# EDGAR Filing Document

**Accession Number:** 0001532206
**File Stem:** 0000910472-25-005982
**Filing Date:** 2025-12
**Character Count:** 79039
**Document Hash:** 87d7dccb76ac3129e7fd3b061e962d6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005982.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-005982

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow ETF Trust
- **CENTRAL INDEX KEY:** 0001532206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22624
- **FILM NUMBER:** 251604022

**BUSINESS ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights ETF Trust
- **DATE OF NAME CHANGE:** 20111007

## Series and Classes Contracts Data

### Arrow Dow Jones Global Yield ETF (Series ID: S000035751)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000109586 | Arrow Dow Jones Global Yield ETF | GYLD            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.7%** |  |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 10389 | XTB S.A. 144A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $196061 |
|  | **BANKING - 3.2%** |  |
| 93277 | Banco del Bajio S.A. 144A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 238023 |
| 3610 | Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;&nbsp; 185177 |
| 952106 | Bank Rakyat Indonesia Persero Tbk P.T. | &nbsp;&nbsp;&nbsp; 227782 |
| 4458 | Komercni banka as | &nbsp;&nbsp;&nbsp; 228262 |
|  |  | &nbsp;&nbsp; 879244 |
|  | **CHEMICALS - 0.8%** |  |
| 21747 | Chemtrade Logistics Income Fund | &nbsp;&nbsp;&nbsp; 208547 |
|  | **ELECTRIC UTILITIES - 0.0%<sup>(b)</sup>** |  |
| 114622657 | Federal Grid Company Unified Energy System PJSC<sup>(c) (d) (e)</sup> | &nbsp;&nbsp;&nbsp; – |
|  | **GAS & WATER UTILITIES - 1.6%** |  |
| 14444 | Enagas S.A. | &nbsp;&nbsp;&nbsp; 229189 |
| 2113753 | Perusahaan Gas Negara Tbk P.T. | &nbsp;&nbsp;&nbsp; 221083 |
|  |  | &nbsp;&nbsp; 450272 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.7%** |  |
| 13630 | Chartwell Retirement Residences | &nbsp;&nbsp;&nbsp; 200871 |
|  | **HEALTH CARE REIT - 6.8%** |  |
| 13486 | Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp; 197705 |
| 28028 | Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp; 860460 |
| 12082 | Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 214093 |
| 5181 | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp; 217757 |
| 162399 | Primary Health Properties plc | &nbsp;&nbsp;&nbsp; 199791 |
| 5185 | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp; 198171 |
|  |  | &nbsp;&nbsp; 1887977 |
|  | **HOTEL REIT - 1.3%** |  |
| 236563 | CapitaLand Ascott Trust | &nbsp;&nbsp;&nbsp; 171745 |
| 19461 | Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 200254 |
|  |  | &nbsp;&nbsp; 371999 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.7% (Continued)** |  |
|  | **INDUSTRIAL REIT - 1.6%** |  |
| 305230 | Frasers Logistics & Commercial Trust | &nbsp;&nbsp;&nbsp; $223942 |
| 4314 | Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp; 216347 |
|  |  | &nbsp;&nbsp; 440289 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 150028 | United Tractors Tbk P.T. | &nbsp;&nbsp;&nbsp; 242592 |
|  | **INSURANCE - 0.8%** |  |
| 23337 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp; 206628 |
|  | **MACHINERY - 0.7%** |  |
| 14433 | Turk Traktor ve Ziraat Makineleri A/S | &nbsp;&nbsp;&nbsp; 187733 |
|  | **METALS & MINING - 5.7%** |  |
| 1996204 | Adaro Energy Tbk P.T. | &nbsp;&nbsp;&nbsp; 226187 |
| 22365 | African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp; 222539 |
| 1494202 | Bukit Asam Tbk P.T. | &nbsp;&nbsp;&nbsp; 215562 |
| 23915 | Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp; 243962 |
| 156826 | Indo Tambangraya Megah Tbk P.T. | &nbsp;&nbsp;&nbsp; 221532 |
| 13171 | Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp; 262301 |
| 42153 | Thungela Resources Ltd. | &nbsp;&nbsp;&nbsp; 186133 |
|  |  | &nbsp;&nbsp; 1578216 |
|  | **MULTI ASSET CLASS REIT - 5.3%** |  |
| 12160 | Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp; 217907 |
| 73726 | Charter Hall Long Wale REIT | &nbsp;&nbsp;&nbsp; 205036 |
| 2231 | Cofinimmo S.A. | &nbsp;&nbsp;&nbsp; 190439 |
| 2991 | Covivio | &nbsp;&nbsp;&nbsp; 191700 |
| 141546 | Fibra Uno Administracion S.A. de CV | &nbsp;&nbsp;&nbsp; 206233 |
| 27969 | Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp; 213124 |
| 259985 | Growthpoint Properties Ltd. | &nbsp;&nbsp;&nbsp; 244597 |
|  |  | &nbsp;&nbsp; 1469036 |
|  | **OFFICE REIT - 2.1%** |  |
| 51107 | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp; 175297 |
| 8876 | Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp; 191899 |
| 7113 | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp; 203645 |
|  |  | &nbsp;&nbsp; 570841 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 45.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.2%** |  |
| 9857 | Antero Midstream Corporation | &nbsp;&nbsp;&nbsp; $170033 |
| 4169 | Hess Midstream, L.P., Class A | &nbsp;&nbsp;&nbsp; 141538 |
| 12595 | Kimbell Royalty Partners, L.P. | &nbsp;&nbsp;&nbsp; 166758 |
| 4354 | Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp; 167673 |
| 3613 | Landbridge Company, LLC | &nbsp;&nbsp;&nbsp; 213781 |
| 10550 | Polski Koncern Naftowy ORLEN S.A. | &nbsp;&nbsp;&nbsp; 285823 |
|  |  | &nbsp;&nbsp; 1145606 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.8%** |  |
| 26820 | NEPI Rockcastle N.V. | &nbsp;&nbsp;&nbsp; 217207 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 735986 | Astra International Tbk P.T. | &nbsp;&nbsp;&nbsp; 272079 |
| 45648 | Dogus Otomotiv Servis ve Ticaret A/S | &nbsp;&nbsp;&nbsp; 195711 |
|  |  | &nbsp;&nbsp; 467790 |
|  | **RETAIL REIT - 3.0%** |  |
| 78055 | Charter Hall Retail REIT | &nbsp;&nbsp;&nbsp; 210435 |
| 27082 | Land Securities Group plc | &nbsp;&nbsp;&nbsp; 221109 |
| 10815 | SmartCentres Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 205111 |
| 190050 | Supermarket Income Reit plc | &nbsp;&nbsp;&nbsp; 197482 |
|  |  | &nbsp;&nbsp; 834137 |
|  | **SPECIALTY REIT - 0.7%** |  |
| 3851 | EPR Properties | &nbsp;&nbsp;&nbsp; 188776 |
|  | **STEEL - 0.9%** |  |
| 14212 | Severstal PAO<sup>(c) (d) (e)</sup> | &nbsp;&nbsp;&nbsp; – |
| 7058 | Ternium S.A. - ADR | &nbsp;&nbsp;&nbsp; 254300 |
|  |  | &nbsp;&nbsp; 254300 |
|  | **TELECOMMUNICATIONS - 1.5%** |  |
| 9332 | BCE, Inc. | &nbsp;&nbsp;&nbsp; 213330 |
| 35608 | Mobile TeleSystems Public Joint Stock Company - ADR<sup>(c) (d) (e)</sup> | &nbsp;&nbsp;&nbsp; – |
| 146777 | Spark New Zealand Ltd. | &nbsp;&nbsp;&nbsp; 205805 |
|  |  | &nbsp;&nbsp; 419135 |
|  | **TOBACCO & CANNABIS - 0.7%** |  |
| 3876 | British American Tobacco plc | &nbsp;&nbsp;&nbsp; 198782 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 45.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 0.0%<sup>(b)</sup>** |  |
| 36615 | Globaltrans Investment plc<sup>(c) (d) (e)</sup> | &nbsp;&nbsp;&nbsp; $– |
|  | **TOTAL COMMON STOCKS (Cost $12,736,733)** | &nbsp;&nbsp; 12616039 |
|  | **MASTER LIMITED PARTNERSHIPS — 14.3%** |  |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 18799 | Icahn Enterprises, L.P. | &nbsp;&nbsp;&nbsp; 151520 |
|  | **CHEMICALS - 0.6%** |  |
| 1802 | CVR Partners, L.P. | &nbsp;&nbsp;&nbsp; 170631 |
|  | **ELECTRIC UTILITIES - 1.5%** |  |
| 5847 | Brookfield Infrastructure Partners, L.P. | &nbsp;&nbsp;&nbsp; 199479 |
| 7164 | Brookfield Renewable Partners, L.P. | &nbsp;&nbsp;&nbsp; 218360 |
|  |  | &nbsp;&nbsp; 417839 |
|  | **GAS & WATER UTILITIES - 0.7%** |  |
| 10175 | Suburban Propane Partners, L.P. | &nbsp;&nbsp;&nbsp; 185490 |
|  | **METALS & MINING - 1.3%** |  |
| 7024 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 171877 |
| 1687 | Natural Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 174774 |
|  |  | &nbsp;&nbsp; 346651 |
|  | **OIL & GAS PRODUCERS - 9.1%** |  |
| 13986 | Black Stone Minerals, L.P. | &nbsp;&nbsp;&nbsp; 184476 |
| 3248 | Cheniere Energy Partners, L.P. | &nbsp;&nbsp;&nbsp; 169448 |
| 3935 | Delek Logistics Partners, L.P. | &nbsp;&nbsp;&nbsp; 175304 |
| 6686 | Dorchester Minerals, L.P. | &nbsp;&nbsp;&nbsp; 168888 |
| 9908 | Energy Transfer, L.P. | &nbsp;&nbsp;&nbsp; 166752 |
| 5534 | Enterprise Products Partners, L.P. | &nbsp;&nbsp;&nbsp; 170392 |
| 10200 | Genesis Energy, L.P. | &nbsp;&nbsp;&nbsp; 166872 |
| 3517 | Global Partners, L.P. | &nbsp;&nbsp;&nbsp; 159004 |
| 11749 | Mach Natural Resources, L.P. | &nbsp;&nbsp;&nbsp; 140988 |
| 3436 | MPLX, L.P. | &nbsp;&nbsp;&nbsp; 174411 |
| 9923 | Plains All American Pipeline, L.P. | &nbsp;&nbsp;&nbsp; 163233 |
| 9322 | Plains GP Holdings, L.P., Class A | &nbsp;&nbsp;&nbsp; 160991 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  |  |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
|  | **MASTER LIMITED PARTNERSHIPS — 14.3% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS - 9.1% (Continued)** |  |  |  |
| 3405 | Sunoco, L.P. |  |  | &nbsp;&nbsp;&nbsp; $177810 |
| 11528 | TXO Partners, L.P. |  |  | &nbsp;&nbsp;&nbsp; 151247 |
| 4679 | Western Midstream Partners, L.P. |  |  | &nbsp;&nbsp;&nbsp; 175322 |
|  |  |  |  | &nbsp;&nbsp; 2505138 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.6%** |  |  |  |
| 7348 | USA Compression Partners, L.P. |  |  | &nbsp;&nbsp;&nbsp; 162170 |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS (Cost $3,173,148)** |  |  | &nbsp;&nbsp; 3939439 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 19.4%** |  |  |  |
|  | **ASSET MANAGEMENT** — **0.6%** |  |  |  |
| 187000 | Icahn Enterprises, L.P. / Icahn Enterprises | 9.0000 | &nbsp;&nbsp;&nbsp;06/15/30 | 180180 |
|  | **AUTOMOTIVE** — **1.3%** |  |  |  |
| 185000 | Tenneco, Inc. | 8.0000 | &nbsp;&nbsp;&nbsp;11/17/28 | 184636 |
| 194000 | ZF North America Capital, Inc. | 6.8750 | &nbsp;&nbsp;&nbsp;04/23/32 | 177246 |
|  |  |  |  | 361882 |
|  | **BIOTECH & PHARMA** — **0.4%** |  |  |  |
| 136000 | Organon & Company / Organon Foreign Debt Co-Issuer | 7.8750 | &nbsp;&nbsp;&nbsp;05/15/34 | 106845 |
|  | **CABLE & SATELLITE** — **0.7%** |  |  |  |
| 182000 | Directv Financing, LLC / Directv Financing | 10.0000 | &nbsp;&nbsp;&nbsp;02/15/31 | 181893 |
|  | **CHEMICALS** — **1.3%** |  |  |  |
| 186000 | Chemours Company (The) | 8.0000 | &nbsp;&nbsp;&nbsp;01/15/33 | 179977 |
| 190000 | INEOS Finance plc | 7.5000 | &nbsp;&nbsp;&nbsp;04/15/29 | 177068 |
|  |  |  |  | 357045 |
|  | **COMMERCIAL SUPPORT SERVICES** — **1.9%** |  |  |  |
| 168000 | GEO Group, Inc. (The) B | 10.2500 | &nbsp;&nbsp;&nbsp;04/15/31 | 184126 |
| 269000 | OT Midco, Inc. | 10.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 159719 |
| 175000 | RR Donnelley & Sons Company | 9.5000 | &nbsp;&nbsp;&nbsp;08/01/29 | 179580 |
|  |  |  |  | 523425 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **1.2%** |  |  |  |
| 216000 | Domtar Corporation | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/28 | 164913 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal <br> Amount ($)** | | **Coupon Rate (%)** | &nbsp;&nbsp;&nbsp;**Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 19.4% (Continued)** |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **1.2% (Continued)** |  |  |  |
| 197000 | Magnera Corporation | 7.2500 | &nbsp;&nbsp;&nbsp;11/15/31 | $170285 |
|  |  |  |  | 335198 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **0.7%** |  |  |  |
| 225000 | Owens & Minor, Inc. | 6.6250 | &nbsp;&nbsp;&nbsp;04/01/30 | 185203 |
|  | **HOME & OFFICE PRODUCTS** — **0.6%** |  |  |  |
| 209000 | Newell Brands, Inc. | 5.5000 | &nbsp;&nbsp;&nbsp;04/01/46 | 173423 |
|  | **INTERNET MEDIA & SERVICES** — **0.7%** |  |  |  |
| 186000 | Getty Images, Inc. | 11.2500 | &nbsp;&nbsp;&nbsp;02/21/30 | 185069 |
|  | **OIL & GAS PRODUCERS** — **4.5%** |  |  |  |
| 201000 | AI Candelaria Spain S.A. | 5.7500 | &nbsp;&nbsp;&nbsp;06/15/33 | 182562 |
| 189000 | Baytex Energy Corporation | 7.3750 | &nbsp;&nbsp;&nbsp;03/15/32 | 186174 |
| 173000 | Civitas Resources, Inc. | 9.6250 | &nbsp;&nbsp;&nbsp;06/15/33 | 185757 |
| 183000 | Crescent Energy Finance, LLC | 8.3750 | &nbsp;&nbsp;&nbsp;01/15/34 | 179163 |
| 187000 | Kraken Oil & Gas Partners, LLC | 7.6250 | &nbsp;&nbsp;&nbsp;08/15/29 | 183204 |
| 177000 | PBF Holding Company, LLC / PBF Finance Corporation | 9.8750 | &nbsp;&nbsp;&nbsp;03/15/30 | 187933 |
| 149000 | Saturn Oil & Gas, Inc. | 9.6250 | &nbsp;&nbsp;&nbsp;06/15/29 | 150838 |
|  |  |  |  | 1255631 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.3%** |  |  |  |
| 81000 | Nabors Industries, Inc. | 9.1250 | &nbsp;&nbsp;&nbsp;01/31/30 | 85053 |
|  | **RETAIL - DISCRETIONARY** — **1.2%** |  |  |  |
| 173000 | Hertz Corporation (The) | 12.6250 | &nbsp;&nbsp;&nbsp;07/15/29 | 171438 |
| 223000 | Kohl's Corporation | 5.1250 | &nbsp;&nbsp;&nbsp;05/01/31 | 174769 |
|  |  |  |  | 346207 |
|  | **SOFTWARE** — **0.7%** |  |  |  |
| 181000 | CoreWeave, Inc. | 9.0000 | &nbsp;&nbsp;&nbsp;02/01/31 | 181172 |
|  | **TECHNOLOGY HARDWARE** — **0.7%** |  |  |  |
| 191000 | Xerox Corporation | 13.5000 | &nbsp;&nbsp;&nbsp;04/15/31 | 184890 |
|  | **TECHNOLOGY SERVICES** — **0.6%** |  |  |  |
| 179000 | Neptune Bidco US, Inc. | 9.2900 | &nbsp;&nbsp;&nbsp;04/15/29 | 176925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 19.4% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS** — **0.7%** |  |  |  |
| 177000 | C&W Senior Finance Ltd. | 9.0000 | &nbsp;&nbsp;&nbsp;01/15/33 | $181912 |
|  | **TRANSPORTATION & LOGISTICS** — **1.3%** |  |  |  |
| 182000 | JetBlue Airways Corp / JetBlue Loyalty, L.P. | 9.8750 | &nbsp;&nbsp;&nbsp;09/20/31 | 179042 |
| 190000 | Star Leasing Company, LLC | 7.6250 | &nbsp;&nbsp;&nbsp;02/15/30 | 179653 |
|  |  |  |  | 358695 |
|  | **TOTAL CORPORATE BONDS (Cost $5,521,523)** |  |  | 5360648 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 20.1%** |  |  |  |
|  | **SOVEREIGN** — **20.1%** |  |  |  |
| 200000 | Brazilian Government International Bond | 3.7500 | &nbsp;&nbsp;&nbsp;09/12/31 | 185980 |
| 168000 | Brazilian Government International Bond | 6.1250 | &nbsp;&nbsp;&nbsp;03/15/34 | 171612 |
| 200000 | Brazilian Government International Bond | 6.6250 | &nbsp;&nbsp;&nbsp;03/15/35 | 208450 |
| 186000 | Brazilian Government International Bond | 5.6250 | &nbsp;&nbsp;&nbsp;01/07/41 | 176105 |
| 200000 | Chile Government International Bond | 5.3300 | &nbsp;&nbsp;&nbsp;01/05/54 | 198095 |
| 192000 | Colombia Government International Bond | 3.0000 | &nbsp;&nbsp;&nbsp;01/30/30 | 173914 |
| 167000 | Colombia Government International Bond | 7.5000 | &nbsp;&nbsp;&nbsp;02/02/34 | 177429 |
| 200000 | Colombia Government International Bond | 8.0000 | &nbsp;&nbsp;&nbsp;11/14/35 | 218500 |
| 170000 | Colombia Government International Bond | 8.7500 | &nbsp;&nbsp;&nbsp;11/14/53 | 195704 |
| 200000 | Hungary Government International Bond | 5.5000 | &nbsp;&nbsp;&nbsp;06/16/34 | 204344 |
| 200000 | Hungary Government International Bond | 6.7500 | &nbsp;&nbsp;&nbsp;09/25/52 | 221505 |
| 140000 | Mexico Government International Bond | 8.3000 | &nbsp;&nbsp;&nbsp;08/15/31 | 168518 |
| 165000 | Mexico Government International Bond | 6.3500 | &nbsp;&nbsp;&nbsp;02/09/35 | 174834 |
| 232000 | Mexico Government International Bond | 4.6000 | &nbsp;&nbsp;&nbsp;02/10/48 | 186203 |
| 187000 | Panama Government International Bond | 3.1600 | &nbsp;&nbsp;&nbsp;01/23/30 | 175621 |
| 208000 | Panama Government International Bond | 3.3620 | &nbsp;&nbsp;&nbsp;06/30/31 | 186412 |
| 174000 | Panama Government International Bond | 6.4000 | &nbsp;&nbsp;&nbsp;02/14/35 | 183213 |
| 190000 | Panama Government International Bond | 6.8530 | &nbsp;&nbsp;&nbsp;03/28/54 | 201780 |
| 200000 | Perusahaan Penerbit SBSN Indonesia III | 5.6500 | &nbsp;&nbsp;&nbsp;11/25/54 | 204500 |
| 180000 | Peruvian Government International Bond | 5.5000 | &nbsp;&nbsp;&nbsp;03/30/36 | 184581 |
| 270000 | Peruvian Government International Bond | 3.6000 | &nbsp;&nbsp;&nbsp;01/15/72 | 174805 |
| 182000 | Republic of Poland Government International Bond | 5.5000 | &nbsp;&nbsp;&nbsp;03/18/54 | 179905 |
| 166000 | Republic of South Africa Government International | 5.8750 | &nbsp;&nbsp;&nbsp;06/22/30 | 171899 |
| 172000 | Republic of South Africa Government International | 5.8750 | &nbsp;&nbsp;&nbsp;04/20/32 | 177380 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** | | **Coupon Rate (%)** | &nbsp;&nbsp;&nbsp;**Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 20.1% (Continued)** |  |  |  |
|  | **SOVEREIGN** — **20.1% (Continued)** |  |  |  |
| 191000 | Republic of South Africa Government International | 7.3000 | &nbsp;&nbsp;&nbsp;04/20/52 | $192576 |
| 166000 | Turkey Government International Bond | 6.1250 | &nbsp;&nbsp;&nbsp;10/24/28 | 170238 |
| 148000 | Turkey Government International Bond | 9.1250 | &nbsp;&nbsp;&nbsp;07/13/30 | 168527 |
| 146000 | Turkey Government International Bond | 9.3750 | &nbsp;&nbsp;&nbsp;01/19/33 | 170414 |
| 175000 | Turkey Government International Bond | 6.5000 | &nbsp;&nbsp;&nbsp;01/03/35 | 173338 |
| 196000 | Turkey Government International Bond | 6.6250 | &nbsp;&nbsp;&nbsp;02/17/45 | 179905 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,262,808)** |  |  | 5556287 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $26,694,212)** |  |  | &nbsp;&nbsp;&nbsp; $27472413 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** |  |  | &nbsp;&nbsp; 119480 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $27591893 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| SA de CV | - Sociedad Anonima de Capital Variable |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $434,084 or 1.6% of net assets. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Illiquid security. The total fair value of these securities as of October 31, 2025 was $0, representing 0.0% of net assets. |
| <sup>(e)</sup> | The fair value of this investment is determined using significant unobservable inputs. |

---

---

| | |
|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** |
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| United States | 44.1% |
| Indonesia | 6.6% |
| South Africa | 6.2% |
| Turkey | 4.5% |
| United Kingdom | 4.3% |
| Canada | 4.2% |
| Mexico | 3.5% |
| Poland | 3.1% |
| Colombia | 2.8% |
| Panama | 2.7% |
| Brazil | 2.7% |
| Luxembourg | 1.7% |
| Hungary | 1.6% |
| Bermuda | 1.5% |
| Australia | 1.5% |
| Spain | 1.5% |
| Singapore | 1.4% |
| Peru | 1.3% |
| Czech Republic | 0.8% |
| New Zealand | 0.7% |
| Chile | 0.7% |
| France | 0.7% |
| Belgium | 0.7% |
| Cayman Islands | 0.7% |
| Russian Federation + | 0.0% |
| Cyprus + | 0.0% |
| Total | 99.5% |
| Other Assets Less Liabilities - Net | 0.5% |
| Grand Total | 100.0% |
| + Percentage rounds to less than 0.1%. | + Percentage rounds to less than 0.1%. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Arrow ETF Trust

- **b. Investment Company Act file number:** 811-22624

- **c. CIK number of Registrant:** 0001532206

- **d. LEI of Registrant:** 5493008WO2LCDD28WG98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6100 CHEVY CHASE DR

  - **City:** LAUREL

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 68130

  - **Telephone number:** 301-260-1001

**Item A.2. Information about the Series.**

- **a. Name of Series:** Arrow Dow Jones Global Yield ETF

- **b. EDGAR series identifier (if any):** S000035751

- **c. LEI of Series:** 549300KJZRUKTBTGG770

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $27612813.39

**Total Liabilities:** $20920.00

**Net Assets:** $27591893.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 13.11614400 | **5-Year:** 288.89426400 | **10-Year:** 693.69375200 | **30-Year:** 1630.67528200

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 324.45999000 | **5-Year:** 1807.21062300 | **10-Year:** 1205.22640900 | **30-Year:** 579.28617400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000109586 | 2.40%                | 0.11%                | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1326.78                 | $440209.69                                 |
| Month 2  | $30964.66                | $-133597.36                                |
| Month 3  | $-114327.31              | $-285180.51                                |

### Schedule of Portfolio Investments

| Name                                                               | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Natural Resource Partners L.P.                                     | NATURAL RESOURCE          | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |      1687 | NS      | $174773.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries, Inc.                                            | NBR 9 1/8 01/31/30        | CUSIP: U6295YAN3<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     81000 | PA      | $85052.84     | 0.31%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                      | PBFENE 9 7/8 03/15/30     | CUSIP: U70453AH5<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    177000 | PA      | $187931.52    | 0.68%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                                              | REPHUN 6 3/4 09/25/52     | CUSIP: X93622GL0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $221504.17    | 0.80%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Capitaland Ascott Trust                                            | CAPITALAND ASCOT          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |    236563 | NS      | $171745.12    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial Trust                               | FRASERS LOGISTICS & INDUS | CUSIP: Y26465107<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    305230 | NS      | $223942.42    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retail Reit                                           | CHARTER HALL RET          | CUSIP: Q2308D108<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     78055 | NS      | $210434.89    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                                 | EASTERLY GOVERNM          | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |      8876 | NS      | $191899.12    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenneco LLC                                                        | TEN 8 11/17/28            | CUSIP: U88037AH6<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184636.04    | 0.67%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 5 7/8 04/20/32       | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    172000 | PA      | $177380.03    | 0.64%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dogus Otomotiv Servis Ve Ticaret As                                | DOGUS OTOMOTIV S          | CUSIP: M28191100<br>LEI: 789000PVDP82LTUNS694 | Long             | EC               | CORP              | TR        |     45648 | NS      | $195710.58    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                            | MPLX LP                   | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      3436 | NS      | $174411.36    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                          | RRD 9 1/2 08/01/29        | CUSIP: U25783AJ7<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179579.75    | 0.65%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Domtar Corp.                                                       | UFS 6 3/4 10/01/28        | CUSIP: U7051JAA6<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |    216000 | PA      | $164912.82    | 0.60%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Primary Health Properties PLC                                      | PRIMARY HEALTH            | CUSIP: G7240B186<br>LEI: 213800Y5CJHXOATK7X11 | Long             | EC               | CORP              | GB        |    162399 | NS      | $199790.68    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal Public Joint Stock Company                               | SEVERSTAL                 | CUSIP: X7803S106<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     14212 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Poland (Republic of)                                               | POLAND 5 1/2 03/18/54     | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    182000 | PA      | $179905.16    | 0.65%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dorchester Minerals L.P.                                           | DORCHESTER MINER          | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |      6686 | NS      | $168888.36    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Orlen SA                                                           | ORLEN SA                  | CUSIP: X6922W204<br>LEI: 259400VVMM70CQREJT74 | Long             | EC               | CORP              | PL        |     10550 | NS      | $285823.79    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Perusahaan Penerbit Surat Berharga Syariah Indonesia III           | INDOIS 5.65 11/25/54      | CUSIP: Y68613AF8<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $204500.00    | 0.74%             | 2054-11-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                | BTECN 7 3/8 03/15/32      | CUSIP: C08047AE9<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    189000 | PA      | $186173.43    | 0.67%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                  | ENTERPRISE PRODU          | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      5534 | NS      | $170391.86    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust                               | UNIVERSAL HEALTH          | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |      5185 | NS      | $198170.70    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                                            | BRANDYWINE RLTY           | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     51107 | NS      | $175297.01    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                                         | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      7058 | NS      | $254299.74    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long WALE REIT                                        | CHARTER HLW REIT          | CUSIP: Q2308E106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     73726 | NS      | $205035.66    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Partners, LP and CVR Nitrogen Finance Corporation              | CVR PARTNERS LP           | CUSIP: 126633205<br>LEI: 529900LE0OS06MYQRP11 | Long             | EC               | CORP              | US        |      1802 | NS      | $170631.38    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                         | Astra International Tbk P | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    735986 | NS      | $272079.46    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners Lp                                        | DELEK LOGISTICS           | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |      3935 | NS      | $175304.25    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| C&W Senior Finance Ltd.                                            | CWCFIN 9 01/15/33         | CUSIP: G3169MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    177000 | PA      | $181911.75    | 0.66%             | 2033-01-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                         | JBLU 9 7/8 09/20/31       | CUSIP: U04553AA8<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    182000 | PA      | $179042.08    | 0.65%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 6.4 02/14/35       | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    174000 | PA      | $183213.30    | 0.66%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Star Leasing Co LLC                                                | TRAILR 7 5/8 02/15/30     | CUSIP: U85539AA9<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |    190000 | PA      | $179653.32    | 0.65%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 5 7/8 06/22/30       | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    166000 | PA      | $171899.14    | 0.62%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BCE Inc.                                                           | BCE INC                   | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |      9332 | NS      | $213329.52    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc                                | INNOVATIVE INDUS          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      4314 | NS      | $216347.10    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune BidCo US Inc.                                              | NLSN 9.29 04/15/29        | CUSIP: U64059AA3<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    179000 | PA      | $176925.39    | 0.64%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 8.3 08/15/31          | CUSIP: 91086QAG3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    140000 | PA      | $168518.00    | 0.61%             | 2031-08-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                        | XRX 13 1/2 04/15/31       | CUSIP: U9841NAQ3<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    191000 | PA      | $184889.53    | 0.67%             | 2031-04-15      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 9 3/8 01/19/33     | CUSIP: 900123DG2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    146000 | PA      | $170413.51    | 0.62%             | 2033-01-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners Lp                                        | USA COMPRESSION           | CUSIP: 90290N109<br>LEI: 5493000B1PEOKXRZEO65 | Long             | EC               | CORP              | US        |      7348 | NS      | $162170.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA                                                         | COVIVIO                   | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      2991 | NS      | $191699.83    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OT Midco Inc.                                                      | OB 10 02/15/30            | CUSIP: U6837AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    269000 | PA      | $159718.75    | 0.58%             | 2030-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Park Hotels & Resorts Inc.                                         | PARK H&R INC              | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     19461 | NS      | $200253.69    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 6 5/8 03/15/35     | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $208450.00    | 0.76%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                                              | REPHUN 5 1/2 06/16/34     | CUSIP: X93622GG1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $204344.30    | 0.74%             | 2034-06-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                                | BANK RAKYAT INDO          | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    952106 | NS      | $227782.03    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemtrade Logistics Income Fund                                    | CHEMTRADE LOG IN          | CUSIP: 16387P103<br>LEI: 254900UOUPEC6HRUR935 | Long             | EC               | CORP              | CA        |     21747 | NS      | $208546.68    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                                     | EPR PROPERTIES            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      3851 | NS      | $188776.02    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                           | HEALTHCARE REALT          | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     12082 | NS      | $214093.04    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 8 3/4 11/14/53      | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    170000 | PA      | $195703.86    | 0.71%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Bukit Asam Tbk                                                     | BUKIT ASAM TBK P          | CUSIP: Y8520P101<br>LEI: 529900XX13TXG5L4CN33 | Long             | EC               | CORP              | ID        |   1494202 | NS      | $215561.72    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Thungela Resources Limited                                         | THUNGELA RESOURC          | CUSIP: S84485101<br>LEI: 213800EGYK3BN3SRIF27 | Long             | EC               | CORP              | ZA        |     42153 | NS      | $186132.53    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 6.35 02/09/35         | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    165000 | PA      | $174834.00    | 0.63%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Community Healthcare Trust Inc.                                    | COMMUNITY HEALTH          | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     13486 | NS      | $197704.76    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 3.16 01/23/30      | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    187000 | PA      | $175621.05    | 0.64%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Nepi Rockcastle NV                                                 | NEPI ROCKCASTLE           | CUSIP: N6S06Q108<br>LEI: 549300FMWM53K9ULYT15 | Long             | EC               | CORP              | NL        |     26820 | NS      | $217207.33    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                         | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      3610 | NS      | $185177.08    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                               | GLOBAL NET LEASE          | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |     27969 | NS      | $213123.78    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Spark New Zealand Ltd.                                             | Spark New Zealand Ltd     | CUSIP: Q8619N107<br>LEI: 529900HUN51H3Y7QBB66 | Long             | EC               | CORP              | NZ        |    146777 | NS      | $205805.33    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Del Bajio, S.A., Institucion De Banca                        | BANCO DEL BAJIO SA        | CUSIP: P1R2ZN117<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |     93277 | NS      | $238022.23    | 0.86%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LandBridge Company LLC                                             | LANDBRIDGE CO LL          | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3613 | NS      | $213781.21    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV                  | OGN 7 7/8 05/15/34        | CUSIP: U6836GAB4<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    136000 | PA      | $106845.00    | 0.39%             | 2034-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Getty Images Inc.                                                  | ABEGET 11 1/4 02/21/30    | CUSIP: U3742LAC1<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    186000 | PA      | $185070.00    | 0.67%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                 | ENERGY TRANSFER           | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      9908 | NS      | $166751.64    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 1/2 01/03/35     | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    175000 | PA      | $173337.92    | 0.63%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                     | ZFFNGR 6 7/8 04/23/32     | CUSIP: U98737AJ5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    194000 | PA      | $177246.23    | 0.64%             | 2032-04-23      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 9 1/8 07/13/30     | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    148000 | PA      | $168527.24    | 0.61%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Hess Midstream LP                                                  | HESS MIDSTREAM-A          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4169 | NS      | $141537.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni Banka AS                                                  | KOMERCNI BANKA            | CUSIP: X45471111<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |      4458 | NS      | $228262.37    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                   | OMEGA HEALTHCARE          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      5181 | NS      | $217757.43    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                         | HIGHWOODS PROP            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      7113 | NS      | $203645.19    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 6.853 03/28/54     | CUSIP: 698299BV5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    190000 | PA      | $201780.00    | 0.73%             | 2054-03-28      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                         | PHOENIX GROUP HO          | CUSIP: G7S8MZ109<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |     23337 | NS      | $206627.93    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 7.3 04/20/52         | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    191000 | PA      | $192576.44    | 0.70%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Partners LP                              | BROOKFIELD INFRA          | CUSIP: G16252101<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EC               | CORP              | BM        |      5847 | NS      | $199478.77    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Chartwell Retirement Residences                                    | CHARTWELL RETIRE          | CUSIP: 16141A103<br>LEI: 549300M7UBEIZBWP4069 | Long             | EC               | CORP              | CA        |     13630 | NS      | $200871.34    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                                          | LAND SECURITIES           | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |     27082 | NS      | $221108.77    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| African Rainbow Minerals Ltd                                       | AFRICAN RAINBOW           | CUSIP: S01680107<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |     22365 | NS      | $222539.24    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                                           | GLOBAL MEDICAL R          | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     28028 | NS      | $860459.60    | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                                       | BRIT AMER TOBACC          | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      3876 | NS      | $198782.29    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 1/8 10/24/28     | CUSIP: 900123CQ1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    166000 | PA      | $170238.11    | 0.62%             | 2028-10-24      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corporation | SUBURBAN PROPANE          | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |     10175 | NS      | $185490.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                                              | PLAINS GP HOLD-A          | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |      9322 | NS      | $160990.94    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises LP                                               | ICAHN ENTERPRISE          | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |     18799 | NS      | $151519.94    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L P                                  | BROOKFIELD RENEWABLE PART | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               | CORP              | BM        |      7164 | NS      | $218360.13    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                                                      | GEO 10 1/4 04/15/31       | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    168000 | PA      | $184125.98    | 0.67%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.            | DTV 10 02/15/31           | CUSIP: U2541MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $181892.62    | 0.66%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Antero Midstream Corporation                                       | ANTERO MIDSTREAM          | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9857 | NS      | $170033.25    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc                                               | KINETIK HOLDINGS          | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4354 | NS      | $167672.54    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 3.362 06/30/31     | CUSIP: P90603AP9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    208000 | PA      | $186411.68    | 0.68%             | 2031-06-30      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 7 1/2 02/02/34      | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    167000 | PA      | $177429.15    | 0.64%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                 | PERU 3.6 01/15/2072       | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    270000 | PA      | $174804.75    | 0.63%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Globaltrans Investment PLC                                         | GLOBALTRANS-GDR           | CUSIP: 37949E204<br>LEI: 213800D6EVVEJJW3MD09 | Long             | EC               | CORP              | CY        |     36615 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 3 3/4 09/12/31     | CUSIP: 105756CE8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $185980.00    | 0.67%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Owens & Minor Inc                                                  | OMI 6 5/8 04/01/30        | CUSIP: U68336AC7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    225000 | PA      | $185203.13    | 0.67%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Kumba Iron Ore Ltd                                                 | KUMBA IRON ORE L          | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |     13171 | NS      | $262301.66    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic Of)                                                | CHILE 5.33 01/05/54       | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $198095.00    | 0.72%             | 2054-01-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| PT Alamtri Resources Indonesia Tbk                                 | ALAMTRI RESOURCE          | CUSIP: Y7087B109<br>LEI: 529900P2WAH7XA87OI24 | Long             | EC               | CORP              | ID        |   1996204 | NS      | $226186.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Saturn Oil & Gas Inc                                               | SOILCN 9 5/8 06/15/29     | CUSIP: C8185KAA0<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |    149000 | PA      | $150837.92    | 0.55%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance PLC                                                  | INEGRP 7 1/2 04/15/29     | CUSIP: G47718AK0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $177068.07    | 0.64%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                        | CHENIERE ENERGY           | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |      3248 | NS      | $169448.16    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartCentres Real Estate Investment Trust                          | SMARTCENTRES REA          | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |     10815 | NS      | $205111.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UTD Tractors                                                       | UNITED TRACTORS           | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    150028 | NS      | $242591.56    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Perusahaan Gas Negara Tbk                                          | Perusahaan Gas Negara Per | CUSIP: Y7136Y118<br>LEI: 549300OX1VFDX7ZPN240 | Long             | EC               | CORP              | ID        |   2113753 | NS      | $221082.61    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AI Candelaria Spain S.A.                                           | AICNRA 5 3/4 06/15/33     | CUSIP: E0R75RAB2<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    201000 | PA      | $182562.27    | 0.66%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Banco Actinver SA                                                  | TRUST FIBRA UNO           | CUSIP: P3515D163<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |    141546 | NS      | $206233.33    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC                                           | CC 8 01/15/33             | CUSIP: U16309AK9<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    186000 | PA      | $179977.64    | 0.65%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Cofinimmo S.A./N.V.                                                | Cofinimmo SA              | CUSIP: B25654136<br>LEI: 549300TM914CSF6KI389 | Long             | EC               | CORP              | BE        |      2231 | NS      | $190438.67    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TXO Partners  LP                                                   | TXO PARTNERS LP           | CUSIP: 87313P103<br>LEI: KWQMGYEOMKX7BT2PZF05 | Long             | EC               | CORP              | US        |     11528 | NS      | $151247.36    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 5/8 02/17/45     | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    196000 | PA      | $179905.38    | 0.65%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Growthpoint Properties Ltd                                         | GROWTHPOINT PROP          | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |    259985 | NS      | $244596.84    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Grid Co - Rosseti PJSC                                     | FGC ROSSETI               | CUSIP: X2393G109<br>LEI: 253400FZQ7Z49QZNSG30 | Long             | EC               | CORP              | RU        | 114622657 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc.                                                 | NWL 5 1/2 04/01/46        | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    209000 | PA      | $173422.79    | 0.63%             | 2046-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                     | CRWV 9 02/01/31           | CUSIP: U2069EAB6<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    181000 | PA      | $181172.34    | 0.66%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Supermarket Income Reit Public Limited Company                     | SUPERMARKET INCO          | CUSIP: G8586X105<br>LEI: 2138007FOINJKAM7L537 | Long             | EC               | CORP              | GB        |    190050 | NS      | $197482.43    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 4.6 02/10/48          | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    232000 | PA      | $186203.20    | 0.67%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Xtb SA                                                             | X-TRADE BROKERS           | CUSIP: X98169117<br>LEI: 259400AVUPSABLEXNT19 | Long             | EC               | CORP              | PL        |     10389 | NS      | $196061.33    | 0.71%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Magnera Corp.                                                      | MAGN 7 1/4 11/15/31       | CUSIP: U5S63AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    197000 | PA      | $170284.83    | 0.62%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                                                 | PERU 5 1/2 03/30/36       | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    180000 | PA      | $184581.00    | 0.67%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mobile Telesystems Pjsc                                            | MOBILE TELES PJS          | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |     35608 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indo Tambangraya Megah Tbk                                         | INDO TAMBANGRAYA          | CUSIP: Y71244100<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |    156826 | NS      | $221532.28    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 8 11/14/35          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $218500.00    | 0.79%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Kohl's Corp.                                                       | KSS 3 3/8 05/01/31        | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    223000 | PA      | $174768.80    | 0.63%             | 2031-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Turk Traktor ve Ziraat Makineleri AS                               | Turk Traktor ve Ziraat Ma | CUSIP: M9044T101<br>LEI: 7890002G98SY237S0Y70 | Long             | EC               | CORP              | TR        |     14433 | NS      | $187733.06    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                            | BLACK STONE MINE          | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13986 | NS      | $184475.34    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 6 1/8 03/15/34     | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    168000 | PA      | $171612.00    | 0.62%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Kimbell Royalty Partners Lp                                        | KIMBELL ROYALTY           | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |     12595 | NS      | $166757.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                                      | WESTERN MIDSTREA          | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4679 | NS      | $175322.13    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Finance LLC                                        | CRGYFN 8 3/8 01/15/34     | CUSIP: U4526LAL1<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    183000 | PA      | $179163.41    | 0.65%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Mach Natural Resources LP                                          | MACH NATURAL RES          | CUSIP: 55445L100<br>LEI: 254900WRTD4RTPK11Q27 | Long             | EC               | CORP              | US        |     11749 | NS      | $140988.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Corp.                                                        | HTZ 12 5/8 07/15/29       | CUSIP: U42804AY7<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    173000 | PA      | $171438.21    | 0.62%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 3 01/30/30          | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    192000 | PA      | $173913.60    | 0.63%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Exxaro Resources Ltd.                                              | EXXARO RESOURCES          | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |     23915 | NS      | $243963.05    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraken Oil & Gas Partners LLC                                      | KRAOIG 7 5/8 08/15/29     | CUSIP: U50095AA3<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    187000 | PA      | $183204.31    | 0.66%             | 2029-08-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources Inc                                              | CIVI 9 5/8 06/15/33       | CUSIP: U1638HAD9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    173000 | PA      | $185757.02    | 0.67%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Global Partners LP                                                 | GLOBAL PARTNERS           | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      3517 | NS      | $159003.57    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P.                                  | PLAINS ALL AMER           | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      9923 | NS      | $163233.35    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners, L.P.                                   | ALLIANCE RESOURC          | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      7024 | NS      | $171877.28    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 5 5/8 01/07/41     | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    186000 | PA      | $176104.80    | 0.64%             | 2041-01-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P.                                                | GENESIS ENERGY            | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |     10200 | NS      | $166872.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP                                                          | SUNOCO LP                 | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |      3405 | NS      | $177809.10    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                                           | BROADSTONE NET            | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     12160 | NS      | $217907.20    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation    | IEP 9 06/15/30            | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    187000 | PA      | $180180.20    | 0.65%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Enagas SA                                                          | Enagas SA                 | CUSIP: E41759106<br>LEI: 213800OU3FQKGM4M2U23 | Long             | EC               | CORP              | ES        |     14444 | NS      | $229189.23    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Arrow ETF Trust

**Signature:** Sam Singh

**Name of Signer:** Sam Singh

**Title:** Treasurer