"Arrow Dow Jones Global Yield ETF","","","","","","",""
"Ticker: GYLD","","","","","","",""
"","","","","","","",""
"Holdings as of 05/23/2013","","","","","","",""
"","","","","","","",""
"Equity","59.86969%","","","","","",""
"Fixed Income","40.10857%","","","","","",""
"Cash","0.02174%","","","","","",""
"","","","","","","",""
"Symbol","Name","% Of Net Assets","Market Value ($)","Security ID","Country","IndexCategory"
"MCEP","MID CON ENERGY PARTNERS LP","0.69689","554219","59560V109","US","Alternative"
"","HUNGARY REP","0.68658","546015","445545AH9","HU","Sovereign Debt"
"CPLP","CAPITAL PRODUCT PARTNERS L P","0.73233","582403","Y11082107","MH","Alternative"
"SUN SP","SUNTEC REIT","0.66391","527986","B04PZ72","SG","Real Estate"
"","IRELAND(REP OF)","0.68086","541467","B60Z619","IE","Sovereign Debt"
"","ITALY(REP OF)","0.68053","541207","B66YTQ6","IT","Sovereign Debt"
"","REPUBLIC OF TURKEY","0.66628","529875","900123BH2","TR","Sovereign Debt"
"AX-U CN","ARTIS REAL ESTATE INVT TR","0.68265","542889","B0XZXV3","CA","Real Estate"
"BA CN","BELL ALIANT INC","0.70014","556803","B3MR9L3","CA","Equity"
"CTL","CENTURYLINK INC","0.70236","558568","156700106","US","Equity"
"","DONNELLEY R R & SONS CO","0.65789","523200","257867AX9","US","Corporate Debt"
"BBEP","BREITBURN ENERGY PARTNERS LP","0.63075","501617","106776107","US","Alternative"
"ITMG IJ","INDO TAMBANGRAY","0.59822","475744","B29SK75","ID","Equity"
"ABP AU","ABACUS PROPERTY GR","0.66250","526866","6565707","AU","Real Estate"
"","REYNOLDS GROUP ISSUER LLC","0.65924","524270","761735AP4","US","Corporate Debt"
"","ARCELORMITTAL SA LUXEMBOURG","0.65178","518340","03938LAU8","LU","Corporate Debt"
"CWH","COMMONWEALTH REIT","0.59070","469765","203233101","US","Real Estate"
"HPT","HOSPITALITY PPTYS TR","0.76323","606970","44106M102","US","Real Estate"
"","PORTUGAL(REP OF)","0.68986","548627","B11VGY4","PT","Sovereign Debt"
"","SPAIN(KINGDOM OF)","0.68441","544290","B6QP0Y4","ES","Sovereign Debt"
"","DOLPHIN SUBSIDIARY II  INC","0.66886","531920","256882AD3","US","Corporate Debt"
"","BEST BUY INC","0.70113","557590","086516AL5","US","Corporate Debt"
"CORA NA","CORIO NV","0.63013","501121","4929286","NL","Real Estate"
"FTE FP","FRANCE TELECOM","0.64165","510286","5176177","FR","Equity"
"SUI","SUN CMNTYS INC","0.70642","561792","866674104","US","Real Estate"
"NAB AU","NATL AUSTRALIA BK","0.62650","498235","6624608","AU","Equity"
"SPTT CP","TELEFONICA CZECH R","0.62983","500884","5272569","CZ","Equity"
"LGCY","LEGACY RESERVES LP","0.67333","535477","524707304","US","Alternative"
"DTE GR","DEUTSCHE TELEKOM","0.71501","568629","5842359","DE","Equity"
"","PRECISION DRILLING CORP","0.66579","529480","740212AC9","CA","Corporate Debt"
"","AMERIGAS FIN CORP / LLC","0.65305","519350","03077JAB6","US","Corporate Debt"
"GLP","GLOBAL PARTNERS LP","0.65792","523228","37946R109","US","Alternative"
"","REPUBLIC OF TURKEY","0.68369","543720","900123CA6","TR","Sovereign Debt"
"604 HK","SHENZHEN INVESTMEN","0.68353","543593","6535261","HK","Equity"
"FROTO TI","FORD OTOSAN","0.76955","612001","B03MSR5","TR","Equity"
"UAN","CVR PARTNERS LP","0.61691","490612","126633106","US","Alternative"
"VASTN NA","VASTNED RETAIL","0.70156","557933","4927194","NL","Real Estate"
"","DISH DBS CORP","0.62794","499380","25470XAJ4","US","Corporate Debt"
"","CCO HLDGS LLC / CCO HLDGS CAP","0.67670","538160","1248EPAU7","US","Corporate Debt"
"CREIT SP","CAMBRIDGE INDUSTRI","0.64730","514782","B18TLR9","SG","Real Estate"
"MLT SP","MAPLETREE LOGISTIC","0.68341","543495","B0D6P43","SG","Real Estate"
"ETP","ENERGY TRANSFER PRTNRS L P","0.67342","535554","29273R109","US","Alternative"
"IRC","INLAND REAL ESTATE CORP","0.74784","594731","457461200","US","Real Estate"
"","SPAIN(KINGDOM OF)","0.66548","529240","B6305Y7","ES","Sovereign Debt"
"","BRAZIL FEDERATIVE REP","0.64651","514152","105756BR0","BR","Sovereign Debt"
"SGREIT SP","STARHILL GLOBAL","0.65199","518509","B0HZGR6","SG","Real Estate"
"TEL NZ","TELECOM CORP OF NZ","0.68310","543248","6881436","NZ","Equity"
"NRP","NATURAL RESOURCE PARTNERS L P","0.63937","508470","63900P103","US","Alternative"
"","PETROLEOS DE VENEZ","0.65372","519884","B5BQGP8","VE","Corporate Debt"
"PVR","PVR PARTNERS L P","0.72355","575420","693665101","US","Alternative"
"ARG NZ","ARGOSY PROPERTY LT","0.67091","533553","B6ZFBN1","NZ","Real Estate"
"MOBB BB","MOBISTAR","0.59823","475754","5541979","BE","Equity"
"","WPX ENERGY INC","0.68550","545158","98212BAD5","US","Corporate Debt"
"","HUNGARY REP","0.67481","536659","445545AE6","HU","Sovereign Debt"
"WHZ","WHITING USA TR II","0.60806","483570","966388100","US","Alternative"
"CGL LN","CATLIN GROUP","0.66168","526216","B00LBS7","BM","Equity"
"FCOT SP","FRASERS COMMERCIAL","0.69902","555913","B11HJT8","SG","Real Estate"
"WHA NA","WERELDHAVE NV","0.66660","530130","4948623","NL","Real Estate"
"TNH","TERRA NITROGEN CO L P","0.63916","508307","881005201","US","Alternative"
"SGTPY","SURGUTNEFTEGAZ JSC","1.11624","887714","868861105","RU","Alternative"
"","POST HLDGS INC","0.67186","534310","737446AB0","US","Corporate Debt"
"RRD","DONNELLEY R R & SONS CO","0.71639","569721","257867101","US","Equity"
"CLMT","CALUMET SPECIALTY PRODS PTNRS","0.59453","472811","131476103","US","Alternative"
"8972 JP","KENEDIX REALTY INV","0.55467","441110","B0C5Q59","JP","Real Estate"
"NMM","NAVIOS MARITIME PARTNERS L P","0.66279","527094","Y62267102","MH","Alternative"
"MMLP","MARTIN MIDSTREAM PRTNRS L P","0.78614","625194","573331105","US","Alternative"
"STON","STONEMOR PARTNERS L P","0.64516","513073","86183Q100","US","Alternative"
"SNH","SENIOR HSG PPTYS TR","0.69430","552154","81721M109","US","Real Estate"
"","NOKIA CORP","0.66883","531900","654902AB1","FI","Corporate Debt"
"","ENDO HEALTH SOLUTIONS INC","0.66459","528525","29264FAG1","US","Corporate Debt"
"CQR AU","CHARTER HALL RETAI","0.65654","522123","6225595","AU","Real Estate"
"QRE","QR ENERGY LP","0.65128","517945","74734R108","US","Alternative"
"","PORTUGAL(REP OF)","0.66339","527571","B1WK5W1","PT","Sovereign Debt"
"","CHESAPEAKE ENERGY CORP","0.67351","535620","165167CF2","US","Corporate Debt"
"303 HK","VTECH HLDGS","0.76577","608996","6928560","BM","Equity"
"","SOUTH AFRICA REP","0.66343","527609","836205AQ7","ZA","Sovereign Debt"
"","HUNGARY REP","0.69351","551531","445545AF3","HU","Sovereign Debt"
"BWP AU","BWP TRUST","0.69148","549915","6127453","AU","Real Estate"
"VIV FP","VIVENDI SA","0.61114","486021","4834777","FR","Equity"
"SDT","SANDRIDGE MISSISSIPPIAN TR I","0.64697","514514","80007T101","US","Alternative"
"","VENEZUELA(REP OF)","0.65015","517041","B07CTC3","VE","Sovereign Debt"
"","HUNGARY REP","0.66124","525866","445545AC0","HU","Sovereign Debt"
"","FRONTIER COMMUNICATIONS CORP","0.67679","538230","35906AAH1","US","Corporate Debt"
"BEFB B","BEFIMMO SCA","0.69877","555713","4082628","BE","Real Estate"
"","PANAMA REP","0.65231","518760","698299AW4","PA","Sovereign Debt"
"","CENTURYLINK INC","0.68229","542605","156700AS5","US","Corporate Debt"
"SYC SJ","SYCOM PROPERTY FD","0.65202","518535","6869045","ZA","Real Estate"
"","PEABODY ENERGY CORP","0.65844","523640","704549AM6","US","Corporate Debt"
"","ITALY(REP OF)","0.67309","535285","B79SZV9","IT","Sovereign Debt"
"TCP","TC PIPELINES LP","0.61935","492547","87233Q108","US","Alternative"
"CQP","CHENIERE ENERGY PARTNERS LP","0.75799","602805","16411Q101","US","Alternative"
"","GULFMARK OFFSHORE INC","0.65711","522580","402629AG4","US","Corporate Debt"
"","UNITED STATES STL CORP NEW","0.64781","515185","912909AF5","US","Corporate Debt"
"CPL SJ","CAPITAL PROPERTY F","0.67656","538048","6176239","ZA","Real Estate"
"","SOUTH AFRICA REP","0.67898","539970","836205AP9","ZA","Sovereign Debt"
"FGP","FERRELLGAS PARTNERS L.P.","0.68802","547160","315293100","US","Alternative"
"EN FP","BOUYGUES","0.60694","482682","4002121","FR","Equity"
"NS","NUSTAR ENERGY LP","0.60713","482836","67058H102","US","Alternative"
"CHKR","CHESAPEAKE GRANITE WASH TR","0.67744","538747","165185109","US","Alternative"
"","ROYAL BK OF SCOTLAND PLC","0.68015","540901","780099CE5","GB","Corporate Debt"
"","KEY ENERGY SVCS INC","0.64740","514855","492914AS5","US","Corporate Debt"
"CPL","CPFL ENERGIA S A","0.73131","581591","126153105","BR","Equity"
"SAC SJ","SA CORP REAL ESTAT","0.65210","518596","6911225","ZA","Real Estate"
"","ENERGY TRANSFER EQUITY L P","0.66057","525330","29273VAC4","US","Corporate Debt"
"","DENBURY RES INC DEL","0.66140","525990","24823UAH1","US","Corporate Debt"
"LRE","LRR ENERGY LP","0.56898","452494","50214A104","US","Alternative"
"FDR FP","FONCIERE DES REGIO","0.69227","550542","7745638","FR","Real Estate"
"","SPAIN(KINGDOM OF)","0.67106","533674","B6W31Q1","ES","Sovereign Debt"
"","PETROLEOS DE VENEZ","0.63906","508222","B5B82G7","VE","Corporate Debt"
"FPT SJ","FOUNTAINHEAD  PROP","0.61922","492446","6838863","ZA","Real Estate"
"","REPUBLIC OF TURKEY","0.66345","527625","900123BJ8","TR","Sovereign Debt"
"","ITALY(REP OF)","0.68282","543025","B4143G5","IT","Sovereign Debt"
"","IRON MTN INC DEL","0.67935","540270","46284PAP9","US","Corporate Debt"
"","VIASAT INC","0.66698","530425","92552VAF7","US","Corporate Debt"
"","VENEZUELA REP","0.64349","511750","922646AT1","VE","Sovereign Debt"
"TLS AU","TELSTRA CORP LTD","0.65321","519481","6087289","AU","Equity"
"","SPAIN(KINGDOM OF)","0.67857","539642","B5SNSG7","ES","Sovereign Debt"
"","BERRY PETE CO","0.64207","510620","085789AF2","US","Corporate Debt"
"","NEWFIELD EXPL CO","0.68080","541420","651290AQ1","US","Corporate Debt"
"CWC LN","CABLE & WIRE COMM","0.66196","526438","B5KKT96","GB","Equity"
"NTI","NORTHERN TIER ENERGY LP","0.53772","427630","665826103","US","Alternative"
"808 HK","PROSPERITY REAL ES","0.68557","545211","B0PVBN7","HK","Real Estate"
"SYD AU","SYDNEY AIRPRT","0.69431","552161","B70DWB2","AU","Equity"
"PER","SANDRIDGE PERMIAN TR","0.65594","521648","80007A102","US","Alternative"
"RWE GR","RWE AG","0.62212","494753","4768962","DE","Equity"
"","VENEZUELA REP","0.66506","528900","922646BM5","VE","Sovereign Debt"
"","GOODYEAR TIRE & RUBR CO","0.67977","540600","382550BD2","US","Corporate Debt"
"","PORTUGAL(REP OF)","0.67516","536937","B3S2Q66","PT","Sovereign Debt"
"PNG","PAA NAT GAS STORAGE L P","0.65913","524182","693139107","US","Alternative"
"","UNITED MEXICAN STS MTN BE","0.64340","511680","91086QBB3","MX","Sovereign Debt"
"KPN NA","KON KPN NV","1.06118","843925","5956078","NL","Equity"
"KGH PW","KGHM POLSKA MIEDZ","0.59502","473200","5263251","PL","Equity"
"DJS AU","DAVID JONES","0.53465","425191","6256465","AU","Equity"
"EXLP","EXTERRAN PARTNERS LP","0.75527","600647","30225N105","US","Alternative"
"","COLOMBIA REP","0.68880","547780","195325BM6","CO","Sovereign Debt"
"TPS PW","TELEKOMUNIKACJA PO","0.74371","591450","5552551","PL","Equity"
"KIP NZ","KIWI INC PROP TST","0.63150","502214","6495172","NZ","Real Estate"
"CFX AU","CFS RETAIL PROP","0.62582","497697","6361370","AU","Real Estate"
"GMT NZ","GOODMAN PROP TRUST","0.66321","527428","6299192","NZ","Real Estate"
"","PORTUGAL(REP OF)","0.67676","538205","B638JX8","PT","Sovereign Debt"
"IOF AU","INVESTA OFFICE FD","0.63851","507791","6205694","AU","Real Estate"
"","HUNGARY REP","0.69338","551425","445545AG1","HU","Sovereign Debt"
"MTELEKOM HB","MAGYAR TELEKOM","0.60104","477990","4577469","HU","Equity"
"NEO FP","NEOPOST","0.71945","572154","5617096","FR","Equity"
"MBT","MOBILE TELESYSTEMS OJSC","0.65044","517275","607409109","RU","Equity"
"SPH","SUBURBAN PROPANE PARTNERS L P","0.69945","556255","864482104","US","Alternative"
"","IRELAND(REP OF)","0.67711","538482","B4TV0D4","IE","Sovereign Debt"
"EDP PL","EDP-ENERGIAS PORTU","0.65154","518150","4103596","PT","Equity"
"SAN SM","BANCO SANTANDER","0.65351","519715","5705946","ES","Equity"
"","","","","","","",""
"NOTE: Holdings and percent net assets are based on security assets, ex-cash and receivables (unpaid interest and dividends).

Total allocation percentages may not equal 100% due to rounding, omission of holdings of less than 0.1%, cash, or receivables.
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