| AARROW INVTS TRARCM |
| 39.59% | 43.58% | $40.9M | 409,003 | $40.9M | 409,003 | 00.00% | Unchanged |
| IISHARES TRVLUE |
| 6.18% | 4.92% | $6.4M | 31,947 | $4.6M | 32,496 | -549-1.69% | Reduce |
| IISHARES TREEM |
| 5.22% | 4.85% | $5.4M | 78,931 | $4.6M | 80,281 | -1,350-1.68% | Reduce |
| SSTATE STREETXLI |
| 4.84% | 4.73% | $5.0M | 26,996 | $4.4M | 27,450 | -454-1.65% | Reduce |
| IISHARES MSCI EUROZONE ETFEZU |
| 4.6% | 4.65% | $4.8M | 68,419 | $4.4M | 69,645 | -1,226-1.76% | Reduce |
| FFIRST TR EXCHANGE-TRADED ALPFYX |
| 4.53% | — | $4.7M | 32,447 | $0 | 0 | +32,447 | New Buy |
| AArrow Dow Jones Global Yield EGYLD |
| 3.94% | — | $4.1M | 285,605 | $0 | 0 | +285,605 | New Buy |
| IISHARES TRIEV |
| 3.93% | 4.1% | $4.1M | 55,717 | $3.9M | 56,673 | -956-1.69% | Reduce |
| AARROW INVTS TRORO |
| 2.67% | 3.09% | $2.8M | 155,000 | $2.9M | 155,000 | 00.00% | Unchanged |
| IISHARES 1-3 YEAR TREASURY BOND ETFSHY |
| 2.17% | 1.04% | $2.2M | 27,311 | $975,234 | 11,811 | +15,500+131.23% | Add |
| SSTATE STREET SPDR BLOOMBERG CONVERTIBLE SECURITIES ETFCWB |
| 1.26% | 1.18% | $1.3M | 12,123 | $1.1M | 12,123 | 00.00% | Unchanged |
| IISHARES TRTIP |
| 1.23% | 1.37% | $1.3M | 11,631 | $1.3M | 11,631 | 00.00% | Unchanged |
| IINVESCO DB COMMODITY INDEX TRACKING FUNDDBC |
| 1.2% | 1.45% | $1.2M | 46,410 | $1.4M | 47,087 | -677-1.44% | Reduce |
| IISHARES TRLQD |
| 1.15% | 1.26% | $1.2M | 10,860 | $1.2M | 10,860 | 00.00% | Unchanged |
| VVANGUARD INDEX FDSVBK |
| 0.78% | 0.73% | $806,734 | 2,206 | $682,178 | 2,257 | -51-2.26% | Reduce |
| IISHARES TRHYG |
| 0.73% | 1.11% | $752,678 | 9,412 | $1.0M | 13,130 | -3,718-28.32% | Reduce |
| VVANGUARD INDEX FDSVTV |
| 0.73% | 0.73% | $749,897 | 3,441 | $685,719 | 3,495 | -54-1.55% | Reduce |
| IISHARES MSCI SOUTH KOREAETFEWY |
| 0.67% | 0.49% | $693,123 | 3,433 | $460,672 | 3,745 | -312-8.33% | Reduce |
| IISHARES MSCI ISRAEL ETFEIS |
| 0.52% | 0.56% | $535,349 | 4,435 | $521,716 | 4,496 | -61-1.36% | Reduce |
| IISHARES MSCI TAIWAN ETFEWT |
| 0.51% | — | $526,541 | 4,848 | $0 | 0 | +4,848 | New Buy |
| IISHARES TREPU |
| 0.45% | 0.45% | $466,932 | 5,592 | $425,180 | 5,268 | +324+6.15% | Add |
| IISHARES INCORPORATED MSCI SPAIN ETFEWP |
| 0.43% | 0.45% | $446,316 | 7,515 | $423,890 | 7,805 | -290-3.72% | Reduce |
| IISHARES TREPOL |
| 0.43% | 0.46% | $441,969 | 11,447 | $427,490 | 11,741 | -294-2.50% | Reduce |
| IISHARES INCEWS |
| 0.42% | 0.46% | $438,850 | 14,821 | $430,186 | 15,244 | -423-2.77% | Reduce |
| IISHARES INCORPORATED MSCI ITALY ETFEWI |
| 0.42% | 0.42% | $436,777 | 7,373 | $393,866 | 7,373 | 00.00% | Unchanged |
| GGLOBAL X FDSGREK |
| 0.41% | 0.39% | $423,404 | 5,608 | $370,254 | 5,797 | -189-3.26% | Reduce |
| IISHARES INCEZA |
| 0.37% | 0.43% | $379,772 | 6,010 | $405,037 | 5,974 | +36+0.60% | Add |
| RROBERT HALF INC.RHI |
| 0.33% | — | $338,007 | 11,010 | $0 | 0 | +11,010 | New Buy |
 RLJ LODGING TRRLJ |
| 0.32% | — | $327,226 | 27,614 | $0 | 0 | +27,614 | New Buy |
 CAL MAINE FOODS INC COM NEWCALM |
| 0.27% | — | $284,135 | 3,527 | $0 | 0 | +3,527 | New Buy |
 PARK HOTELS & RESORTS INCPK |
| 0.27% | 0.21% | $279,186 | 19,592 | $195,668 | 18,582 | +1,010+5.44% | Add |
 APPLE HOSPITALITY REIT INCAPLE |
| 0.26% | — | $270,103 | 16,068 | $0 | 0 | +16,068 | New Buy |
 HIGHWOODS PPTYS INCHIW |
| 0.26% | — | $264,865 | 8,782 | $0 | 0 | +8,782 | New Buy |
 HOST HOTELS & RESORTS INCHST |
| 0.25% | — | $263,134 | 11,098 | $0 | 0 | +11,098 | New Buy |
 SL GREEN RLTY CORPSLG |
| 0.25% | — | $259,989 | 5,022 | $0 | 0 | +5,022 | New Buy |
| HHASBRO INCHAS |
| 0.24% | 0.26% | $247,027 | 2,991 | $242,237 | 2,588 | +403+15.57% | Add |
 FREEPORT MCMORAN INCFCX |
| 0.24% | 0.23% | $246,655 | 3,922 | $220,484 | 3,751 | +171+4.56% | Add |
| TTERNIUM SATX |
| 0.24% | 0.22% | $243,262 | 5,697 | $211,028 | 5,256 | +441+8.39% | Add |
 INNOVATIVE INDL PPTYS INREITIIPR |
| 0.23% | — | $242,652 | 3,915 | $0 | 0 | +3,915 | New Buy |
| CCommunity Healthcare Trust IncCHCT |
| 0.23% | 0.2% | $237,238 | 12,978 | $185,961 | 11,703 | +1,275+10.89% | Add |
 EASTERLY GOVT PPTYS INCDEA |
| 0.23% | — | $235,962 | 9,465 | $0 | 0 | +9,465 | New Buy |
 EPR PPTYSEPR |
| 0.23% | — | $235,637 | 4,062 | $0 | 0 | +4,062 | New Buy |
 TELUS CORPORATIONTU |
| 0.23% | — | $234,316 | 22,168 | $0 | 0 | +22,168 | New Buy |
| CCHIRON REAL ESTATE INC COM NEWXRN |
| 0.23% | — | $233,825 | 6,232 | $0 | 0 | +6,232 | New Buy |
 ANTERO MIDSTREAM CORPAM |
| 0.23% | 0.25% | $232,892 | 10,237 | $231,830 | 10,168 | +69+0.68% | Add |
 WESTERN UN COWU |
| 0.22% | — | $225,941 | 29,343 | $0 | 0 | +29,343 | New Buy |
 BRANDYWINE REALTY TRUSTBDN |
| 0.22% | 0.19% | $225,701 | 71,199 | $176,581 | 65,159 | +6,040+9.27% | Add |
| WWESTERN MIDSTREAM PAR LPWES |
| 0.22% | — | $222,476 | 5,084 | $0 | 0 | +5,084 | New Buy |
| KKINETIK HOLDINGS INCKNTK |
| 0.21% | 0.26% | $221,059 | 4,573 | $247,520 | 5,113 | -540-10.56% | Reduce |
 GLOBAL NET LEASE INCGNL |
| 0.21% | 0.23% | $218,833 | 24,478 | $212,013 | 22,651 | +1,827+8.07% | Add |
