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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ANTERO MIDSTREAM CORP COM 03676B102 BBG00GBNZ4N9 174,537 14,569 SH   SOLE   14,569 0 0
ARROW INVTS TR DWA TACT INTL 042765685 BBG00JM9PV26 5,609,675 213,966 SH   SOLE   213,966 0 0
ARROW INVTS TR RESV CAP ETF 042765719 BBG00GBV8PC6 45,534,468 457,403 SH   SOLE   457,403 0 0
ARROW INVTS TR RVRSE CAP500 ETF 042765677 BBG00J3PQ5F3 1,194,094 57,756 SH   SOLE   57,756 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 BBG008B5CF38 177,348 10,293 SH   SOLE   10,293 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 BBG001S6YGF4 151,123 33,287 SH   SOLE   33,287 0 0
CITY OFFICE REIT INC COM 178587101 BBG005T5RWQ7 98,379 23,148 SH   SOLE   23,148 0 0
DIGITAL RLTY TR INC COM 253868103 BBG001SM0K30 220,014 1,818 SH   SOLE   1,818 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 BBG001SDHNW4 182,558 13,012 SH   SOLE   13,012 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 BBG001SGNNQ7 169,186 13,845 SH   SOLE   13,845 0 0
EVEREST GROUP LTD COM G3223R108 BBG001S7QT63 406,979 1,095 SH   SOLE   1,095 0 0
FORD MTR CO DEL COM 345370860 BBG001S5TZ33 133,440 10,744 SH   SOLE   10,744 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 BBG001S9CQC3 138,928 13,462 SH   SOLE   13,462 0 0
GLOBAL MED REIT INC COM NEW 37954A204 BBG0027F2C05 146,875 16,374 SH   SOLE   16,374 0 0
GLOBAL NET LEASE INC COM NEW 379378201 BBG004HXD0H7 251,484 26,169 SH   SOLE   26,169 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG001T6TCN9 144,737 21,765 SH   SOLE   21,765 0 0
HUNT J B TRANS SVCS INC COM 445658107 BBG001S5SFY4 203,225 1,078 SH   SOLE   1,078 0 0
INVESCO EXCHANGE TRADED FD T S&P MDCP400 PR 46137V217 BBG00KJR2XY3 5,206,822 132,861 SH   SOLE   132,861 0 0
INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 BBG00KJR2X19 5,945,191 80,799 SH   SOLE   80,799 0 0
INVITATION HOMES INC COM 46187W107 BBG00FQH6CJ7 355,467 11,217 SH   SOLE   11,217 0 0
ISHARES INC MSCI EURZONE ETF 464286608 BBG001SFQPM5 5,564,402 131,733 SH   SOLE   131,733 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 BBG001SKXPR1 1,800,206 22,233 SH   SOLE   22,233 0 0
ISHARES TR EUROPE ETF 464287861 BBG001SFGXD9 4,978,860 104,313 SH   SOLE   104,313 0 0
ISHARES TR IBOXX HI YD ETF 464288513 BBG001ST0ZQ7 1,354,900 18,379 SH   SOLE   18,379 0 0
ISHARES TR IBOXX INV CP ETF 464287242 BBG001S60QR6 1,421,139 13,930 SH   SOLE   13,930 0 0
ISHARES TR JPMORGAN USD EMG 464288281 BBG001SQS9Y2 1,320,485 16,002 SH   SOLE   16,002 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 BBG004TRTWW3 5,957,699 45,206 SH   SOLE   45,206 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 BBG001S561Q8 5,764,316 84,249 SH   SOLE   84,249 0 0
ISHARES TR TIPS BD ETF 464287176 BBG001SD9RM5 1,755,876 16,929 SH   SOLE   16,929 0 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 BBG001SLBY94 1,807,497 73,178 SH   SOLE   73,178 0 0
KNOT OFFSHORE PARTNERS LP COM UNITS Y48125101 BBG0046HZ561 184,492 27,012 SH   SOLE   27,012 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 BBG001S7WM61 104,095 19,100 SH   SOLE   19,100 0 0
MOLSON COORS BEVERAGE CO CL B 60871R209 BBG001S5VQ21 406,340 6,390 SH   SOLE   6,390 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 BBG001S6PKJ1 51,213 12,491 SH   SOLE   12,491 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 BBG001T6RFS9 116,396 20,711 SH   SOLE   20,711 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 BBG001S985K5 187,762 12,256 SH   SOLE   12,256 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 BBG001SZV282 188,701 11,706 SH   SOLE   11,706 0 0
QUANTA SVCS INC COM 74762E102 BBG001S5VH85 340,655 1,821 SH   SOLE   1,821 0 0
SELECT SECTOR SPDR TR INDL 81369Y704 BBG001S7T232 5,762,033 56,836 SH   SOLE   56,836 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 BBG001S7T1Q9 5,553,488 34,498 SH   SOLE   34,498 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 BBG001S7TCZ5 5,422,640 33,079 SH   SOLE   33,079 0 0
SL GREEN RLTY CORP COM 78440X887 BBG001S9Z1V2 238,795 6,402 SH   SOLE   6,402 0 0
SPDR SER TR BBG CONV SEC ETF 78464A359 BBG001T2PMD1 1,341,965 19,793 SH   SOLE   19,793 0 0
STEEL DYNAMICS INC COM 858119100 BBG001S98JK5 218,085 2,034 SH   SOLE   2,034 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 BBG001S6DDV6 164,657 10,259 SH   SOLE   10,259 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 BBG001SHTTS4 1,287,482 4,728 SH   SOLE   4,728 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538 BBG001SRN7S6 5,220,420 26,803 SH   SOLE   26,803 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG001S5X909 218,227 9,622 SH   SOLE   9,622 0 0