The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AES CORP COM 00130H105 238 11,960 SH   SOLE   11,960 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 308 28,500 SH   SOLE   28,500 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 370 22,797 SH   SOLE   22,797 0 0
ARROW INVTS TR DWA COUNTRY ETF 042765685 9,430 333,617 SH   SOLE   333,617 0 0
ARROW INVTS TR DOGS OF THE 042765693 2,670 54,497 SH   SOLE   54,497 0 0
ARROW INVTS TR RESV CAP ETF 042765719 52,064 520,664 SH   SOLE   520,664 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 317 113,567 SH   SOLE   113,567 0 0
CAPITAL PRODUCT PARTNERS L P PARTNERSHP UNITS Y11082206 554 41,250 SH   SOLE   41,250 0 0
CENTURYLINK INC COM 156700106 408 30,862 SH   SOLE   30,862 0 0
CHATHAM LODGING TR COM 16208T102 374 20,395 SH   SOLE   20,395 0 0
COTY INC COM CL A 222070203 226 20,088 SH   SOLE   20,088 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER 226344208 353 11,440 SH   SOLE   11,440 0 0
CROSSAMERICA PARTNERS LP UT LTD PTN INT 22758A105 471 26,074 SH   SOLE   26,074 0 0
DCP MIDSTREAM LP COM UT LTD PTN 23311P100 397 16,201 SH   SOLE   16,201 0 0
DELEK LOGISTICS PARTNERS LP COM UNT RP INT 24664T103 444 13,892 SH   SOLE   13,892 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 351 34,958 SH   SOLE   34,958 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 321 52,309 SH   SOLE   52,309 0 0
EQM MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 415 13,860 SH   SOLE   13,860 0 0
GASLOG PARTNERS LP UNIT LTD PTNRP Y2687W108 356 22,745 SH   SOLE   22,745 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 416 20,320 SH   SOLE   20,320 0 0
GLOBAL PARTNERS LP COM UNITS 37946R109 462 22,917 SH   SOLE   22,917 0 0
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 389 44,004 SH   SOLE   44,004 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 439 28,094 SH   SOLE   28,094 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 365 25,947 SH   SOLE   25,947 0 0
INVESCO EXCHNG TRADED FD TR S&P500 LOW VOL 46138E354 11,880 203,626 SH   SOLE   203,626 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 11,273 190,302 SH   SOLE   190,302 0 0
ISHARES TR TIPS BD ETF 464287176 2,923 25,074 SH   SOLE   25,074 0 0
ISHARES TR IBOXX INV CP ETF 464287242 2,178 17,018 SH   SOLE   17,018 0 0
ISHARES TR S&P 500 VAL ETF 464287408 11,918 91,613 SH   SOLE   91,613 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 1,814 21,435 SH   SOLE   21,435 0 0
ISHARES TR COHEN STEER REIT 464287564 2,589 22,132 SH   SOLE   22,132 0 0
ISHARES TR U.S. REAL ES ETF 464287739 11,686 125,549 SH   SOLE   125,549 0 0
ISHARES TR JPMORGAN USD EMG 464288281 2,124 18,542 SH   SOLE   18,542 0 0
ISHARES TR IBOXX HI YD ETF 464288513 3,179 36,151 SH   SOLE   36,151 0 0
ISHARES TR USA QUALITY FCTR 46432F339 12,233 121,123 SH   SOLE   121,123 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 517 30,383 SH   SOLE   30,383 0 0
KIMCO RLTY CORP COM 49446R109 372 17,980 SH   SOLE   17,980 0 0
KITE RLTY GROUP TR COM NEW 49803T300 445 22,768 SH   SOLE   22,768 0 0
KNOT OFFSHORE PARTNERS LP COM UNITS Y48125101 463 23,350 SH   SOLE   23,350 0 0
MACERICH CO COM 554382101 312 11,590 SH   SOLE   11,590 0 0
MARTIN MIDSTREAM PRTNRS L P UNIT L P INT 573331105 371 91,967 SH   SOLE   91,967 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 484 47,721 SH   SOLE   47,721 0 0
NGL ENERGY PARTNERS LP COM UNIT REPST 62913M107 363 31,990 SH   SOLE   31,990 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 399 15,454 SH   SOLE   15,454 0 0
PBF LOGISTICS LP UNIT LTD PTNR 69318Q104 419 20,706 SH   SOLE   20,706 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 339 63,543 SH   SOLE   63,543 0 0
RLJ LODGING TR COM 74965L101 385 21,710 SH   SOLE   21,710 0 0
RPT REALTY SH BEN INT 74971D101 412 27,392 SH   SOLE   27,392 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 448 14,547 SH   SOLE   14,547 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 13,670 149,127 SH   SOLE   149,127 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 13,015 201,407 SH   SOLE   201,407 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 339 40,219 SH   SOLE   40,219 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 355 14,575 SH   SOLE   14,575 0 0
SITE CENTERS CORP COM 82981J109 346 24,679 SH   SOLE   24,679 0 0
SPDR SERIES TRUST BLMBRG BRC CNVRT 78464A359 2,192 39,493 SH   SOLE   39,493 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 401 18,357 SH   SOLE   18,357 0 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 263 79,486 SH   SOLE   79,486 0 0
SUNOCO LP COM UT REP LP 86765K109 421 13,772 SH   SOLE   13,772 0 0
USA COMPRESSION PARTNERS LP COMUNIT LTDPAR 90290N109 473 26,082 SH   SOLE   26,082 0 0
VANECK VECTORS ETF TRUST FALLEN ANGEL HG 92189F437 376 12,603 SH   SOLE   12,603 0 0
VANGUARD GROUP DIV APP ETF 921908844 12,147 97,441 SH   SOLE   97,441 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538 3,160 19,899 SH   SOLE   19,899 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 3,330 18,279 SH   SOLE   18,279 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 319 87,708 SH   SOLE   87,708 0 0