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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ANTERO MIDSTREAM CORP COM 03676B102 BBG00GBNZ4N9 177,174 14,140 SH   SOLE   14,140 0 0
ARROW INVTS TR DWA TACT INTL 042765685 BBG00JM9PV26 6,226,411 213,966 SH   SOLE   213,966 0 0
ARROW INVTS TR RESV CAP ETF 042765719 BBG00GBV8PC6 40,879,850 409,003 SH   SOLE   409,003 0 0
ARROW INVTS TR RVRSE CAP500 ETF 042765677 BBG00J3PQ5F3 1,303,241 57,756 SH   SOLE   57,756 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 BBG001S6YGF4 179,750 33,287 SH   SOLE   33,287 0 0
CDW CORP COM 12514G108 BBG001V18TB6 373,487 1,643 SH   SOLE   1,643 0 0
CITY OFFICE REIT INC COM 178587101 BBG005T5RWQ7 229,211 37,514 SH   SOLE   37,514 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 BBG001SDHNW4 341,785 24,767 SH   SOLE   24,767 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 BBG001SGNNQ7 168,355 13,845 SH   SOLE   13,845 0 0
EVEREST GROUP LTD COM G3223R108 BBG001S7QT63 317,161 897 SH   SOLE   897 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 BBG001S9CQC3 200,056 17,276 SH   SOLE   17,276 0 0
GLOBAL MED REIT INC COM NEW 37954A204 BBG0027F2C05 181,751 16,374 SH   SOLE   16,374 0 0
GLOBAL NET LEASE INC COM NEW 379378201 BBG004HXD0H7 161,230 16,204 SH   SOLE   16,204 0 0
GLOBAL PARTNERS LP COM UNITS 37946R109 BBG001SH3WJ5 207,742 4,910 SH   SOLE   4,910 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG001T6TCN9 202,632 21,765 SH   SOLE   21,765 0 0
INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 BBG00KJR2X19 5,431,973 66,179 SH   SOLE   66,179 0 0
ISHARES INC MSCI FRANCE ETF 464286707 BBG001S8S2R5 249,655 6,372 SH   SOLE   6,372 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 BBG001S8SYN9 4,449,649 69,374 SH   SOLE   69,374 0 0
ISHARES INC MSCI NETHERL ETF 464286814 BBG001S8SYR5 367,796 8,241 SH   SOLE   8,241 0 0
ISHARES INC MSCI SINGPOR ETF 46434G780 BBG001S8SYS4 228,720 12,231 SH   SOLE   12,231 0 0
ISHARES INC MSCI SPAIN ETF 464286764 BBG001S8SYT3 262,536 8,574 SH   SOLE   8,574 0 0
ISHARES INC MSCI TURKEY ETF 464286715 BBG001STW0V3 708,255 21,941 SH   SOLE   21,941 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 BBG001SKXPR1 1,290,489 15,730 SH   SOLE   15,730 0 0
ISHARES TR 20 YR TR BD ETF 464287432 BBG001S8MLN3 3,650,748 36,921 SH   SOLE   36,921 0 0
ISHARES TR IBOXX HI YD ETF 464288513 BBG001ST0ZQ7 1,401,765 18,113 SH   SOLE   18,113 0 0
ISHARES TR IBOXX INV CP ETF 464287242 BBG001S60QR6 1,330,133 12,020 SH   SOLE   12,020 0 0
ISHARES TR JPMORGAN USD EMG 464288281 BBG001SQS9Y2 1,418,370 15,926 SH   SOLE   15,926 0 0
ISHARES TR LATN AMER 40 ETF 464287390 BBG001SJRVW2 3,628,287 124,855 SH   SOLE   124,855 0 0
ISHARES TR MSCI POLAND ETF 46429B606 BBG001S56L11 536,420 23,683 SH   SOLE   23,683 0 0
ISHARES TR MSCI USA MMENTM 46432F396 BBG004FPV022 3,872,986 24,686 SH   SOLE   24,686 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 BBG004TRTWW3 5,395,624 36,670 SH   SOLE   36,670 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 BBG001S561Q8 5,133,085 68,350 SH   SOLE   68,350 0 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 BBG001SLBY94 1,855,794 73,178 SH   SOLE   73,178 0 0
KNOT OFFSHORE PARTNERS LP COM UNITS Y48125101 BBG0046HZ561 146,978 25,517 SH   SOLE   25,517 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 BBG001S7WM61 147,113 29,962 SH   SOLE   29,962 0 0
MOLSON COORS BEVERAGE CO CL B 60871R209 BBG001S5VQ21 359,119 5,867 SH   SOLE   5,867 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 BBG001S6PKJ1 253,030 34,567 SH   SOLE   34,567 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 BBG001T6RFS9 196,748 27,672 SH   SOLE   27,672 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 BBG001S985K5 167,347 11,046 SH   SOLE   11,046 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 BBG001SZV282 166,263 10,424 SH   SOLE   10,424 0 0
SELECT SECTOR SPDR TR INDL 81369Y704 BBG001S7T232 5,255,965 46,109 SH   SOLE   46,109 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 BBG001S7T1Q9 5,005,428 27,993 SH   SOLE   27,993 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 BBG001S7TCZ5 5,165,586 26,837 SH   SOLE   26,837 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 BBG001S6DDV6 209,408 11,791 SH   SOLE   11,791 0 0
SUNOCO LP/SUNOCO FIN CORP COM UT REP LP 86765K109 BBG00358K8T9 207,358 3,460 SH   SOLE   3,460 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 BBG001S6S976 242,532 1,591 SH   SOLE   1,591 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 BBG001SHTTS4 1,317,509 4,238 SH   SOLE   4,238 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538 BBG001SRN7S6 4,630,951 21,091 SH   SOLE   21,091 0 0