Instuitional Investor - Arrow Investment Advisors, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Arrow Invts Tr - RESV CAP ETF		409,003	$40,925,862	43.58%
2.	Ishares Trust	HYG	32,496	$4,620,606	4.92%
3.	Ishares Trust	IEF	80,281	$4,559,158	4.85%
4.	Sector Spdr Trust	XLE	27,450	$4,439,489	4.73%
5.	Ishares Inc	EEM	69,645	$4,362,563	4.65%