Arrow Investment Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORO	ARROW INVTS TR	155,000	$2,800	3.1%	$18.06	—	VALTORO ETF	042765651
VBK	VANGUARD INDEX FDS	2,257	$682	0.8%	$302.11	—	SML CP GRW ETF	922908595
COLO	GLOBAL X FDS	12,931	$461	0.5%	$35.64	—	GLBX MSCI COLUM	37954Y327
EPU	ISHARES TR	5,598	$405	0.5%	$72.35	—	MSCI PERU AND GL	464289842
GREK	GLOBAL X FDS	5,857	$386	0.4%	$65.91	—	MSCI GREECE ETF	37954Y319
EWY	ISHARES INC	3,848	$374	0.4%	$97.22	—	MSCI STH KOR ETF	464286772
APTV	APTIV PLC	3,061	$233	0.3%	$80.28	0.0%	COM SHS	G3265R107
IIPR	INNOVATIVE INDL PPTYS INC	4,314	$204	0.2%	$47.36	—	COM	45781V101
UHT	UNIVERSAL HEALTH RLTY INCOME	5,185	$203	0.2%	$39.21	—	SH BEN INT	91359E105
SPH	SUBURBAN PROPANE PARTNERS L	10,175	$189	0.2%	$18.54	—	UNIT LTD PARTN	864482104

Increased Positions (4)

GMRE GLOBAL MED REIT INC 1.1%

Value ($000) $946 (+340.1%) Shares 28,028 (+339.7%) Est. Cost $33.73 Unrealized —

BDN BRANDYWINE RLTY TR 0.2%

Value ($000) $149 (-22.9%) Shares 51,107 (+10.1%) Est. Cost $6.05 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 0.2%

Value ($000) $221 (+22.3%) Shares 13,486 (+13.9%) Est. Cost $16.44 Unrealized —

GNL GLOBAL NET LEASE INC 0.3%

Value ($000) $241 (+11.9%) Shares 27,969 (+5.7%) Est. Cost $10.64 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GMRE	GLOBAL MED REIT INC	28,028 (+339.7%)	$946 (+340.1%)	1.1%	$33.73	—	COM NEW	37954A303
BDN	BRANDYWINE RLTY TR	51,107 (+10.1%)	$149 (-22.9%)	0.2%	$6.05	—	SH BEN INT NEW	105368203
CHCT	COMMUNITY HEALTHCARE TR INC	13,486 (+13.9%)	$221 (+22.3%)	0.2%	$16.44	—	COM	20369C106
GNL	GLOBAL NET LEASE INC	27,969 (+5.7%)	$241 (+11.9%)	0.3%	$10.64	—	COM NEW	379378201

Exited Positions (14)

RFG INVESCO EXCHANGE TRADED FD T 1.0%

Value ($000) $901 Shares 17,680 Est. Cost $43.83 Unrealized —

MCHI ISHARES TR 0.6%

Value ($000) $568 Shares 8,619 Est. Cost $54.42 Unrealized —

ECH ISHARES INC 0.6%

Value ($000) $503 Shares 15,271 Est. Cost $31.45 Unrealized —

ENOR ISHARES TR 0.5%

Value ($000) $494 Shares 17,322 Est. Cost $27.87 Unrealized —

EWG ISHARES INC 0.5%

Value ($000) $478 Shares 11,486 Est. Cost $42.31 Unrealized —

GRMN GARMIN LTD 0.3%

Value ($000) $304 Shares 1,235 Est. Cost $154.67 Unrealized +40.1%

PWR QUANTA SVCS INC 0.3%

Value ($000) $298 Shares 719 Est. Cost $388.50 Unrealized +13.1%

KR KROGER CO 0.3%

Value ($000) $288 Shares 4,265 Est. Cost $68.24 Unrealized -4.4%

BR BROADRIDGE FINL SOLUTIONS IN 0.3%

Value ($000) $275 Shares 1,155 Est. Cost $247.24 Unrealized -8.1%

SBLK STAR BULK CARRIERS CORP. 0.3%

Value ($000) $230 Shares 12,360 Est. Cost $15.55 Unrealized +20.0%

HIW HIGHWOODS PPTYS INC 0.2%

Value ($000) $204 Shares 6,419 Est. Cost $31.82 Unrealized —

DEA EASTERLY GOVT PPTYS INC 0.2%

Value ($000) $204 Shares 8,876 Est. Cost $22.93 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value ($000) $176 Shares 10,268 Est. Cost $17.16 Unrealized —

AES AES CORP 0.2%

Value ($000) $145 Shares 11,003 Est. Cost $10.37 Unrealized +35.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RFG	INVESCO EXCHANGE TRADED FD T	17,680	$901	1.0%	$43.83	—	—	46137V217
MCHI	ISHARES TR	8,619	$568	0.6%	$54.42	—	—	46429B671
ECH	ISHARES INC	15,271	$503	0.6%	$31.45	—	—	464286640
ENOR	ISHARES TR	17,322	$494	0.5%	$27.87	—	—	46429B499
EWG	ISHARES INC	11,486	$478	0.5%	$42.31	—	—	464286806
GRMN	GARMIN LTD	1,235	$304	0.3%	$154.67	+40.1%	—	H2906T109
PWR	QUANTA SVCS INC	719	$298	0.3%	$388.50	+13.1%	—	74762E102
KR	KROGER CO	4,265	$288	0.3%	$68.24	-4.4%	—	501044101
BR	BROADRIDGE FINL SOLUTIONS IN	1,155	$275	0.3%	$247.24	-8.1%	—	11133T103
SBLK	STAR BULK CARRIERS CORP.	12,360	$230	0.3%	$15.55	+20.0%	—	Y8162K204
HIW	HIGHWOODS PPTYS INC	6,419	$204	0.2%	$31.82	—	—	431284108
DEA	EASTERLY GOVT PPTYS INC	8,876	$204	0.2%	$22.93	—	—	27616P301
ET	ENERGY TRANSFER L P	10,268	$176	0.2%	$17.16	—	—	29273V100
AES	AES CORP	11,003	$145	0.2%	$10.37	+35.4%	—	00130H105

Decreased Positions (26)

VUG VANGUARD INDEX FDS 0.8%

Value ($000) $759 (-42.3%) Shares 1,555 (-43.2%) Est. Cost $285.85 Unrealized —

MTUM ISHARES TR 4.3%

Value ($000) $3,886 (-4.9%) Shares 15,523 (-2.6%) Est. Cost $156.89 Unrealized —

EZA ISHARES INC 0.4%

Value ($000) $403 (-30.5%) Shares 5,856 (-35.3%) Est. Cost $48.13 Unrealized —

EWS ISHARES INC 0.4%

Value ($000) $383 (-27.1%) Shares 13,928 (-24.9%) Est. Cost $25.98 Unrealized —

EWP ISHARES INC 0.5%

Value ($000) $412 (-25.0%) Shares 7,650 (-31.1%) Est. Cost $31.66 Unrealized —

EWI ISHARES INC 0.4%

Value ($000) $395 (-25.1%) Shares 7,269 (-28.4%) Est. Cost $37.77 Unrealized —

NEM NEWMONT CORP 0.3%

Value ($000) $261 (-32.9%) Shares 2,617 (-43.3%) Est. Cost $52.90 Unrealized +70.5%

LQD ISHARES TR 1.3%

Value ($000) $1,197 (-9.5%) Shares 10,860 (-8.4%) Est. Cost $112.98 Unrealized —

CWB SPDR SERIES TRUST 1.2%

Value ($000) $1,081 (-8.9%) Shares 12,123 (-7.6%) Est. Cost $90.50 Unrealized —

XLI SELECT SECTOR SPDR TR 5.0%

Value ($000) $4,495 (-2.0%) Shares 28,975 (-2.6%) Est. Cost $101.18 Unrealized —

IEV ISHARES TR 4.6%

Value ($000) $4,102 (+2.1%) Shares 59,801 (-2.6%) Est. Cost $63.25 Unrealized —

EPOL ISHARES TR 0.4%

Value ($000) $403 (-16.1%) Shares 11,464 (-23.3%) Est. Cost $32.26 Unrealized —

TLT ISHARES TR 1.4%

Value ($000) $1,262 (-4.9%) Shares 14,474 (-2.5%) Est. Cost $89.37 Unrealized —

HAS HASBRO INC 0.3%

Value ($000) $236 (-19.8%) Shares 2,874 (-25.8%) Est. Cost $76.49 Unrealized +2.0%

EIS ISHARES INC 0.5%

Value ($000) $463 (-11.1%) Shares 4,205 (-19.0%) Est. Cost $74.36 Unrealized —

IEP ICAHN ENTERPRISES LP 0.2%

Value ($000) $142 (-24.1%) Shares 18,799 (-15.4%) Est. Cost $8.81 Unrealized —

EZU ISHARES INC 4.8%

Value ($000) $4,313 (+0.8%) Shares 67,282 (-2.6%) Est. Cost $59.50 Unrealized —

XLF SELECT SECTOR SPDR TR 4.0%

Value ($000) $3,567 (-1.0%) Shares 65,122 (-2.6%) Est. Cost $41.11 Unrealized —

MNR MACH NATURAL RESOURCES LP 0.1%

Value ($000) $130 (-19.4%) Shares 11,749 (-3.8%) Est. Cost $14.30 Unrealized —

HR HEALTHCARE RLTY TR 0.2%

Value ($000) $205 (-12.3%) Shares 12,082 (-6.7%) Est. Cost $15.94 Unrealized —

IVW ISHARES TR 4.7%

Value ($000) $4,231 (-0.5%) Shares 34,325 (-2.6%) Est. Cost $120.72 Unrealized —

GEL GENESIS ENERGY L P 0.2%

Value ($000) $159 (-12.2%) Shares 10,200 (-6.0%) Est. Cost $10.00 Unrealized —

TX TERNIUM SA 0.3%

Value ($000) $270 (+6.9%) Shares 7,058 (-2.8%) Est. Cost $30.10 Unrealized —

EMB ISHARES TR 1.1%

Value ($000) $992 (-1.3%) Shares 10,302 (-2.4%) Est. Cost $95.19 Unrealized —

BCE BCE INC 0.2%

Value ($000) $222 (-2.1%) Shares 9,332 (-3.8%) Est. Cost $23.52 Unrealized -2.0%

OHI OMEGA HEALTHCARE INVS INC 0.3%

Value ($000) $230 (+1.2%) Shares 5,181 (-3.6%) Est. Cost $42.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUG	VANGUARD INDEX FDS	1,555 (-43.2%)	$759 (-42.3%)	0.8%	$285.85	—	GROWTH ETF	922908736
MTUM	ISHARES TR	15,523 (-2.6%)	$3,886 (-4.9%)	4.3%	$156.89	—	MSCI USA MMENTM	46432F396
EZA	ISHARES INC	5,856 (-35.3%)	$403 (-30.5%)	0.4%	$48.13	—	MSCI STH AFR ETF	464286780
EWS	ISHARES INC	13,928 (-24.9%)	$383 (-27.1%)	0.4%	$25.98	—	MSCI SINGPOR ETF	46434G780
EWP	ISHARES INC	7,650 (-31.1%)	$412 (-25.0%)	0.5%	$31.66	—	MSCI SPAIN ETF	464286764
EWI	ISHARES INC	7,269 (-28.4%)	$395 (-25.1%)	0.4%	$37.77	—	MSCI ITALY ETF	46434G830
NEM	NEWMONT CORP	2,617 (-43.3%)	$261 (-32.9%)	0.3%	$52.90	+70.5%	COM	651639106
LQD	ISHARES TR	10,860 (-8.4%)	$1,197 (-9.5%)	1.3%	$112.98	—	IBOXX INV CP ETF	464287242
CWB	SPDR SERIES TRUST	12,123 (-7.6%)	$1,081 (-8.9%)	1.2%	$90.50	—	STATE STREET SPD	78464A359
XLI	SELECT SECTOR SPDR TR	28,975 (-2.6%)	$4,495 (-2.0%)	5.0%	$101.18	—	STATE STREET IND	81369Y704
IEV	ISHARES TR	59,801 (-2.6%)	$4,102 (+2.1%)	4.6%	$63.25	—	EUROPE ETF	464287861
EPOL	ISHARES TR	11,464 (-23.3%)	$403 (-16.1%)	0.4%	$32.26	—	MSCI POLAND ETF	46429B606
TLT	ISHARES TR	14,474 (-2.5%)	$1,262 (-4.9%)	1.4%	$89.37	—	20 YR TR BD ETF	464287432
HAS	HASBRO INC	2,874 (-25.8%)	$236 (-19.8%)	0.3%	$76.49	+2.0%	COM	418056107
EIS	ISHARES INC	4,205 (-19.0%)	$463 (-11.1%)	0.5%	$74.36	—	MSCI ISRAEL ETF	464286632
IEP	ICAHN ENTERPRISES LP	18,799 (-15.4%)	$142 (-24.1%)	0.2%	$8.81	—	DEPOSITARY UNIT	451100101
EZU	ISHARES INC	67,282 (-2.6%)	$4,313 (+0.8%)	4.8%	$59.50	—	MSCI EURZONE ETF	464286608
XLF	SELECT SECTOR SPDR TR	65,122 (-2.6%)	$3,567 (-1.0%)	4.0%	$41.11	—	STATE STREET FIN	81369Y605
MNR	MACH NATURAL RESOURCES LP	11,749 (-3.8%)	$130 (-19.4%)	0.1%	$14.30	—	COM UNIT LTD PAR	55445L100
HR	HEALTHCARE RLTY TR	12,082 (-6.7%)	$205 (-12.3%)	0.2%	$15.94	—	CL A COM	42226K105
IVW	ISHARES TR	34,325 (-2.6%)	$4,231 (-0.5%)	4.7%	$120.72	—	S&P 500 GRWT ETF	464287309
GEL	GENESIS ENERGY L P	10,200 (-6.0%)	$159 (-12.2%)	0.2%	$10.00	—	UNIT LTD PARTN	371927104
TX	TERNIUM SA	7,058 (-2.8%)	$270 (+6.9%)	0.3%	$30.10	—	SPONSORED ADS	880890108
EMB	ISHARES TR	10,302 (-2.4%)	$992 (-1.3%)	1.1%	$95.19	—	JPMORGAN USD EMG	464288281
BCE	BCE INC	9,332 (-3.8%)	$222 (-2.1%)	0.2%	$23.52	-2.0%	COM NEW	05534B760
OHI	OMEGA HEALTHCARE INVS INC	5,181 (-3.6%)	$230 (+1.2%)	0.3%	$42.22	—	COM	681936100

Unchanged Positions (9)

GYLD ARROW ETF TR 4.6%

Value ($000) $4,144 Shares 307,217 Est. Cost $13.13 Unrealized —

ARCM ARROW INVTS TR 45.5%

Value ($000) $40,943 Shares 409,003 Est. Cost $99.97 Unrealized —

TXO TXO PARTNERS LP 0.1%

Value ($000) $123 Shares 11,528 Est. Cost $14.05 Unrealized —

KRP KIMBELL RTY PARTNERS LP 0.2%

Value ($000) $148 Shares 12,595 Est. Cost $13.93 Unrealized —

TIP ISHARES TR 1.4%

Value ($000) $1,278 Shares 11,631 Est. Cost $111.09 Unrealized —

PK PARK HOTELS & RESORTS INC 0.2%

Value ($000) $204 Shares 19,461 Est. Cost $10.31 Unrealized —

HYG ISHARES TR 1.2%

Value ($000) $1,059 Shares 13,130 Est. Cost $81.19 Unrealized —

BNL BROADSTONE NET LEASE INC 0.2%

Value ($000) $211 Shares 12,160 Est. Cost $16.26 Unrealized —

BSM BLACK STONE MINERALS L P 0.2%

Value ($000) $186 Shares 13,986 Est. Cost $13.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GYLD	ARROW ETF TR	307,217	$4,144	4.6%	$13.13	—	ARROW DJ GLB YLD	04273H104
ARCM	ARROW INVTS TR	409,003	$40,943	45.5%	$99.97	—	RESV CAP ETF	042765719
TXO	TXO PARTNERS LP	11,528	$123	0.1%	$14.05	—	COM UNIT	87313P103
KRP	KIMBELL RTY PARTNERS LP	12,595	$148	0.2%	$13.93	—	UNIT	49435R102
TIP	ISHARES TR	11,631	$1,278	1.4%	$111.09	—	TIPS BD ETF	464287176
PK	PARK HOTELS & RESORTS INC	19,461	$204	0.2%	$10.31	—	COM	700517105
HYG	ISHARES TR	13,130	$1,059	1.2%	$81.19	—	IBOXX HI YD ETF	464288513
BNL	BROADSTONE NET LEASE INC	12,160	$211	0.2%	$16.26	—	COM	11135E203
BSM	BLACK STONE MINERALS L P	13,986	$186	0.2%	$13.09	—	COM UNIT	09225M101