Arrow Investment Advisors, LLC Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
ARCM	Buy	ARROW INVTS TRresv cap etf	$45,534,468	+12.1%	457,403	+12.3%	36.38%	+13.7%
QUAL	Sell	ISHARES TRmsci usa qlt fct	$5,957,699	-11.5%	45,206	-9.4%	4.76%	-10.1%
RPV	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$5,945,191	-12.5%	80,799	-7.8%	4.75%	-11.3%
IVW	Sell	ISHARES TRs&p 500 grwt etf	$5,764,316	-12.0%	84,249	-9.4%	4.60%	-10.7%
XLI	Sell	SELECT SECTOR SPDR TRindl	$5,762,033	-14.5%	56,836	-9.5%	4.60%	-13.2%
EZU	Sell	ISHARES INCmsci eurzone etf	$5,564,402	-16.5%	131,733	-9.5%	4.44%	-15.3%
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$5,553,488	–	34,498	–	4.44%	–
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$5,422,640	-14.6%	33,079	-9.4%	4.33%	-13.3%
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$5,220,420	–	26,803	–	4.17%	–
RFG	New	INVESCO EXCHANGE TRADED FD Ts&p mdcp400 pr	$5,206,822	–	132,861	–	4.16%	–
IEV	Sell	ISHARES TReurope etf	$4,978,860	-14.5%	104,313	-9.4%	3.98%	-13.2%
AMJ	Sell	JPMORGAN CHASE & COalerian ml etn	$1,807,497	+0.4%	73,178	-6.9%	1.44%	+1.9%
SHY	New	ISHARES TR1 3 yr treas bd	$1,800,206	–	22,233	–	1.44%	–
TIP	New	ISHARES TRtips bd etf	$1,755,876	–	16,929	–	1.40%	–
LQD	Sell	ISHARES TRiboxx inv cp etf	$1,421,139	-10.2%	13,930	-4.8%	1.14%	-8.8%
HYG	Buy	ISHARES TRiboxx hi yd etf	$1,354,900	+1.9%	18,379	+3.8%	1.08%	+3.4%
CWB	Buy	SPDR SER TRbbg conv sec etf	$1,341,965	+0.6%	19,793	+3.8%	1.07%	+2.1%
EMB	Buy	ISHARES TRjpmorgan usd emg	$1,320,485	-1.0%	16,002	+3.8%	1.06%	+0.5%
RE	Sell	EVEREST GROUP LTD	$406,979	+7.9%	1,095	-0.7%	0.32%	+9.4%
TAP	Sell	MOLSON COORS BEVERAGE COcl b	$406,340	-4.0%	6,390	-0.6%	0.32%	-2.4%
INVH	Sell	INVITATION HOMES INC	$355,467	-9.1%	11,217	-1.3%	0.28%	-7.8%
PWR	Sell	QUANTA SVCS INC	$340,655	-15.5%	1,821	-11.3%	0.27%	-14.2%
GNL	Buy	GLOBAL NET LEASE INC	$251,484	+90.1%	26,169	+103.3%	0.20%	+93.3%
	Sell	SL GREEN RLTY CORP	$238,795	+2.9%	6,402	-17.1%	0.19%	+4.4%
DLR	New	DIGITAL RLTY TR INC	$220,014	–	1,818	–	0.18%	–
VNO	Sell	VORNADO RLTY TRsh ben int	$218,227	+3.2%	9,622	-17.5%	0.17%	+4.8%
STLD	Sell	STEEL DYNAMICS INC	$218,085	-10.5%	2,034	-9.1%	0.17%	-9.4%
JBHT	New	HUNT J B TRANS SVCS INC	$203,225	–	1,078	–	0.16%	–
PAGP	Buy	PLAINS GP HLDGS L Pltd partnr int a	$188,701	+10.9%	11,706	+2.1%	0.15%	+12.7%
PAA	Buy	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$187,762	+10.8%	12,256	+1.9%	0.15%	+12.8%
KNOP	Sell	KNOT OFFSHORE PARTNERS LP	$184,492	+37.4%	27,012	-0.6%	0.15%	+38.7%
ET	Buy	ENERGY TRANSFER L P	$182,558	+17.0%	13,012	+5.9%	0.15%	+18.7%
BSM	New	BLACK STONE MINERALS L P	$177,348	–	10,293	–	0.14%	–
ENLC	Buy	ENLINK MIDSTREAM LLC	$169,186	+22.4%	13,845	+6.2%	0.14%	+23.9%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$164,657	+5.1%	10,259	-3.1%	0.13%	+7.3%
BDN	Sell	BRANDYWINE RLTY TRsh ben int new	$151,123	-9.3%	33,287	-7.1%	0.12%	-7.6%
GMRE	Sell	GLOBAL MED REIT INC	$146,875	-11.6%	16,374	-10.0%	0.12%	-10.7%
HPP	Sell	HUDSON PAC PPTYS INC	$144,737	+24.1%	21,765	-21.2%	0.12%	+26.1%
GEL	Buy	GENESIS ENERGY L Punit ltd partn	$138,928	+11.6%	13,462	+3.3%	0.11%	+13.3%
F	New	FORD MTR CO DEL	$133,440	–	10,744	–	0.11%	–
PDM	Sell	PIEDMONT OFFICE REALTY TR IN	$116,396	-30.2%	20,711	-9.7%	0.09%	-29.0%
MPW	Sell	MEDICAL PPTYS TRUST INC	$104,095	-44.2%	19,100	-5.1%	0.08%	-43.5%
CIO	Sell	CITY OFFICE REIT INC	$98,379	-28.5%	23,148	-6.3%	0.08%	-26.9%
OPI	Sell	OFFICE PPTYS INCOME TR	$51,213	-50.5%	12,491	-7.0%	0.04%	-49.4%
KRP	Exit	KIMBELL RTY PARTNERS LPunit	$0	–	-10,291	–	-0.12%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-20,074	–	-0.14%	–
SBLK	Exit	STAR BULK CARRIERS CORP.	$0	–	-10,007	–	-0.14%	–
AFIN	Exit	THE NECESSITY RETAIL REIT IN	$0	–	-26,526	–	-0.14%	–
CTAS	Exit	CINTAS CORP	$0	–	-404	–	-0.16%	–
EPR	Exit	EPR PPTYS	$0	–	-4,338	–	-0.16%	–
ROST	Exit	ROSS STORES INC	$0	–	-1,828	–	-0.16%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-692	–	-0.16%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-688	–	-0.16%	–
TJX	Exit	TJX COS INC NEW	$0	–	-2,500	–	-0.17%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-5,552	–	-0.17%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-997	–	-0.18%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,365	–	-0.18%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-492	–	-0.18%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-3,267	–	-0.18%	–
NUE	Exit	NUCOR CORP	$0	–	-1,410	–	-0.18%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-8,141	–	-0.19%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-1,773	–	-0.22%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-14,217	–	-0.23%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-38,364	–	-3.11%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-83,558	–	-4.77%	–
DTH	Exit	WISDOMTREE TRitl high div fd	$0	–	-164,548	–	-4.78%	–

Q2 2023

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$40,626,227	–	407,403	–	31.98%	–
RPV	New	INVESCO EXCHANGE TRADED FD Ts&p500 pur val	$6,797,645	–	87,655	–	5.35%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$6,736,584	–	62,771	–	5.30%	–
QUAL	New	ISHARES TRmsci usa qlt fct	$6,728,664	–	49,890	–	5.30%	–
EZU	New	ISHARES INCmsci eurzone etf	$6,667,818	–	145,522	–	5.25%	–
IVW	New	ISHARES TRs&p 500 grwt etf	$6,552,314	–	92,967	–	5.16%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$6,348,845	–	36,517	–	5.00%	–
DTH	New	WISDOMTREE TRitl high div fd	$6,078,403	–	164,548	–	4.78%	–
EFA	New	ISHARES TRmsci eafe etf	$6,057,956	–	83,558	–	4.77%	–
DWCR	New	ARROW INVTS TRdwa tact intl	$5,921,038	–	213,966	–	4.66%	–
IEV	New	ISHARES TReurope etf	$5,822,006	–	115,196	–	4.58%	–
TLT	New	ISHARES TR20 yr tr bd etf	$3,949,190	–	38,364	–	3.11%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$1,799,901	–	78,564	–	1.42%	–
LQD	New	ISHARES TRiboxx inv cp etf	$1,581,980	–	14,629	–	1.24%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$1,337,835	–	4,728	–	1.05%	–
EMB	New	ISHARES TRjpmorgan usd emg	$1,334,101	–	15,416	–	1.05%	–
CWB	New	SPDR SER TRbbg conv sec etf	$1,333,877	–	19,069	–	1.05%	–
HYG	New	ISHARES TRiboxx hi yd etf	$1,329,189	–	17,706	–	1.05%	–
YPS	New	ARROW INVTS TRrvrse cap500 etf	$1,268,391	–	57,756	–	1.00%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$423,351	–	6,430	–	0.33%	–
PWR	New	QUANTA SVCS INC	$403,312	–	2,053	–	0.32%	–
INVH	New	INVITATION HOMES INC	$390,956	–	11,365	–	0.31%	–
RE	New	EVEREST RE GROUP LTD	$377,071	–	1,103	–	0.30%	–
SLV	New	ISHARES SILVER TRishares	$296,993	–	14,217	–	0.23%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$279,726	–	1,773	–	0.22%	–
CWH	New	CAMPING WORLD HLDGS INCcl a	$245,044	–	8,141	–	0.19%	–
STLD	New	STEEL DYNAMICS INC	$243,785	–	2,238	–	0.19%	–
	New	SL GREEN RLTY CORP	$232,076	–	7,723	–	0.18%	–
NUE	New	NUCOR CORP	$231,212	–	1,410	–	0.18%	–
AAP	New	ADVANCE AUTO PARTS INC	$229,670	–	3,267	–	0.18%	–
MLM	New	MARTIN MARIETTA MATLS INC	$227,152	–	492	–	0.18%	–
VMC	New	VULCAN MATLS CO	$224,763	–	997	–	0.18%	–
OMC	New	OMNICOM GROUP INC	$225,030	–	2,365	–	0.18%	–
IPG	New	INTERPUBLIC GROUP COS INC	$214,196	–	5,552	–	0.17%	–
TJX	New	TJX COS INC NEW	$211,975	–	2,500	–	0.17%	–
VNO	New	VORNADO RLTY TRsh ben int	$211,494	–	11,659	–	0.17%	–
HCA	New	HCA HEALTHCARE INC	$208,794	–	688	–	0.16%	–
APD	New	AIR PRODS & CHEMS INC	$207,274	–	692	–	0.16%	–
ROST	New	ROSS STORES INC	$204,974	–	1,828	–	0.16%	–
EPR	New	EPR PPTYS	$203,018	–	4,338	–	0.16%	–
CTAS	New	CINTAS CORP	$200,821	–	404	–	0.16%	–
MPW	New	MEDICAL PPTYS TRUST INC	$186,385	–	20,128	–	0.15%	–
AFIN	New	THE NECESSITY RETAIL REIT IN	$179,316	–	26,526	–	0.14%	–
SBLK	New	STAR BULK CARRIERS CORP.	$177,124	–	10,007	–	0.14%	–
NWL	New	NEWELL BRANDS INC	$174,644	–	20,074	–	0.14%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$170,100	–	11,470	–	0.13%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$169,510	–	12,022	–	0.13%	–
AM	New	ANTERO MIDSTREAM CORP	$169,000	–	14,569	–	0.13%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$166,656	–	35,840	–	0.13%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$166,788	–	22,942	–	0.13%	–
GMRE	New	GLOBAL MED REIT INC	$166,102	–	18,193	–	0.13%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$156,732	–	10,590	–	0.12%	–
ET	New	ENERGY TRANSFER L P	$156,070	–	12,289	–	0.12%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$151,381	–	10,291	–	0.12%	–
ENLC	New	ENLINK MIDSTREAM LLC	$138,224	–	13,040	–	0.11%	–
CIO	New	CITY OFFICE REIT INC	$137,568	–	24,698	–	0.11%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$134,249	–	27,176	–	0.11%	–
GNL	New	GLOBAL NET LEASE INC	$132,314	–	12,871	–	0.10%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$124,456	–	13,032	–	0.10%	–
HPP	New	HUDSON PAC PPTYS INC	$116,607	–	27,632	–	0.09%	–
OPI	New	OFFICE PPTYS INCOME TR	$103,465	–	13,437	–	0.08%	–

Q4 2022

			Value		Shares		↓ Weighting
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-10,128	–	-0.09%	–
FSP	Exit	FRANKLIN STR PPTYS CORP	$0	–	-46,767	–	-0.10%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-21,459	–	-0.11%	–
OPI	Exit	OFFICE PPTYS INCOME TR	$0	–	-10,493	–	-0.11%	–
GNL	Exit	GLOBAL NET LEASE INC	$0	–	-14,146	–	-0.12%	–
AFIN	Exit	THE NECESSITY RETAIL REIT IN	$0	–	-27,685	–	-0.13%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-11,922	–	-0.13%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-26,066	–	-0.15%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-12,402	–	-0.15%	–
CTRE	Exit	CARETRUST REIT INC	$0	–	-11,083	–	-0.16%	–
AM	Exit	ANTERO MIDSTREAM CORP	$0	–	-21,927	–	-0.16%	–
HEP	Exit	HOLLY ENERGY PARTNERS L P	$0	–	-12,299	–	-0.16%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-13,453	–	-0.16%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-8,545	–	-0.16%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-15,088	–	-0.16%	–
GTY	Exit	GETTY RLTY CORP NEW	$0	–	-7,599	–	-0.16%	–
AIZ	Exit	ASSURANT INC	$0	–	-1,420	–	-0.16%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-7,068	–	-0.16%	–
SUN	Exit	SUNOCO LP/SUNOCO FIN CORP	$0	–	-5,364	–	-0.16%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-8,391	–	-0.16%	–
MPLX	Exit	MPLX LP	$0	–	-7,136	–	-0.16%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-20,263	–	-0.16%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-4,220	–	-0.17%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-12,485	–	-0.17%	–
KRP	Exit	KIMBELL RTY PARTNERS LPunit	$0	–	-12,793	–	-0.17%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-20,006	–	-0.17%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-23,756	–	-0.17%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-8,851	–	-0.17%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-19,850	–	-0.17%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-8,752	–	-0.17%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-14,133	–	-0.17%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-25,092	–	-0.17%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-8,060	–	-0.17%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-15,120	–	-0.18%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-13,540	–	-0.20%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-6,978	–	-0.20%	–
ARLP	Exit	ALLIANCE RESOURCE PARTNERS Lut ltd part	$0	–	-11,614	–	-0.21%	–
NUE	Exit	NUCOR CORP	$0	–	-3,247	–	-0.27%	–
DBO	Exit	INVESCO DB MULTI-SECTOR COMMoil fd	$0	–	-22,960	–	-0.27%	–
SYY	Exit	SYSCO CORP	$0	–	-5,268	–	-0.29%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-5,666	–	-0.30%	–
PDBC	Exit	INVESCO ACTVELY MNGD ETC FDoptimum yield	$0	–	-23,948	–	-0.30%	–
DBE	Exit	INVESCO DB MULTI-SECTOR COMMenergy fd	$0	–	-17,351	–	-0.30%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-4,932	–	-0.31%	–
KR	Exit	KROGER CO	$0	–	-9,212	–	-0.31%	–
AES	Exit	AES CORP	$0	–	-17,986	–	-0.31%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-3,220	–	-0.32%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-9,268	–	-0.34%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-24,296	–	-0.77%	–
CWB	Exit	SPDR SER TRbbg conv sec etf	$0	–	-23,348	–	-1.14%	–
YPS	Exit	ARROW INVTS TRrvrse cap500 etf	$0	–	-85,000	–	-1.24%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-87,854	–	-1.36%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-19,281	–	-1.53%	–
DVY	Exit	ISHARES TRselect divid etf	$0	–	-55,423	–	-4.59%	–
PEY	Exit	INVESCO EXCHANGE TRADED FD Thig yld eq div	$0	–	-329,356	–	-4.73%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-77,032	–	-4.83%	–
DWCR	Exit	ARROW INVTS TRdwa country etf	$0	–	-252,366	–	-4.93%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-97,389	–	-5.02%	–
DTD	Exit	WISDOMTREE TRus total dividnd	$0	–	-122,339	–	-5.13%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-103,590	–	-5.24%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-116,805	–	-6.50%	–
DBC	Exit	INVESCO DB COMMDY INDX TRCKunit	$0	–	-582,553	–	-10.76%	–
ARCM	Exit	ARROW INVTS TRresv cap etf	$0	–	-433,803	–	-33.12%	–

Q3 2022

			Value		Shares		↓ Weighting
ARCM	Sell	ARROW INVTS TRresv cap etf	$42,868,000	-0.7%	433,803	-0.4%	33.12%	-4.0%
DBC	Buy	INVESCO DB COMMDY INDX TRCKunit	$13,929,000	+8.3%	582,553	+20.6%	10.76%	+4.7%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$8,413,000	+29.8%	116,805	+28.8%	6.50%	+25.5%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$6,787,000	+19.7%	103,590	+28.2%	5.24%	+15.7%
DTD	Buy	WISDOMTREE TRus total dividnd	$6,638,000	+20.1%	122,339	+28.2%	5.13%	+16.1%
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$6,499,000	–	97,389	–	5.02%	–
DWCR	Sell	ARROW INVTS TRdwa country etf	$6,381,000	-18.5%	252,366	-12.7%	4.93%	-21.2%
SHY	Sell	ISHARES TR1 3 yr treas bd	$6,256,000	-27.7%	77,032	-26.3%	4.83%	-30.1%
PEY	Buy	INVESCO EXCHANGE TRADED FD Thig yld eq div	$6,122,000	+15.9%	329,356	+28.2%	4.73%	+12.1%
DVY	Buy	ISHARES TRselect divid etf	$5,942,000	+16.8%	55,423	+28.2%	4.59%	+12.9%
TLT	New	ISHARES TR20 yr tr bd etf	$1,975,000	–	19,281	–	1.53%	–
AMJ	Buy	JPMORGAN CHASE & COalerian ml etn	$1,762,000	+8.4%	87,854	+2.4%	1.36%	+4.8%
YPS	Buy	ARROW INVTS TRrvrse cap500 etf	$1,601,000	+34.1%	85,000	+41.7%	1.24%	+29.7%
CWB	New	SPDR SER TRbbg conv sec etf	$1,478,000	–	23,348	–	1.14%	–
INDA	Sell	ISHARES TRmsci india etf	$991,000	-6.4%	24,296	-9.7%	0.77%	-9.5%
TAP	New	MOLSON COORS BEVERAGE COcl b	$445,000	–	9,268	–	0.34%	–
PWR	New	QUANTA SVCS INC	$410,000	–	3,220	–	0.32%	–
AES	New	AES CORP	$407,000	–	17,986	–	0.31%	–
KR	Buy	KROGER CO	$403,000	-0.5%	9,212	+7.8%	0.31%	-4.0%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$397,000	+0.8%	4,932	-3.0%	0.31%	-2.5%
CBRE	Buy	CBRE GROUP INCcl a	$382,000	-6.6%	5,666	+1.9%	0.30%	-9.8%
SYY	New	SYSCO CORP	$372,000	–	5,268	–	0.29%	–
DBO	Sell	INVESCO DB MULTI-SECTOR COMMoil fd	$349,000	-24.8%	22,960	-9.8%	0.27%	-27.2%
NUE	Sell	NUCOR CORP	$347,000	-0.6%	3,247	-2.8%	0.27%	-3.9%
ARLP	Sell	ALLIANCE RESOURCE PARTNERS Lut ltd part	$266,000	-6.7%	11,614	-25.7%	0.21%	-9.6%
DCP	Sell	DCP MIDSTREAM LP	$262,000	+22.4%	6,978	-3.8%	0.20%	+18.1%
PBFX	Sell	PBF LOGISTICS LPunit ltd ptnr	$256,000	-2.3%	13,540	-20.3%	0.20%	-5.3%
BSM	Sell	BLACK STONE MINERALS L P	$237,000	-4.0%	15,120	-16.3%	0.18%	-7.1%
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$224,000	–	8,060	–	0.17%	–
SHLX	Sell	SHELL MIDSTREAM PARTNERS L Punit ltd int	$223,000	-7.5%	14,133	-17.5%	0.17%	-10.9%
WES	Sell	WESTERN MIDSTREAM PARTNERS L	$220,000	-5.2%	8,752	-8.3%	0.17%	-8.1%
GEL	Buy	GENESIS ENERGY L Punit ltd partn	$219,000	+34.4%	23,756	+17.0%	0.17%	+30.0%
ET	Sell	ENERGY TRANSFER L P	$219,000	+4.8%	19,850	-5.3%	0.17%	+1.2%
KRP	Sell	KIMBELL RTY PARTNERS LPunit	$217,000	-1.4%	12,793	-8.7%	0.17%	-4.5%
PAGP	Sell	PLAINS GP HLDGS L Pltd partnr int a	$218,000	+0.9%	20,006	-4.6%	0.17%	-2.9%
USAC	Sell	USA COMPRESSION PARTNERS LP	$217,000	-4.8%	12,485	-8.3%	0.17%	-7.7%
DKL	Sell	DELEK LOGISTICS PARTNERS LP	$215,000	-20.7%	4,220	-24.2%	0.17%	-23.5%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$213,000	-2.7%	20,263	-9.2%	0.16%	-5.7%
DMLP	Sell	DORCHESTER MINERALS LP	$210,000	-6.7%	8,391	-11.0%	0.16%	-10.0%
OHI	Sell	OMEGA HEALTHCARE INVS INC	$208,000	-3.3%	7,068	-7.4%	0.16%	-6.4%
SUN	Sell	SUNOCO LP/SUNOCO FIN CORP	$209,000	-3.2%	5,364	-7.4%	0.16%	-6.9%
AIZ	Buy	ASSURANT INC	$207,000	-1.4%	1,420	+16.6%	0.16%	-4.8%
GTY	Sell	GETTY RLTY CORP NEW	$204,000	-4.2%	7,599	-5.6%	0.16%	-7.1%
NS	Sell	NUSTAR ENERGY LP	$204,000	-10.9%	15,088	-7.7%	0.16%	-13.7%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$203,000	-10.2%	8,545	-7.8%	0.16%	-13.3%
HEP	Sell	HOLLY ENERGY PARTNERS L P	$202,000	-8.2%	12,299	-10.3%	0.16%	-11.4%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$202,000	-10.2%	13,453	-8.9%	0.16%	-13.3%
CTRE	Sell	CARETRUST REIT INC	$201,000	-12.2%	11,083	-10.6%	0.16%	-15.3%
NWS	New	NEWS CORP NEWcl b	$191,000	–	12,402	–	0.15%	–
LUMN	Sell	LUMEN TECHNOLOGIES INC	$190,000	-35.2%	26,066	-3.2%	0.15%	-37.2%
KNOP	New	KNOT OFFSHORE PARTNERS LP	$167,000	–	11,922	–	0.13%	–
AFIN	Sell	THE NECESSITY RETAIL REIT IN	$163,000	-24.2%	27,685	-6.1%	0.13%	-26.7%
GNL	Sell	GLOBAL NET LEASE INC	$151,000	-28.1%	14,146	-4.8%	0.12%	-30.4%
OPI	New	OFFICE PPTYS INCOME TR	$147,000	–	10,493	–	0.11%	–
BDN	Buy	BRANDYWINE RLTY TRsh ben int new	$145,000	-10.5%	21,459	+27.6%	0.11%	-13.2%
FSP	Buy	FRANKLIN STR PPTYS CORP	$123,000	-22.6%	46,767	+22.3%	0.10%	-25.2%
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$115,000	–	10,128	–	0.09%	–
MBT	Exit	MOBILE TELESYSTEMS PUB JT STsponsored adr	$0	–	-35,608	–	0.00%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS T	$0	–	-10,811	–	-0.12%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,094	–	-0.16%	–
HESM	Exit	HESS MIDSTREAM LP	$0	–	-7,802	–	-0.17%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-17,041	–	-0.19%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,871	–	-0.19%	–
LTC	Exit	LTC PPTYS INC	$0	–	-6,283	–	-0.19%	–
WPC	Exit	WP CAREY INC	$0	–	-2,938	–	-0.19%	–
NHI	Exit	NATIONAL HEALTH INVS INC	$0	–	-4,064	–	-0.20%	–
UUP	Exit	INVESCO DB US DLR INDEX TRbullish fd	$0	–	-10,288	–	-0.23%	–
DE	Exit	DEERE & CO	$0	–	-1,220	–	-0.29%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-23,802	–	-0.30%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-5,789	–	-0.35%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-17,577	–	-1.60%	–
ICF	Exit	ISHARES TRcohen steer reit	$0	–	-90,303	–	-4.38%	–

Q2 2022

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$43,166,000	–	435,403	–	34.49%	–
DBC	New	INVESCO DB COMMDY INDX TRCKunit	$12,865,000	–	482,926	–	10.28%	–
SHY	New	ISHARES TR1 3 yr treas bd	$8,649,000	–	104,464	–	6.91%	–
DWCR	New	ARROW INVTS TRdwa country etf	$7,829,000	–	289,166	–	6.26%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$6,484,000	–	90,675	–	5.18%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$5,669,000	–	80,828	–	4.53%	–
DTD	New	WISDOMTREE TRus total dividnd	$5,527,000	–	95,427	–	4.42%	–
ICF	New	ISHARES TRcohen steer reit	$5,487,000	–	90,303	–	4.38%	–
PEY	New	INVESCO EXCHANGE TRADED FD Thig yld eq div	$5,281,000	–	257,000	–	4.22%	–
DVY	New	ISHARES TRselect divid etf	$5,088,000	–	43,246	–	4.07%	–
TIP	New	ISHARES TRtips bd etf	$2,002,000	–	17,577	–	1.60%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$1,626,000	–	85,779	–	1.30%	–
YPS	New	ARROW INVTS TRrvrse cap500 etf	$1,194,000	–	60,000	–	0.95%	–
INDA	New	ISHARES TRmsci india etf	$1,059,000	–	26,896	–	0.85%	–
DBO	New	INVESCO DB MULTI-SECTOR COMMoil fd	$464,000	–	25,460	–	0.37%	–
DBE	New	INVESCO DB MULTI-SECTOR COMMenergy fd	$454,000	–	17,351	–	0.36%	–
RHI	New	ROBERT HALF INTL INC	$433,000	–	5,789	–	0.35%	–
PDBC	New	INVESCO ACTVELY MNGD ETC FDoptimum yield	$432,000	–	23,948	–	0.34%	–
CBRE	New	CBRE GROUP INCcl a	$409,000	–	5,559	–	0.33%	–
KR	New	KROGER CO	$405,000	–	8,545	–	0.32%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$394,000	–	5,086	–	0.32%	–
HST	New	HOST HOTELS & RESORTS INC	$373,000	–	23,802	–	0.30%	–
DE	New	DEERE & CO	$365,000	–	1,220	–	0.29%	–
NUE	New	NUCOR CORP	$349,000	–	3,339	–	0.28%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$293,000	–	26,914	–	0.23%	–
UUP	New	INVESCO DB US DLR INDEX TRbullish fd	$288,000	–	10,288	–	0.23%	–
ARLP	New	ALLIANCE RESOURCE PARTNERS Lut ltd part	$285,000	–	15,640	–	0.23%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$271,000	–	5,564	–	0.22%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$262,000	–	16,993	–	0.21%	–
BSM	New	BLACK STONE MINERALS L P	$247,000	–	18,073	–	0.20%	–
NHI	New	NATIONAL HEALTH INVS INC	$246,000	–	4,064	–	0.20%	–
WPC	New	WP CAREY INC	$243,000	–	2,938	–	0.19%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$241,000	–	17,138	–	0.19%	–
LTC	New	LTC PPTYS INC	$241,000	–	6,283	–	0.19%	–
RTLR	New	RATTLER MIDSTREAM LP	$233,000	–	17,041	–	0.19%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$233,000	–	4,871	–	0.19%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$232,000	–	9,547	–	0.18%	–
CTRE	New	CARETRUST REIT INC	$229,000	–	12,392	–	0.18%	–
NS	New	NUSTAR ENERGY LP	$229,000	–	16,349	–	0.18%	–
USAC	New	USA COMPRESSION PARTNERS LP	$228,000	–	13,621	–	0.18%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$226,000	–	9,269	–	0.18%	–
DMLP	New	DORCHESTER MINERALS LP	$225,000	–	9,428	–	0.18%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$225,000	–	14,770	–	0.18%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$220,000	–	14,008	–	0.18%	–
HEP	New	HOLLY ENERGY PARTNERS L P	$220,000	–	13,714	–	0.18%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$219,000	–	22,312	–	0.18%	–
HESM	New	HESS MIDSTREAM LP	$218,000	–	7,802	–	0.17%	–
SUN	New	SUNOCO LP/SUNOCO FIN CORP	$216,000	–	5,793	–	0.17%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$216,000	–	20,976	–	0.17%	–
AFIN	New	THE NECESSITY RETAIL REIT IN	$215,000	–	29,499	–	0.17%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$215,000	–	7,630	–	0.17%	–
DCP	New	DCP MIDSTREAM LP	$214,000	–	7,250	–	0.17%	–
GTY	New	GETTY RLTY CORP NEW	$213,000	–	8,050	–	0.17%	–
ENLC	New	ENLINK MIDSTREAM LLC	$213,000	–	25,092	–	0.17%	–
GNL	New	GLOBAL NET LEASE INC	$210,000	–	14,858	–	0.17%	–
AIZ	New	ASSURANT INC	$210,000	–	1,218	–	0.17%	–
ET	New	ENERGY TRANSFER L P	$209,000	–	20,959	–	0.17%	–
MPLX	New	MPLX LP	$208,000	–	7,136	–	0.17%	–
GLP	New	GLOBAL PARTNERS LP	$208,000	–	8,851	–	0.17%	–
PM	New	PHILIP MORRIS INTL INC	$207,000	–	2,094	–	0.16%	–
AM	New	ANTERO MIDSTREAM CORP	$198,000	–	21,927	–	0.16%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$163,000	–	20,306	–	0.13%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$162,000	–	16,816	–	0.13%	–
FSP	New	FRANKLIN STR PPTYS CORP	$159,000	–	38,238	–	0.13%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS T	$152,000	–	10,811	–	0.12%	–
MBT	New	MOBILE TELESYSTEMS PUB JT STsponsored adr	$0	–	35,608	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
HMLP	Exit	HOEGH LNG PARTNERS LP	$0	–	-15,996	–	-0.05%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-10,847	–	-0.12%	–
UA	Exit	UNDER ARMOUR INCcl c	$0	–	-11,603	–	-0.13%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-2,369	–	-0.14%	–
OMP	Exit	OASIS MIDSTREAM PARTNERS LP	$0	–	-9,314	–	-0.14%	–
GWW	Exit	GRAINGER W W INC	$0	–	-527	–	-0.14%	–
FOX	Exit	FOX CORP	$0	–	-5,652	–	-0.14%	–
URI	Exit	UNITED RENTALS INC	$0	–	-608	–	-0.14%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-19,030	–	-0.15%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-3,217	–	-0.15%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-10,968	–	-0.15%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-1,684	–	-0.15%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-19,069	–	-0.16%	–
NHI	Exit	NATIONAL HEALTH INVS INC	$0	–	-4,520	–	-0.16%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-8,275	–	-0.16%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-15,978	–	-0.16%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-31,003	–	-0.16%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-26,625	–	-0.17%	–
AIZ	Exit	ASSURANT INC	$0	–	-1,607	–	-0.17%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-25,582	–	-0.17%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-7,138	–	-0.17%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-11,852	–	-0.17%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-1,883	–	-0.17%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-25,489	–	-0.17%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-9,189	–	-0.17%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-24,173	–	-0.17%	–
OPI	Exit	OFFICE PPTYS INCOME TR	$0	–	-10,250	–	-0.17%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-19,781	–	-0.17%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-5,825	–	-0.17%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-3,736	–	-0.17%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-1,101	–	-0.18%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-14,317	–	-0.18%	–
GNL	Exit	GLOBAL NET LEASE INC	$0	–	-16,843	–	-0.18%	–
VIV	Exit	TELEFONICA BRASIL SAnew adr	$0	–	-34,995	–	-0.18%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-9,613	–	-0.18%	–
FSP	Exit	FRANKLIN STR PPTYS CORP	$0	–	-58,613	–	-0.18%	–
MPLX	Exit	MPLX LP	$0	–	-9,629	–	-0.18%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-13,156	–	-0.18%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-18,228	–	-0.18%	–
HYLB	Exit	DBX ETF TRxtrack usd high	$0	–	-6,985	–	-0.18%	–
APTV	Exit	APTIV PLC	$0	–	-1,886	–	-0.18%	–
GTY	Exit	GETTY RLTY CORP NEW	$0	–	-9,640	–	-0.19%	–
SUN	Exit	SUNOCO LP/SUNOCO FIN CORP	$0	–	-7,571	–	-0.19%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-17,138	–	-0.19%	–
AM	Exit	ANTERO MIDSTREAM CORP	$0	–	-27,192	–	-0.19%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-6,270	–	-0.19%	–
ODFL	Exit	OLD DOMINION FREIGHT LINE IN	$0	–	-1,014	–	-0.19%	–
ICVT	Exit	ISHARES TRconv bd etf	$0	–	-2,902	–	-0.19%	–
WPC	Exit	WP CAREY INC	$0	–	-3,995	–	-0.19%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-21,951	–	-0.19%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS T	$0	–	-11,872	–	-0.20%	–
JBHT	Exit	HUNT J B TRANS SVCS INC	$0	–	-1,838	–	-0.20%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-6,800	–	-0.20%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-32,050	–	-0.20%	–
KRP	Exit	KIMBELL RTY PARTNERS LPunit	$0	–	-21,945	–	-0.20%	–
RTLR	Exit	RATTLER MIDSTREAM LP	$0	–	-26,524	–	-0.20%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-45,822	–	-0.20%	–
HESM	Exit	HESS MIDSTREAM LP	$0	–	-11,218	–	-0.21%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-1,796	–	-0.21%	–
CXP	Exit	COLUMBIA PPTY TR INC	$0	–	-17,798	–	-0.22%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-28,823	–	-0.23%	–
BWA	Exit	BORGWARNER INC	$0	–	-8,345	–	-0.24%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-2,428	–	-0.25%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-16,670	–	-0.26%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-8,764	–	-0.26%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-24,349	–	-0.28%	–
DBO	Exit	INVESCO DB MULTI-SECTOR COMMoil fd	$0	–	-32,091	–	-0.29%	–
NUE	Exit	NUCOR CORP	$0	–	-4,725	–	-0.30%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-1,580	–	-0.31%	–
DE	Exit	DEERE & CO	$0	–	-1,417	–	-0.31%	–
GRMN	Exit	GARMIN LTD	$0	–	-3,223	–	-0.33%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-24,610	–	-0.36%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-5,760	–	-0.37%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-5,908	–	-0.39%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-5,672	–	-0.42%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-28,549	–	-0.44%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-34,857	–	-1.11%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-94,024	–	-1.12%	–
CWB	Exit	SPDR SER TRblmbrg brc cnvrt	$0	–	-21,218	–	-1.19%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-22,432	–	-1.29%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-20,571	–	-1.48%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-17,375	–	-1.52%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-54,384	–	-3.49%	–
ICF	Exit	ISHARES TRcohen steer reit	$0	–	-82,402	–	-3.54%	–
RWR	Exit	SPDR SER TRdj reit etf	$0	–	-51,729	–	-3.58%	–
FNX	Exit	FIRST TR MID CAP CORE ALPHAD	$0	–	-56,333	–	-3.61%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-147,167	–	-3.62%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-37,182	–	-3.64%	–
FYX	Exit	FIRST TR SML CP CORE ALPHA F	$0	–	-61,953	–	-3.72%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-43,521	–	-4.12%	–
YPS	Exit	ARROW INVTS TRrvrse cap500 etf	$0	–	-294,898	–	-4.44%	–
DBC	Exit	INVESCO DB COMMDY INDX TRCKunit	$0	–	-465,165	–	-6.16%	–
DWCR	Exit	ARROW INVTS TRdwa country etf	$0	–	-336,766	–	-7.72%	–
ARCM	Exit	ARROW INVTS TRresv cap etf	$0	–	-446,303	–	-29.29%	–

Q3 2021

			Value		Shares		↓ Weighting
DBC	Buy	INVESCO DB COMMDY INDX TRCKunit	$9,387,000	+170.4%	465,165	+157.9%	6.16%	+186.3%
YPS	Sell	ARROW INVTS TRrvrse cap500 etf	$6,767,000	-8.4%	294,898	-7.8%	4.44%	-3.0%
TLT	Sell	ISHARES TR20 yr tr bd etf	$6,281,000	-6.6%	43,521	-6.5%	4.12%	-1.1%
FYX	Sell	FIRST TR SML CP CORE ALPHA F	$5,667,000	-6.2%	61,953	-4.3%	3.72%	-0.7%
XLK	New	SELECT SECTOR SPDR TRtechnology	$5,552,000	–	37,182	–	3.64%	–
XLF	Sell	SELECT SECTOR SPDR TRfinancial	$5,523,000	-2.6%	147,167	-4.7%	3.62%	+3.2%
FNX	Sell	FIRST TR MID CAP CORE ALPHAD	$5,508,000	-6.3%	56,333	-4.1%	3.61%	-0.8%
RWR	New	SPDR SER TRdj reit etf	$5,454,000	–	51,729	–	3.58%	–
ICF	New	ISHARES TRcohen steer reit	$5,391,000	–	82,402	–	3.54%	–
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$5,321,000	-8.9%	54,384	-4.7%	3.49%	-3.5%
LQD	Sell	ISHARES TRiboxx inv cp etf	$2,311,000	-7.2%	17,375	-6.2%	1.52%	-1.6%
EMB	Sell	ISHARES TRjpmorgan usd emg	$2,264,000	-8.4%	20,571	-6.4%	1.48%	-3.0%
HYG	Sell	ISHARES TRiboxx hi yd etf	$1,963,000	-6.7%	22,432	-6.1%	1.29%	-1.2%
CWB	Sell	SPDR SER TRblmbrg brc cnvrt	$1,811,000	-7.6%	21,218	-6.1%	1.19%	-2.1%
AMJ	Sell	JPMORGAN CHASE & COalerian ml etn	$1,708,000	-14.0%	94,024	-7.0%	1.12%	-8.9%
INDA	Buy	ISHARES TRmsci india etf	$1,697,000	+11.6%	34,857	+1.5%	1.11%	+18.3%
NWS	Buy	NEWS CORP NEWcl b	$663,000	+107.2%	28,549	+117.0%	0.44%	+119.7%
PWR	Sell	QUANTA SVCS INC	$646,000	+5.6%	5,672	-16.0%	0.42%	+11.9%
RHI	Sell	ROBERT HALF INTL INC	$593,000	-10.2%	5,908	-20.4%	0.39%	-4.9%
CBRE	Sell	CBRE GROUP INCcl a	$561,000	-3.8%	5,760	-15.2%	0.37%	+1.9%
NWL	Buy	NEWELL BRANDS INC	$545,000	-14.7%	24,610	+5.8%	0.36%	-9.8%
GRMN	New	GARMIN LTD	$501,000	–	3,223	–	0.33%	–
DE	Sell	DEERE & CO	$475,000	-14.1%	1,417	-9.6%	0.31%	-8.8%
EL	New	LAUDER ESTEE COS INCcl a	$474,000	–	1,580	–	0.31%	–
NUE	Sell	NUCOR CORP	$465,000	-17.1%	4,725	-19.2%	0.30%	-12.1%
DBO	Sell	INVESCO DB MULTI-SECTOR COMMoil fd	$440,000	+5.0%	32,091	-1.2%	0.29%	+11.6%
CIO	Sell	CITY OFFICE REIT INC	$435,000	+37.7%	24,349	-4.2%	0.28%	+45.4%
LEG	Buy	LEGGETT & PLATT INC	$393,000	-3.2%	8,764	+12.0%	0.26%	+2.8%
NWSA	Buy	NEWS CORP NEWcl a	$392,000	+38.0%	16,670	+51.2%	0.26%	+46.0%
IPGP	New	IPG PHOTONICS CORP	$385,000	–	2,428	–	0.25%	–
BWA	Buy	BORGWARNER INC	$361,000	+5.9%	8,345	+18.6%	0.24%	+12.3%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$357,000	+5.3%	28,823	+15.5%	0.23%	+11.4%
CXP	Buy	COLUMBIA PPTY TR INC	$339,000	+27.0%	17,798	+16.0%	0.22%	+34.5%
MHK	Buy	MOHAWK INDS INC	$319,000	-6.7%	1,796	+0.8%	0.21%	-1.4%
HESM	Sell	HESS MIDSTREAM LP	$316,000	-0.6%	11,218	-11.0%	0.21%	+5.1%
ENLC	Sell	ENLINK MIDSTREAM LLC	$313,000	-23.3%	45,822	-28.3%	0.20%	-19.0%
RTLR	Buy	RATTLER MIDSTREAM LP	$311,000	+9.9%	26,524	+2.4%	0.20%	+16.6%
MBT	Sell	MOBILE TELESYSTEMS PJSCsponsored adr	$309,000	+2.7%	32,050	-1.4%	0.20%	+9.1%
KRP	Sell	KIMBELL RTY PARTNERS LPunit	$310,000	-8.3%	21,945	-16.5%	0.20%	-2.9%
DKL	Sell	DELEK LOGISTICS PARTNERS LP	$308,000	-2.5%	6,800	-9.7%	0.20%	+3.1%
JBHT	Sell	HUNT J B TRANS SVCS INC	$307,000	-7.3%	1,838	-9.6%	0.20%	-2.0%
ILPT	Buy	INDUSTRIAL LOGISTICS PPTYS T	$302,000	+2.7%	11,872	+5.5%	0.20%	+8.8%
BDN	Buy	BRANDYWINE RLTY TRsh ben int new	$295,000	+6.1%	21,951	+8.1%	0.19%	+12.2%
WPC	Buy	WP CAREY INC	$292,000	+3.5%	3,995	+5.7%	0.19%	+9.7%
ICVT	Sell	ISHARES TRconv bd etf	$289,000	-6.2%	2,902	-4.0%	0.19%	-0.5%
ODFL	Sell	OLD DOMINION FREIGHT LINE IN	$290,000	-7.9%	1,014	-18.3%	0.19%	-2.6%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$289,000	-4.3%	6,270	-0.5%	0.19%	+1.6%
AM	Sell	ANTERO MIDSTREAM CORP	$283,000	-10.2%	27,192	-10.2%	0.19%	-4.6%
GTY	Buy	GETTY RLTY CORP NEW	$283,000	-1.7%	9,640	+4.3%	0.19%	+4.5%
SUN	Sell	SUNOCO LP/SUNOCO FIN CORP	$283,000	-9.6%	7,571	-8.8%	0.19%	-4.1%
USAC	Sell	USA COMPRESSION PARTNERS LP	$284,000	-1.4%	17,138	-2.1%	0.19%	+4.5%
HYLB	Sell	DBX ETF TRxtrack usd high	$280,000	-5.1%	6,985	-4.5%	0.18%	+0.5%
SPH	Buy	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$280,000	+2.6%	18,228	+2.3%	0.18%	+8.9%
APTV	Sell	APTIV PLC	$281,000	-11.9%	1,886	-7.0%	0.18%	-7.1%
WES	Sell	WESTERN MIDSTREAM PARTNERS L	$276,000	-12.7%	13,156	-10.8%	0.18%	-7.7%
MPLX	Sell	MPLX LP	$274,000	-12.2%	9,629	-8.8%	0.18%	-6.7%
FSP	Buy	FRANKLIN STR PPTYS CORP	$272,000	+7.9%	58,613	+22.4%	0.18%	+14.1%
VIV	Buy	TELEFONICA BRASIL SAnew adr	$272,000	-4.9%	34,995	+4.1%	0.18%	+0.6%
DCP	Sell	DCP MIDSTREAM LP	$271,000	-29.8%	9,613	-23.5%	0.18%	-25.5%
GNL	Buy	GLOBAL NET LEASE INC	$270,000	+0.4%	16,843	+15.7%	0.18%	+6.0%
KNOP	Sell	KNOT OFFSHORE PARTNERS LP	$269,000	-9.4%	14,317	-3.8%	0.18%	-4.3%
HCA	Sell	HCA HEALTHCARE INC	$267,000	-7.6%	1,101	-21.2%	0.18%	-2.2%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$266,000	-12.8%	5,825	-6.7%	0.17%	-7.9%
SLG	Buy	SL GREEN RLTY CORP	$265,000	-10.5%	3,736	+1.0%	0.17%	-4.9%
BPMP	Sell	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$262,000	-15.2%	19,781	-7.4%	0.17%	-9.9%
PAGP	Sell	PLAINS GP HLDGS L Pltd partnr int a	$260,000	-26.3%	24,173	-18.1%	0.17%	-21.9%
OPI	Buy	OFFICE PPTYS INCOME TR	$260,000	-5.5%	10,250	+9.4%	0.17%	+0.6%
CEQP	Sell	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$261,000	-11.8%	9,189	-7.1%	0.17%	-6.6%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$259,000	-24.3%	25,489	-15.3%	0.17%	-19.8%
TEL	New	TE CONNECTIVITY LTD	$258,000	–	1,883	–	0.17%	–
PSXP	Sell	PHILLIPS 66 PARTNERS LP	$256,000	-25.4%	7,138	-17.9%	0.17%	-20.8%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$256,000	-11.1%	11,852	-0.8%	0.17%	-5.6%
GEL	Sell	GENESIS ENERGY L Punit ltd partn	$255,000	-26.5%	25,582	-14.4%	0.17%	-22.3%
ET	Sell	ENERGY TRANSFER L P	$255,000	-30.3%	26,625	-22.7%	0.17%	-26.4%
AIZ	New	ASSURANT INC	$254,000	–	1,607	–	0.17%	–
ENBL	Sell	ENABLE MIDSTREAM PARTNERS LP	$252,000	-30.8%	31,003	-22.5%	0.16%	-26.7%
NS	Sell	NUSTAR ENERGY LP	$251,000	-13.7%	15,978	-0.9%	0.16%	-8.3%
OHI	Buy	OMEGA HEALTHCARE INVS INC	$248,000	-5.0%	8,275	+15.0%	0.16%	+0.6%
NHI	Buy	NATIONAL HEALTH INVS INC	$242,000	-1.6%	4,520	+23.3%	0.16%	+4.6%
PBFX	Buy	PBF LOGISTICS LPunit ltd ptnr	$241,000	-13.6%	19,069	+1.6%	0.16%	-8.7%
UHS	Sell	UNIVERSAL HLTH SVCS INCcl b	$233,000	-30.7%	1,684	-26.6%	0.15%	-26.4%
GLP	Sell	GLOBAL PARTNERS LP	$232,000	-27.3%	10,968	-10.8%	0.15%	-23.2%
HIG	New	HARTFORD FINL SVCS GROUP INC	$226,000	–	3,217	–	0.15%	–
SHLX	Sell	SHELL MIDSTREAM PARTNERS L Punit ltd int	$224,000	-25.8%	19,030	-7.1%	0.15%	-21.4%
URI	Sell	UNITED RENTALS INC	$213,000	-4.1%	608	-12.6%	0.14%	+2.2%
FOX	New	FOX CORP	$210,000	–	5,652	–	0.14%	–
GWW	Buy	GRAINGER W W INC	$207,000	-9.6%	527	+0.8%	0.14%	-4.2%
OMP	Sell	OASIS MIDSTREAM PARTNERS LP	$208,000	-31.4%	9,314	-28.0%	0.14%	-27.7%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$206,000	-2.4%	2,369	+5.2%	0.14%	+3.1%
UA	New	UNDER ARMOUR INCcl c	$203,000	–	11,603	–	0.13%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$189,000	–	10,847	–	0.12%	–
HMLP	Sell	HOEGH LNG PARTNERS LP	$79,000	-75.6%	15,996	-13.3%	0.05%	-74.1%
RJF	Exit	RAYMOND JAMES FINL INC	$0	–	-1,569	–	-0.13%	–
PHM	Exit	PULTE GROUP INC	$0	–	-3,790	–	-0.13%	–
ENPH	Exit	ENPHASE ENERGY INC	$0	–	-1,153	–	-0.13%	–
WAB	Exit	WABTEC	$0	–	-2,565	–	-0.13%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-3,526	–	-0.13%	–
FAST	Exit	FASTENAL CO	$0	–	-4,163	–	-0.13%	–
DOW	Exit	DOW INC	$0	–	-4,430	–	-0.17%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-2,807	–	-0.18%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-43,000	–	-0.18%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,773	–	-0.19%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-895	–	-0.20%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-13,570	–	-0.31%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-4,973	–	-0.36%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-69,251	–	-3.53%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-24,828	–	-3.63%	–
IJT	Exit	ISHARES TRs&p sml 600 gwt	$0	–	-46,668	–	-3.83%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-42,290	–	-4.55%	–

Q2 2021

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$44,639,000	–	446,303	–	27.64%	–
DWCR	New	ARROW INVTS TRdwa country etf	$11,971,000	–	336,766	–	7.41%	–
YPS	New	ARROW INVTS TRrvrse cap500 etf	$7,385,000	–	319,851	–	4.57%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$7,344,000	–	42,290	–	4.55%	–
TLT	New	ISHARES TR20 yr tr bd etf	$6,723,000	–	46,571	–	4.16%	–
IJT	New	ISHARES TRs&p sml 600 gwt	$6,190,000	–	46,668	–	3.83%	–
FYX	New	FIRST TR SML CP CORE ALPHA F	$6,043,000	–	64,732	–	3.74%	–
FNX	New	FIRST TR MID CAP CORE ALPHAD	$5,879,000	–	58,727	–	3.64%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$5,868,000	–	24,828	–	3.63%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$5,842,000	–	57,049	–	3.62%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$5,700,000	–	69,251	–	3.53%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$5,668,000	–	154,471	–	3.51%	–
DBC	New	INVESCO DB COMMDY INDX TRCKunit	$3,472,000	–	180,358	–	2.15%	–
LQD	New	ISHARES TRiboxx inv cp etf	$2,489,000	–	18,528	–	1.54%	–
EMB	New	ISHARES TRjpmorgan usd emg	$2,472,000	–	21,982	–	1.53%	–
HYG	New	ISHARES TRiboxx hi yd etf	$2,103,000	–	23,892	–	1.30%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$1,987,000	–	101,118	–	1.23%	–
CWB	New	SPDR SER TRblmbrg brc cnvrt	$1,959,000	–	22,586	–	1.21%	–
INDA	New	ISHARES TRmsci india etf	$1,520,000	–	34,355	–	0.94%	–
RHI	New	ROBERT HALF INTL INC	$660,000	–	7,420	–	0.41%	–
NWL	New	NEWELL BRANDS INC	$639,000	–	23,252	–	0.40%	–
PWR	New	QUANTA SVCS INC	$612,000	–	6,754	–	0.38%	–
CBRE	New	CBRE GROUP INCcl a	$583,000	–	6,795	–	0.36%	–
EMN	New	EASTMAN CHEM CO	$581,000	–	4,973	–	0.36%	–
NUE	New	NUCOR CORP	$561,000	–	5,845	–	0.35%	–
DE	New	DEERE & CO	$553,000	–	1,568	–	0.34%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$504,000	–	13,570	–	0.31%	–
DBO	New	INVESCO DB MULTI-SECTOR COMMoil fd	$419,000	–	32,484	–	0.26%	–
ENLC	New	ENLINK MIDSTREAM LLC	$408,000	–	63,923	–	0.25%	–
LEG	New	LEGGETT & PLATT INC	$406,000	–	7,827	–	0.25%	–
DCP	New	DCP MIDSTREAM LP	$386,000	–	12,574	–	0.24%	–
ET	New	ENERGY TRANSFER L P	$366,000	–	34,433	–	0.23%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$364,000	–	40,000	–	0.22%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$353,000	–	29,525	–	0.22%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$347,000	–	29,888	–	0.22%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$343,000	–	8,689	–	0.21%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$342,000	–	30,090	–	0.21%	–
MHK	New	MOHAWK INDS INC	$342,000	–	1,781	–	0.21%	–
BWA	New	BORGWARNER INC	$341,000	–	7,034	–	0.21%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$339,000	–	24,947	–	0.21%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$338,000	–	26,273	–	0.21%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$336,000	–	2,293	–	0.21%	–
JBHT	New	HUNT J B TRANS SVCS INC	$331,000	–	2,033	–	0.20%	–
HMLP	New	HOEGH LNG PARTNERS LP	$324,000	–	18,440	–	0.20%	–
GLP	New	GLOBAL PARTNERS LP	$319,000	–	12,291	–	0.20%	–
APTV	New	APTIV PLC	$319,000	–	2,029	–	0.20%	–
NWS	New	NEWS CORP NEWcl b	$320,000	–	13,154	–	0.20%	–
HESM	New	HESS MIDSTREAM LP	$318,000	–	12,604	–	0.20%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$316,000	–	14,754	–	0.20%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$316,000	–	7,527	–	0.20%	–
CIO	New	CITY OFFICE REIT INC	$316,000	–	25,423	–	0.20%	–
AM	New	ANTERO MIDSTREAM CORP	$315,000	–	30,295	–	0.20%	–
ODFL	New	OLD DOMINION FREIGHT LINE IN	$315,000	–	1,241	–	0.20%	–
MLM	New	MARTIN MARIETTA MATLS INC	$315,000	–	895	–	0.20%	–
SUN	New	SUNOCO LP/SUNOCO FIN CORP	$313,000	–	8,298	–	0.19%	–
MPLX	New	MPLX LP	$312,000	–	10,553	–	0.19%	–
ICVT	New	ISHARES TRconv bd etf	$308,000	–	3,024	–	0.19%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$309,000	–	21,359	–	0.19%	–
VMC	New	VULCAN MATLS CO	$309,000	–	1,773	–	0.19%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$305,000	–	6,244	–	0.19%	–
OMP	New	OASIS MIDSTREAM PARTNERS LP	$303,000	–	12,939	–	0.19%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$302,000	–	6,303	–	0.19%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$302,000	–	20,475	–	0.19%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$301,000	–	32,506	–	0.19%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$297,000	–	14,878	–	0.18%	–
SLG	New	SL GREEN RLTY CORP	$296,000	–	3,700	–	0.18%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$296,000	–	9,889	–	0.18%	–
HYLB	New	DBX ETF TRxtrack usd high	$295,000	–	7,313	–	0.18%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS T	$294,000	–	11,251	–	0.18%	–
NS	New	NUSTAR ENERGY LP	$291,000	–	16,116	–	0.18%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$289,000	–	43,000	–	0.18%	–
HCA	New	HCA HEALTHCARE INC	$289,000	–	1,398	–	0.18%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$289,000	–	2,807	–	0.18%	–
USAC	New	USA COMPRESSION PARTNERS LP	$288,000	–	17,498	–	0.18%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$288,000	–	11,950	–	0.18%	–
GTY	New	GETTY RLTY CORP NEW	$288,000	–	9,242	–	0.18%	–
VIV	New	TELEFONICA BRASIL SAnew adr	$286,000	–	33,610	–	0.18%	–
NWSA	New	NEWS CORP NEWcl a	$284,000	–	11,024	–	0.18%	–
WPC	New	WP CAREY INC	$282,000	–	3,780	–	0.18%	–
RTLR	New	RATTLER MIDSTREAM LP	$283,000	–	25,891	–	0.18%	–
DOW	New	DOW INC	$280,000	–	4,430	–	0.17%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$279,000	–	18,777	–	0.17%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$278,000	–	20,304	–	0.17%	–
OPI	New	OFFICE PPTYS INCOME TR	$275,000	–	9,372	–	0.17%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$273,000	–	17,813	–	0.17%	–
GNL	New	GLOBAL NET LEASE INC	$269,000	–	14,553	–	0.17%	–
CXP	New	COLUMBIA PPTY TR INC	$267,000	–	15,339	–	0.16%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$261,000	–	7,194	–	0.16%	–
FSP	New	FRANKLIN STR PPTYS CORP	$252,000	–	47,885	–	0.16%	–
NHI	New	NATIONAL HEALTH INVS INC	$246,000	–	3,667	–	0.15%	–
GWW	New	GRAINGER W W INC	$229,000	–	523	–	0.14%	–
URI	New	UNITED RENTALS INC	$222,000	–	696	–	0.14%	–
FAST	New	FASTENAL CO	$216,000	–	4,163	–	0.13%	–
ALK	New	ALASKA AIR GROUP INC	$213,000	–	3,526	–	0.13%	–
WAB	New	WABTEC	$211,000	–	2,565	–	0.13%	–
ENPH	New	ENPHASE ENERGY INC	$212,000	–	1,153	–	0.13%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$211,000	–	2,251	–	0.13%	–
PHM	New	PULTE GROUP INC	$207,000	–	3,790	–	0.13%	–
RJF	New	RAYMOND JAMES FINL INC	$204,000	–	1,569	–	0.13%	–

Q4 2020

			Value		Shares		↓ Weighting
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-25,015	–	-0.13%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-49,717	–	-0.14%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-20,817	–	-0.14%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-21,094	–	-0.14%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-20,601	–	-0.14%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-17,182	–	-0.14%	–
MPLX	Exit	MPLX LP	$0	–	-13,758	–	-0.14%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-17,269	–	-0.15%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-25,829	–	-0.15%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-21,989	–	-0.15%	–
GLOP	Exit	GASLOG PARTNERS LPunit ltd ptnrp	$0	–	-68,237	–	-0.15%	–
SRLP	Exit	SPRAGUE RES LP	$0	–	-15,305	–	-0.15%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-99,227	–	-0.15%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-20,982	–	-0.15%	–
GNL	Exit	GLOBAL NET LEASE INC	$0	–	-14,903	–	-0.16%	–
KRG	Exit	KITE RLTY GROUP TR	$0	–	-21,150	–	-0.16%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-21,571	–	-0.16%	–
AM	Exit	ANTERO MIDSTREAM CORP	$0	–	-46,972	–	-0.16%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-25,042	–	-0.17%	–
RESI	Exit	FRONT YD RESIDENTIAL CORP	$0	–	-28,901	–	-0.17%	–
CAPL	Exit	CROSSAMERICA PARTNERS LPut ltd ptn int	$0	–	-17,575	–	-0.17%	–
HMLP	Exit	HOEGH LNG PARTNERS LP	$0	–	-25,201	–	-0.18%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-16,914	–	-0.18%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-10,463	–	-0.19%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-24,526	–	-0.21%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-30,162	–	-0.31%	–
SPIP	Exit	SPDR SER TRportfli tips etf	$0	–	-18,085	–	-0.36%	–
SCHP	Exit	SCHWAB STRATEGIC TRus tips etf	$0	–	-29,553	–	-1.19%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-22,220	–	-1.22%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-16,462	–	-1.45%	–
CWB	Exit	SPDR SER TRblmbrg brc cnvrt	$0	–	-32,384	–	-1.46%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-21,053	–	-1.53%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-29,741	–	-1.68%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-21,244	–	-1.76%	–
QVM	Exit	ARROW INVTS TRqvm eqt factor	$0	–	-125,000	–	-1.77%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-52,317	–	-5.04%	–
QUAL	Exit	ISHARES TRmsci usa qlt fct	$0	–	-75,597	–	-5.13%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-123,631	–	-5.15%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-183,125	–	-5.29%	–
MTUM	Exit	ISHARES TRmsci usa mmentm	$0	–	-60,246	–	-5.81%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-50,191	–	-5.92%	–
IVW	Exit	ISHARES TRs&p 500 grwt etf	$0	–	-39,123	–	-5.92%	–
DWCR	Exit	ARROW INVTS TRdwa country etf	$0	–	-336,766	–	-6.03%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-109,603	–	-8.37%	–
ARCM	Exit	ARROW INVTS TRresv cap etf	$0	–	-465,803	–	-30.68%	–

Q3 2020

			Value		Shares		↓ Weighting
ARCM	Sell	ARROW INVTS TRresv cap etf	$46,860,000	-2.0%	465,803	-2.2%	30.68%	-3.5%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$12,791,000	+4.5%	109,603	-6.4%	8.37%	+2.8%
DWCR	Sell	ARROW INVTS TRdwa country etf	$9,210,000	+8.9%	336,766	-0.3%	6.03%	+7.2%
IVW	Sell	ISHARES TRs&p 500 grwt etf	$9,041,000	+4.2%	39,123	-6.4%	5.92%	+2.6%
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$9,041,000	–	50,191	–	5.92%	–
MTUM	Sell	ISHARES TRmsci usa mmentm	$8,880,000	+5.3%	60,246	-6.4%	5.81%	+3.6%
EEM	New	ISHARES TRmsci emg mkt etf	$8,074,000	–	183,125	–	5.29%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$7,868,000	–	123,631	–	5.15%	–
QUAL	New	ISHARES TRmsci usa qlt fct	$7,842,000	–	75,597	–	5.13%	–
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$7,690,000	+7.7%	52,317	-6.4%	5.04%	+6.0%
QVM	Buy	ARROW INVTS TRqvm eqt factor	$2,698,000	+18.3%	125,000	+13.6%	1.77%	+16.3%
TIP	Sell	ISHARES TRtips bd etf	$2,687,000	-7.8%	21,244	-10.4%	1.76%	-9.3%
SHY	Sell	ISHARES TR1 3 yr treas bd	$2,573,000	-10.5%	29,741	-10.4%	1.68%	-11.9%
EMB	Sell	ISHARES TRjpmorgan usd emg	$2,335,000	-7.4%	21,053	-8.8%	1.53%	-8.9%
CWB	Sell	SPDR SER TRblmbrg brc cnvrt	$2,231,000	+5.3%	32,384	-7.6%	1.46%	+3.6%
LQD	Sell	ISHARES TRiboxx inv cp etf	$2,218,000	-8.5%	16,462	-8.6%	1.45%	-9.9%
HYG	Sell	ISHARES TRiboxx hi yd etf	$1,864,000	-4.8%	22,220	-7.4%	1.22%	-6.4%
SCHP	Buy	SCHWAB STRATEGIC TRus tips etf	$1,821,000	+4.8%	29,553	+2.1%	1.19%	+3.1%
SPIP	Sell	SPDR SER TRportfli tips etf	$558,000	-11.4%	18,085	-13.4%	0.36%	-12.9%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$472,000	+1.1%	30,162	-25.4%	0.31%	-0.6%
GLP	New	GLOBAL PARTNERS LP	$322,000	–	24,526	–	0.21%	–
DKL	Sell	DELEK LOGISTICS PARTNERS LP	$297,000	-1.7%	10,463	-20.6%	0.19%	-3.5%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$275,000	+1.9%	16,914	-10.5%	0.18%	0.0%
HMLP	Sell	HOEGH LNG PARTNERS LP	$267,000	+1.9%	25,201	-6.5%	0.18%	+0.6%
CAPL	Sell	CROSSAMERICA PARTNERS LPut ltd ptn int	$261,000	-15.5%	17,575	-23.5%	0.17%	-17.0%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$253,000	-10.0%	25,042	-10.5%	0.17%	-11.2%
RESI	New	FRONT YD RESIDENTIAL CORP	$253,000	–	28,901	–	0.17%	–
AM	New	ANTERO MIDSTREAM CORP	$252,000	–	46,972	–	0.16%	–
IRT	Sell	INDEPENDENCE RLTY TR INC	$250,000	-13.5%	21,571	-14.2%	0.16%	-14.6%
KRG	Buy	KITE RLTY GROUP TR	$245,000	+14.5%	21,150	+14.2%	0.16%	+12.7%
GNL	New	GLOBAL NET LEASE INC	$237,000	–	14,903	–	0.16%	–
ENLC	New	ENLINK MIDSTREAM LLC	$233,000	–	99,227	–	0.15%	–
DCP	New	DCP MIDSTREAM LP	$234,000	–	20,982	–	0.15%	–
SRLP	New	SPRAGUE RES LP	$232,000	–	15,305	–	0.15%	–
GLOP	New	GASLOG PARTNERS LPunit ltd ptnrp	$229,000	–	68,237	–	0.15%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$227,000	–	21,989	–	0.15%	–
MBT	Sell	MOBILE TELESYSTEMS PJSCsponsored adr	$225,000	-32.8%	25,829	-29.2%	0.15%	-34.1%
KNOP	Sell	KNOT OFFSHORE PARTNERS LP	$223,000	-22.8%	17,269	-17.7%	0.15%	-24.0%
MPLX	New	MPLX LP	$217,000	–	13,758	–	0.14%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$214,000	–	17,182	–	0.14%	–
DMLP	New	DORCHESTER MINERALS LP	$213,000	–	20,601	–	0.14%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$209,000	–	21,094	–	0.14%	–
USAC	Sell	USA COMPRESSION PARTNERS LP	$208,000	-20.3%	20,817	-13.4%	0.14%	-21.8%
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$206,000	–	49,717	–	0.14%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$204,000	–	25,015	–	0.13%	–
SITC	Exit	SITE CENTERS CORP	$0	–	-25,764	–	-0.14%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-21,687	–	-0.14%	–
KRP	Exit	KIMBELL RTY PARTNERS LPunit	$0	–	-24,624	–	-0.14%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-17,096	–	-0.15%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-15,970	–	-0.15%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L Ppartnershp units	$0	–	-31,013	–	-0.17%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-35,902	–	-0.20%	–
SUN	Exit	SUNOCO LP/SUNOCO FIN CORP	$0	–	-13,412	–	-0.20%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-57,046	–	-4.62%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-46,743	–	-5.10%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-76,478	–	-5.96%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-92,947	–	-6.19%	–

Q2 2020

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$47,811,000	–	476,303	–	31.81%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$12,239,000	–	117,131	–	8.14%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$9,301,000	–	92,947	–	6.19%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$8,962,000	–	76,478	–	5.96%	–
IVW	New	ISHARES TRs&p 500 grwt etf	$8,675,000	–	41,810	–	5.77%	–
DWCR	New	ARROW INVTS TRdwa country etf	$8,458,000	–	337,617	–	5.63%	–
MTUM	New	ISHARES TRusa momentum fct	$8,434,000	–	64,384	–	5.61%	–
TLT	New	ISHARES TR20 yr tr bd etf	$7,663,000	–	46,743	–	5.10%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$7,140,000	–	55,911	–	4.75%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$6,952,000	–	57,046	–	4.62%	–
TIP	New	ISHARES TRtips bd etf	$2,915,000	–	23,698	–	1.94%	–
SHY	New	ISHARES TR1 3 yr treas bd	$2,875,000	–	33,198	–	1.91%	–
EMB	New	ISHARES TRjpmorgan usd emg	$2,522,000	–	23,091	–	1.68%	–
LQD	New	ISHARES TRiboxx inv cp etf	$2,423,000	–	18,013	–	1.61%	–
QVM	New	ARROW INVTS TRqvm eqt factor	$2,281,000	–	110,000	–	1.52%	–
CWB	New	SPDR SER TRblmbrg brc cnvrt	$2,119,000	–	35,031	–	1.41%	–
HYG	New	ISHARES TRiboxx hi yd etf	$1,959,000	–	23,996	–	1.30%	–
SCHP	New	SCHWAB STRATEGIC TRus tips etf	$1,738,000	–	28,958	–	1.16%	–
SPIP	New	SPDR SER TRportfli tips etf	$630,000	–	20,886	–	0.42%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$467,000	–	40,406	–	0.31%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$335,000	–	36,477	–	0.22%	–
CAPL	New	CROSSAMERICA PARTNERS LPut ltd ptn int	$309,000	–	22,961	–	0.21%	–
SUN	New	SUNOCO LP/SUNOCO FIN CORP	$306,000	–	13,412	–	0.20%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$302,000	–	13,184	–	0.20%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$298,000	–	35,902	–	0.20%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$289,000	–	20,993	–	0.19%	–
IRT	New	INDEPENDENCE RLTY TR INC	$289,000	–	25,150	–	0.19%	–
LUMN	New	CENTURYLINK INC	$281,000	–	27,967	–	0.19%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$270,000	–	18,900	–	0.18%	–
HMLP	New	HOEGH LNG PARTNERS LP	$262,000	–	26,946	–	0.17%	–
USAC	New	USA COMPRESSION PARTNERS LP	$261,000	–	24,042	–	0.17%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L Ppartnershp units	$251,000	–	31,013	–	0.17%	–
NS	New	NUSTAR ENERGY LP	$228,000	–	15,970	–	0.15%	–
KIM	New	KIMCO RLTY CORP	$220,000	–	17,096	–	0.15%	–
KRG	New	KITE RLTY GROUP TR	$214,000	–	18,514	–	0.14%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$212,000	–	24,624	–	0.14%	–
SITC	New	SITE CENTERS CORP	$209,000	–	25,764	–	0.14%	–
APLE	New	APPLE HOSPITALITY REIT INC	$209,000	–	21,687	–	0.14%	–

Q4 2019

			Value		Shares		↓ Weighting
AES	Exit	AES CORP	$0	–	-15,886	–	-0.12%	–
COTY	Exit	COTY INC	$0	–	-25,689	–	-0.13%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-65,061	–	-0.14%	–
SMLP	Exit	SUMMIT MIDSTREAM PARTNERS LP	$0	–	-61,267	–	-0.14%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-60,571	–	-0.16%	–
MAC	Exit	MACERICH CO	$0	–	-11,163	–	-0.16%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-43,887	–	-0.17%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-19,637	–	-0.17%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-21,152	–	-0.17%	–
GMLP	Exit	GOLAR LNG PARTNERS LP	$0	–	-38,839	–	-0.17%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-43,896	–	-0.18%	–
GLOP	Exit	GASLOG PARTNERS LPunit ltd ptnrp	$0	–	-20,050	–	-0.18%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-32,145	–	-0.18%	–
HMLP	Exit	HOEGH LNG PARTNERS LP	$0	–	-25,091	–	-0.18%	–
KRG	Exit	KITE RLTY GROUP TR	$0	–	-24,223	–	-0.18%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-14,967	–	-0.18%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-94,983	–	-0.18%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-23,822	–	-0.18%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-15,491	–	-0.19%	–
KRP	Exit	KIMBELL RTY PARTNERS LPunit	$0	–	-27,318	–	-0.19%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-121,820	–	-0.19%	–
RPT	Exit	RPT REALTYsh ben int	$0	–	-29,950	–	-0.19%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-17,508	–	-0.19%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-19,944	–	-0.20%	–
DBP	Exit	INVESCO DB MLTI SECTR CMMTYprecious metal	$0	–	-10,152	–	-0.20%	–
SITC	Exit	SITE CENTERS CORP	$0	–	-27,857	–	-0.20%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-19,663	–	-0.20%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-30,306	–	-0.20%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-24,784	–	-0.20%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-46,150	–	-0.20%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-22,664	–	-0.20%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-22,103	–	-0.20%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-20,532	–	-0.20%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-10,563	–	-0.20%	–
SUN	Exit	SUNOCO LP	$0	–	-13,873	–	-0.20%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L Ppartnershp units	$0	–	-40,889	–	-0.20%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-14,039	–	-0.21%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-35,235	–	-0.21%	–
CAPL	Exit	CROSSAMERICA PARTNERS LPut ltd ptn int	$0	–	-26,585	–	-0.21%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-12,460	–	-0.21%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-31,873	–	-0.21%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-16,628	–	-0.22%	–
ARLP	Exit	ALLIANCE RES PARTNER L Put ltd part	$0	–	-30,863	–	-0.23%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-395,861	–	-0.24%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-41,995	–	-0.66%	–
CWB	Exit	SPDR SERIES TRUSTblmbrg brc cnvrt	$0	–	-44,917	–	-1.10%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-21,029	–	-1.12%	–
DOGS	Exit	ARROW INVTS TRdogs of the	$0	–	-54,497	–	-1.12%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-27,589	–	-1.13%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-19,239	–	-1.15%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-22,095	–	-1.53%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-20,318	–	-1.58%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-48,823	–	-3.27%	–
MTUM	Exit	ISHARES TRusa momentum fct	$0	–	-99,542	–	-5.56%	–
IVW	Exit	ISHARES TRs&p 500 grwt etf	$0	–	-66,019	–	-5.57%	–
IYR	Exit	ISHARES TRu.s. real es etf	$0	–	-132,025	–	-5.78%	–
SPLV	Exit	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$0	–	-213,525	–	-5.79%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-154,660	–	-5.83%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-103,342	–	-5.84%	–
DWCR	Exit	ARROW INVTS TRdwa country etf	$0	–	-488,617	–	-5.97%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-211,119	–	-6.40%	–
ICF	Exit	ISHARES TRcohen steer reit	$0	–	-24,348	–	-7.70%	–
ARCM	Exit	ARROW INVTS TRresv cap etf	$0	–	-52,412	–	-24.62%	–

Q3 2019

			Value		Shares		↓ Weighting
ARCM	Sell	ARROW INVTS TRresv cap etf	$52,554,000	-6.8%	52,412	-90.7%	24.62%	+8.3%
ICF	Sell	ISHARES TRcohen steer reit	$16,443,000	+3.9%	24,348	-82.7%	7.70%	+20.7%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$13,668,000	+2.4%	211,119	-5.7%	6.40%	+19.0%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$12,473,000	-5.5%	103,342	-6.7%	5.84%	+9.8%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$12,455,000	-3.8%	154,660	-6.7%	5.83%	+11.9%
SPLV	Sell	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$12,363,000	-0.5%	213,525	-5.5%	5.79%	+15.6%
IYR	Sell	ISHARES TRu.s. real es etf	$12,350,000	+1.4%	132,025	-5.4%	5.78%	+17.8%
IVW	Sell	ISHARES TRs&p 500 grwt etf	$11,885,000	-5.4%	66,019	-5.8%	5.57%	+9.9%
MTUM	New	ISHARES TRusa momentum fct	$11,870,000	–	99,542	–	5.56%	–
TLT	Sell	ISHARES TR20 yr tr bd etf	$6,986,000	-0.9%	48,823	-8.1%	3.27%	+15.1%
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$3,378,000	-2.9%	20,318	-4.6%	1.58%	+12.8%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$3,272,000	-5.4%	22,095	-4.6%	1.53%	+10.1%
LQD	Sell	ISHARES TRiboxx inv cp etf	$2,453,000	-2.4%	19,239	-4.8%	1.15%	+13.4%
HYG	Sell	ISHARES TRiboxx hi yd etf	$2,405,000	-27.2%	27,589	-27.2%	1.13%	-15.4%
EMB	Sell	ISHARES TRjpmorgan usd emg	$2,384,000	-6.9%	21,029	-7.0%	1.12%	+8.2%
CWB	New	SPDR SERIES TRUSTblmbrg brc cnvrt	$2,356,000	–	44,917	–	1.10%	–
INDA	Sell	ISHARES TRmsci india etf	$1,410,000	-7.0%	41,995	-2.2%	0.66%	+8.0%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$511,000	+76.8%	395,861	+42.4%	0.24%	+106.0%
ARLP	Buy	ALLIANCE RES PARTNER L Put ltd part	$494,000	+48.3%	30,863	+57.6%	0.23%	+72.4%
NS	Buy	NUSTAR ENERGY LP	$471,000	+16.0%	16,628	+11.2%	0.22%	+34.8%
IRT	Sell	INDEPENDENCE RLTY TR INC	$456,000	+6.8%	31,873	-13.6%	0.21%	+24.4%
CEQP	Buy	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$455,000	+8.6%	12,460	+6.3%	0.21%	+26.0%
CAPL	Buy	CROSSAMERICA PARTNERS LPut ltd ptn int	$454,000	+29.0%	26,585	+21.3%	0.21%	+50.0%
LUMN	Buy	CENTURYLINK INC	$440,000	+13.4%	35,235	+6.7%	0.21%	+32.1%
DKL	Buy	DELEK LOGISTICS PARTNERS LP	$439,000	+12.0%	14,039	+14.6%	0.21%	+30.4%
CPLP	Buy	CAPITAL PRODUCT PARTNERS L Ppartnershp units	$438,000	+48.0%	40,889	+44.9%	0.20%	+72.3%
SUN	Buy	SUNOCO LP	$436,000	+7.4%	13,873	+6.9%	0.20%	+24.4%
KNOP	Buy	KNOT OFFSHORE PARTNERS LP	$433,000	+7.2%	22,664	+7.2%	0.20%	+24.5%
GLP	Buy	GLOBAL PARTNERS LP	$433,000	+5.4%	22,103	+7.1%	0.20%	+22.3%
BPL	Sell	BUCKEYE PARTNERS L Punit ltd partn	$434,000	-9.8%	10,563	-9.8%	0.20%	+4.6%
PBFX	Buy	PBF LOGISTICS LPunit ltd ptnr	$434,000	+7.7%	20,532	+7.7%	0.20%	+25.3%
USAC	Sell	USA COMPRESSION PARTNERS LP	$428,000	-5.7%	24,784	-3.1%	0.20%	+9.3%
SNH	Buy	SENIOR HSG PPTYS TRsh ben int	$427,000	+52.0%	46,150	+35.8%	0.20%	+77.0%
GEL	Buy	GENESIS ENERGY L Punit ltd partn	$422,000	+11.3%	19,663	+13.8%	0.20%	+29.4%
NGL	Buy	NGL ENERGY PARTNERS LP	$422,000	-1.4%	30,306	+4.7%	0.20%	+15.1%
SITC	Sell	SITE CENTERS CORP	$421,000	+6.9%	27,857	-6.3%	0.20%	+23.9%
KIM	Sell	KIMCO RLTY CORP	$416,000	+3.5%	19,944	-8.2%	0.20%	+20.4%
DBP	New	INVESCO DB MLTI SECTR CMMTYprecious metal	$416,000	–	10,152	–	0.20%	–
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$414,000	-5.0%	17,508	-2.4%	0.19%	+10.2%
RPT	Sell	RPT REALTYsh ben int	$406,000	0.0%	29,950	-10.7%	0.19%	+15.9%
AHT	Buy	ASHFORD HOSPITALITY TR INC	$403,000	+67.9%	121,820	+50.9%	0.19%	+94.8%
KRP	Buy	KIMBELL RTY PARTNERS LPunit	$402,000	+12.6%	27,318	+23.5%	0.19%	+30.6%
SVC	New	SERVICE PPTYS TR	$400,000	–	15,491	–	0.19%	–
APLE	Sell	APPLE HOSPITALITY REIT INC	$395,000	+1.8%	23,822	-2.6%	0.18%	+18.6%
WPG	Buy	WASHINGTON PRIME GROUP NEW	$393,000	+39.4%	94,983	+28.6%	0.18%	+61.4%
DCP	Buy	DCP MIDSTREAM LP	$392,000	+8.0%	14,967	+20.8%	0.18%	+26.0%
KRG	Sell	KITE RLTY GROUP TR	$391,000	+2.1%	24,223	-4.3%	0.18%	+18.8%
HMLP	Buy	HOEGH LNG PARTNERS LP	$388,000	+7.8%	25,091	+20.6%	0.18%	+25.5%
ENBL	Buy	ENABLE MIDSTREAM PARTNERS LP	$387,000	-0.3%	32,145	+13.5%	0.18%	+16.0%
GLOP	Buy	GASLOG PARTNERS LPunit ltd ptnrp	$381,000	0.0%	20,050	+11.7%	0.18%	+15.6%
ENLC	Buy	ENLINK MIDSTREAM LLC	$373,000	+16.6%	43,896	+38.2%	0.18%	+35.7%
GMLP	Buy	GOLAR LNG PARTNERS LP	$372,000	+7.2%	38,839	+26.3%	0.17%	+24.3%
RLJ	Sell	RLJ LODGING TR	$359,000	-8.4%	21,152	-4.3%	0.17%	+6.3%
CLDT	Sell	CHATHAM LODGING TR	$356,000	-9.9%	19,637	-6.2%	0.17%	+5.0%
MBT	Sell	MOBILE TELESYSTEMS PJSCsponsored adr	$355,000	-26.5%	43,887	-15.4%	0.17%	-14.9%
MAC	New	MACERICH CO	$353,000	–	11,163	–	0.16%	–
PEI	Sell	PENNSYLVANIA RL ESTATE INVTsh ben int	$346,000	-17.6%	60,571	-6.3%	0.16%	-4.1%
SMLP	Buy	SUMMIT MIDSTREAM PARTNERS LP	$298,000	-3.9%	61,267	+46.9%	0.14%	+12.0%
MMLP	Buy	MARTIN MIDSTREAM PRTNRS L Punit l p int	$295,000	+29.4%	65,061	+103.3%	0.14%	+50.0%
COTY	New	COTY INC	$270,000	–	25,689	–	0.13%	–
AES	Sell	AES CORP	$260,000	-2.6%	15,886	-0.2%	0.12%	+13.0%
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-15,193	–	-0.15%	–
ANDX	Exit	ANDEAVOR LOGISTICS LP	$0	–	-11,534	–	-0.17%	–
APU	Exit	AMERIGAS PARTNERS L Punit l p int	$0	–	-13,283	–	-0.19%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-10,927	–	-0.23%	–
ANGL	Exit	VANECK VECTORS ETF TRfallen angel hg	$0	–	-56,962	–	-0.67%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-58,793	–	-2.01%	–
RWR	Exit	SPDR SERIES TRUSTdj reit etf	$0	–	-107,802	–	-4.29%	–
QUAL	Exit	ISHARES TRusa quality fctr	$0	–	-135,427	–	-4.99%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-127,194	–	-5.17%	–

Q2 2019

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$56,389,000	–	562,206	–	22.72%	–
ICF	New	ISHARES TRcohen steer reit	$15,831,000	–	140,537	–	6.38%	–
DWCR	New	ARROW INVTS TRdwa country etf	$13,393,000	–	488,617	–	5.40%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$13,346,000	–	223,819	–	5.38%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$13,205,000	–	110,784	–	5.32%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$12,941,000	–	165,821	–	5.22%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$12,831,000	–	127,194	–	5.17%	–
IVW	New	ISHARES TRs&p 500 grwt etf	$12,567,000	–	70,114	–	5.06%	–
SPLV	New	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$12,429,000	–	225,893	–	5.01%	–
QUAL	New	ISHARES TRusa quality fctr	$12,388,000	–	135,427	–	4.99%	–
IYR	New	ISHARES TRu.s. real es etf	$12,181,000	–	139,519	–	4.91%	–
RWR	New	SPDR SERIES TRUSTdj reit etf	$10,651,000	–	107,802	–	4.29%	–
TLT	New	ISHARES TR20 yr tr bd etf	$7,052,000	–	53,102	–	2.84%	–
SHY	New	ISHARES TR1 3 yr treas bd	$4,984,000	–	58,793	–	2.01%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$3,480,000	–	21,298	–	1.40%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$3,458,000	–	23,161	–	1.39%	–
HYG	New	ISHARES TRiboxx hi yd etf	$3,303,000	–	37,886	–	1.33%	–
DOGS	New	ARROW INVTS TRdogs of the	$2,763,000	–	54,497	–	1.11%	–
EMB	New	ISHARES TRjpmorgan usd emg	$2,562,000	–	22,615	–	1.03%	–
LQD	New	ISHARES TRiboxx inv cp etf	$2,514,000	–	20,213	–	1.01%	–
ANGL	New	VANECK VECTORS ETF TRfallen angel hg	$1,669,000	–	56,962	–	0.67%	–
INDA	New	ISHARES TRmsci india etf	$1,516,000	–	42,953	–	0.61%	–
CBRE	New	CBRE GROUP INCcl a	$561,000	–	10,927	–	0.23%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$483,000	–	51,857	–	0.20%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$481,000	–	11,706	–	0.19%	–
APU	New	AMERIGAS PARTNERS L Punit l p int	$463,000	–	13,283	–	0.19%	–
USAC	New	USA COMPRESSION PARTNERS LP	$454,000	–	25,564	–	0.18%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$436,000	–	17,944	–	0.18%	–
IRT	New	INDEPENDENCE RLTY TR INC	$427,000	–	36,897	–	0.17%	–
NGL	New	NGL ENERGY PARTNERS LP	$428,000	–	28,947	–	0.17%	–
ANDX	New	ANDEAVOR LOGISTICS LP	$419,000	–	11,534	–	0.17%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$419,000	–	11,719	–	0.17%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$420,000	–	64,675	–	0.17%	–
GLP	New	GLOBAL PARTNERS LP	$411,000	–	20,636	–	0.17%	–
SUN	New	SUNOCO LP	$406,000	–	12,981	–	0.16%	–
RPT	New	RPT REALTYsh ben int	$406,000	–	33,529	–	0.16%	–
NS	New	NUSTAR ENERGY LP	$406,000	–	14,955	–	0.16%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$404,000	–	21,148	–	0.16%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$403,000	–	19,064	–	0.16%	–
KIM	New	KIMCO RLTY CORP	$402,000	–	21,734	–	0.16%	–
SITC	New	SITE CENTERS CORP	$394,000	–	29,721	–	0.16%	–
CLDT	New	CHATHAM LODGING TR	$395,000	–	20,929	–	0.16%	–
RLJ	New	RLJ LODGING TR	$392,000	–	22,091	–	0.16%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$392,000	–	12,250	–	0.16%	–
APLE	New	APPLE HOSPITALITY REIT INC	$388,000	–	24,456	–	0.16%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$388,000	–	28,332	–	0.16%	–
LUMN	New	CENTURYLINK INC	$388,000	–	33,031	–	0.16%	–
GLOP	New	GASLOG PARTNERS LPunit ltd ptnrp	$381,000	–	17,944	–	0.15%	–
KRG	New	KITE RLTY GROUP TR	$383,000	–	25,306	–	0.15%	–
HPT	New	HOSPITALITY PPTYS TR	$380,000	–	15,193	–	0.15%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$379,000	–	17,286	–	0.15%	–
DCP	New	DCP MIDSTREAM LP	$363,000	–	12,391	–	0.15%	–
HMLP	New	HOEGH LNG PARTNERS LP	$360,000	–	20,807	–	0.14%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$357,000	–	22,117	–	0.14%	–
CAPL	New	CROSSAMERICA PARTNERS LPut ltd ptn int	$352,000	–	21,924	–	0.14%	–
GMLP	New	GOLAR LNG PARTNERS LP	$347,000	–	30,748	–	0.14%	–
ARLP	New	ALLIANCE RES PARTNER L Put ltd part	$333,000	–	19,586	–	0.13%	–
ENLC	New	ENLINK MIDSTREAM LLC	$320,000	–	31,760	–	0.13%	–
SMLP	New	SUMMIT MIDSTREAM PARTNERS LP	$310,000	–	41,702	–	0.12%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L Ppartnershp units	$296,000	–	28,213	–	0.12%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$289,000	–	278,012	–	0.12%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$282,000	–	73,859	–	0.11%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$281,000	–	33,984	–	0.11%	–
AES	New	AES CORP	$267,000	–	15,910	–	0.11%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$240,000	–	80,713	–	0.10%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$228,000	–	32,001	–	0.09%	–

Q4 2018

			Value		Shares		↓ Weighting
AMID	Exit	AMERICAN MIDSTREAM PARTNERS	$0	–	-46,152	–	-0.10%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-74,275	–	-0.10%	–
FGPRQ	Exit	FERRELLGAS PARTNERS L.P.unit ltd part	$0	–	-150,715	–	-0.11%	–
DDR	Exit	DDR CORP	$0	–	-25,578	–	-0.12%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-40,298	–	-0.13%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-63,328	–	-0.14%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-55,718	–	-0.14%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-35,564	–	-0.14%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-53,655	–	-0.14%	–
USDP	Exit	USD PARTNERS LP	$0	–	-44,844	–	-0.15%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-24,820	–	-0.15%	–
SSW	Exit	SEASPAN CORP	$0	–	-52,248	–	-0.15%	–
KRG	Exit	KITE RLTY GROUP TR	$0	–	-26,236	–	-0.15%	–
CVRR	Exit	CVR REFNG LP	$0	–	-22,310	–	-0.15%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-157,967	–	-0.15%	–
AES	Exit	AES CORP	$0	–	-31,514	–	-0.15%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-26,404	–	-0.15%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-38,288	–	-0.15%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-25,235	–	-0.15%	–
GMLP	Exit	GOLAR LNG PARTNERS LP	$0	–	-31,172	–	-0.15%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-20,374	–	-0.15%	–
SMLP	Exit	SUMMIT MIDSTREAM PARTNERS LP	$0	–	-31,676	–	-0.15%	–
APU	Exit	AMERIGAS PARTNERS L Punit l p int	$0	–	-11,434	–	-0.15%	–
CHSP	Exit	CHESAPEAKE LODGING TRsh ben int	$0	–	-14,187	–	-0.15%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-13,160	–	-0.15%	–
NRG	Exit	NRG ENERGY INC	$0	–	-12,176	–	-0.15%	–
GLW	Exit	CORNING INC	$0	–	-12,929	–	-0.15%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-21,930	–	-0.15%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-15,935	–	-0.16%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-44,375	–	-0.16%	–
RPT	Exit	RAMCO-GERSHENSON PPTYS TR	$0	–	-34,644	–	-0.16%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-31,009	–	-0.16%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-28,071	–	-0.16%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-28,760	–	-0.16%	–
BHR	Exit	BRAEMAR HOTELS & RESORTS INC	$0	–	-40,786	–	-0.16%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-13,668	–	-0.16%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-20,725	–	-0.16%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-22,732	–	-0.17%	–
SXCP	Exit	SUNCOKE ENERGY PARTNERS L P	$0	–	-32,364	–	-0.17%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-23,062	–	-0.17%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-21,817	–	-0.17%	–
SDLP	Exit	SEADRILL PARTNERS LLC	$0	–	-144,140	–	-0.18%	–
ARLP	Exit	ALLIANCE RES PARTNER L Put ltd part	$0	–	-26,457	–	-0.18%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-25,535	–	-0.18%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-49,589	–	-0.18%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-19,816	–	-0.18%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-15,327	–	-0.19%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-25,564	–	-0.19%	–
SUN	Exit	SUNOCO LP	$0	–	-19,459	–	-0.19%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-31,521	–	-0.20%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-18,110	–	-0.21%	–
DBO	Exit	INVESCO DB MLTI SECTR CMMTYoil fd	$0	–	-46,429	–	-0.21%	–
DBE	Exit	INVESCO DB MLTI SECTR CMMTYenergy fd	$0	–	-34,406	–	-0.21%	–
PAK	Exit	GLOBAL X FDSmsci pakistan	$0	–	-69,318	–	-0.25%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-11,139	–	-0.26%	–
FLIR	Exit	FLIR SYS INC	$0	–	-13,736	–	-0.28%	–
BBY	Exit	BEST BUY INC	$0	–	-10,832	–	-0.29%	–
NKE	Exit	NIKE INCcl b	$0	–	-10,632	–	-0.30%	–
ANGL	Exit	VANECK VECTORS ETF TRfallen angel hg	$0	–	-34,046	–	-0.33%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-120,840	–	-0.34%	–
IHY	Exit	VANECK VECTORS ETF TRintl high yield	$0	–	-47,291	–	-0.39%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-55,000	–	-0.60%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-20,768	–	-0.60%	–
CWB	Exit	SPDR SERIES TRUSTblmbrg brc cnvrt	$0	–	-77,957	–	-1.41%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-38,400	–	-1.51%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-41,479	–	-1.54%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-30,108	–	-1.90%	–
FYX	Exit	FIRST TR SML CP CORE ALPHA F	$0	–	-216,311	–	-5.01%	–
DWCR	Exit	ARROW INVTS TRdwa country etf	$0	–	-555,000	–	-5.35%	–
FNX	Exit	FIRST TR MID CAP CORE ALPHAD	$0	–	-224,850	–	-5.42%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-152,022	–	-5.99%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-128,248	–	-6.14%	–
IJT	Exit	ISHARES TRs&p sml 600 gwt	$0	–	-91,968	–	-6.24%	–
MTUM	Exit	ISHARES TRusa momentum fct	$0	–	-181,603	–	-7.26%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-288,970	–	-7.32%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-163,071	–	-8.83%	–
ARCM	Exit	ARROW INVTS TRresv cap etf	$0	–	-715,187	–	-24.06%	–

Q3 2018

			Value		Shares		↓ Weighting
ARCM	Sell	ARROW INVTS TRresv cap etf	$71,587,000	-1.2%	715,187	-1.4%	24.06%	+1.7%
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$26,261,000	+5.8%	163,071	-1.6%	8.83%	+8.9%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$21,768,000	+4.3%	288,970	-3.8%	7.32%	+7.4%
MTUM	Sell	ISHARES TRusa momentum fct	$21,611,000	+4.2%	181,603	-3.9%	7.26%	+7.3%
IJT	Sell	ISHARES TRs&p sml 600 gwt	$18,554,000	+3.0%	91,968	-3.5%	6.24%	+6.1%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$18,275,000	+0.4%	128,248	-5.3%	6.14%	+3.4%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$17,820,000	+3.6%	152,022	-3.4%	5.99%	+6.6%
FNX	Sell	FIRST TR MID CAP CORE ALPHAD	$16,117,000	+0.5%	224,850	-4.0%	5.42%	+3.5%
DWCR	Buy	ARROW INVTS TRdwa country etf	$15,923,000	+16.4%	555,000	+18.1%	5.35%	+19.9%
FYX	Sell	FIRST TR SML CP CORE ALPHA F	$14,917,000	+0.9%	216,311	-3.5%	5.01%	+3.9%
VBK	Buy	VANGUARD INDEX FDSsml cp grw etf	$5,640,000	+10.2%	30,108	+3.4%	1.90%	+13.5%
TIP	Buy	ISHARES TRtips bd etf	$4,588,000	+0.1%	41,479	+2.1%	1.54%	+3.0%
TLT	New	ISHARES TR20 yr tr bd etf	$4,503,000	–	38,400	–	1.51%	–
CWB	Buy	SPDR SERIES TRUSTblmbrg brc cnvrt	$4,205,000	+6.4%	77,957	+4.6%	1.41%	+9.5%
HYG	Sell	ISHARES TRiboxx hi yd etf	$1,795,000	-53.1%	20,768	-53.8%	0.60%	-51.7%
INDA	Buy	ISHARES TRmsci india etf	$1,786,000	+28.6%	55,000	+31.8%	0.60%	+32.5%
IHY	Sell	VANECK VECTORS ETF TRintl high yield	$1,152,000	-28.3%	47,291	-28.2%	0.39%	-26.1%
SHY	Sell	ISHARES TR1 3 yr treas bd	$1,004,000	-91.6%	120,840	-16.2%	0.34%	-91.4%
ANGL	New	VANECK VECTORS ETF TRfallen angel hg	$990,000	–	34,046	–	0.33%	–
NKE	New	NIKE INCcl b	$901,000	–	10,632	–	0.30%	–
BBY	Sell	BEST BUY INC	$860,000	-8.9%	10,832	-14.4%	0.29%	-6.2%
FLIR	Sell	FLIR SYS INC	$844,000	0.0%	13,736	-15.4%	0.28%	+3.3%
RHI	New	ROBERT HALF INTL INC	$784,000	–	11,139	–	0.26%	–
DKL	Buy	DELEK LOGISTICS PARTNERS LP	$616,000	+26.7%	18,110	+3.1%	0.21%	+30.2%
ENLK	Sell	ENLINK MIDSTREAM PARTNERS LP	$588,000	+4.8%	31,521	-12.8%	0.20%	+8.2%
SUN	Buy	SUNOCO LP	$575,000	+26.9%	19,459	+7.3%	0.19%	+30.4%
ETP	Sell	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$569,000	+1.1%	25,564	-13.5%	0.19%	+3.8%
CEQP	Sell	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$563,000	-1.1%	15,327	-14.5%	0.19%	+1.6%
NS	Sell	NUSTAR ENERGY LP	$551,000	+2.0%	19,816	-16.9%	0.18%	+5.1%
EEP	Sell	ENBRIDGE ENERGY PARTNERS L P	$545,000	-1.3%	49,589	-1.9%	0.18%	+1.7%
LUMN	Sell	CENTURYLINK INC	$541,000	-1.1%	25,535	-12.9%	0.18%	+1.7%
ARLP	Sell	ALLIANCE RES PARTNER L Put ltd part	$540,000	+4.4%	26,457	-6.1%	0.18%	+7.1%
SDLP	Sell	SEADRILL PARTNERS LLC	$530,000	-5.0%	144,140	-10.4%	0.18%	-2.2%
GEL	Sell	GENESIS ENERGY L Punit ltd partn	$519,000	-5.8%	21,817	-13.2%	0.17%	-3.3%
PBFX	Sell	PBF LOGISTICS LPunit ltd ptnr	$497,000	-6.9%	23,062	-9.2%	0.17%	-4.0%
SXCP	Buy	SUNCOKE ENERGY PARTNERS L P	$494,000	+24.7%	32,364	+22.6%	0.17%	+28.7%
KNOP	Sell	KNOT OFFSHORE PARTNERS LP	$493,000	-6.6%	22,732	-4.6%	0.17%	-3.5%
BPL	Buy	BUCKEYE PARTNERS L Punit ltd partn	$488,000	+11.7%	13,668	+9.9%	0.16%	+14.7%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$488,000	-1.6%	20,725	-1.9%	0.16%	+1.2%
BHR	Sell	BRAEMAR HOTELS & RESORTS INC	$480,000	-11.6%	40,786	-14.3%	0.16%	-9.0%
USAC	Buy	USA COMPRESSION PARTNERS LP	$475,000	+1.1%	28,760	+3.0%	0.16%	+4.6%
ENBL	Sell	ENABLE MIDSTREAM PARTNERS LP	$473,000	-23.7%	28,071	-22.5%	0.16%	-21.3%
GME	Sell	GAMESTOP CORP NEWcl a	$474,000	-3.5%	31,009	-8.0%	0.16%	-0.6%
RPT	Sell	RAMCO-GERSHENSON PPTYS TR	$471,000	-5.2%	34,644	-7.9%	0.16%	-2.5%
IRT	Sell	INDEPENDENCE RLTY TR INC	$467,000	-10.4%	44,375	-12.2%	0.16%	-7.6%
HPT	Sell	HOSPITALITY PPTYS TR	$460,000	-13.7%	15,935	-14.5%	0.16%	-10.9%
CLDT	Sell	CHATHAM LODGING TR	$458,000	-9.1%	21,930	-7.7%	0.15%	-6.7%
CHSP	Sell	CHESAPEAKE LODGING TRsh ben int	$455,000	-15.7%	14,187	-16.9%	0.15%	-13.1%
LHO	Sell	LASALLE HOTEL PPTYS	$455,000	-27.8%	13,160	-28.5%	0.15%	-25.7%
GLW	New	CORNING INC	$456,000	–	12,929	–	0.15%	–
NRG	Sell	NRG ENERGY INC	$455,000	+15.8%	12,176	-4.9%	0.15%	+19.5%
APU	Sell	AMERIGAS PARTNERS L Punit l p int	$452,000	-8.1%	11,434	-1.9%	0.15%	-5.6%
SMLP	Sell	SUMMIT MIDSTREAM PARTNERS LP	$453,000	-14.7%	31,676	-8.1%	0.15%	-12.1%
RLJ	Sell	RLJ LODGING TR	$449,000	-14.6%	20,374	-14.6%	0.15%	-12.2%
GMLP	Buy	GOLAR LNG PARTNERS LP	$447,000	+4.4%	31,172	+12.6%	0.15%	+7.1%
SNH	Sell	SENIOR HSG PPTYS TRsh ben int	$443,000	-16.6%	25,235	-14.0%	0.15%	-13.9%
KIM	Sell	KIMCO RLTY CORP	$442,000	-18.0%	26,404	-16.8%	0.15%	-15.3%
NGL	Sell	NGL ENERGY PARTNERS LP	$444,000	-22.6%	38,288	-16.6%	0.15%	-20.3%
CPLP	Buy	CAPITAL PRODUCT PARTNERS L P	$439,000	-5.6%	157,967	+3.9%	0.15%	-2.6%
CVRR	Sell	CVR REFNG LP	$440,000	-46.4%	22,310	-39.3%	0.15%	-44.8%
AES	Sell	AES CORP	$441,000	-5.4%	31,514	-9.3%	0.15%	-2.6%
KRG	Sell	KITE RLTY GROUP TR	$437,000	-15.6%	26,236	-13.5%	0.15%	-13.0%
APLE	Sell	APPLE HOSPITALITY REIT INC	$434,000	-8.1%	24,820	-6.0%	0.15%	-5.2%
SSW	Sell	SEASPAN CORP	$435,000	-39.8%	52,248	-26.4%	0.15%	-38.1%
USDP	Sell	USD PARTNERS LP	$433,000	-11.8%	44,844	-1.9%	0.15%	-8.8%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$429,000	-8.3%	53,655	-1.9%	0.14%	-5.9%
MMLP	Buy	MARTIN MIDSTREAM PRTNRS L Punit l p int	$413,000	-15.0%	35,564	+0.9%	0.14%	-12.6%
WPG	Sell	WASHINGTON PRIME GROUP NEW	$407,000	-29.5%	55,718	-21.6%	0.14%	-27.1%
AHT	Sell	ASHFORD HOSPITALITY TR INC	$405,000	-29.4%	63,328	-10.7%	0.14%	-27.3%
PEI	Sell	PENNSYLVANIA RL ESTATE INVTsh ben int	$381,000	-25.9%	40,298	-13.9%	0.13%	-23.8%
DDR	Sell	DDR CORP	$342,000	-40.4%	25,578	-20.3%	0.12%	-38.5%
FGPRQ	Sell	FERRELLGAS PARTNERS L.P.unit ltd part	$333,000	-35.5%	150,715	-1.9%	0.11%	-33.3%
CBLAQ	Sell	CBL & ASSOC PPTYS INC	$296,000	-47.7%	74,275	-27.0%	0.10%	-46.5%
AMID	Sell	AMERICAN MIDSTREAM PARTNERS	$293,000	-39.0%	46,152	-1.9%	0.10%	-37.6%
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-13,841	–	-0.13%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-13,557	–	-0.19%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-18,709	–	-0.29%	–
EWS	Exit	ISHARES INCmsci singpor etf	$0	–	-37,147	–	-0.29%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-15,170	–	-0.34%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-16,128	–	-0.34%	–
EWI	Exit	ISHARES INCmsci italy etf	$0	–	-36,501	–	-0.34%	–
EWO	Exit	ISHARES INCmsci austria etf	$0	–	-47,209	–	-0.35%	–

Q2 2018

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap etf	$72,461,000	–	725,187	–	23.65%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$24,833,000	–	165,762	–	8.11%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$20,867,000	–	300,378	–	6.81%	–
MTUM	New	ISHARES TRusa momentum fct	$20,737,000	–	189,033	–	6.77%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$18,204,000	–	135,434	–	5.94%	–
IJT	New	ISHARES TRs&p sml 600 gwt	$18,008,000	–	95,302	–	5.88%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$17,207,000	–	157,425	–	5.62%	–
FNX	New	FIRST TR MID CAP CORE ALPHAD	$16,036,000	–	234,271	–	5.23%	–
FYX	New	FIRST TR SML CP CORE ALPHA F	$14,782,000	–	224,079	–	4.82%	–
DWCR	New	ARROW INVTS TRdwa country etf	$13,677,000	–	470,000	–	4.46%	–
SHY	New	ISHARES TR1 3 yr treas bd	$12,018,000	–	144,153	–	3.92%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$5,117,000	–	29,108	–	1.67%	–
TIP	New	ISHARES TRtips bd etf	$4,585,000	–	40,621	–	1.50%	–
CWB	New	SPDR SERIES TRUSTblmbrg brc cnvrt	$3,952,000	–	74,529	–	1.29%	–
HYG	New	ISHARES TRiboxx hi yd etf	$3,825,000	–	44,960	–	1.25%	–
IHY	New	VANECK VECTORS ETF TRintl high yield	$1,606,000	–	65,893	–	0.52%	–
INDA	New	ISHARES TRmsci india etf	$1,389,000	–	41,737	–	0.45%	–
EWO	New	ISHARES INCmsci austria etf	$1,069,000	–	47,209	–	0.35%	–
EWI	New	ISHARES INCmsci italy etf	$1,055,000	–	36,501	–	0.34%	–
MCHI	New	ISHARES TRmsci china etf	$1,042,000	–	16,128	–	0.34%	–
EWY	New	ISHARES INCmsci sth kor etf	$1,027,000	–	15,170	–	0.34%	–
BBY	New	BEST BUY INC	$944,000	–	12,655	–	0.31%	–
EWS	New	ISHARES INCmsci singpor etf	$891,000	–	37,147	–	0.29%	–
CBRE	New	CBRE GROUP INCcl a	$893,000	–	18,709	–	0.29%	–
FLIR	New	FLIR SYS INC	$844,000	–	16,242	–	0.28%	–
CVRR	New	CVR REFNG LP	$821,000	–	36,740	–	0.27%	–
PAK	New	GLOBAL X FDSmsci pakistan	$767,000	–	69,318	–	0.25%	–
SSW	New	SEASPAN CORP	$723,000	–	71,035	–	0.24%	–
LHO	New	LASALLE HOTEL PPTYS	$630,000	–	18,416	–	0.21%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$620,000	–	36,211	–	0.20%	–
DBE	New	INVESCO DB MLTI SECTR CMMTYenergy fd	$588,000	–	34,406	–	0.19%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$587,000	–	13,557	–	0.19%	–
DBO	New	INVESCO DB MLTI SECTR CMMTYoil fd	$579,000	–	46,429	–	0.19%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$577,000	–	71,104	–	0.19%	–
NGL	New	NGL ENERGY PARTNERS LP	$574,000	–	45,925	–	0.19%	–
DDR	New	DDR CORP	$574,000	–	32,076	–	0.19%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$574,000	–	70,917	–	0.19%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$569,000	–	17,922	–	0.19%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$566,000	–	101,691	–	0.18%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$563,000	–	29,556	–	0.18%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$561,000	–	36,129	–	0.18%	–
SDLP	New	SEADRILL PARTNERS LLC	$558,000	–	160,816	–	0.18%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$551,000	–	25,138	–	0.18%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$552,000	–	50,542	–	0.18%	–
LUMN	New	CENTURYLINK INC	$547,000	–	29,330	–	0.18%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC	$543,000	–	47,580	–	0.18%	–
NS	New	NUSTAR ENERGY LP	$540,000	–	23,833	–	0.18%	–
KIM	New	KIMCO RLTY CORP	$539,000	–	31,719	–	0.18%	–
CHSP	New	CHESAPEAKE LODGING TRsh ben int	$540,000	–	17,063	–	0.18%	–
HPT	New	HOSPITALITY PPTYS TR	$533,000	–	18,644	–	0.17%	–
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$534,000	–	25,405	–	0.17%	–
SMLP	New	SUMMIT MIDSTREAM PARTNERS LP	$531,000	–	34,485	–	0.17%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$531,000	–	29,326	–	0.17%	–
RLJ	New	RLJ LODGING TR	$526,000	–	23,871	–	0.17%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$528,000	–	23,822	–	0.17%	–
IRT	New	INDEPENDENCE RLTY TR INC	$521,000	–	50,540	–	0.17%	–
KRG	New	KITE RLTY GROUP TR	$518,000	–	30,347	–	0.17%	–
ARLP	New	ALLIANCE RES PARTNER L Put ltd part	$517,000	–	28,167	–	0.17%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$514,000	–	46,783	–	0.17%	–
FGPRQ	New	FERRELLGAS PARTNERS L.P.unit ltd part	$516,000	–	153,576	–	0.17%	–
CLDT	New	CHATHAM LODGING TR	$504,000	–	23,757	–	0.16%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$496,000	–	21,124	–	0.16%	–
RPT	New	RAMCO-GERSHENSON PPTYS TR	$497,000	–	37,618	–	0.16%	–
APU	New	AMERIGAS PARTNERS L Punit l p int	$492,000	–	11,658	–	0.16%	–
USDP	New	USD PARTNERS LP	$491,000	–	45,706	–	0.16%	–
GME	New	GAMESTOP CORP NEWcl a	$491,000	–	33,714	–	0.16%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$486,000	–	17,560	–	0.16%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$486,000	–	35,249	–	0.16%	–
AMID	New	AMERICAN MIDSTREAM PARTNERS	$480,000	–	47,056	–	0.16%	–
APLE	New	APPLE HOSPITALITY REIT INC	$472,000	–	26,404	–	0.15%	–
USAC	New	USA COMPRESSION PARTNERS LP	$470,000	–	27,915	–	0.15%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$468,000	–	54,703	–	0.15%	–
AES	New	AES CORP	$466,000	–	34,760	–	0.15%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$465,000	–	152,109	–	0.15%	–
SUN	New	SUNOCO LP	$453,000	–	18,133	–	0.15%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$437,000	–	12,432	–	0.14%	–
GMLP	New	GOLAR LNG PARTNERS LP	$428,000	–	27,672	–	0.14%	–
MGM	New	MGM RESORTS INTERNATIONAL	$402,000	–	13,841	–	0.13%	–
SXCP	New	SUNCOKE ENERGY PARTNERS L P	$396,000	–	26,388	–	0.13%	–
NRG	New	NRG ENERGY INC	$393,000	–	12,799	–	0.13%	–

Q4 2017

			Value		Shares		↓ Weighting
DRE	Exit	DUKE REALTY CORP	$0	–	-15,773	–	-0.14%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-14,711	–	-0.14%	–
GLW	Exit	CORNING INC	$0	–	-16,231	–	-0.15%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-26,881	–	-0.15%	–
STON	Exit	STONEMOR PARTNERS L P	$0	–	-79,894	–	-0.16%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-29,950	–	-0.18%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-21,118	–	-0.18%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-21,700	–	-0.19%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-58,893	–	-0.19%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-34,127	–	-0.19%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-77,525	–	-0.20%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-41,684	–	-0.20%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-80,246	–	-0.20%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-66,173	–	-0.20%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-16,678	–	-0.20%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-101,854	–	-0.20%	–
SMLP	Exit	SUMMIT MIDSTREAM PARTNERS LP	$0	–	-34,052	–	-0.20%	–
WDR	Exit	WADDELL & REED FINL INCcl a	$0	–	-34,200	–	-0.21%	–
CNA	Exit	CNA FINL CORP	$0	–	-13,700	–	-0.21%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-32,750	–	-0.21%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-31,640	–	-0.21%	–
DLNG	Exit	DYNAGAS LNG PARTNERS LP	$0	–	-50,039	–	-0.21%	–
CHSP	Exit	CHESAPEAKE LODGING TRsh ben int	$0	–	-25,848	–	-0.21%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-40,807	–	-0.21%	–
SNMP	Exit	SANCHEZ MIDSTREAM PARTNERS L	$0	–	-63,160	–	-0.21%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-22,972	–	-0.22%	–
SXCP	Exit	SUNCOKE ENERGY PARTNERS L P	$0	–	-42,035	–	-0.22%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-46,690	–	-0.22%	–
SUN	Exit	SUNOCO LP	$0	–	-24,016	–	-0.22%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-215,221	–	-0.23%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-32,010	–	-0.23%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-45,272	–	-0.23%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-29,829	–	-0.23%	–
PBFX	Exit	PBF LOGISTICS LPunit ltd ptnr	$0	–	-37,746	–	-0.24%	–
GPP	Exit	GREEN PLAINS PARTNERS LP	$0	–	-39,844	–	-0.24%	–
CAPL	Exit	CROSSAMERICA PARTNERS LPut ltd ptn int	$0	–	-29,523	–	-0.24%	–
TOO	Exit	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$0	–	-339,180	–	-0.24%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-34,120	–	-0.25%	–
AMID	Exit	AMERICAN MIDSTREAM PARTNERS	$0	–	-61,044	–	-0.25%	–
AHGP	Exit	ALLIANCE HOLDINGS GP LP	$0	–	-30,277	–	-0.25%	–
GMLP	Exit	GOLAR LNG PARTNERS LP	$0	–	-36,356	–	-0.25%	–
SDLP	Exit	SEADRILL PARTNERS LLC	$0	–	-228,426	–	-0.26%	–
GES	Exit	GUESS INC	$0	–	-56,277	–	-0.29%	–
HRB	Exit	BLOCK H & R INC	$0	–	-37,206	–	-0.30%	–
BBY	Exit	BEST BUY INC	$0	–	-18,242	–	-0.31%	–
IHY	Exit	VANECK VECTORS ETF TRintl high yield	$0	–	-114,000	–	-0.88%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-34,976	–	-1.28%	–
EWP	Exit	ISHARES INCmsci span cp etf	$0	–	-127,587	–	-1.29%	–
EWY	Exit	ISHARES INCmsci sth kor etf	$0	–	-62,399	–	-1.30%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-37,632	–	-1.32%	–
EWT	Exit	ISHARES INCmsci taiwan etf	$0	–	-121,872	–	-1.32%	–
EWN	Exit	ISHARES INCmsci netherl etf	$0	–	-143,864	–	-1.36%	–
EWO	Exit	ISHARES INCaustria capd etf	$0	–	-199,185	–	-1.40%	–
CWB	Exit	SPDR SERIES TRUSTblmbrg brc cnvrt	$0	–	-92,770	–	-1.42%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-61,973	–	-2.27%	–
ANGL	Exit	VANECK VECTORS ETF TRfallen angel hg	$0	–	-267,742	–	-2.44%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-107,848	–	-2.88%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-91,091	–	-3.42%	–
DEM	Exit	WISDOMTREE TRemer mkt high fd	$0	–	-416,822	–	-5.39%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-223,212	–	-5.49%	–
IEV	Exit	ISHARES TReurope etf	$0	–	-398,281	–	-5.61%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-429,069	–	-5.78%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-752,423	–	-5.85%	–
EZU	Exit	ISHARES INCmsci eurzone etf	$0	–	-449,146	–	-5.85%	–
FEX	Exit	FIRST TR LRGE CP CORE ALPHA	$0	–	-355,412	–	-5.87%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-343,941	–	-6.11%	–
MTUM	Exit	ISHARES TRusa momentum fct	$0	–	-216,148	–	-6.22%	–
ARCM	Exit	ARROW INVTS TRresv cap mgmt	$0	–	-1,215,935	–	-7.32%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-206,947	–	-8.26%	–

Q3 2017

			Value		Shares		↓ Weighting
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$27,472,000	-1.1%	206,947	-5.4%	8.26%	+9.1%
ARCM	Sell	ARROW INVTS TRresv cap mgmt	$24,353,000	-56.7%	1,215,935	-56.8%	7.32%	-52.3%
MTUM	Sell	ISHARES TRusa momentum fct	$20,681,000	+2.3%	216,148	-4.9%	6.22%	+12.9%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$20,327,000	+2.7%	343,941	-4.9%	6.11%	+13.3%
FEX	Sell	FIRST TR LRGE CP CORE ALPHA	$19,516,000	-1.8%	355,412	-5.0%	5.87%	+8.3%
EZU	Sell	ISHARES INCmsci eurzone etf	$19,457,000	+2.1%	449,146	-4.9%	5.85%	+12.7%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$19,458,000	-0.4%	752,423	-5.0%	5.85%	+9.9%
EEM	Sell	ISHARES TRmsci emg mkt etf	$19,227,000	+2.9%	429,069	-4.9%	5.78%	+13.5%
IEV	Sell	ISHARES TReurope etf	$18,667,000	+0.7%	398,281	-4.8%	5.61%	+11.1%
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$18,243,000	–	223,212	–	5.49%	–
DEM	New	WISDOMTREE TRemer mkt high fd	$17,923,000	–	416,822	–	5.39%	–
TLT	Sell	ISHARES TR20 yr tr bd etf	$11,365,000	-7.3%	91,091	-7.0%	3.42%	+2.2%
HYG	Sell	ISHARES TRiboxx hi yd etf	$9,573,000	-37.8%	107,848	-38.0%	2.88%	-31.3%
ANGL	Buy	VANECK VECTORS ETF TRfallen angel hg	$8,115,000	+66.7%	267,742	+63.1%	2.44%	+83.9%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$7,545,000	-2.5%	61,973	-5.8%	2.27%	+7.6%
CWB	Sell	SPDR SERIES TRUSTblmbrg brc cnvrt	$4,738,000	-6.5%	92,770	-9.1%	1.42%	+3.2%
EWO	Sell	ISHARES INCaustria capd etf	$4,665,000	+3.8%	199,185	-5.9%	1.40%	+14.5%
EWN	Sell	ISHARES INCmsci netherl etf	$4,516,000	+1.1%	143,864	-6.8%	1.36%	+11.6%
EWT	Sell	ISHARES INCmsci taiwan etf	$4,400,000	-3.9%	121,872	-4.8%	1.32%	+6.0%
EMB	Sell	ISHARES TRjpmorgan usd emg	$4,381,000	-8.0%	37,632	-9.6%	1.32%	+1.5%
EWY	Sell	ISHARES INCmsci sth kor etf	$4,309,000	-3.2%	62,399	-5.0%	1.30%	+6.8%
EWP	Sell	ISHARES INCmsci span cp etf	$4,305,000	-3.6%	127,587	-6.2%	1.29%	+6.2%
LQD	Sell	ISHARES TRiboxx inv cp etf	$4,240,000	-8.0%	34,976	-8.5%	1.28%	+1.5%
IHY	New	VANECK VECTORS ETF TRintl high yield	$2,937,000	–	114,000	–	0.88%	–
BBY	Sell	BEST BUY INC	$1,039,000	-4.9%	18,242	-4.3%	0.31%	+4.7%
HRB	New	BLOCK H & R INC	$985,000	–	37,206	–	0.30%	–
GES	Sell	GUESS INC	$958,000	+27.1%	56,277	-4.6%	0.29%	+39.8%
SDLP	Buy	SEADRILL PARTNERS LLC	$847,000	+24.6%	228,426	+14.2%	0.26%	+37.8%
GMLP	Buy	GOLAR LNG PARTNERS LP	$845,000	+35.4%	36,356	+17.0%	0.25%	+49.4%
AHGP	Buy	ALLIANCE HOLDINGS GP LP	$842,000	+37.1%	30,277	+16.8%	0.25%	+51.5%
AMID	Buy	AMERICAN MIDSTREAM PARTNERS	$833,000	+43.4%	61,044	+34.9%	0.25%	+58.2%
CEQP	Buy	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$833,000	+31.6%	34,120	+26.7%	0.25%	+44.5%
TOO	Buy	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$807,000	+100.2%	339,180	+141.5%	0.24%	+120.9%
CAPL	Buy	CROSSAMERICA PARTNERS LPut ltd ptn int	$805,000	+14.2%	29,523	+6.7%	0.24%	+26.0%
GPP	Buy	GREEN PLAINS PARTNERS LP	$801,000	+25.5%	39,844	+16.7%	0.24%	+38.5%
PBFX	New	PBF LOGISTICS LPunit ltd ptnr	$793,000	–	37,746	–	0.24%	–
SPH	Buy	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$778,000	+28.4%	29,829	+17.1%	0.23%	+41.8%
USAC	Buy	USA COMPRESSION PARTNERS LP	$757,000	+13.0%	45,272	+10.6%	0.23%	+24.6%
CPLP	Buy	CAPITAL PRODUCT PARTNERS L P	$753,000	+9.8%	215,221	+6.6%	0.23%	+20.9%
KNOP	Buy	KNOT OFFSHORE PARTNERS LP	$752,000	+7.1%	32,010	+4.7%	0.23%	+18.3%
SUN	Sell	SUNOCO LP	$747,000	-12.4%	24,016	-13.8%	0.22%	-3.0%
EEP	Buy	ENBRIDGE ENERGY PARTNERS L P	$746,000	+24.7%	46,690	+24.9%	0.22%	+37.4%
SXCP	Sell	SUNCOKE ENERGY PARTNERS L P	$723,000	-11.8%	42,035	-10.1%	0.22%	-2.7%
DKL	Buy	DELEK LOGISTICS PARTNERS LP	$718,000	+0.6%	22,972	+5.3%	0.22%	+10.8%
SNMP	Buy	SANCHEZ MIDSTREAM PARTNERS L	$711,000	+17.5%	63,160	+34.1%	0.21%	+29.7%
GLP	Buy	GLOBAL PARTNERS LP	$710,000	+10.8%	40,807	+14.9%	0.21%	+21.7%
DLNG	Buy	DYNAGAS LNG PARTNERS LP	$698,000	+14.4%	50,039	+25.5%	0.21%	+26.5%
CHSP	Sell	CHESAPEAKE LODGING TRsh ben int	$697,000	+4.3%	25,848	-5.3%	0.21%	+15.4%
RLJ	Buy	RLJ LODGING TR	$696,000	+22.5%	31,640	+10.6%	0.21%	+34.8%
CNA	Sell	CNA FINL CORP	$688,000	-4.7%	13,700	-7.4%	0.21%	+5.1%
XHR	Sell	XENIA HOTELS & RESORTS INC	$689,000	-7.9%	32,750	-15.2%	0.21%	+1.5%
WDR	Sell	WADDELL & REED FINL INCcl a	$686,000	-6.8%	34,200	-12.3%	0.21%	+2.5%
SMLP	Buy	SUMMIT MIDSTREAM PARTNERS LP	$681,000	+1.8%	34,052	+15.2%	0.20%	+12.6%
NS	Buy	NUSTAR ENERGY LP	$677,000	+7.3%	16,678	+23.3%	0.20%	+18.6%
AHT	Sell	ASHFORD HOSPITALITY TR INC	$679,000	+2.0%	101,854	-7.0%	0.20%	+12.1%
IRT	Sell	INDEPENDENCE RLTY TR INC	$673,000	-2.2%	66,173	-5.1%	0.20%	+7.4%
WPG	Buy	WASHINGTON PRIME GROUP NEW	$668,000	+1.7%	80,246	+2.2%	0.20%	+12.3%
MMLP	Buy	MARTIN MIDSTREAM PRTNRS L Punit l p int	$648,000	+1.7%	41,684	+14.9%	0.20%	+12.1%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$650,000	+13.8%	77,525	+14.4%	0.20%	+25.0%
APLE	Sell	APPLE HOSPITALITY REIT INC	$645,000	+0.2%	34,127	-0.8%	0.19%	+10.2%
FSP	Buy	FRANKLIN STREET PPTYS CORP	$625,000	+4.3%	58,893	+8.9%	0.19%	+15.3%
HPT	Buy	HOSPITALITY PPTYS TR	$618,000	+2.5%	21,700	+4.9%	0.19%	+13.4%
LHO	Sell	LASALLE HOTEL PPTYS	$613,000	-8.6%	21,118	-6.1%	0.18%	+0.5%
SNH	Sell	SENIOR HSG PPTYS TRsh ben int	$586,000	-10.0%	29,950	-6.0%	0.18%	-0.6%
STON	Buy	STONEMOR PARTNERS L P	$521,000	-24.9%	79,894	+8.8%	0.16%	-16.9%
LUMN	Sell	CENTURYLINK INC	$508,000	-24.7%	26,881	-4.9%	0.15%	-16.8%
GLW	Sell	CORNING INC	$486,000	-9.3%	16,231	-9.0%	0.15%	0.0%
MGM	New	MGM RESORTS INTERNATIONAL	$479,000	–	14,711	–	0.14%	–
DRE	New	DUKE REALTY CORP	$455,000	–	15,773	–	0.14%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-145,225	–	-0.14%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-10,045	–	-0.14%	–
NAP	Exit	NAVIOS MARITIME MIDSTREAM LP	$0	–	-60,877	–	-0.16%	–
CCP	Exit	CARE CAP PPTYS INC	$0	–	-25,208	–	-0.18%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-45,239	–	-0.18%	–
NUE	Exit	NUCOR CORP	$0	–	-17,940	–	-0.28%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-276,396	–	-5.13%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-136,657	–	-5.43%	–

Q2 2017

			Value		Shares		↓ Weighting
ARCM	New	ARROW INVTS TRresv cap mgmt	$56,293,000	–	2,811,451	–	15.34%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$27,779,000	–	218,664	–	7.57%	–
MTUM	New	ISHARES TRusa momentum fct	$20,208,000	–	227,342	–	5.51%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$19,915,000	–	136,657	–	5.43%	–
FEX	New	FIRST TR LRGE CP CORE ALPHA	$19,879,000	–	373,938	–	5.42%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$19,796,000	–	361,774	–	5.40%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$19,529,000	–	791,624	–	5.32%	–
EZU	New	ISHARESmsci eurzone etf	$19,053,000	–	472,491	–	5.19%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$18,825,000	–	276,396	–	5.13%	–
EEM	New	ISHARES TRmsci emg mkt etf	$18,682,000	–	451,362	–	5.09%	–
IEV	New	ISHARES TReurope etf	$18,537,000	–	418,255	–	5.05%	–
HYG	New	ISHARES TRiboxx hi yd etf	$15,384,000	–	174,052	–	4.19%	–
TLT	New	ISHARES TR20 yr tr bd etf	$12,261,000	–	97,997	–	3.34%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$7,739,000	–	65,760	–	2.11%	–
CWB	New	SPDR SERIES TRUSTblmbrg brc cnvrt	$5,066,000	–	102,103	–	1.38%	–
ANGL	New	VANECK VECTORS ETF TRfallen angel hg	$4,867,000	–	164,205	–	1.33%	–
EMB	New	ISHARES TRjp mor em mk etf	$4,761,000	–	41,633	–	1.30%	–
LQD	New	ISHARES TRiboxx inv cp etf	$4,607,000	–	38,230	–	1.26%	–
EWT	New	ISHARES INCmsci taiwan etf	$4,580,000	–	128,066	–	1.25%	–
EWO	New	ISHARESaustria capd etf	$4,496,000	–	211,673	–	1.22%	–
EWP	New	ISHARESmsci span cp etf	$4,468,000	–	136,068	–	1.22%	–
EWN	New	ISHARESmsci netherl etf	$4,465,000	–	154,332	–	1.22%	–
EWY	New	ISHARESmsci sth kor etf	$4,452,000	–	65,659	–	1.21%	–
BBY	New	BEST BUY INC	$1,093,000	–	19,071	–	0.30%	–
NUE	New	NUCOR CORP	$1,038,000	–	17,940	–	0.28%	–
SUN	New	SUNOCO LP	$853,000	–	27,868	–	0.23%	–
SXCP	New	SUNCOKE ENERGY PARTNERS L P	$820,000	–	46,751	–	0.22%	–
GES	New	GUESS INC	$754,000	–	59,000	–	0.21%	–
XHR	New	XENIA HOTELS & RESORTS INC	$748,000	–	38,600	–	0.20%	–
WDR	New	WADDELL & REED FINL INCcl a	$736,000	–	39,000	–	0.20%	–
CNA	New	CNA FINL CORP	$722,000	–	14,800	–	0.20%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$714,000	–	21,807	–	0.20%	–
CAPL	New	CROSSAMERICA PARTNERS LPut ltd ptn int	$705,000	–	27,657	–	0.19%	–
KNOP	New	KNOT OFFSHORE PARTNERS LP	$702,000	–	30,580	–	0.19%	–
STON	New	STONEMOR PARTNERS L P	$694,000	–	73,457	–	0.19%	–
IRT	New	INDEPENDENCE RLTY TR INC	$688,000	–	69,700	–	0.19%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$686,000	–	201,856	–	0.19%	–
SDLP	New	SEADRILL PARTNERS LLC	$680,000	–	200,109	–	0.18%	–
CNXC	New	CNX COAL RES LP	$676,000	–	45,239	–	0.18%	–
LUMN	New	CENTURYLINK INC	$675,000	–	28,274	–	0.18%	–
LHO	New	LASALLE HOTEL PPTYS	$671,000	–	22,500	–	0.18%	–
CCP	New	CARE CAP PPTYS INC	$673,000	–	25,208	–	0.18%	–
USAC	New	USA COMPRESSION PARTNERS LP	$670,000	–	40,936	–	0.18%	–
SMLP	New	SUMMIT MIDSTREAM PARTNERS LP	$669,000	–	29,548	–	0.18%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$666,000	–	109,512	–	0.18%	–
CHSP	New	CHESAPEAKE LODGING TRsh ben int	$668,000	–	27,300	–	0.18%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$657,000	–	78,549	–	0.18%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$651,000	–	31,870	–	0.18%	–
APLE	New	APPLE HOSPITALITY REIT INC	$644,000	–	34,400	–	0.18%	–
GLP	New	GLOBAL PARTNERS LP	$641,000	–	35,506	–	0.18%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$637,000	–	36,291	–	0.17%	–
GPP	New	GREEN PLAINS PARTNERS LP	$638,000	–	34,130	–	0.17%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$633,000	–	26,921	–	0.17%	–
NS	New	NUSTAR ENERGY LP	$631,000	–	13,522	–	0.17%	–
GMLP	New	GOLAR LNG PARTNERS LP	$624,000	–	31,086	–	0.17%	–
AHGP	New	ALLIANCE HOLDINGS GP LP	$614,000	–	25,920	–	0.17%	–
DLNG	New	DYNAGAS LNG PARTNERS LP	$610,000	–	39,868	–	0.17%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$606,000	–	25,466	–	0.16%	–
SNMP	New	SANCHEZ MIDSTREAM PARTNERS L	$605,000	–	47,086	–	0.16%	–
HPT	New	HOSPITALITY PPTYS TR	$603,000	–	20,691	–	0.16%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$598,000	–	37,370	–	0.16%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$599,000	–	54,069	–	0.16%	–
AMID	New	AMERICAN MIDSTREAM PARTNERS	$581,000	–	45,239	–	0.16%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$571,000	–	67,766	–	0.16%	–
RLJ	New	RLJ LODGING TR	$568,000	–	28,600	–	0.16%	–
NAP	New	NAVIOS MARITIME MIDSTREAM LP	$570,000	–	60,877	–	0.16%	–
GLW	New	CORNING INC	$536,000	–	17,845	–	0.15%	–
LEG	New	LEGGETT & PLATT INC	$528,000	–	10,045	–	0.14%	–
UAN	New	CVR PARTNERS LP	$507,000	–	145,225	–	0.14%	–
TOO	New	TEEKAY OFFSHORE PARTNERS L Ppartnership un	$403,000	–	140,452	–	0.11%	–

Q4 2016

			Value		Shares		↓ Weighting
WU	Exit	WESTERN UN CO	$0	–	-10,096	–	-0.05%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-12,549	–	-0.07%	–
CA	Exit	CA INC	$0	–	-10,773	–	-0.08%	–
SDLP	Exit	SEADRILL PARTNERS LLC	$0	–	-130,806	–	-0.11%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-89,364	–	-0.11%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-10,126	–	-0.11%	–
MAS	Exit	MASCO CORP	$0	–	-14,336	–	-0.12%	–
FGPRQ	Exit	FERRELLGAS PARTNERS L.P.unit ltd part	$0	–	-42,163	–	-0.12%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-16,723	–	-0.12%	–
LGCY	Exit	LEGACY RESVS LPunit lp int	$0	–	-382,988	–	-0.12%	–
VNRSQ	Exit	VANGUARD NAT RES LLC	$0	–	-607,437	–	-0.13%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-81,594	–	-0.15%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-31,513	–	-0.15%	–
ALDW	Exit	ALON USA PARTNERS LPut ltdpart int	$0	–	-74,694	–	-0.15%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-14,360	–	-0.15%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-277,654	–	-0.16%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PTNRut ltd partner	$0	–	-148,633	–	-0.16%	–
MEMPQ	Exit	MEMORIAL PRODTN PARTNERS LP	$0	–	-386,276	–	-0.16%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-55,137	–	-0.16%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-120,188	–	-0.17%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-14,398	–	-0.17%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-24,209	–	-0.17%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-26,336	–	-0.17%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-46,314	–	-0.17%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-34,536	–	-0.17%	–
BFB	Exit	BROWN FORMAN CORPcl b	$0	–	-15,542	–	-0.17%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-22,311	–	-0.17%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-60,473	–	-0.18%	–
STON	Exit	STONEMOR PARTNERS L P	$0	–	-29,958	–	-0.18%	–
CCP	Exit	CARE CAP PPTYS INC	$0	–	-26,568	–	-0.18%	–
LOW	Exit	LOWES COS INC	$0	–	-10,473	–	-0.18%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-33,474	–	-0.18%	–
APLP	Exit	ARCHROCK PARTNERS L P	$0	–	-52,352	–	-0.18%	–
CVRR	Exit	CVR REFNG LP	$0	–	-88,129	–	-0.18%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-238,692	–	-0.18%	–
DBP	Exit	POWERSHS DB MULTI SECT COMMdb prec mtls	$0	–	-19,429	–	-0.18%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-18,093	–	-0.19%	–
GMLP	Exit	GOLAR LNG PARTNERS LP	$0	–	-41,288	–	-0.19%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-68,904	–	-0.20%	–
PERS	Exit	SANDRIDGE PERMIAN TR	$0	–	-295,246	–	-0.20%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-53,938	–	-0.20%	–
AMID	Exit	AMERICAN MIDSTREAM PARTNERS	$0	–	-60,158	–	-0.21%	–
DGL	Exit	POWERSHS DB MULTI SECT COMMdb gold fund	$0	–	-21,856	–	-0.22%	–
AHGP	Exit	ALLIANCE HOLDINGS GP LP	$0	–	-36,038	–	-0.22%	–
SXCP	Exit	SUNCOKE ENERGY PARTNERS L P	$0	–	-66,352	–	-0.24%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-44,237	–	-0.29%	–
NKE	Exit	NIKE INCcl b	$0	–	-25,941	–	-0.32%	–
CTAS	Exit	CINTAS CORP	$0	–	-12,624	–	-0.33%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-28,097	–	-0.35%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-22,953	–	-0.36%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-38,979	–	-0.36%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-144,167	–	-0.37%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-14,592	–	-0.38%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-16,683	–	-0.38%	–
FELPQ	Exit	FORESIGHT ENERGY LP	$0	–	-443,796	–	-0.40%	–
INDA	Exit	ISHARES TRmsci india etf	$0	–	-129,309	–	-0.89%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-148,504	–	-0.89%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-253,876	–	-0.93%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-73,201	–	-1.00%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-141,172	–	-1.12%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-97,921	–	-3.02%	–
IYR	Exit	ISHARES TRu.s. real es etf	$0	–	-251,000	–	-4.74%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-249,367	–	-4.92%	–
ILF	Exit	ISHARES TRlatn amer 40 etf	$0	–	-763,397	–	-5.01%	–
DVY	Exit	ISHARES TRselect divid etf	$0	–	-257,876	–	-5.17%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-470,232	–	-5.26%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-203,930	–	-5.34%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-285,995	–	-5.41%	–
PEY	Exit	POWERSHARES ETF TRUSThi yld eq dvdn	$0	–	-1,586,735	–	-5.90%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-319,905	–	-8.29%	–
ICF	Exit	ISHARES TRcohen&steer reit	$0	–	-370,049	–	-9.09%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-1,092,790	–	-22.32%	–

Q3 2016

			Value		Shares		↓ Weighting
HYG	Buy	ISHARES TRiboxx hi yd etf	$95,357,000	+18.7%	1,092,790	+15.2%	22.32%	+28.0%
ICF	Buy	ISHARES TRcohen&steer reit	$38,818,000	-0.3%	370,049	+2.8%	9.09%	+7.5%
VBR	Buy	VANGUARD INDEX FDSsm cp val etf	$35,401,000	+128.1%	319,905	+117.2%	8.29%	+145.9%
PEY	Sell	POWERSHARES ETF TRUSThi yld eq dvdn	$25,197,000	-5.2%	1,586,735	-7.2%	5.90%	+2.2%
BSV	Sell	VANGUARD BD INDEX FD INCshort trm bond	$23,117,000	-12.4%	285,995	-12.1%	5.41%	-5.5%
IEF	Sell	ISHARES TR7-10 y tr bd etf	$22,816,000	-52.8%	203,930	-52.3%	5.34%	-49.1%
XLK	New	SELECT SECTOR SPDR TRtechnology	$22,468,000	–	470,232	–	5.26%	–
DVY	Sell	ISHARES TRselect divid etf	$22,097,000	-6.8%	257,876	-7.2%	5.17%	+0.5%
ILF	New	ISHARES TRlatn amer 40 etf	$21,406,000	–	763,397	–	5.01%	–
SDY	Sell	SPDR SERIES TRUSTs&p divid etf	$21,037,000	-6.7%	249,367	-7.2%	4.92%	+0.6%
IYR	New	ISHARES TRu.s. real es etf	$20,241,000	–	251,000	–	4.74%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$12,904,000	–	97,921	–	3.02%	–
EWZ	Sell	ISHARESmsci brz cap etf	$4,762,000	+6.7%	141,172	-4.7%	1.12%	+15.1%
EWY	Sell	ISHARESmsci sth kor etf	$4,255,000	+6.4%	73,201	-4.7%	1.00%	+14.7%
EWT	New	ISHARESmsci taiwan etf	$3,986,000	–	253,876	–	0.93%	–
EWC	New	ISHARESmsci cda etf	$3,815,000	–	148,504	–	0.89%	–
INDA	New	ISHARES TRmsci india etf	$3,803,000	–	129,309	–	0.89%	–
FELPQ	Sell	FORESIGHT ENERGY LP	$1,686,000	+84.7%	443,796	-24.2%	0.40%	+99.5%
WYNN	Buy	WYNN RESORTS LTD	$1,625,000	+18.7%	16,683	+10.4%	0.38%	+27.9%
TAP	Sell	MOLSON COORS BREWING COcl b	$1,602,000	+7.8%	14,592	-0.7%	0.38%	+16.1%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$1,566,000	+6.4%	144,167	+9.1%	0.37%	+14.7%
NEM	Sell	NEWMONT MINING CORP	$1,531,000	-12.8%	38,979	-13.1%	0.36%	-6.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$1,523,000	+99.6%	22,953	+96.1%	0.36%	+114.5%
NWL	Sell	NEWELL BRANDS INC	$1,480,000	-1.1%	28,097	-8.9%	0.35%	+6.5%
CTAS	Sell	CINTAS CORP	$1,421,000	-6.5%	12,624	-18.5%	0.33%	+0.9%
NKE	Sell	NIKE INCcl b	$1,366,000	-5.5%	25,941	-1.0%	0.32%	+1.9%
NRP	Sell	NATURAL RESOURCE PARTNERS L	$1,234,000	+17.6%	44,237	-39.5%	0.29%	+26.8%
SXCP	Sell	SUNCOKE ENERGY PARTNERS L P	$1,005,000	+1.1%	66,352	-27.9%	0.24%	+8.8%
AHGP	Sell	ALLIANCE HOLDINGS GP LP	$939,000	-10.3%	36,038	-27.6%	0.22%	-3.1%
DGL	Buy	POWERSHS DB MULTI SECT COMMdb gold fund	$931,000	+11.2%	21,856	+12.8%	0.22%	+19.8%
AMID	Sell	AMERICAN MIDSTREAM PARTNERS	$889,000	-23.6%	60,158	-38.8%	0.21%	-17.5%
GLP	Buy	GLOBAL PARTNERS LP	$871,000	+25.7%	53,938	+6.7%	0.20%	+36.0%
PERS	Buy	SANDRIDGE PERMIAN TR	$841,000	+33.1%	295,246	+21.4%	0.20%	+43.8%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$836,000	+74.2%	68,904	+33.5%	0.20%	+88.5%
GMLP	Sell	GOLAR LNG PARTNERS LP	$810,000	-0.1%	41,288	-6.7%	0.19%	+8.0%
ATVI	Sell	ACTIVISION BLIZZARD INC	$802,000	+8.1%	18,093	-3.3%	0.19%	+16.8%
DBP	New	POWERSHS DB MULTI SECT COMMdb prec mtls	$789,000	–	19,429	–	0.18%	–
CPLP	Buy	CAPITAL PRODUCT PARTNERS L P	$778,000	+19.1%	238,692	+8.9%	0.18%	+28.2%
CVRR	Buy	CVR REFNG LP	$773,000	+89.5%	88,129	+67.4%	0.18%	+103.4%
APLP	Sell	ARCHROCK PARTNERS L P	$771,000	-5.6%	52,352	-13.3%	0.18%	+1.7%
SNH	Sell	SENIOR HSG PPTYS TRsh ben int	$760,000	+5.1%	33,474	-3.6%	0.18%	+13.4%
CCP	Buy	CARE CAP PPTYS INC	$757,000	+23.3%	26,568	+13.4%	0.18%	+33.1%
LOW	New	LOWES COS INC	$756,000	–	10,473	–	0.18%	–
STON	Buy	STONEMOR PARTNERS L P	$750,000	+5.3%	29,958	+5.4%	0.18%	+13.5%
WPG	New	WASHINGTON PRIME GROUP NEW	$749,000	–	60,473	–	0.18%	–
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$743,000	-0.7%	22,311	-0.4%	0.17%	+7.4%
BFB	New	BROWN FORMAN CORPcl b	$737,000	–	15,542	–	0.17%	–
CEQP	Sell	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$734,000	-45.7%	34,536	-48.5%	0.17%	-41.3%
RRD	Buy	DONNELLEY R R & SONS CO	$728,000	+13.4%	46,314	+22.0%	0.17%	+22.3%
LUMN	Buy	CENTURYLINK INC	$722,000	+26.2%	26,336	+33.7%	0.17%	+36.3%
HPT	Buy	HOSPITALITY PPTYS TR	$719,000	+6.0%	24,209	+2.9%	0.17%	+14.3%
NS	Sell	NUSTAR ENERGY LP	$714,000	-13.1%	14,398	-12.8%	0.17%	-6.2%
AHT	Buy	ASHFORD HOSPITALITY TR INC	$708,000	+32.3%	120,188	+20.7%	0.17%	+43.1%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$695,000	-3.5%	55,137	-6.0%	0.16%	+4.5%
MEMPQ	Buy	MEMORIAL PRODTN PARTNERS LP	$688,000	+15.1%	386,276	+22.7%	0.16%	+23.8%
CLMT	Buy	CALUMET SPECIALTY PRODS PTNRut ltd partner	$670,000	+135.9%	148,633	+156.6%	0.16%	+153.2%
EVEPQ	Sell	EV ENERGY PARTNERS LP	$666,000	-18.4%	277,654	-22.0%	0.16%	-11.9%
LEG	New	LEGGETT & PLATT INC	$655,000	–	14,360	–	0.15%	–
ALDW	Buy	ALON USA PARTNERS LPut ltdpart int	$642,000	+29.2%	74,694	+51.6%	0.15%	+38.9%
MMLP	Sell	MARTIN MIDSTREAM PRTNRS L Punit l p int	$632,000	-17.5%	31,513	-4.9%	0.15%	-10.8%
MBT	Buy	MOBILE TELESYSTEMS PJSCsponsored adr	$623,000	+0.5%	81,594	+9.0%	0.15%	+8.1%
VNRSQ	Buy	VANGUARD NAT RES LLC	$549,000	-11.5%	607,437	+38.1%	0.13%	-5.2%
LGCY	Sell	LEGACY RESVS LPunit lp int	$517,000	-51.8%	382,988	-42.1%	0.12%	-48.1%
AMAT	New	APPLIED MATLS INC	$504,000	–	16,723	–	0.12%	–
MAS	Sell	MASCO CORP	$492,000	-29.5%	14,336	-36.5%	0.12%	-24.3%
FGPRQ	Buy	FERRELLGAS PARTNERS L.P.unit ltd part	$491,000	-31.3%	42,163	+9.0%	0.12%	-25.8%
RAI	Buy	REYNOLDS AMERICAN INC	$477,000	-12.6%	10,126	+0.1%	0.11%	-5.9%
UAN	Buy	CVR PARTNERS LP	$474,000	-33.2%	89,364	+2.8%	0.11%	-27.9%
SDLP	Sell	SEADRILL PARTNERS LLC	$462,000	-52.2%	130,806	-27.3%	0.11%	-48.6%
CA	New	CA INC	$356,000	–	10,773	–	0.08%	–
SYMC	Sell	SYMANTEC CORP	$315,000	-10.8%	12,549	-26.9%	0.07%	-3.9%
WU	Sell	WESTERN UN CO	$210,000	-2.3%	10,096	-9.8%	0.05%	+4.3%
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-905,065	–	-0.11%	–
WPG	Exit	WP GLIMCHER IN	$0	–	-64,785	–	-0.16%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-10,827	–	-0.16%	–
GAS	Exit	AGL RES INC	$0	–	-22,081	–	-0.32%	–
AA	Exit	ALCOA INC	$0	–	-157,465	–	-0.32%	–
EWO	Exit	ISHARESaustria capd etf	$0	–	-257,083	–	-0.79%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-164,179	–	-0.82%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-221,926	–	-0.85%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-186,544	–	-3.44%	–
QUAL	Exit	ISHARES TRusa quality fctr	$0	–	-339,830	–	-4.87%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-429,954	–	-5.15%	–
SPLV	Exit	POWERSHARES ETF TR IIs&p500 low vol	$0	–	-601,063	–	-5.58%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-491,078	–	-5.59%	–

Q2 2016

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$80,349,000	–	948,745	–	17.44%	–
IEF	New	ISHARES TR7-10 y tr bd etf	$48,296,000	–	427,511	–	10.48%	–
ICF	New	ISHARES TRcohen&steer reit	$38,946,000	–	359,946	–	8.45%	–
PEY	New	POWERSHARES ETF TRUSThi yld eq dvdn	$26,588,000	–	1,709,850	–	5.77%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$26,384,000	–	325,491	–	5.73%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$25,767,000	–	491,078	–	5.59%	–
SPLV	New	POWERSHARES ETF TR IIs&p500 low vol	$25,719,000	–	601,063	–	5.58%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$23,712,000	–	429,954	–	5.15%	–
DVY	New	ISHARES TRselect divid etf	$23,697,000	–	277,873	–	5.14%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$22,551,000	–	268,717	–	4.90%	–
QUAL	New	ISHARES TRusa quality fctr	$22,429,000	–	339,830	–	4.87%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$15,854,000	–	186,544	–	3.44%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$15,521,000	–	147,310	–	3.37%	–
EWZ	New	ISHARESmsci brz cap etf	$4,462,000	–	148,103	–	0.97%	–
EWY	New	ISHARESmsci sth kor etf	$3,999,000	–	76,795	–	0.87%	–
EWK	New	ISHARESbelgium capd etf	$3,930,000	–	221,926	–	0.85%	–
EWN	New	ISHARESmsci netherl etf	$3,801,000	–	164,179	–	0.82%	–
EWO	New	ISHARESaustria capd etf	$3,643,000	–	257,083	–	0.79%	–
NEM	New	NEWMONT MINING CORP	$1,755,000	–	44,862	–	0.38%	–
CTAS	New	CINTAS CORP	$1,519,000	–	15,483	–	0.33%	–
NWL	New	NEWELL BRANDS INC	$1,497,000	–	30,827	–	0.32%	–
TAP	New	MOLSON COORS BREWING COcl b	$1,486,000	–	14,694	–	0.32%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,472,000	–	132,163	–	0.32%	–
AA	New	ALCOA INC	$1,460,000	–	157,465	–	0.32%	–
GAS	New	AGL RES INC	$1,457,000	–	22,081	–	0.32%	–
NKE	New	NIKE INCcl b	$1,446,000	–	26,202	–	0.31%	–
WYNN	New	WYNN RESORTS LTD	$1,369,000	–	15,106	–	0.30%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$1,352,000	–	67,084	–	0.29%	–
AMID	New	AMERICAN MIDSTREAM PARTNERS	$1,163,000	–	98,322	–	0.25%	–
LGCY	New	LEGACY RESVS LPunit lp int	$1,072,000	–	661,930	–	0.23%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$1,049,000	–	73,129	–	0.23%	–
AHGP	New	ALLIANCE HOLDINGS GP LP	$1,047,000	–	49,786	–	0.23%	–
SXCP	New	SUNCOKE ENERGY PARTNERS L P	$994,000	–	92,004	–	0.22%	–
SDLP	New	SEADRILL PARTNERS LLC	$967,000	–	180,024	–	0.21%	–
FELPQ	New	FORESIGHT ENERGY LP	$913,000	–	585,560	–	0.20%	–
DGL	New	POWERSHS DB MULTI SECT COMMdb gold fund	$837,000	–	19,383	–	0.18%	–
NS	New	NUSTAR ENERGY LP	$822,000	–	16,504	–	0.18%	–
APLP	New	ARCHROCK PARTNERS L P	$817,000	–	60,368	–	0.18%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$816,000	–	356,156	–	0.18%	–
GMLP	New	GOLAR LNG PARTNERS LP	$811,000	–	44,250	–	0.18%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$766,000	–	33,145	–	0.17%	–
CMCSA	New	COMCAST CORP NEWcl a	$763,000	–	11,707	–	0.17%	–
ALLE	New	ALLEGION PUB LTD CO	$752,000	–	10,827	–	0.16%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$748,000	–	22,391	–	0.16%	–
ATVI	New	ACTIVISION BLIZZARD INC	$742,000	–	18,713	–	0.16%	–
WPG	New	WP GLIMCHER IN	$725,000	–	64,785	–	0.16%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$723,000	–	34,732	–	0.16%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$720,000	–	58,671	–	0.16%	–
FGPRQ	New	FERRELLGAS PARTNERS L.P.unit ltd part	$715,000	–	38,699	–	0.16%	–
STON	New	STONEMOR PARTNERS L P	$712,000	–	28,434	–	0.16%	–
UAN	New	CVR PARTNERS LP	$710,000	–	86,898	–	0.15%	–
MAS	New	MASCO CORP	$698,000	–	22,567	–	0.15%	–
GLP	New	GLOBAL PARTNERS LP	$693,000	–	50,566	–	0.15%	–
HPT	New	HOSPITALITY PPTYS TR	$678,000	–	23,527	–	0.15%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$653,000	–	219,142	–	0.14%	–
RRD	New	DONNELLEY R R & SONS CO	$642,000	–	37,972	–	0.14%	–
PERS	New	SANDRIDGE PERMIAN TR	$632,000	–	243,152	–	0.14%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$620,000	–	74,836	–	0.14%	–
VNRSQ	New	VANGUARD NAT RES LLC	$620,000	–	439,829	–	0.14%	–
CCP	New	CARE CAP PPTYS INC	$614,000	–	23,434	–	0.13%	–
MEMPQ	New	MEMORIAL PRODTN PARTNERS LP	$598,000	–	314,806	–	0.13%	–
LUMN	New	CENTURYLINK INC	$572,000	–	19,702	–	0.12%	–
RAI	New	REYNOLDS AMERICAN INC	$546,000	–	10,118	–	0.12%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$535,000	–	99,566	–	0.12%	–
ALDW	New	ALON USA PARTNERS LPut ltdpart int	$497,000	–	49,270	–	0.11%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$489,000	–	905,065	–	0.11%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$480,000	–	51,604	–	0.10%	–
CVRR	New	CVR REFNG LP	$408,000	–	52,641	–	0.09%	–
SYMC	New	SYMANTEC CORP	$353,000	–	17,170	–	0.08%	–
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$284,000	–	57,921	–	0.06%	–
WU	New	WESTERN UN CO	$215,000	–	11,196	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
LNCOQ	Exit	LINNCO LLC	$0	–	-130,284	–	-0.09%	–
LINEQ	Exit	LINN ENERGY LLCunit ltd liab	$0	–	-132,572	–	-0.09%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-15,419	–	-0.10%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-11,407	–	-0.10%	–
MEMPQ	Exit	MEMORIAL PRODTN PARTNERS LP	$0	–	-87,769	–	-0.10%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-10,523	–	-0.11%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-254,908	–	-0.13%	–
MCEP	Exit	MID CON ENERGY PARTNERS LP	$0	–	-254,847	–	-0.14%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-196,720	–	-0.14%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-14,330	–	-0.14%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-10,109	–	-0.14%	–
LGCY	Exit	LEGACY RESVS LPunit lp int	$0	–	-140,667	–	-0.14%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-13,063	–	-0.14%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-15,471	–	-0.14%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-106,106	–	-0.16%	–
VNRSQ	Exit	VANGUARD NAT RES LLC	$0	–	-88,163	–	-0.16%	–
LRE	Exit	LRR ENERGY LP	$0	–	-169,557	–	-0.17%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-22,768	–	-0.18%	–
R	Exit	RYDER SYS INC	$0	–	-10,222	–	-0.19%	–
UUP	Exit	POWERSHS DB US DOLLAR INDEXdoll indx bull	$0	–	-30,305	–	-0.19%	–
PERS	Exit	SANDRIDGE PERMIAN TR	$0	–	-182,032	–	-0.19%	–
MAS	Exit	MASCO CORP	$0	–	-31,944	–	-0.20%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-25,576	–	-0.20%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-14,285	–	-0.20%	–
JBHT	Exit	HUNT J B TRANS SVCS INC	$0	–	-11,712	–	-0.21%	–
LOW	Exit	LOWES COS INC	$0	–	-12,234	–	-0.21%	–
NMM	Exit	NAVIOS MARITIME PARTNERS L Punit lpi	$0	–	-117,895	–	-0.21%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-12,678	–	-0.21%	–
CHKR	Exit	CHESAPEAKE GRANITE WASH TR	$0	–	-181,744	–	-0.21%	–
KR	Exit	KROGER CO	$0	–	-24,642	–	-0.22%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-351,821	–	-0.22%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-29,465	–	-0.22%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-84,955	–	-0.23%	–
SDLP	Exit	SEADRILL PARTNERS LLC	$0	–	-100,203	–	-0.23%	–
EXLP	Exit	EXTERRAN PARTNERS LP	$0	–	-58,918	–	-0.24%	–
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-134,415	–	-0.24%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-21,779	–	-0.24%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-104,717	–	-0.24%	–
PDLI	Exit	PDL BIOPHARMA INC	$0	–	-197,175	–	-0.24%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-162,263	–	-0.25%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-40,256	–	-0.25%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-69,950	–	-0.25%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-41,969	–	-0.25%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-43,048	–	-0.27%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-34,198	–	-0.28%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-40,165	–	-0.28%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-70,275	–	-0.28%	–
FGPRQ	Exit	FERRELLGAS PARTNERS L.P.unit ltd part	$0	–	-58,652	–	-0.28%	–
FSP	Exit	FRANKLIN STREET PPTYS CORP	$0	–	-110,199	–	-0.29%	–
STON	Exit	STONEMOR PARTNERS L P	$0	–	-44,609	–	-0.30%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PTNRut ltd partner	$0	–	-51,054	–	-0.30%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-19,037	–	-0.31%	–
NTI	Exit	NORTHERN TIER ENERGY LP	$0	–	-54,871	–	-0.31%	–
CVRR	Exit	CVR REFNG LP	$0	–	-72,020	–	-0.34%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-10,068	–	-0.36%	–
ALDW	Exit	ALON USA PARTNERS LPut ltdpart int	$0	–	-65,701	–	-0.38%	–
NWL	Exit	NEWELL RUBBERMAID INC	$0	–	-40,173	–	-0.39%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-56,852	–	-0.41%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-32,839	–	-0.41%	–
GAS	Exit	AGL RES INC	$0	–	-27,750	–	-0.42%	–
NKE	Exit	NIKE INCcl b	$0	–	-15,034	–	-0.46%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-308,510	–	-1.78%	–
EWH	Exit	ISHARESmsci hong kg etf	$0	–	-383,929	–	-1.80%	–
EWI	Exit	ISHARESmsci italcpd etf	$0	–	-513,625	–	-1.81%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-446,722	–	-1.81%	–
ICF	Exit	ISHARES TRcohen&steer reit	$0	–	-156,493	–	-3.56%	–
VBK	Exit	VANGUARD INDEX FDSsml cp grw etf	$0	–	-166,380	–	-4.82%	–
IEI	Exit	ISHARES TR3-7 yr tr bd etf	$0	–	-159,163	–	-4.88%	–
SHY	Exit	ISHARES TR1-3 yr tr bd etf	$0	–	-245,924	–	-5.14%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-285,662	–	-5.22%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-967,505	–	-5.39%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-2,358,311	–	-6.63%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-361,903	–	-7.16%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-275,556	–	-7.31%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-491,119	–	-8.00%	–
VOT	Exit	VANGUARD INDEX FDSmcap gr idxvip	$0	–	-423,081	–	-10.12%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-429,891	–	-10.60%	–

Q3 2015

			Value		Shares		↓ Weighting
VUG	Sell	VANGUARD INDEX FDSgrowth etf	$43,114,000	-11.2%	429,891	-5.3%	10.60%	+8.4%
VOT	Sell	VANGUARD INDEX FDSmcap gr idxvip	$41,153,000	-13.5%	423,081	-5.2%	10.12%	+5.7%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$32,527,000	-17.0%	491,119	-6.8%	8.00%	+1.3%
IEF	Sell	ISHARES TR7-10 y tr bd etf	$29,724,000	-0.8%	275,556	-3.4%	7.31%	+21.2%
BSV	Sell	VANGUARD BD INDEX FD INCshort trm bond	$29,093,000	-3.8%	361,903	-4.1%	7.16%	+17.5%
EWJ	Sell	ISHARESmsci japan etf	$26,956,000	-18.5%	2,358,311	-8.7%	6.63%	-0.5%
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$21,924,000	–	967,505	–	5.39%	–
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$21,213,000	-11.9%	285,662	-9.3%	5.22%	+7.6%
SHY	New	ISHARES TR1-3 yr tr bd etf	$20,901,000	–	245,924	–	5.14%	–
IEI	New	ISHARES TR3-7 yr tr bd etf	$19,840,000	–	159,163	–	4.88%	–
VBK	Sell	VANGUARD INDEX FDSsml cp grw etf	$19,596,000	-15.2%	166,380	-3.3%	4.82%	+3.6%
ICF	Sell	ISHARES TRcohen&steer reit	$14,494,000	-1.7%	156,493	-4.9%	3.56%	+20.1%
EWK	Sell	ISHARESbelgium capd etf	$7,358,000	-20.0%	446,722	-15.6%	1.81%	-2.2%
EWI	New	ISHARESmsci italcpd etf	$7,355,000	–	513,625	–	1.81%	–
EWH	Sell	ISHARESmsci hong kg etf	$7,341,000	-20.2%	383,929	-5.8%	1.80%	-2.5%
EWN	New	ISHARESmsci netherl etf	$7,219,000	–	308,510	–	1.78%	–
NKE	Sell	NIKE INCcl b	$1,849,000	-5.5%	15,034	-17.0%	0.46%	+15.5%
GAS	New	AGL RES INC	$1,694,000	–	27,750	–	0.42%	–
RHI	Buy	ROBERT HALF INTL INC	$1,680,000	-7.3%	32,839	+0.5%	0.41%	+13.2%
GT	Sell	GOODYEAR TIRE & RUBR CO	$1,667,000	-4.4%	56,852	-1.7%	0.41%	+16.8%
NWL	Sell	NEWELL RUBBERMAID INC	$1,595,000	-16.7%	40,173	-13.8%	0.39%	+1.6%
ALDW	Sell	ALON USA PARTNERS LPut ltdpart int	$1,531,000	-13.3%	65,701	-21.7%	0.38%	+6.2%
WHR	New	WHIRLPOOL CORP	$1,483,000	–	10,068	–	0.36%	–
CVRR	Sell	CVR REFNG LP	$1,377,000	-2.1%	72,020	-6.4%	0.34%	+19.8%
NTI	Sell	NORTHERN TIER ENERGY LP	$1,251,000	-14.7%	54,871	-11.1%	0.31%	+4.4%
DLR	Sell	DIGITAL RLTY TR INC	$1,243,000	-19.7%	19,037	-18.0%	0.31%	-1.9%
CLMT	Sell	CALUMET SPECIALTY PRODS PTNRut ltd partner	$1,240,000	-20.4%	51,054	-16.5%	0.30%	-2.6%
STON	Sell	STONEMOR PARTNERS L P	$1,217,000	-27.2%	44,609	-19.5%	0.30%	-11.0%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$1,185,000	-11.8%	110,199	-7.2%	0.29%	+7.8%
FGPRQ	Sell	FERRELLGAS PARTNERS L.P.unit ltd part	$1,158,000	-27.9%	58,652	-17.8%	0.28%	-12.0%
SNH	Buy	SENIOR HSG PPTYS TRsh ben int	$1,138,000	-5.0%	70,275	+2.9%	0.28%	+16.2%
GLP	Sell	GLOBAL PARTNERS LP	$1,138,000	-19.3%	40,165	-7.6%	0.28%	-1.4%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$1,124,000	-23.8%	34,198	-7.5%	0.28%	-7.1%
HPT	Sell	HOSPITALITY PPTYS TR	$1,101,000	-17.9%	43,048	-7.5%	0.27%	+0.4%
MMLP	Sell	MARTIN MIDSTREAM PRTNRS L Punit l p int	$1,024,000	-28.0%	41,969	-8.7%	0.25%	-11.9%
RRD	Sell	DONNELLEY R R & SONS CO	$1,018,000	-28.7%	69,950	-14.6%	0.25%	-12.9%
LUMN	Sell	CENTURYLINK INC	$1,011,000	-22.4%	40,256	-9.2%	0.25%	-5.0%
CPLP	Sell	CAPITAL PRODUCT PARTNERS L P	$1,000,000	-21.3%	162,263	-0.3%	0.25%	-3.9%
PDLI	Sell	PDL BIOPHARMA INC	$992,000	-28.1%	197,175	-8.1%	0.24%	-12.2%
UAN	Sell	CVR PARTNERS LP	$979,000	-34.1%	104,717	-11.0%	0.24%	-19.4%
NS	Sell	NUSTAR ENERGY LP	$976,000	-37.6%	21,779	-17.4%	0.24%	-23.8%
MBT	Sell	MOBILE TELESYSTEMS PJSCsponsored adr	$970,000	-41.7%	134,415	-20.9%	0.24%	-28.7%
EXLP	Sell	EXTERRAN PARTNERS LP	$968,000	-30.3%	58,918	-4.5%	0.24%	-15.0%
SDLP	Sell	SEADRILL PARTNERS LLC	$942,000	-35.1%	100,203	-14.8%	0.23%	-20.5%
NEBLQ	Sell	NOBLE CORP PLC	$927,000	-45.5%	84,955	-23.2%	0.23%	-33.5%
ATVI	New	ACTIVISION BLIZZARD INC	$910,000	–	29,465	–	0.22%	–
NRP	Buy	NATURAL RESOURCE PARTNERS L	$894,000	+8.8%	351,821	+62.3%	0.22%	+33.3%
KR	Buy	KROGER CO	$889,000	-3.1%	24,642	+94.8%	0.22%	+18.4%
CHKR	Sell	CHESAPEAKE GRANITE WASH TR	$867,000	-49.4%	181,744	-24.1%	0.21%	-38.3%
EA	Sell	ELECTRONIC ARTS INC	$859,000	-56.0%	12,678	-56.8%	0.21%	-46.3%
NMM	Sell	NAVIOS MARITIME PARTNERS L Punit lpi	$859,000	-43.8%	117,895	-17.5%	0.21%	-31.5%
LOW	Sell	LOWES COS INC	$843,000	-4.3%	12,234	-7.0%	0.21%	+16.9%
JBHT	New	HUNT J B TRANS SVCS INC	$836,000	–	11,712	–	0.21%	–
ALLE	Sell	ALLEGION PUB LTD CO	$824,000	-7.3%	14,285	-3.3%	0.20%	+13.4%
WFM	Buy	WHOLE FOODS MKT INC	$809,000	-8.2%	25,576	+14.5%	0.20%	+12.4%
MAS	Sell	MASCO CORP	$804,000	-11.4%	31,944	-6.1%	0.20%	+8.2%
PERS	Sell	SANDRIDGE PERMIAN TR	$777,000	-53.3%	182,032	-18.1%	0.19%	-43.0%
UUP	Sell	POWERSHS DB US DOLLAR INDEXdoll indx bull	$761,000	-11.6%	30,305	-11.9%	0.19%	+8.1%
R	Sell	RYDER SYS INC	$757,000	-56.9%	10,222	-49.1%	0.19%	-47.5%
CVC	Buy	CABLEVISION SYS CORPcl a ny cablvs	$739,000	+64.2%	22,768	+21.2%	0.18%	+100.0%
LRE	Sell	LRR ENERGY LP	$685,000	-61.2%	169,557	-28.0%	0.17%	-52.8%
VNRSQ	Sell	VANGUARD NAT RES LLC	$670,000	-57.6%	88,163	-16.8%	0.16%	-48.1%
EVEPQ	Sell	EV ENERGY PARTNERS LP	$637,000	-50.2%	106,106	-5.1%	0.16%	-38.9%
LUV	Sell	SOUTHWEST AIRLS CO	$589,000	+7.3%	15,471	-6.8%	0.14%	+30.6%
DAL	Sell	DELTA AIR LINES INC DEL	$586,000	-0.3%	13,063	-8.7%	0.14%	+22.0%
CMCSA	New	COMCAST CORP NEWcl a	$575,000	–	10,109	–	0.14%	–
LGCY	Sell	LEGACY RESVS LPunit lp int	$575,000	-55.7%	140,667	-7.2%	0.14%	-46.2%
AAL	Sell	AMERICAN AIRLS GROUP INC	$556,000	-4.0%	14,330	-1.1%	0.14%	+17.1%
ARPJQ	Sell	ATLAS RESOURCE PARTNERS LP	$551,000	-58.9%	196,720	-8.2%	0.14%	-49.6%
MCEP	Sell	MID CON ENERGY PARTNERS LP	$548,000	-59.8%	254,847	-6.4%	0.14%	-50.7%
BBEPQ	Buy	BREITBURN ENERGY PARTNERS LP	$517,000	-57.2%	254,908	+0.3%	0.13%	-47.7%
VIAB	New	VIACOM INC NEWcl b	$454,000	–	10,523	–	0.11%	–
MEMPQ	Sell	MEMORIAL PRODTN PARTNERS LP	$422,000	-69.4%	87,769	-5.6%	0.10%	-62.6%
THC	Sell	TENET HEALTHCARE CORP	$421,000	-37.0%	11,407	-1.2%	0.10%	-22.4%
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$416,000	-6.7%	15,419	+12.5%	0.10%	+13.3%
LINEQ	Sell	LINN ENERGY LLCunit ltd liab	$357,000	-70.2%	132,572	-1.5%	0.09%	-63.5%
LNCOQ	Sell	LINNCO LLC	$353,000	-76.1%	130,284	-16.6%	0.09%	-70.7%
WHZT	Exit	WHITING USA TR IItr unit	$0	–	-299,702	–	-0.15%	–
GRMN	Exit	GARMIN LTD	$0	–	-20,481	–	-0.18%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-10,729	–	-0.18%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-93,727	–	-0.35%	–
LVLT	Exit	LEVEL 3 COMMUNICATIONS INC	$0	–	-33,197	–	-0.35%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-48,163	–	-0.36%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-201,042	–	-1.87%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-604,798	–	-1.92%	–
HYG	Exit	ISHARESiboxx hi yd etf	$0	–	-153,210	–	-2.74%	–
FEX	Exit	FIRST TR LRGE CP CORE ALPHA	$0	–	-506,539	–	-4.68%	–
FNX	Exit	FIRST TR MID CAP CORE ALPHAD	$0	–	-458,032	–	-4.97%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-637,152	–	-5.31%	–

Q2 2015

			Value		Shares		↓ Weighting
VUG	New	VANGUARD INDEX FDSgrowth etf	$48,574,000	–	453,752	–	9.78%	–
VOT	New	VANGUARD INDEX FDSmcap gr idxvip	$47,554,000	–	446,227	–	9.57%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$39,210,000	–	527,097	–	7.89%	–
EWJ	New	ISHARESmsci japan etf	$33,093,000	–	2,583,432	–	6.66%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$30,255,000	–	377,286	–	6.09%	–
IEF	New	ISHARES TR7-10 y tr bd etf	$29,963,000	–	285,331	–	6.03%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$26,378,000	–	637,152	–	5.31%	–
FNX	New	FIRST TR MID CAP CORE ALPHAD	$24,684,000	–	458,032	–	4.97%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$24,083,000	–	314,895	–	4.85%	–
FEX	New	FIRST TR LRGE CP CORE ALPHA	$23,220,000	–	506,539	–	4.68%	–
VBK	New	VANGUARD INDEX FDSsml cp grw etf	$23,100,000	–	172,079	–	4.65%	–
ICF	New	ISHARES TRcohen&steer reit	$14,744,000	–	164,536	–	2.97%	–
HYG	New	ISHARESiboxx hi yd etf	$13,605,000	–	153,210	–	2.74%	–
EWT	New	ISHARESmsci taiwan etf	$9,544,000	–	604,798	–	1.92%	–
FXI	New	ISHARES TRchina lg-cap etf	$9,268,000	–	201,042	–	1.87%	–
EWH	New	ISHARESmsci hong kg etf	$9,194,000	–	407,547	–	1.85%	–
EWK	New	ISHARESbelgium capd etf	$9,193,000	–	529,240	–	1.85%	–
NKE	New	NIKE INCcl b	$1,957,000	–	18,115	–	0.39%	–
EA	New	ELECTRONIC ARTS INC	$1,952,000	–	29,348	–	0.39%	–
NWL	New	NEWELL RUBBERMAID INC	$1,915,000	–	46,591	–	0.39%	–
RHI	New	ROBERT HALF INTL INC	$1,813,000	–	32,672	–	0.36%	–
CBRE	New	CBRE GROUP INCcl a	$1,782,000	–	48,163	–	0.36%	–
LRE	New	LRR ENERGY LP	$1,767,000	–	235,582	–	0.36%	–
ALDW	New	ALON USA PARTNERS LPut ltdpart int	$1,765,000	–	83,956	–	0.36%	–
R	New	RYDER SYS INC	$1,756,000	–	20,095	–	0.35%	–
LVLT	New	LEVEL 3 COMMUNICATIONS INC	$1,748,000	–	33,197	–	0.35%	–
GT	New	GOODYEAR TIRE & RUBR CO	$1,744,000	–	57,835	–	0.35%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,745,000	–	93,727	–	0.35%	–
CHKR	New	CHESAPEAKE GRANITE WASH TR	$1,712,000	–	239,429	–	0.34%	–
NEBLQ	New	NOBLE CORP PLC	$1,702,000	–	110,560	–	0.34%	–
STON	New	STONEMOR PARTNERS L P	$1,671,000	–	55,409	–	0.34%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$1,663,000	–	170,010	–	0.34%	–
PERS	New	SANDRIDGE PERMIAN TR	$1,663,000	–	222,292	–	0.34%	–
FGPRQ	New	FERRELLGAS PARTNERS L.P.unit ltd part	$1,607,000	–	71,337	–	0.32%	–
VNRSQ	New	VANGUARD NAT RES LLC	$1,582,000	–	105,933	–	0.32%	–
NS	New	NUSTAR ENERGY LP	$1,565,000	–	26,367	–	0.32%	–
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$1,557,000	–	61,149	–	0.31%	–
DLR	New	DIGITAL RLTY TR INC	$1,548,000	–	23,213	–	0.31%	–
NMM	New	NAVIOS MARITIME PARTNERS L Punit lpi	$1,529,000	–	142,939	–	0.31%	–
UAN	New	CVR PARTNERS LP	$1,485,000	–	117,597	–	0.30%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$1,475,000	–	36,988	–	0.30%	–
LNCOQ	New	LINNCO LLC	$1,476,000	–	156,194	–	0.30%	–
NTI	New	NORTHERN TIER ENERGY LP	$1,467,000	–	61,696	–	0.30%	–
SDLP	New	SEADRILL PARTNERS LLC	$1,452,000	–	117,638	–	0.29%	–
RRD	New	DONNELLEY R R & SONS CO	$1,428,000	–	81,946	–	0.29%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$1,423,000	–	45,976	–	0.29%	–
GLP	New	GLOBAL PARTNERS LP	$1,410,000	–	43,475	–	0.28%	–
CVRR	New	CVR REFNG LP	$1,407,000	–	76,905	–	0.28%	–
EXLP	New	EXTERRAN PARTNERS LP	$1,389,000	–	61,713	–	0.28%	–
MEMPQ	New	MEMORIAL PRODTN PARTNERS LP	$1,380,000	–	92,949	–	0.28%	–
PDLI	New	PDL BIOPHARMA INC	$1,380,000	–	214,595	–	0.28%	–
MCEP	New	MID CON ENERGY PARTNERS LP	$1,362,000	–	272,339	–	0.27%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$1,343,000	–	118,761	–	0.27%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$1,341,000	–	214,180	–	0.27%	–
HPT	New	HOSPITALITY PPTYS TR	$1,341,000	–	46,530	–	0.27%	–
LGCY	New	LEGACY RESVS LPunit lp int	$1,299,000	–	151,597	–	0.26%	–
LUMN	New	CENTURYLINK INC	$1,302,000	–	44,332	–	0.26%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$1,278,000	–	111,771	–	0.26%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$1,271,000	–	162,753	–	0.26%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$1,209,000	–	254,048	–	0.24%	–
LINEQ	New	LINN ENERGY LLCunit ltd liab	$1,199,000	–	134,547	–	0.24%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$1,198,000	–	68,276	–	0.24%	–
KR	New	KROGER CO	$917,000	–	12,651	–	0.18%	–
MAS	New	MASCO CORP	$907,000	–	34,022	–	0.18%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$906,000	–	10,729	–	0.18%	–
GRMN	New	GARMIN LTD	$900,000	–	20,481	–	0.18%	–
ALLE	New	ALLEGION PUB LTD CO	$889,000	–	14,774	–	0.18%	–
LOW	New	LOWES COS INC	$881,000	–	13,161	–	0.18%	–
WFM	New	WHOLE FOODS MKT INC	$881,000	–	22,332	–	0.18%	–
UUP	New	POWERSHS DB US DOLLAR INDEXdoll indx bull	$861,000	–	34,386	–	0.17%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$822,000	–	216,810	–	0.16%	–
WHZT	New	WHITING USA TR IItr unit	$764,000	–	299,702	–	0.15%	–
THC	New	TENET HEALTHCARE CORP	$668,000	–	11,543	–	0.13%	–
DAL	New	DELTA AIR LINES INC DEL	$588,000	–	14,305	–	0.12%	–
AAL	New	AMERICAN AIRLS GROUP INC	$579,000	–	14,491	–	0.12%	–
LUV	New	SOUTHWEST AIRLS CO	$549,000	–	16,605	–	0.11%	–
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$450,000	–	18,783	–	0.09%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$446,000	–	13,702	–	0.09%	–

Q4 2014

			Value		Shares		↓ Weighting
DJP	Exit	BARCLAYS BK PLCdjubs cmdt etn36	$0	–	-8,100	–	-0.05%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-33,667	–	-0.16%	–
SDTTU	Exit	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$0	–	-221,932	–	-0.17%	–
EROC	Exit	EAGLE ROCK ENERGY PARTNERS Lunit	$0	–	-266,140	–	-0.17%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-72,539	–	-0.18%	–
PERS	Exit	SANDRIDGE PERMIAN TR	$0	–	-112,179	–	-0.20%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-84,822	–	-0.20%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-55,117	–	-0.21%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PTNRut ltd partner	$0	–	-41,991	–	-0.21%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-31,411	–	-0.21%	–
CVRR	Exit	CVR REFNG LP	$0	–	-51,196	–	-0.22%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-33,866	–	-0.22%	–
MEMPQ	Exit	MEMORIAL PRODTN PARTNERS LP	$0	–	-55,359	–	-0.22%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-45,414	–	-0.22%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-122,872	–	-0.22%	–
NMM	Exit	NAVIOS MARITIME PARTNERS L Punit lpi	$0	–	-69,772	–	-0.22%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-61,159	–	-0.22%	–
LINEQ	Exit	LINN ENERGY LLCunit ltd liab	$0	–	-42,330	–	-0.23%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-28,808	–	-0.23%	–
LGCY	Exit	LEGACY RESVS LPunit lp int	$0	–	-43,251	–	-0.23%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-66,581	–	-0.23%	–
CHKR	Exit	CHESAPEAKE GRANITE WASH TR	$0	–	-122,739	–	-0.24%	–
FGPRQ	Exit	FERRELLGAS PARTNERS L.P.unit ltd part	$0	–	-48,481	–	-0.24%	–
MCEP	Exit	MID CON ENERGY PARTNERS LP	$0	–	-59,665	–	-0.24%	–
WHZT	Exit	WHITING USA TR IItr unit	$0	–	-108,323	–	-0.24%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-26,445	–	-0.24%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-81,871	–	-0.24%	–
EXLP	Exit	EXTERRAN PARTNERS LP	$0	–	-46,275	–	-0.24%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-32,833	–	-0.25%	–
LRE	Exit	LRR ENERGY LP	$0	–	-77,202	–	-0.25%	–
QRE	Exit	QR ENERGY LPunit ltd prtns	$0	–	-73,308	–	-0.26%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-23,166	–	-0.26%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-21,859	–	-0.26%	–
STON	Exit	STONEMOR PARTNERS L P	$0	–	-56,150	–	-0.26%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-23,587	–	-0.27%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-36,894	–	-0.27%	–
TCP	Exit	TC PIPELINES LP	$0	–	-27,306	–	-0.33%	–
EZA	Exit	ISHARESmsci sth afr etf	$0	–	-175,750	–	-2.04%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-297,450	–	-2.06%	–
EWC	Exit	ISHARESmsci cda etf	$0	–	-381,000	–	-2.12%	–
EWT	Exit	ISHARESmsci taiwan etf	$0	–	-780,300	–	-2.16%	–
EWP	Exit	ISHARESmsci span cp etf	$0	–	-308,800	–	-2.17%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-257,900	–	-2.48%	–
IYM	Exit	ISHARES TRu.s. bas mtl etf	$0	–	-193,650	–	-3.01%	–
ICF	Exit	ISHARES TRcohen&steer reit	$0	–	-201,500	–	-3.08%	–
IYH	Exit	ISHARES TRus hlthcare etf	$0	–	-128,100	–	-3.11%	–
IYW	Exit	ISHARES TRu.s. tech etf	$0	–	-171,300	–	-3.12%	–
RWR	Exit	SPDR SERIES TRUSTdj reit etf	$0	–	-247,500	–	-3.57%	–
FEX	Exit	FIRST TR LRGE CP CORE ALPHA	$0	–	-475,479	–	-3.74%	–
FNX	Exit	FIRST TR MID CAP CORE ALPHAD	$0	–	-423,950	–	-3.86%	–
DTD	Exit	WISDOMTREE TRtotal divid fd	$0	–	-312,100	–	-4.03%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-276,650	–	-4.06%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-602,396	–	-4.35%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-490,460	–	-4.40%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-496,142	–	-5.74%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-445,884	–	-6.46%	–
IEF	Exit	ISHARES TR7-10 y tr bd etf	$0	–	-350,197	–	-6.56%	–
VUG	Exit	VANGUARD INDEX FDSgrowth etf	$0	–	-540,850	–	-9.75%	–
VOE	Exit	VANGUARD INDEX FDSmcap vl idxvip	$0	–	-639,200	–	-9.82%	–

Q3 2014

			Value		Shares		↓ Weighting
VOE	Sell	VANGUARD INDEX FDSmcap vl idxvip	$54,268,000	-5.7%	639,200	-3.4%	9.82%	-5.5%
VUG	New	VANGUARD INDEX FDSgrowth etf	$53,906,000	–	540,850	–	9.75%	–
IEF	Sell	ISHARES TR7-10 y tr bd etf	$36,287,000	-3.8%	350,197	-3.8%	6.56%	-3.6%
BSV	Sell	VANGUARD BD INDEX FD INCshort trm bond	$35,702,000	-4.6%	445,884	-4.3%	6.46%	-4.5%
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$31,709,000	+7.2%	496,142	+2.0%	5.74%	+7.4%
XLB	Buy	SELECT SECTOR SPDR TRsbi materials	$24,322,000	+2.6%	490,460	+2.7%	4.40%	+2.8%
XLK	New	SELECT SECTOR SPDR TRtechnology	$24,041,000	–	602,396	–	4.35%	–
VTV	Buy	VANGUARD INDEX FDSvalue etf	$22,464,000	+2.8%	276,650	+2.5%	4.06%	+3.0%
DTD	New	WISDOMTREE TRtotal divid fd	$22,281,000	–	312,100	–	4.03%	–
FNX	Buy	FIRST TR MID CAP CORE ALPHAD	$21,320,000	-4.8%	423,950	+1.1%	3.86%	-4.7%
FEX	Buy	FIRST TR LRGE CP CORE ALPHA	$20,688,000	-0.8%	475,479	+1.1%	3.74%	-0.6%
RWR	New	SPDR SERIES TRUSTdj reit etf	$19,751,000	–	247,500	–	3.57%	–
IYW	Sell	ISHARES TRu.s. tech etf	$17,260,000	-0.0%	171,300	-3.9%	3.12%	+0.2%
IYH	Sell	ISHARES TRus hlthcare etf	$17,210,000	+1.2%	128,100	-3.4%	3.11%	+1.4%
ICF	Buy	ISHARES TRcohen&steer reit	$17,021,000	+5.4%	201,500	+8.9%	3.08%	+5.6%
IYM	Buy	ISHARES TRu.s. bas mtl etf	$16,667,000	-1.3%	193,650	+0.3%	3.01%	-1.2%
AMJ	Sell	JPMORGAN CHASE & COalerian ml etn	$13,689,000	-10.3%	257,900	-11.5%	2.48%	-10.1%
EWP	Sell	ISHARESmsci span cp etf	$12,012,000	-16.6%	308,800	-8.2%	2.17%	-16.4%
EWT	New	ISHARESmsci taiwan etf	$11,915,000	–	780,300	–	2.16%	–
EWC	New	ISHARESmsci cda etf	$11,697,000	–	381,000	–	2.12%	–
FXI	New	ISHARES TRchina lg-cap etf	$11,386,000	–	297,450	–	2.06%	–
EZA	New	ISHARESmsci sth afr etf	$11,273,000	–	175,750	–	2.04%	–
TCP	Buy	TC PIPELINES LP	$1,849,000	+73.0%	27,306	+31.9%	0.33%	+73.1%
ETP	Buy	ENERGY TRANSFER PRTNRS L Punit ltd partn	$1,509,000	+41.8%	23,587	+28.5%	0.27%	+42.2%
LUMN	Buy	CENTURYLINK INC	$1,509,000	+38.8%	36,894	+22.8%	0.27%	+39.3%
STON	Buy	STONEMOR PARTNERS L P	$1,448,000	+52.4%	56,150	+43.2%	0.26%	+53.2%
DLR	Buy	DIGITAL RLTY TR INC	$1,445,000	+35.2%	23,166	+26.4%	0.26%	+35.2%
NS	Buy	NUSTAR ENERGY LP	$1,441,000	+29.6%	21,859	+21.9%	0.26%	+29.9%
QRE	Buy	QR ENERGY LPunit ltd prtns	$1,424,000	+38.3%	73,308	+35.2%	0.26%	+38.7%
LRE	Buy	LRR ENERGY LP	$1,384,000	+38.8%	77,202	+38.2%	0.25%	+38.9%
GLP	Buy	GLOBAL PARTNERS LP	$1,368,000	+22.3%	32,833	+19.2%	0.25%	+22.3%
EXLP	Buy	EXTERRAN PARTNERS LP	$1,357,000	+44.5%	46,275	+39.3%	0.24%	+44.1%
RRD	Buy	DONNELLEY R R & SONS CO	$1,348,000	+50.1%	81,871	+54.6%	0.24%	+50.6%
SUI	Buy	SUN CMNTYS INC	$1,335,000	+20.3%	26,445	+18.8%	0.24%	+20.5%
WHZT	Buy	WHITING USA TR IItr unit	$1,323,000	+38.8%	108,323	+44.6%	0.24%	+39.0%
MCEP	Buy	MID CON ENERGY PARTNERS LP	$1,310,000	+28.2%	59,665	+35.5%	0.24%	+28.8%
FGPRQ	Buy	FERRELLGAS PARTNERS L.P.unit ltd part	$1,303,000	+12.0%	48,481	+14.1%	0.24%	+12.4%
CHKR	Buy	CHESAPEAKE GRANITE WASH TR	$1,302,000	+24.1%	122,739	+28.1%	0.24%	+24.3%
ARPJQ	Buy	ATLAS RESOURCE PARTNERS LP	$1,296,000	+37.4%	66,581	+43.2%	0.23%	+37.6%
SPH	Buy	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$1,283,000	+16.6%	28,808	+20.5%	0.23%	+16.6%
LGCY	Buy	LEGACY RESVS LPunit lp int	$1,284,000	+6.4%	43,251	+11.9%	0.23%	+6.4%
LINEQ	Buy	LINN ENERGY LLCunit ltd liab	$1,276,000	+12.6%	42,330	+20.9%	0.23%	+12.7%
BBEPQ	Buy	BREITBURN ENERGY PARTNERS LP	$1,243,000	+15.0%	61,159	+25.2%	0.22%	+15.4%
NMM	Buy	NAVIOS MARITIME PARTNERS L Punit lpi	$1,244,000	+27.9%	69,772	+39.3%	0.22%	+27.8%
CPLP	Buy	CAPITAL PRODUCT PARTNERS L P	$1,226,000	+16.9%	122,872	+33.8%	0.22%	+17.5%
HPT	Buy	HOSPITALITY PPTYS TR	$1,219,000	+16.2%	45,414	+31.6%	0.22%	+16.4%
MEMPQ	Buy	MEMORIAL PRODTN PARTNERS LP	$1,218,000	+16.0%	55,359	+27.8%	0.22%	+15.8%
EVEPQ	Buy	EV ENERGY PARTNERS LP	$1,201,000	+3.9%	33,866	+16.1%	0.22%	+3.8%
CVRR	New	CVR REFNG LP	$1,192,000	–	51,196	–	0.22%	–
MMLP	Buy	MARTIN MIDSTREAM PRTNRS L Punit l p int	$1,171,000	+24.8%	31,411	+37.8%	0.21%	+25.4%
SNH	Buy	SENIOR HSG PPTYS TRsh ben int	$1,153,000	+7.9%	55,117	+25.2%	0.21%	+8.3%
CLMT	Buy	CALUMET SPECIALTY PRODS PTNRut ltd partner	$1,153,000	-5.5%	41,991	+9.4%	0.21%	-5.0%
NRP	Buy	NATURAL RESOURCE PARTNERS L	$1,106,000	+10.2%	84,822	+40.0%	0.20%	+10.5%
PERS	Buy	SANDRIDGE PERMIAN TR	$1,089,000	+6.5%	112,179	+39.1%	0.20%	+6.5%
UAN	Buy	CVR PARTNERS LP	$996,000	+15.1%	72,539	+56.8%	0.18%	+15.4%
EROC	Buy	EAGLE ROCK ENERGY PARTNERS Lunit	$947,000	+2.2%	266,140	+43.0%	0.17%	+2.4%
SDTTU	Buy	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$919,000	+7.4%	221,932	+68.6%	0.17%	+7.1%
SDRL	Buy	SEADRILL LIMITED	$903,000	-19.9%	33,667	+18.4%	0.16%	-20.1%
DJP	New	BARCLAYS BK PLCdjubs cmdt etn36	$278,000	–	8,100	–	0.05%	–
PDH	Exit	PETROLOGISTICS LPunit ltd pth int	$0	–	-77,465	–	-0.20%	–
HYG	Exit	ISHARESiboxx hi yd etf	$0	–	-55,840	–	-0.96%	–
JNK	Exit	SPDR SERIES TRUSTbrc hgh yld bd	$0	–	-133,370	–	-1.00%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-391,850	–	-2.43%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-793,849	–	-2.46%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-441,650	–	-2.49%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-542,550	–	-2.51%	–
EZU	Exit	ISHARESemu etf	$0	–	-517,200	–	-3.95%	–
IEV	Exit	ISHARESeurope etf	$0	–	-462,750	–	-4.06%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-452,418	–	-4.42%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-321,000	–	-6.11%	–

Q2 2014

			Value		Shares		↓ Weighting
VOE	New	VANGUARD INDEX FDSmcap vl idxvip	$57,523,000	–	661,650	–	10.38%	–
IEF	New	ISHARES7-10 y tr bd etf	$37,724,000	–	364,197	–	6.81%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$37,437,000	–	465,984	–	6.76%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$33,866,000	–	321,000	–	6.11%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$29,585,000	–	486,350	–	5.34%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$24,458,000	–	452,418	–	4.42%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$23,713,000	–	477,700	–	4.28%	–
IEV	New	ISHARESeurope etf	$22,476,000	–	462,750	–	4.06%	–
FNX	New	FIRST TR MID CAP CORE ALPHAD	$22,406,000	–	419,200	–	4.04%	–
EZU	New	ISHARESemu etf	$21,888,000	–	517,200	–	3.95%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$21,857,000	–	270,000	–	3.95%	–
FEX	New	FIRST TR LRGE CP CORE ALPHA	$20,847,000	–	470,379	–	3.76%	–
IYW	New	ISHARESu.s. tech etf	$17,264,000	–	178,200	–	3.12%	–
IYH	New	ISHARESus hlthcare etf	$17,007,000	–	132,650	–	3.07%	–
IYM	New	ISHARESu.s. bas mtl etf	$16,894,000	–	193,050	–	3.05%	–
ICF	New	ISHAREScohen&steer reit	$16,156,000	–	185,000	–	2.92%	–
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$15,256,000	–	291,250	–	2.75%	–
EWP	New	ISHARESmsci span cp etf	$14,400,000	–	336,300	–	2.60%	–
EWN	New	ISHARESmsci netherl etf	$13,889,000	–	542,550	–	2.51%	–
EWG	New	ISHARESmsci germany etf	$13,815,000	–	441,650	–	2.49%	–
EWK	New	ISHARESbelgium capd etf	$13,650,000	–	793,849	–	2.46%	–
EWL	New	ISHARESmsci sz cap etf	$13,448,000	–	391,850	–	2.43%	–
JNK	New	SPDR SERIES TRUSTbrc hgh yld bd	$5,566,000	–	133,370	–	1.00%	–
HYG	New	ISHARESiboxx hi yd etf	$5,316,000	–	55,840	–	0.96%	–
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$1,220,000	–	38,379	–	0.22%	–
LGCY	New	LEGACY RESERVES LPunit lp int	$1,207,000	–	38,645	–	0.22%	–
FGPRQ	New	FERRELLGAS PARTNERS L.P.unit ltd part	$1,163,000	–	42,494	–	0.21%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$1,156,000	–	29,172	–	0.21%	–
LINEQ	New	LINN ENERGY LLCunit ltd liab	$1,133,000	–	35,026	–	0.20%	–
SDRL	New	SEADRILL LIMITED	$1,128,000	–	28,440	–	0.20%	–
GLP	New	GLOBAL PARTNERS LP	$1,119,000	–	27,553	–	0.20%	–
NS	New	NUSTAR ENERGY LP	$1,112,000	–	17,926	–	0.20%	–
PDH	New	PETROLOGISTICS LPunit ltd pth int	$1,112,000	–	77,465	–	0.20%	–
SUI	New	SUN CMNTYS INC	$1,110,000	–	22,269	–	0.20%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$1,100,000	–	23,912	–	0.20%	–
LUMN	New	CENTURYLINK INC	$1,087,000	–	30,039	–	0.20%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$1,081,000	–	48,848	–	0.20%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$1,069,000	–	44,019	–	0.19%	–
TCP	New	TC PIPELINES LP	$1,069,000	–	20,696	–	0.19%	–
DLR	New	DIGITAL RLTY TR INC	$1,069,000	–	18,332	–	0.19%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$1,064,000	–	18,357	–	0.19%	–
MEMPQ	New	MEMORIAL PRODTN PARTNERS LP	$1,050,000	–	43,306	–	0.19%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$1,049,000	–	91,815	–	0.19%	–
HPT	New	HOSPITALITY PPTYS TR	$1,049,000	–	34,498	–	0.19%	–
CHKR	New	CHESAPEAKE GRANITE WASH TR	$1,049,000	–	95,824	–	0.19%	–
QRE	New	QR ENERGY LPunit ltd prtns	$1,030,000	–	54,231	–	0.19%	–
PERS	New	SANDRIDGE PERMIAN TR	$1,023,000	–	80,651	–	0.18%	–
MCEP	New	MID CON ENERGY PARTNERS LP	$1,022,000	–	44,042	–	0.18%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$1,004,000	–	60,594	–	0.18%	–
LRE	New	LRR ENERGY LP	$997,000	–	55,868	–	0.18%	–
NMM	New	NAVIOS MARITIME PARTNERS L Punit lpi	$973,000	–	50,070	–	0.18%	–
WHZT	New	WHITING USA TR IItr unit	$953,000	–	74,900	–	0.17%	–
STON	New	STONEMOR PARTNERS L P	$950,000	–	39,222	–	0.17%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$943,000	–	46,490	–	0.17%	–
EXLP	New	EXTERRAN PARTNERS LP	$939,000	–	33,213	–	0.17%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$938,000	–	22,789	–	0.17%	–
EROC	New	EAGLE ROCK ENERGY PARTNERS Lunit	$927,000	–	186,086	–	0.17%	–
RRD	New	DONNELLEY R R & SONS CO	$898,000	–	52,959	–	0.16%	–
UAN	New	CVR PARTNERS LP	$865,000	–	46,266	–	0.16%	–
SDTTU	New	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$856,000	–	131,645	–	0.16%	–

Q4 2013

			Value		Shares		↓ Weighting
CLMT	Exit	CALUMET SPECIALTY PRODS PTNRut ltd partner	$0	–	-13,827	–	-0.09%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-22,141	–	-0.09%	–
NTI	Exit	NORTHERN TIER ENERGY LP	$0	–	-20,242	–	-0.09%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-10,710	–	-0.10%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-10,293	–	-0.10%	–
CHKR	Exit	CHESAPEAKE GRANITE WASH TR	$0	–	-33,064	–	-0.10%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-14,109	–	-0.10%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-19,169	–	-0.10%	–
PVR	Exit	PVR PARTNERS L P	$0	–	-19,784	–	-0.10%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-13,200	–	-0.11%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-24,487	–	-0.11%	–
STON	Exit	STONEMOR PARTNERS L P	$0	–	-19,832	–	-0.11%	–
PDH	Exit	PETROLOGISTICS LPunit ltd pth int	$0	–	-39,216	–	-0.11%	–
PERS	Exit	SANDRIDGE PERMIAN TR	$0	–	-33,557	–	-0.11%	–
SDTTU	Exit	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$0	–	-36,105	–	-0.11%	–
TNH	Exit	TERRA NITROGEN CO L P	$0	–	-2,357	–	-0.11%	–
QRE	Exit	QR ENERGY LPunit ltd prtns	$0	–	-29,477	–	-0.11%	–
EXLP	Exit	EXTERRAN PARTNERS LP	$0	–	-16,669	–	-0.11%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-53,877	–	-0.11%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-22,161	–	-0.11%	–
WHZT	Exit	WHITING USA TR IItr unit	$0	–	-38,130	–	-0.11%	–
CQP	Exit	CHENIERE ENERGY PARTNERS LP	$0	–	-18,719	–	-0.11%	–
LGCY	Exit	LEGACY RESERVES LPunit lp int	$0	–	-18,541	–	-0.12%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-27,448	–	-0.12%	–
CPL	Exit	CPFL ENERGIA S Asponsored adr	$0	–	-29,192	–	-0.12%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-10,822	–	-0.12%	–
TCP	Exit	TC PIPELINES LP	$0	–	-10,388	–	-0.12%	–
FGPRQ	Exit	FERRELLGAS PARTNERS L.P.unit ltd part	$0	–	-22,976	–	-0.12%	–
NMM	Exit	NAVIOS MARITIME PARTNERS L Punit lpi	$0	–	-34,878	–	-0.12%	–
IRC	Exit	INLAND REAL ESTATE CORP	$0	–	-50,244	–	-0.12%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-9,979	–	-0.12%	–
MCEP	Exit	MID CON ENERGY PARTNERS LP	$0	–	-22,553	–	-0.12%	–
LRE	Exit	LRR ENERGY LP	$0	–	-33,384	–	-0.12%	–
MMLP	Exit	MARTIN MIDSTREAM PRTNRS L Punit l p int	$0	–	-11,339	–	-0.12%	–
PNG	Exit	PAA NAT GAS STORAGE L P	$0	–	-23,871	–	-0.13%	–
HPT	Exit	HOSPITALITY PPTYS TR	$0	–	-20,290	–	-0.13%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-36,538	–	-0.13%	–
MBT	Exit	MOBILE TELESYSTEMS OJSCsponsored adr	$0	–	-27,321	–	-0.14%	–
EWN	Exit	ISHARESmsci netherl etf	$0	–	-393,500	–	-2.16%	–
EWK	Exit	ISHARESbelgium capd etf	$0	–	-619,899	–	-2.20%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-368,900	–	-2.36%	–
EWL	Exit	ISHARESmsci sz cap etf	$0	–	-341,350	–	-2.46%	–
IYF	Exit	ISHARESu.s. finls etf	$0	–	-172,910	–	-2.92%	–
IYC	Exit	ISHARESu.s. cnsm sv etf	$0	–	-117,970	–	-2.99%	–
AMJ	Exit	JPMORGAN CHASE & COalerian ml etn	$0	–	-291,800	–	-3.00%	–
IYH	Exit	ISHARESus hlthcare etf	$0	–	-122,850	–	-3.02%	–
FEX	Exit	FIRST TR LRGE CP CORE ALPHA	$0	–	-393,650	–	-3.25%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-354,400	–	-3.26%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-216,500	–	-3.26%	–
FNX	Exit	FIRST TR MID CAP CORE ALPHAD	$0	–	-349,800	–	-3.37%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-406,000	–	-3.48%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-951,000	–	-3.49%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-257,000	–	-3.51%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-2,199,350	–	-5.90%	–
IEF	Exit	ISHARES7-10 y tr bd etf	$0	–	-356,097	–	-8.37%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-452,484	–	-8.37%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-708,350	–	-14.01%	–
VOE	Exit	VANGUARD INDEX FDSmcap vl idxvip	$0	–	-880,650	–	-14.36%	–

Q3 2013

			Value		Shares		↓ Weighting
VOE	Sell	VANGUARD INDEX FDSmcap vl idxvip	$62,380,000	+2.7%	880,650	-0.4%	14.36%	+9.7%
VBR	Sell	VANGUARD INDEX FDSsm cp val etf	$60,825,000	+1.5%	708,350	-1.0%	14.01%	+8.5%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$36,366,000	+2.8%	452,484	+2.4%	8.37%	+9.8%
IEF	Buy	ISHARES7-10 y tr bd etf	$36,361,000	+1.6%	356,097	+2.0%	8.37%	+8.6%
EWJ	Buy	ISHARESmsci japan etf	$25,632,000	+7.3%	2,199,350	+3.3%	5.90%	+14.6%
VTV	Buy	VANGUARD INDEX FDSvalue etf	$15,235,000	-8.7%	257,000	+4.3%	3.51%	-2.4%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$15,158,000	-13.8%	951,000	+5.4%	3.49%	-7.9%
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$15,110,000	-18.6%	406,000	+4.1%	3.48%	-13.0%
FNX	Buy	FIRST TR MID CAP CORE ALPHAD	$14,636,000	+3.7%	349,800	+4.7%	3.37%	+10.8%
SDY	Buy	SPDR SERIES TRUSTs&p divid etf	$14,165,000	+3.2%	216,500	+4.6%	3.26%	+10.3%
XLY	Buy	SELECT SECTOR SPDR TRsbi cons discr	$14,146,000	-26.1%	354,400	+4.5%	3.26%	-21.0%
FEX	Buy	FIRST TR LRGE CP CORE ALPHA	$14,116,000	+7.0%	393,650	+5.0%	3.25%	+14.3%
IYH	Sell	ISHARESus hlthcare etf	$13,135,000	+3.0%	122,850	-3.5%	3.02%	+10.0%
AMJ	New	JPMORGAN CHASE & COalerian ml etn	$13,014,000	–	291,800	–	3.00%	–
IYC	Sell	ISHARESu.s. cnsm sv etf	$12,973,000	+4.6%	117,970	-2.5%	2.99%	+11.7%
IYF	Sell	ISHARESu.s. finls etf	$12,671,000	-2.9%	172,910	-5.2%	2.92%	+3.8%
EWL	Sell	ISHARESmsci sz cap etf	$10,681,000	+7.4%	341,350	-1.7%	2.46%	+14.7%
EWG	Sell	ISHARESmsci germany etf	$10,259,000	+11.8%	368,900	-0.7%	2.36%	+19.5%
EWK	Sell	ISHARESbelgium capd etf	$9,540,000	+11.3%	619,899	-1.5%	2.20%	+18.9%
EWN	New	ISHARESmsci netherl etf	$9,365,000	–	393,500	–	2.16%	–
MBT	Buy	MOBILE TELESYSTEMS OJSCsponsored adr	$608,000	+29.4%	27,321	+10.0%	0.14%	+38.6%
RRD	Sell	DONNELLEY R R & SONS CO	$577,000	-4.9%	36,538	-15.7%	0.13%	+1.5%
HPT	Buy	HOSPITALITY PPTYS TR	$574,000	+15.5%	20,290	+7.4%	0.13%	+23.4%
PNG	Buy	PAA NAT GAS STORAGE L P	$556,000	+12.1%	23,871	+1.3%	0.13%	+19.6%
LRE	Buy	LRR ENERGY LP	$532,000	+21.7%	33,384	+12.4%	0.12%	+29.8%
MMLP	Sell	MARTIN MIDSTREAM PRTNRS L Punit l p int	$532,000	-8.9%	11,339	-14.4%	0.12%	-3.2%
MCEP	Buy	MID CON ENERGY PARTNERS LP	$527,000	+7.8%	22,553	+4.1%	0.12%	+15.2%
ETP	Sell	ENERGY TRANSFER PRTNRS L Punit ltd partn	$520,000	+1.6%	9,979	-1.4%	0.12%	+9.1%
NMM	Buy	NAVIOS MARITIME PARTNERS L Punit lpi	$511,000	+1.6%	34,878	+0.2%	0.12%	+9.3%
IRC	Sell	INLAND REAL ESTATE CORP	$514,000	-1.3%	50,244	-1.5%	0.12%	+5.4%
FGPRQ	Sell	FERRELLGAS PARTNERS L.P.unit ltd part	$512,000	-6.1%	22,976	-8.8%	0.12%	+0.9%
SPH	Sell	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$506,000	-4.0%	10,822	-4.6%	0.12%	+2.6%
TCP	Sell	TC PIPELINES LP	$506,000	-0.4%	10,388	-1.3%	0.12%	+7.3%
BBEPQ	Buy	BREITBURN ENERGY PARTNERS LP	$503,000	+8.6%	27,448	+8.3%	0.12%	+16.0%
CPL	Buy	CPFL ENERGIA S Asponsored adr	$504,000	+9.3%	29,192	+15.9%	0.12%	+17.2%
LGCY	Sell	LEGACY RESERVES LPunit lp int	$501,000	+0.4%	18,541	-1.2%	0.12%	+6.5%
CQP	Sell	CHENIERE ENERGY PARTNERS LP	$493,000	-16.6%	18,719	-5.3%	0.11%	-10.2%
WHZT	Buy	WHITING USA TR IItr unit	$489,000	+6.5%	38,130	+7.0%	0.11%	+14.1%
3101SC	Sell	COMMONWEALTH REIT	$486,000	-5.3%	22,161	-0.2%	0.11%	+0.9%
EXLP	Sell	EXTERRAN PARTNERS LP	$485,000	-19.4%	16,669	-16.4%	0.11%	-13.8%
CPLP	Sell	CAPITAL PRODUCT PARTNERS L P	$485,000	-15.9%	53,877	-13.4%	0.11%	-9.7%
QRE	Buy	QR ENERGY LPunit ltd prtns	$480,000	-6.6%	29,477	+0.8%	0.11%	0.0%
SDTTU	Sell	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$477,000	-10.8%	36,105	-5.9%	0.11%	-4.3%
TNH	Buy	TERRA NITROGEN CO L P	$478,000	-2.8%	2,357	+2.6%	0.11%	+3.8%
PERS	Sell	SANDRIDGE PERMIAN TR	$477,000	-11.5%	33,557	-7.3%	0.11%	-5.2%
STON	Buy	STONEMOR PARTNERS L P	$469,000	-3.1%	19,832	+3.2%	0.11%	+3.8%
PDH	New	PETROLOGISTICS LPunit ltd pth int	$469,000	–	39,216	–	0.11%	–
NRP	Buy	NATURAL RESOURCE PARTNERS L	$466,000	+5.0%	24,487	+13.6%	0.11%	+11.5%
GLP	Sell	GLOBAL PARTNERS LP	$459,000	-17.7%	13,200	-5.5%	0.11%	-11.7%
PVR	New	PVR PARTNERS L P	$457,000	–	19,784	–	0.10%	–
SNH	Buy	SENIOR HSG PPTYS TRsh ben int	$447,000	-9.7%	19,169	+0.5%	0.10%	-3.7%
CHKR	Sell	CHESAPEAKE GRANITE WASH TR	$441,000	-21.7%	33,064	-9.5%	0.10%	-15.7%
LUMN	Sell	CENTURYLINK INC	$443,000	-13.8%	14,109	-3.0%	0.10%	-8.1%
SUI	Sell	SUN CMNTYS INC	$439,000	-15.4%	10,293	-1.4%	0.10%	-9.8%
NS	Buy	NUSTAR ENERGY LP	$430,000	-2.3%	10,710	+11.2%	0.10%	+4.2%
NTI	New	NORTHERN TIER ENERGY LP	$399,000	–	20,242	–	0.09%	–
UAN	Buy	CVR PARTNERS LP	$392,000	-12.7%	22,141	+12.0%	0.09%	-7.2%
CLMT	Buy	CALUMET SPECIALTY PRODS PTNRut ltd partner	$377,000	-19.4%	13,827	+7.4%	0.09%	-13.9%
GOVT	Exit	ISHARES TRus treasury bd	$0	–	-15,278	–	-0.08%	–
EWH	Exit	ISHARES INCmsci hong kong	$0	–	-476,850	–	-1.88%	–
IEV	Exit	ISHARES TRs&p euro plus	$0	–	-325,100	–	-2.78%	–
WPS	Exit	ISHARES TRs&p dev ex-us	$0	–	-350,050	–	-2.87%	–
ICF	Exit	ISHARES TRcohen&st rlty	$0	–	-200,950	–	-3.49%	–

Q2 2013

			Value		Shares		↓ Weighting
VOE	New	VANGUARD INDEX FDSmcap vl idxvip	$60,728,000	–	884,350	–	13.09%	–
VBR	New	VANGUARD INDEX FDSsm cp val etf	$59,918,000	–	715,350	–	12.91%	–
IEF	New	ISHARES TRbarclys 7-10 yr	$35,777,000	–	349,047	–	7.71%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$35,374,000	–	441,784	–	7.62%	–
EWJ	New	ISHARES INCmsci japan	$23,898,000	–	2,129,950	–	5.15%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$19,137,000	–	339,300	–	4.12%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$18,566,000	–	389,950	–	4.00%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$17,584,000	–	902,200	–	3.79%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$16,680,000	–	246,350	–	3.60%	–
ICF	New	ISHARES TRcohen&st rlty	$16,201,000	–	200,950	–	3.49%	–
FNX	New	FIRST TR MID CAP CORE ALPHAD	$14,116,000	–	334,100	–	3.04%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$13,727,000	–	207,050	–	2.96%	–
WPS	New	ISHARES TRs&p dev ex-us	$13,307,000	–	350,050	–	2.87%	–
FEX	New	FIRST TR LRGE CP CORE ALPHA	$13,198,000	–	374,850	–	2.84%	–
IYF	New	ISHARES TRdj us finl sec	$13,048,000	–	182,410	–	2.81%	–
IEV	New	ISHARES TRs&p euro plus	$12,910,000	–	325,100	–	2.78%	–
IYH	New	ISHARES TRdj us healthcr	$12,755,000	–	127,300	–	2.75%	–
IYC	New	ISHARES TRcons srvc idx	$12,405,000	–	120,970	–	2.67%	–
EWL	New	ISHARES INCmsci switzerld	$9,949,000	–	347,250	–	2.14%	–
EWG	New	ISHARES INCmsci german	$9,174,000	–	371,400	–	1.98%	–
EWH	New	ISHARES INCmsci hong kong	$8,731,000	–	476,850	–	1.88%	–
EWK	New	ISHARES INCmsci belg invest	$8,570,000	–	629,199	–	1.85%	–
RRD	New	DONNELLEY R R & SONS CO	$607,000	–	43,329	–	0.13%	–
EXLP	New	EXTERRAN PARTNERS LP	$602,000	–	19,944	–	0.13%	–
CQP	New	CHENIERE ENERGY PARTNERS LP	$591,000	–	19,769	–	0.13%	–
MMLP	New	MARTIN MIDSTREAM PRTNRS L Punit l p int	$584,000	–	13,253	–	0.13%	–
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$577,000	–	62,188	–	0.12%	–
CHKR	New	CHESAPEAKE GRANITE WASH TR	$563,000	–	36,528	–	0.12%	–
GLP	New	GLOBAL PARTNERS LP	$558,000	–	13,974	–	0.12%	–
FGPRQ	New	FERRELLGAS PARTNERS L.P.unit ltd part	$545,000	–	25,190	–	0.12%	–
PERS	New	SANDRIDGE PERMIAN TR	$539,000	–	36,200	–	0.12%	–
SDTTU	New	SANDRIDGE MISSISSIPPIAN TR Iunit ben int	$535,000	–	38,382	–	0.12%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$527,000	–	11,346	–	0.11%	–
SUI	New	SUN COMMUNITIES INC	$519,000	–	10,438	–	0.11%	–
IRC	New	INLAND REAL ESTATE CORP	$521,000	–	50,992	–	0.11%	–
QRE	New	QR ENERGY LPunit ltd prtns	$514,000	–	29,236	–	0.11%	–
3101SC	New	COMMONWEALTH REIT	$513,000	–	22,205	–	0.11%	–
LUMN	New	CENTURYLINK INC	$514,000	–	14,550	–	0.11%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$512,000	–	10,125	–	0.11%	–
TCP	New	TC PIPELINES LP	$508,000	–	10,522	–	0.11%	–
NMM	New	NAVIOS MARITIME PARTNERS L Punit lpi	$503,000	–	34,801	–	0.11%	–
LGCY	New	LEGACY RESERVES LPunit lp int	$499,000	–	18,760	–	0.11%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$495,000	–	19,076	–	0.11%	–
HPT	New	HOSPITALITY PPTYS TR	$497,000	–	18,900	–	0.11%	–
PNG	New	PAA NAT GAS STORAGE L P	$496,000	–	23,563	–	0.11%	–
TNH	New	TERRA NITROGEN CO L P	$492,000	–	2,297	–	0.11%	–
MCEP	New	MID CON ENERGY PARTNERS LP	$489,000	–	21,675	–	0.10%	–
STON	New	STONEMOR PARTNERS L P	$484,000	–	19,223	–	0.10%	–
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$468,000	–	12,874	–	0.10%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$470,000	–	24,832	–	0.10%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$463,000	–	25,349	–	0.10%	–
WHZT	New	WHITING USA TR IItr unit	$459,000	–	35,637	–	0.10%	–
CPL	New	CPFL ENERGIA S Asponsored adr	$461,000	–	25,191	–	0.10%	–
UAN	New	CVR PARTNERS LP	$449,000	–	19,768	–	0.10%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$444,000	–	21,564	–	0.10%	–
NS	New	NUSTAR ENERGY LP	$440,000	–	9,633	–	0.10%	–
LRE	New	LRR ENERGY LP	$437,000	–	29,709	–	0.09%	–
GOVT	New	ISHARES TRus treasury bd	$376,000	–	15,278	–	0.08%	–

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