PAA PLAINS ALL AMERN PIPELINE L 0.2%

Value $266K (+24.3%) Shares 11,217 (+16.6%) Share Price $23.72 Est. Cost/Share $22.53 Unrealized @ Report Date —

PAGP PLAINS GP HLDGS L P 0.2%

Value $267K (+23.9%) Shares 10,295 (+16.1%) Share Price $25.90 Est. Cost/Share $24.50 Unrealized @ Report Date —

GLP GLOBAL PARTNERS LP 0.2%

Value $253K (+23.2%) Shares 5,465 (+23.9%) Share Price $46.30 Est. Cost/Share $46.53 Unrealized @ Report Date —

SPH SUBURBAN PROPANE PARTNERS L 0.2%

Value $238K (+23.1%) Shares 14,463 (+28.1%) Share Price $16.44 Est. Cost/Share $16.96 Unrealized @ Report Date —

ET ENERGY TRANSFER L P 0.2%

Value $252K (+21.5%) Shares 12,766 (+17.5%) Share Price $19.77 Est. Cost/Share $19.36 Unrealized @ Report Date —

GEL GENESIS ENERGY L P 0.2%

Value $228K (+23.0%) Shares 16,542 (+26.7%) Share Price $13.76 Est. Cost/Share $11.76 Unrealized @ Report Date —

WU WESTERN UN CO 0.2%

Value $267K (+18.1%) Shares 45,222 (+54.1%) Share Price $5.90 Est. Cost/Share $7.07 Unrealized @ Report Date —

CQP CHENIERE ENERGY PARTNERS L P 0.2%

Value $245K (+18.9%) Shares 4,028 (+19.1%) Share Price $60.86 Est. Cost/Share $63.92 Unrealized @ Report Date —

ARLP ALLIANCE RESOURCE PARTNERS L 0.2%

Value $241K (+19.1%) Shares 9,912 (+17.6%) Share Price $24.29 Est. Cost/Share $26.73 Unrealized @ Report Date —

CHCT COMMUNITY HEALTHCARE TR INC 0.2%

Value $199K (-16.2%) Shares 14,024 (+8.1%) Share Price $14.18 Est. Cost/Share $16.43 Unrealized @ Report Date —

GOOD GLADSTONE COMMERCIAL CORP 0.2%

Value $248K (+17.4%) Shares 19,618 (+14.4%) Share Price $12.62 Est. Cost/Share $12.34 Unrealized @ Report Date —

HESM HESS MIDSTREAM LP 0.2%

Value $243K (+15.6%) Shares 6,506 (+16.3%) Share Price $37.37 Est. Cost/Share $37.26 Unrealized @ Report Date +0.3%

KNTK KINETIK HOLDINGS INC 0.2%

Value $253K (+14.5%) Shares 5,040 (+10.2%) Share Price $50.20 Est. Cost/Share $43.40 Unrealized @ Report Date +15.7%

BSM BLACK STONE MINERALS L P 0.2%

Value $246K (+13.9%) Shares 17,184 (+11.2%) Share Price $14.32 Est. Cost/Share $13.35 Unrealized @ Report Date —

IEP ICAHN ENTERPRISES LP 0.2%

Value $222K (+15.3%) Shares 32,835 (+23.2%) Share Price $6.75 Est. Cost/Share $8.06 Unrealized @ Report Date —

USAC USA COMPRESSION PARTNERS LP 0.2%

Value $232K (+13.6%) Shares 9,337 (+20.5%) Share Price $24.87 Est. Cost/Share $26.13 Unrealized @ Report Date —

EPD ENTERPRISE PRODS PARTNERS L 0.2%

Value $233K (+13.3%) Shares 6,540 (+17.0%) Share Price $35.61 Est. Cost/Share $37.51 Unrealized @ Report Date —

DKL DELEK LOGISTICS PARTNERS LP 0.2%

Value $246K (+12.5%) Shares 4,624 (+8.9%) Share Price $53.21 Est. Cost/Share $51.68 Unrealized @ Report Date —

IIPR INNOVATIVE INDL PPTYS INC 0.2%

Value $217K (-10.6%) Shares 4,118 (+5.2%) Share Price $52.68 Est. Cost/Share $61.52 Unrealized @ Report Date —

WLKP WESTLAKE CHEM PARTNERS LP 0.2%

Value $226K (+11.5%) Shares 10,639 (+17.1%) Share Price $21.20 Est. Cost/Share $22.11 Unrealized @ Report Date —

EPR EPR PPTYS 0.2%

Value $255K (+8.3%) Shares 4,547 (+11.9%) Share Price $56.13 Est. Cost/Share $57.81 Unrealized @ Report Date —

MNR MACH NATURAL RESOURCES LP 0.2%

Value $230K (+8.9%) Shares 22,486 (+34.4%) Share Price $10.24 Est. Cost/Share $13.14 Unrealized @ Report Date —

WES WESTERN MIDSTREAM PARTNERS L 0.2%

Value $240K (+8.1%) Shares 5,418 (+6.6%) Share Price $44.37 Est. Cost/Share $43.80 Unrealized @ Report Date —

KRP KIMBELL RTY PARTNERS LP 0.2%

Value $225K (+6.9%) Shares 15,759 (+8.7%) Share Price $14.28 Est. Cost/Share $14.04 Unrealized @ Report Date —

TU TELUS CORPORATION 0.2%

Value $248K (+5.7%) Shares 29,526 (+33.2%) Share Price $8.39 Est. Cost/Share $11.58 Unrealized @ Report Date -27.5%

DEI DOUGLAS EMMETT INC 0.2%

Value $228K (+5.6%) Shares 23,836 (+30.0%) Share Price $9.58 Est. Cost/Share $11.29 Unrealized @ Report Date —

MPLX MPLX LP 0.2%

Value $229K (+5.2%) Shares 4,067 (+5.3%) Share Price $56.32 Est. Cost/Share $56.33 Unrealized @ Report Date —

HST HOST HOTELS & RESORTS INC 0.2%

Value $253K (-4.0%) Shares 11,285 (+1.7%) Share Price $22.39 Est. Cost/Share $23.69 Unrealized @ Report Date —

DEA EASTERLY GOVT PPTYS INC 0.2%

Value $245K (+3.7%) Shares 10,549 (+11.5%) Share Price $23.20 Est. Cost/Share $24.75 Unrealized @ Report Date —

XRN CHIRON REAL ESTATE INC 0.2%

Value $238K (+1.8%) Shares 6,846 (+9.9%) Share Price $34.76 Est. Cost/Share $37.27 Unrealized @ Report Date —

CALM CAL MAINE FOODS INC 0.2%

Value $280K (-1.3%) Shares 4,121 (+16.8%) Share Price $68.06 Est. Cost/Share $77.75 Unrealized @ Report Date -12.5%

BDN BRANDYWINE RLTY TR 0.2%

Value $223K (-1.1%) Shares 79,735 (+12.0%) Share Price $2.80 Est. Cost/Share $4.89 Unrealized @ Report Date —

GNL GLOBAL NET LEASE INC 0.2%

Value $220K (+0.7%) Shares 26,687 (+9.0%) Share Price $8.26 Est. Cost/Share $10.32 Unrealized @ Report Date —

AM ANTERO MIDSTREAM CORP 0.2%

Value $234K (+0.6%) Shares 11,619 (+13.5%) Share Price $20.16 Est. Cost/Share $20.77 Unrealized @ Report Date -2.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SHY	ISHARES TR	37,297 (+36.6%)	$3.029M (+35.1%)	2.6%	$81.20	$82.27	-1.3%	1 3 YR TREAS BD	464287457
DBC	INVESCO DB COMMDY INDX TRCK	54,543 (+17.5%)	$1.763M (+42.5%)	1.5%	$32.32	$26.14	+23.6%	UNIT	46138B103
TX	TERNIUM SA	7,083 (+24.3%)	$385K (+58.1%)	0.3%	$54.30	$34.21	+58.7%	SPONSORED ADS	880890108
RHI	ROBERT HALF INC.	11,166 (+1.4%)	$410K (+21.4%)	0.4%	$36.75	$28.17	+30.5%	COM	770323103
UAN	CVR PARTNERS LP/CVR NITROGEN	2,149 (+18.4%)	$266K (+31.5%)	0.2%	$123.78	$124.75	—	COM	126633205
DMLP	DORCHESTER MINERALS L P	9,575 (+18.0%)	$268K (+31.1%)	0.2%	$28.04	$27.16	—	COM UNIT	25820R105
SUN	SUNOCO LP/SUNOCO FIN CORP	3,660 (+15.9%)	$267K (+25.1%)	0.2%	$72.87	$66.05	—	COM UT REP LP	86765K109
TXO	TXO PARTNERS LP	19,335 (+14.0%)	$264K (+24.7%)	0.2%	$13.67	$13.58	—	COM UNIT	87313P103
PAA	PLAINS ALL AMERN PIPELINE L	11,217 (+16.6%)	$266K (+24.3%)	0.2%	$23.72	$22.53	—	UNIT LTD PARTN	726503105
PAGP	PLAINS GP HLDGS L P	10,295 (+16.1%)	$267K (+23.9%)	0.2%	$25.90	$24.50	—	LTD PARTNR INT A	72651A207
GLP	GLOBAL PARTNERS LP	5,465 (+23.9%)	$253K (+23.2%)	0.2%	$46.30	$46.53	—	COM UNITS	37946R109
SPH	SUBURBAN PROPANE PARTNERS L	14,463 (+28.1%)	$238K (+23.1%)	0.2%	$16.44	$16.96	—	UNIT LTD PARTN	864482104
ET	ENERGY TRANSFER L P	12,766 (+17.5%)	$252K (+21.5%)	0.2%	$19.77	$19.36	—	COM UT LTD PTN	29273V100
GEL	GENESIS ENERGY L P	16,542 (+26.7%)	$228K (+23.0%)	0.2%	$13.76	$11.76	—	UNIT LTD PARTN	371927104
WU	WESTERN UN CO	45,222 (+54.1%)	$267K (+18.1%)	0.2%	$5.90	$7.07	—	COM	959802109
CQP	CHENIERE ENERGY PARTNERS L P	4,028 (+19.1%)	$245K (+18.9%)	0.2%	$60.86	$63.92	—	COM UNIT	16411Q101
ARLP	ALLIANCE RESOURCE PARTNERS L	9,912 (+17.6%)	$241K (+19.1%)	0.2%	$24.29	$26.73	—	UT LTD PART	01877R108
CHCT	COMMUNITY HEALTHCARE TR INC	14,024 (+8.1%)	$199K (-16.2%)	0.2%	$14.18	$16.43	—	COM	20369C106
GOOD	GLADSTONE COMMERCIAL CORP	19,618 (+14.4%)	$248K (+17.4%)	0.2%	$12.62	$12.34	—	COM	376536108
HESM	HESS MIDSTREAM LP	6,506 (+16.3%)	$243K (+15.6%)	0.2%	$37.37	$37.26	+0.3%	CL A SHS	428103105
KNTK	KINETIK HOLDINGS INC	5,040 (+10.2%)	$253K (+14.5%)	0.2%	$50.20	$43.40	+15.7%	COM NEW CL A	02215L209
BSM	BLACK STONE MINERALS L P	17,184 (+11.2%)	$246K (+13.9%)	0.2%	$14.32	$13.35	—	COM UNIT	09225M101
IEP	ICAHN ENTERPRISES LP	32,835 (+23.2%)	$222K (+15.3%)	0.2%	$6.75	$8.06	—	DEPOSITARY UNIT	451100101
USAC	USA COMPRESSION PARTNERS LP	9,337 (+20.5%)	$232K (+13.6%)	0.2%	$24.87	$26.13	—	COM UNIT LTDPAR	90290N109
EPD	ENTERPRISE PRODS PARTNERS L	6,540 (+17.0%)	$233K (+13.3%)	0.2%	$35.61	$37.51	—	COM	293792107
DKL	DELEK LOGISTICS PARTNERS LP	4,624 (+8.9%)	$246K (+12.5%)	0.2%	$53.21	$51.68	—	COM UNT RP INT	24664T103
IIPR	INNOVATIVE INDL PPTYS INC	4,118 (+5.2%)	$217K (-10.6%)	0.2%	$52.68	$61.52	—	COM	45781V101
WLKP	WESTLAKE CHEM PARTNERS LP	10,639 (+17.1%)	$226K (+11.5%)	0.2%	$21.20	$22.11	—	COM UNIT RP LP	960417103
EPR	EPR PPTYS	4,547 (+11.9%)	$255K (+8.3%)	0.2%	$56.13	$57.81	—	COM SH BEN INT	26884U109
MNR	MACH NATURAL RESOURCES LP	22,486 (+34.4%)	$230K (+8.9%)	0.2%	$10.24	$13.14	—	COM UN LT PA IN	55445L100
WES	WESTERN MIDSTREAM PARTNERS L	5,418 (+6.6%)	$240K (+8.1%)	0.2%	$44.37	$43.80	—	COM UNIT LP INT	958669103
KRP	KIMBELL RTY PARTNERS LP	15,759 (+8.7%)	$225K (+6.9%)	0.2%	$14.28	$14.04	—	UNIT	49435R102
TU	TELUS CORPORATION	29,526 (+33.2%)	$248K (+5.7%)	0.2%	$8.39	$11.58	-27.5%	COM	87971M103
DEI	DOUGLAS EMMETT INC	23,836 (+30.0%)	$228K (+5.6%)	0.2%	$9.58	$11.29	—	COM	25960P109
MPLX	MPLX LP	4,067 (+5.3%)	$229K (+5.2%)	0.2%	$56.32	$56.33	—	COM UNIT REP LTD	55336V100
HST	HOST HOTELS & RESORTS INC	11,285 (+1.7%)	$253K (-4.0%)	0.2%	$22.39	$23.69	—	COM	44107P104
DEA	EASTERLY GOVT PPTYS INC	10,549 (+11.5%)	$245K (+3.7%)	0.2%	$23.20	$24.75	—	COM SHS	27616P301
XRN	CHIRON REAL ESTATE INC	6,846 (+9.9%)	$238K (+1.8%)	0.2%	$34.76	$37.27	—	COM NEW	37954A303
CALM	CAL MAINE FOODS INC	4,121 (+16.8%)	$280K (-1.3%)	0.2%	$68.06	$77.75	-12.5%	COM NEW	128030202
BDN	BRANDYWINE RLTY TR	79,735 (+12.0%)	$223K (-1.1%)	0.2%	$2.80	$4.89	—	SH BEN INT NEW	105368203
GNL	GLOBAL NET LEASE INC	26,687 (+9.0%)	$220K (+0.7%)	0.2%	$8.26	$10.32	—	COM NEW	379378201
AM	ANTERO MIDSTREAM CORP	11,619 (+13.5%)	$234K (+0.6%)	0.2%	$20.16	$20.77	-2.9%	COM	03676B102

Exited Positions (6)

IEV ISHARES TR 3.5%

Value $4.059M Shares 55,717 Share Price $72.85 * Est. Cost/Share $60.74 Unrealized @ Report Date +17.1%

LQD ISHARES TR 1.0%

Value $1.185M Shares 10,860 Share Price $109.07 * Est. Cost/Share $110.63 Unrealized @ Report Date -7.6%

EWY ISHARES INC 0.6%

Value $693K Shares 3,433 Share Price $201.90 * Est. Cost/Share $91.40 Unrealized @ Report Date +100.0%

EZA ISHARES INC 0.3%

Value $380K Shares 6,010 Share Price $63.19 Est. Cost/Share $45.70 Unrealized @ Report Date +40.0%

HAS HASBRO INC 0.2%

Value $247K Shares 2,991 Share Price $82.59 * Est. Cost/Share $78.31 Unrealized @ Report Date +12.0%

NXRT NEXPOINT RESIDENTIAL TR INC 0.2%

Value $211K Shares 7,570 Share Price $27.92 Est. Cost/Share $27.92 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IEV	ISHARES TR	55,717	$4.059M	3.5%	$72.85 *	$60.74	+17.1%	—	464287861
LQD	ISHARES TR	10,860	$1.185M	1.0%	$109.07 *	$110.63	-7.6%	—	464287242
EWY	ISHARES INC	3,433	$693K	0.6%	$201.90 *	$91.40	+100.0%	—	464286772
EZA	ISHARES INC	6,010	$380K	0.3%	$63.19	$45.70	+40.0%	—	464286780
HAS	HASBRO INC	2,991	$247K	0.2%	$82.59 *	$78.31	+12.0%	—	418056107
NXRT	NEXPOINT RESIDENTIAL TR INC	7,570	$211K	0.2%	$27.92	$27.92	—	—	65341D102

Decreased Positions (17)

RLJ RLJ LODGING TR 0.2%

Value $233K (-28.8%) Shares 21,099 (-23.6%) Share Price $11.05 Est. Cost/Share $11.85 Unrealized @ Report Date —

VBK VANGUARD INDEX FDS 0.6%

Value $716K (-11.3%) Shares 2,119 (-3.9%) Share Price $337.83 Est. Cost/Share $301.69 Unrealized @ Report Date +12.0%

HYG ISHARES TR 0.6%

Value $680K (-9.7%) Shares 8,806 (-6.4%) Share Price $77.21 Est. Cost/Share $80.57 Unrealized @ Report Date -4.2%

EPOL ISHARES TR 0.4%

Value $501K (+13.2%) Shares 11,293 (-1.3%) Share Price $44.32 Est. Cost/Share $29.72 Unrealized @ Report Date +49.1%

GREK GLOBAL X FDS 0.4%

Value $475K (+12.1%) Shares 5,539 (-1.2%) Share Price $85.70 Est. Cost/Share $65.10 Unrealized @ Report Date +31.6%

EWS ISHARES INC 0.4%

Value $482K (+9.9%) Shares 14,498 (-2.2%) Share Price $33.26 Est. Cost/Share $24.98 Unrealized @ Report Date +33.2%

VTV VANGUARD INDEX FDS 0.6%

Value $714K (-4.7%) Shares 3,306 (-3.9%) Share Price $216.08 Est. Cost/Share $200.23 Unrealized @ Report Date +7.9%

APLE APPLE HOSPITALITY REIT INC 0.2%

Value $239K (-11.6%) Shares 14,773 (-8.1%) Share Price $16.16 Est. Cost/Share $16.81 Unrealized @ Report Date —

HIW HIGHWOODS PPTYS INC 0.2%

Value $242K (-8.5%) Shares 8,348 (-4.9%) Share Price $29.02 Est. Cost/Share $30.16 Unrealized @ Report Date —

PK PARK HOTELS & RESORTS INC 0.2%

Value $257K (-7.9%) Shares 16,668 (-14.9%) Share Price $15.42 Est. Cost/Share $10.52 Unrealized @ Report Date —

FCX FREEPORT MCMORAN INC 0.2%

Value $225K (-8.8%) Shares 3,215 (-18.0%) Share Price $70.00 Est. Cost/Share $60.56 Unrealized @ Report Date +15.6%

SLG SL GREEN RLTY CORP 0.2%

Value $240K (-7.6%) Shares 4,912 (-2.2%) Share Price $48.92 Est. Cost/Share $51.77 Unrealized @ Report Date —

EWI ISHARES INC 0.4%

Value $419K (-4.2%) Shares 7,129 (-3.3%) Share Price $58.72 Est. Cost/Share $35.38 Unrealized @ Report Date +66.0%

EPU ISHARES TR 0.4%

Value $482K (+3.2%) Shares 5,433 (-2.8%) Share Price $88.73 Est. Cost/Share $65.76 Unrealized @ Report Date +34.9%

EWP ISHARES INC 0.4%

Value $438K (-1.8%) Shares 7,406 (-1.5%) Share Price $59.20 Est. Cost/Share $30.14 Unrealized @ Report Date +96.4%

EIS ISHARES INC 0.5%

Value $530K (-1.0%) Shares 4,369 (-1.5%) Share Price $121.32 Est. Cost/Share $81.93 Unrealized @ Report Date +48.1%

EWT ISHARES INC 0.5%

Value $524K (-0.4%) Shares 4,644 (-4.2%) Share Price $112.90 Est. Cost/Share $93.55 Unrealized @ Report Date +20.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RLJ	RLJ LODGING TR	21,099 (-23.6%)	$233K (-28.8%)	0.2%	$11.05	$11.85	—	COM	74965L101
VBK	VANGUARD INDEX FDS	2,119 (-3.9%)	$716K (-11.3%)	0.6%	$337.83	$301.69	+12.0%	MRNGSTR SM CP GR	922908595
HYG	ISHARES TR	8,806 (-6.4%)	$680K (-9.7%)	0.6%	$77.21	$80.57	-4.2%	IBOXX HI YD ETF	464288513
EPOL	ISHARES TR	11,293 (-1.3%)	$501K (+13.2%)	0.4%	$44.32	$29.72	+49.1%	MSCI POLAND ETF	46429B606
GREK	GLOBAL X FDS	5,539 (-1.2%)	$475K (+12.1%)	0.4%	$85.70	$65.10	+31.6%	MSCI GREECE ETF	37954Y319
EWS	ISHARES INC	14,498 (-2.2%)	$482K (+9.9%)	0.4%	$33.26	$24.98	+33.2%	MSCI SINGPOR ETF	46434G780
VTV	VANGUARD INDEX FDS	3,306 (-3.9%)	$714K (-4.7%)	0.6%	$216.08	$200.23	+7.9%	MRNGSTR VAL ETF	922908744
APLE	APPLE HOSPITALITY REIT INC	14,773 (-8.1%)	$239K (-11.6%)	0.2%	$16.16	$16.81	—	COM NEW	03784Y200
HIW	HIGHWOODS PPTYS INC	8,348 (-4.9%)	$242K (-8.5%)	0.2%	$29.02	$30.16	—	COM	431284108
PK	PARK HOTELS & RESORTS INC	16,668 (-14.9%)	$257K (-7.9%)	0.2%	$15.42	$10.52	—	COM	700517105
FCX	FREEPORT MCMORAN INC	3,215 (-18.0%)	$225K (-8.8%)	0.2%	$70.00	$60.56	+15.6%	CL B	35671D857
SLG	SL GREEN RLTY CORP	4,912 (-2.2%)	$240K (-7.6%)	0.2%	$48.92	$51.77	—	COM	78440X887
EWI	ISHARES INC	7,129 (-3.3%)	$419K (-4.2%)	0.4%	$58.72	$35.38	+66.0%	MSCI ITALY ETF	46434G830
EPU	ISHARES TR	5,433 (-2.8%)	$482K (+3.2%)	0.4%	$88.73	$65.76	+34.9%	MSCI PERU GL ETF	464289842
EWP	ISHARES INC	7,406 (-1.5%)	$438K (-1.8%)	0.4%	$59.20	$30.14	+96.4%	MSCI SPAIN ETF	464286764
EIS	ISHARES INC	4,369 (-1.5%)	$530K (-1.0%)	0.5%	$121.32	$81.93	+48.1%	MSCI ISRAEL ETF	464286632
EWT	ISHARES INC	4,644 (-4.2%)	$524K (-0.4%)	0.5%	$112.90	$93.55	+20.7%	MSCI TAIWAN ETF	46434G772

Unchanged Positions (10)

XLI SELECT SECTOR SPDR TR 3.9%

Value $4.508M Shares 26,996 Share Price $166.98 Est. Cost/Share $100.58 Unrealized @ Report Date +66.0%

ORO ARROW INVTS TR 2.8%

Value $3.189M Shares 155,000 Share Price $20.57 Est. Cost/Share $18.39 Unrealized @ Report Date +11.9%

FYX FIRST TR EXCHANGE-TRADED ALP 3.8%

Value $4.35M Shares 32,321 Share Price $134.59 Est. Cost/Share $132.81 Unrealized @ Report Date +1.3%

GYLD ARROW ETF TR 3.3%

Value $3.867M Shares 285,605 Share Price $13.54 Est. Cost/Share $14.15 Unrealized @ Report Date -4.3%

EZU ISHARES INC 4.0%

Value $4.607M Shares 68,419 Share Price $67.33 Est. Cost/Share $56.91 Unrealized @ Report Date +18.3%

EEM ISHARES TR 4.5%

Value $5.254M Shares 78,667 Share Price $66.79 Est. Cost/Share $58.82 Unrealized @ Report Date +13.6%

ARCM ARROW INVTS TR 35.3%

Value $40.83M Shares 409,003 Share Price $99.83 Est. Cost/Share $100.11 Unrealized @ Report Date -0.3%

VLUE ISHARES TR 5.5%

Value $6.302M Shares 31,826 Share Price $198.00 Est. Cost/Share $146.65 Unrealized @ Report Date +35.0%

CWB SPDR SERIES TRUST 1.1%

Value $1.227M Shares 12,123 Share Price $101.18 Est. Cost/Share $86.01 Unrealized @ Report Date +17.6%

TIP ISHARES TR 1.0%

Value $1.21M Shares 11,631 Share Price $104.04 Est. Cost/Share $108.63 Unrealized @ Report Date -4.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XLI	SELECT SECTOR SPDR TR	26,996	$4.508M	3.9%	$166.98	$100.58	+66.0%	ST STR INDL ETF	81369Y704
ORO	ARROW INVTS TR	155,000	$3.189M	2.8%	$20.57	$18.39	+11.9%	VALTORO ETF	042765651
FYX	FIRST TR EXCHANGE-TRADED ALP	32,321	$4.35M	3.8%	$134.59	$132.81	+1.3%	COM SHS	33734Y109
GYLD	ARROW ETF TR	285,605	$3.867M	3.3%	$13.54	$14.15	-4.3%	ARROW DJ GLB YLD	04273H104
EZU	ISHARES INC	68,419	$4.607M	4.0%	$67.33	$56.91	+18.3%	MSCI EURZONE ETF	464286608
EEM	ISHARES TR	78,667	$5.254M	4.5%	$66.79	$58.82	+13.6%	MSCI EMG MKT ETF	464287234
ARCM	ARROW INVTS TR	409,003	$40.83M	35.3%	$99.83	$100.11	-0.3%	RESV CAP ETF	042765719
VLUE	ISHARES TR	31,826	$6.302M	5.5%	$198.00	$146.65	+35.0%	MSCI USA VALUE	46432F388
CWB	SPDR SERIES TRUST	12,123	$1.227M	1.1%	$101.18	$86.01	+17.6%	ST STR CONV ETF	78464A359
TIP	ISHARES TR	11,631	$1.21M	1.0%	$104.04	$108.63	-4.2%	TIPS BD ETF	464287176