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
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 205 22,370 SH   SOLE   22,370 0 0
ARROW INVTS TR DWA COUNTRY ETF 042765685 5,845 283,617 SH   SOLE   283,617 0 0
ARROW INVTS TR DOGS OF THE 042765693 1,672 54,497 SH   SOLE   54,497 0 0
ARROW INVTS TR RESV CAP ETF 042765719 47,680 479,264 SH   SOLE   479,264 0 0
CAPITAL PRODUCT PARTNERS L P PARTNERSHP UNITS Y11082206 234 31,984 SH   SOLE   31,984 0 0
CENTURYLINK INC COM 156700106 275 29,042 SH   SOLE   29,042 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 204 27,790 SH   SOLE   27,790 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 232 25,942 SH   SOLE   25,942 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 7,580 45,925 SH   SOLE   45,925 0 0
ISHARES TR 20 YR TR BD ETF 464287432 14,461 87,657 SH   SOLE   87,657 0 0
ISHARES TR BARCLAYS 7 10 YR 464287440 7,612 62,662 SH   SOLE   62,662 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 8,165 94,212 SH   SOLE   94,212 0 0
ISHARES TR COHEN STEER REIT 464287564 2,211 24,146 SH   SOLE   24,146 0 0
ISHARES TR USA MOMENTUM FCT 46432F396 7,530 70,720 SH   SOLE   70,720 0 0
KNOT OFFSHORE PARTNERS LP COM UNITS Y48125101 221 21,650 SH   SOLE   21,650 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 288 37,878 SH   SOLE   37,878 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 9,044 102,095 SH   SOLE   102,095 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 10,340 128,659 SH   SOLE   128,659 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 7,046 127,153 SH   SOLE   127,153 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 276 19,492 SH   SOLE   19,492 0 0
SUNOCO LP COM UT REP LP 86765K109 216 13,832 SH   SOLE   13,832 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538 2,073 16,361 SH   SOLE   16,361 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 2,214 14,130 SH   SOLE   14,130 0 0
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 8,685 84,003 SH   SOLE   84,003 0 0