Arrow Investment Advisors, LLC Buys SPDR Select Sector Fund - Consumer Discretionary, iShares U.S. Real Estate, iShares S&P 500 Growth, Sells SPDR Select Sector Fund - Consumer Staples, Vanguard Div Appreciation, iShares 1-3 Year Treasury Bond ETF

• New Purchases: XLY, IYR, IVW, SPLV, ILF, HYG, VOT, EMB, ANGL, LQD, CWB, BLL, SITC, RPT, 7CPA, CBL,
• Added Positions: APU, SXCP, GEL, NS, CEQP, BPL, AMID, USAC, SDLP, GMLP, PEI, SMLP, DKL, AHT, NGL, ENBL, KNOP, WPG, MMLP, SPH, SNH, BHR, PBFX, SUN, RLJ, ARLP, CHSP, CTL, APLE, FSP, GME, HPT, RVI,
• Reduced Positions: XLV, XLU, SDY, ICF, VUG, TLT, EWZ, INDA, KR, AES, DRE, IRT, SSW, USDP, KIM, KRG,
• Sold Out: XLP, VIG, SHY, VTV, NKE, GRMN, RHI, SYY, BBY, PAK, ENB, R4F, CPLP, DDR2, GLW, ENLK, CVRR,

For the details of Arrow Investment Advisors, LLC's stock buys and sells, go to https://www.gurufocus.com/guru/arrow+investment+advisors%2C+llc/current-portfolio/portfolio

1. iShares Cohen & Steers REIT (ICF) - 129,446 shares, 7.90% of the total portfolio. Shares reduced by 13.1%
2. SPDR Select Sector Fund - Utilities (XLU) - 243,097 shares, 7.76% of the total portfolio. Shares reduced by 13.28%
3. SPDR S&P Dividend (SDY) - 138,149 shares, 7.54% of the total portfolio. Shares reduced by 13.28%
4. SPDR Select Sector Fund - Consumer Discretionary (XLY) - 120,326 shares, 7.52% of the total portfolio. New Position
5. SPDR Select Sector Fund - Health Care (XLV) - 148,882 shares, 7.50% of the total portfolio. Shares reduced by 13.29%

Arrow Investment Advisors, LLC initiated holding in SPDR Select Sector Fund - Consumer Discretionary. The purchase prices were between $97.6 and $113.93, with an estimated average price of $108.29. The stock is now traded at around $118.61. The impact to a portfolio due to this purchase was 7.52%. The holding were 120,326 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares U.S. Real Estate. The purchase prices were between $73.32 and $87.11, with an estimated average price of $82.56. The stock is now traded at around $86.94. The impact to a portfolio due to this purchase was 7.24%. The holding were 151,535 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares S&P 500 Growth. The purchase prices were between $146.51 and $173.32, with an estimated average price of $163.66. The stock is now traded at around $177.38. The impact to a portfolio due to this purchase was 7.2%. The holding were 76,153 shares as of .

Arrow Investment Advisors, LLC initiated holding in Invesco S&P 500 Low Volatility. The purchase prices were between $45.48 and $52.64, with an estimated average price of $50.05. The stock is now traded at around $53.25. The impact to a portfolio due to this purchase was 7.09%. The holding were 245,350 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares Latin America 40. The purchase prices were between $30.82 and $35.55, with an estimated average price of $34.09. The stock is now traded at around $32.96. The impact to a portfolio due to this purchase was 6.8%. The holding were 373,045 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares iBoxx $ High Yield Corporate Bond. The purchase prices were between $80.99 and $86.47, with an estimated average price of $84.85. The stock is now traded at around $86.29. The impact to a portfolio due to this purchase was 4.59%. The holding were 96,671 shares as of .

Arrow Investment Advisors, LLC added to a holding in AmeriGas Partners LP by 70.00%. The purchase prices were between $24.43 and $31.46, with an estimated average price of $29.2. The stock is now traded at around $36.06. The impact to a portfolio due to this purchase was 0.14%. The holding were 20,174 shares as of .

Arrow Investment Advisors, LLC added to a holding in SunCoke Energy Partners LP by 58.83%. The purchase prices were between $10.64 and $14.94, with an estimated average price of $13.29. The stock is now traded at around $12.19. The impact to a portfolio due to this purchase was 0.12%. The holding were 47,811 shares as of .

Arrow Investment Advisors, LLC added to a holding in American Midstream Partners LP by 36.58%. The purchase prices were between $3.03 and $5.17, with an estimated average price of $4.12. The stock is now traded at around $5.20. The impact to a portfolio due to this purchase was 0.08%. The holding were 107,654 shares as of .

Arrow Investment Advisors, LLC added to a holding in Genesis Energy LP by 30.19%. The purchase prices were between $18.47 and $23.88, with an estimated average price of $21.57. The stock is now traded at around $21.92. The impact to a portfolio due to this purchase was 0.08%. The holding were 25,440 shares as of .

Arrow Investment Advisors, LLC added to a holding in NuStar Energy LP by 32.80%. The purchase prices were between $20.93 and $27.62, with an estimated average price of $25.81. The stock is now traded at around $27.41. The impact to a portfolio due to this purchase was 0.08%. The holding were 22,854 shares as of .

Arrow Investment Advisors, LLC added to a holding in Buckeye Partners LP by 33.98%. The purchase prices were between $28.99 and $35.09, with an estimated average price of $32.28. The stock is now traded at around $33.50. The impact to a portfolio due to this purchase was 0.08%. The holding were 17,628 shares as of .

Arrow Investment Advisors, LLC sold out a holding in SPDR Select Sector Fund - Consumer Staples. The sale prices were between $50.19 and $56.11, with an estimated average price of $53.44.

Arrow Investment Advisors, LLC sold out a holding in Vanguard Div Appreciation. The sale prices were between $95.15 and $109.87, with an estimated average price of $105.3.

Arrow Investment Advisors, LLC sold out a holding in iShares 1-3 Year Treasury Bond ETF. The sale prices were between $83.51 and $84.18, with an estimated average price of $83.71.

Arrow Investment Advisors, LLC sold out a holding in Vanguard Value. The sale prices were between $96.19 and $109.3, with an estimated average price of $105.18.

Arrow Investment Advisors, LLC sold out a holding in Nike Inc. The sale prices were between $72.75 and $88.01, with an estimated average price of $82.38.

Arrow Investment Advisors, LLC sold out a holding in Garmin Ltd. The sale prices were between $61.39 and $86.35, with an estimated average price of $74.93.