# EDGAR Filing Document

**Accession Number:** 0001532206
**File Stem:** 0001752724-23-075010
**Filing Date:** 2023-3
**Character Count:** 55978
**Document Hash:** e76ae13f405a5153ebd8069363d351a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075010.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow ETF Trust
- **CENTRAL INDEX KEY:** 0001532206
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22624
- **FILM NUMBER:** 23784063

**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            |

## 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:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $27858829.62

**Total Liabilities:** $49490.47

**Net Assets:** $27809339.15

**Cash Not Reported:** $233082.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 128.77258900 | **5-Year:** 313.60601100 | **10-Year:** 770.64854500 | **30-Year:** 783.40098700

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

- **3-Month:** 4.29174800 | **1-Year:** 329.04861700 | **5-Year:** 1455.80217700 | **10-Year:** 1174.07323300 | **30-Year:** 517.38776500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000109586 | 6.52%                | -1.62%               | 4.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $153.88                  | $1522335.01                                |
| Month 2  | $112104.85               | $-627640.98                                |
| Month 3  | $-122153.72              | $1347347.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Goodyear Tire & Rubber Company                                 | GT 5 05/31/26             | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169195.25    | 0.61%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                      | PBFENE 6 02/15/28         | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    185000 | PA      | $174679.78    | 0.63%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Natural Resource Partners L.P.                                     | NATURAL RESOURCE          | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |         1 | NS      | $54.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Peru (Republic of)                                                 | PERU 8 3/4 11/21/33       | CUSIP: 715638AP7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    130000 | PA      | $162137.81    | 0.58%             | 2033-11-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Magellan Midstream Partners LP                                     | MAGELLAN MIDSTRE          | CUSIP: 559080106<br>LEI: MZF5TI8NFVZZNUSKDL39 | Long             | EC               | CORP              | US        |      4121 | NS      | $220061.40    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                                             | LUMEN TECHNOLOGI          | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     25672 | NS      | $134778.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                                           | CAPLAND ASCENDAS          | CUSIP: Y0205X103<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |     96921 | NS      | $212473.25    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic of)                                                | CHILE 3.86 06/21/47       | CUSIP: 168863CE6<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    171000 | PA      | $139651.64    | 0.50%             | 2047-06-21      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Twilio Inc                                                         | TWLO 3 7/8 03/15/31       | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    220000 | PA      | $181833.27    | 0.65%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Sinopec Engineering (Group) Co Ltd                                 | Sinopec Engineering Group | CUSIP: Y80359105<br>LEI: 529900MZVFFC7D57VV51 | Long             | EC               | CORP              | CN        |    493748 | NS      | $248749.06    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| KNOT Offshore Partners LP                                          | KNOT OFFSHORE PA          | CUSIP: Y48125101<br>LEI: 549300RM8O2QLS7ZQN07 | Long             | EC               | CORP              | MH        |     22306 | NS      | $125359.72    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retai                                                 | CHARTER HALL RET          | CUSIP: Q2308D108<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     73840 | NS      | $207963.29    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 4 7/8 04/14/26       | CUSIP: 836205AT1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    140000 | PA      | $137532.50    | 0.49%             | 2026-04-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mitsui O.S.K. Lines Ltd.                                           | MITSUI OSK LINES          | CUSIP: J45013133<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |      8898 | NS      | $219137.30    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Eregli Demir ve Celik Fabrikalari T.A.S.                           | EREGLI                    | CUSIP: M40710101<br>LEI: 789000VYQF5IDGG49908 | Long             | EC               | CORP              | TR        |     91318 | NS      | $184930.89    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol S.A.                                                     | ECOPET 6 7/8 04/29/30     | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    190000 | PA      | $178331.15    | 0.64%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                           | SVC 7 1/2 09/15/25        | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    185000 | PA      | $182503.43    | 0.66%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CapitaLand China Trust                                             | CAPITALAND CHINA          | CUSIP: Y1092E109<br>LEI: 5493007T7JU82E186P49 | Long             | EC               | CORP              | SG        |    249960 | NS      | $237834.26    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation             | MPW 3 1/2 03/15/31        | CUSIP: 55342UAM6<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    250000 | PA      | $175344.42    | 0.63%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                      | OMF 7 1/8 03/15/26        | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    205000 | PA      | $203954.50    | 0.73%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                                                 | PERU 2.844 06/20/30       | CUSIP: 715638DA7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    205000 | PA      | $177182.86    | 0.64%             | 2030-06-20      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 7 1/8 01/29/26     | CUSIP: 698299AV6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    160000 | PA      | $170064.32    | 0.61%             | 2026-01-29      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 4 1/4 01/07/25     | CUSIP: 105756BV1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    125000 | PA      | $123650.92    | 0.44%             | 2025-01-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 4 1/8 01/21/26        | CUSIP: 91086QBG2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    190000 | PA      | $188148.46    | 0.68%             | 2026-01-21      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                            | MPLX LP                   | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      6337 | NS      | $221288.04    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Nustar Logistics, L.P.                                             | NSUS 6 06/01/26           | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181646.88    | 0.65%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | 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      |
| Dorchester Mineral                                                 | DORCHESTER MINERALS LP    | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |      6981 | NS      | $203775.39    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.                                  | ENTERPRISE PRODU          | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      8464 | NS      | $216678.40    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Office Properties Income Trust                                     | OPI 4 1/2 02/01/25        | CUSIP: 81618TAC4<br>LEI: 529900WFAP4ROYDYS509 | Long             | DBT              | CORP              | US        |    190000 | PA      | $176060.61    | 0.63%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brandywine Realty Trust                                            | BRANDYWINE RLTY           | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     30653 | NS      | $201083.68    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanjaya Mandala Sampoerna (Pt)                                     | HM SAMPOERNA TBK          | CUSIP: Y7121Z146<br>LEI: 549300ZA00UQ3CN51060 | Long             | EC               | CORP              | ID        |   3077943 | NS      | $199879.74    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP Midstream LP                                                   | DCP MIDSTREAM LP          | CUSIP: 23311P100<br>LEI: 52990024YYS3MLGW0E91 | Long             | EC               | CORP              | US        |      5268 | NS      | $221466.72    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long WALE REIT                                        | CHARTER HLW REIT          | CUSIP: Q2308E106<br>LEI: 254900TA7FL0KBPZO814 | Long             | EC               | CORP              | AU        |     67881 | NS      | $218491.82    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners Lp                                        | DELEK LOGISTICS           | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |      4364 | NS      | $220774.76    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Co Ltd.                                       | CHINA SHENHUA-H           | CUSIP: Y1504C113<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |     66048 | NS      | $205124.55    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartCommunications Inc                                           | IHRT 6 3/8 05/01/26       | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    190000 | PA      | $181757.80    | 0.65%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| The Necessity Retail Reit Inc                                      | AMERICAN FINANCE TRUST IN | CUSIP: 02607T109<br>LEI: 549300GN4H0K3IUS8983 | Long             | EC               | CORP              | US        |     31726 | NS      | $216688.58    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy, Inc.                                                   | PDCE 5 3/4 05/15/26       | CUSIP: 69327RAJ0<br>LEI: 5493008W8H2T511J5Y59 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173455.63    | 0.62%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                                                 | PERU 5 5/8 11/18/50       | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    205000 | PA      | $208631.68    | 0.75%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Huadian Power International Corp Ltd.                              | Huadian Power Internation | CUSIP: Y3738Y101<br>LEI: 529900207FCOKWBDRE79 | Long             | EC               | NUSS              | CN        |    514613 | NS      | $205439.57    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corporation                                                | NAVI 5 1/2 03/15/29       | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186086.25    | 0.67%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 7 1/2 04/08/33        | CUSIP: 91086QAN8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    190000 | PA      | $216695.76    | 0.78%             | 2033-04-08      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 5 10/12/46           | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    230000 | PA      | $168207.05    | 0.60%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners Lp                                        | USA COMPRESSION           | CUSIP: 90290N109<br>LEI: 549300ZWL4J1LYMOWK56 | Long             | EC               | CORP              | US        |     10406 | NS      | $215404.20    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio, S.A.                                                      | COVIVIO                   | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      3183 | NS      | $217816.99    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 3 1/4 03/23/23     | CUSIP: 900123CA6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    239000 | PA      | $239167.78    | 0.86%             | 2023-03-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Star Bulk Carriers Corp.                                           | STAR BULK CARRIERS CORP   | CUSIP: Y8162K204<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | MH        |     11094 | NS      | $252055.68    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Peru (Republic of)                                                 | PERU 7.35 07/21/25        | CUSIP: 715638AS1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    100000 | PA      | $105479.67    | 0.38%             | 2025-07-21      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| China Jinmao Holdings Group Ltd.                                   | CHINA JINMAO HOL          | CUSIP: Y1500V107<br>LEI: 3003000CW9WBO3PJ7R66 | Long             | EC               | CORP              | HK        |    867849 | NS      | $199239.61    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 6 1/4 03/08/41       | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    237000 | PA      | $210071.82    | 0.76%             | 2041-03-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vicinity Centres Re Ltd                                            | Vicinity Centres          | CUSIP: Q9395F102<br>LEI: 549300S7GOEVR0EGFN47 | Long             | EC               | CORP              | AU        |    138856 | NS      | $201908.21    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre S.A.                                                     | KLEPIERRE                 | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |      8198 | NS      | $207289.36    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc.                                            | AAL 3 3/8 05/01/27        | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168966 | PA      | $146337.55    | 0.53%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Redefine Properties Ltd.                                           | REDEFINE PROPERT          | CUSIP: S6815L196<br>LEI: 37890061EC026A7DA532 | Long             | EC               | CORP              | ZA        |    744812 | NS      | $171698.54    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemtrade Logistics Income Fund                                    | CHEMTRADE LOG IN          | CUSIP: 16387P103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     30968 | NS      | $235551.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                                     | EPR PROPERTIES            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      5045 | NS      | $214311.60    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| China Minsheng Banking Corp Ltd.                                   | China Minsheng Banking Co | CUSIP: Y1495M112<br>LEI: 549300HBUGSQD1VCXG94 | Long             | EC               | CORP              | CN        |    674534 | NS      | $252075.41    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 3 7/8 06/12/30     | CUSIP: 105756CC2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    350000 | PA      | $310414.68    | 1.12%             | 2030-06-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fortescue Metals Group Ltd                                         | FORTESCUE METALS          | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     17730 | NS      | $278333.59    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nepi Rockcastle NV                                                 | NEPI ROCKCASTLE           | CUSIP: N6S06Q108<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     29878 | NS      | $185588.84    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 01/14/41         | CUSIP: 900123BJ8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    385000 | PA      | $278139.40    | 1.00%             | 2041-01-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Riverstone Holding                                                 | RIVERSTONE HOLDINGS LTD/S | CUSIP: Y7302Q105<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    417432 | NS      | $204945.95    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.                                      | PAG 3 3/4 06/15/29        | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    220000 | PA      | $186316.20    | 0.67%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                          | MGM 4 3/4 10/15/28        | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181018.36    | 0.65%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Primaris Real Estate Investment Trust                              | PRIMARIS REIT             | CUSIP: 74167K109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     13020 | NS      | $149431.33    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                               | GLOBAL NET LEASE          | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |     15024 | NS      | $224608.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyprop Investments                                                 | HYPROP INVESTMEN          | CUSIP: S3723H102<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     90955 | NS      | $174903.41    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                 | ENERGY TRANSFER           | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     17286 | NS      | $229558.08    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors, Inc.                                    | NATL HEALTH INVESTORS INC | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      3653 | NS      | $214905.99    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungary (Republic Of)                                              | REPHUN 7 5/8 03/29/41     | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    174000 | PA      | $197019.85    | 0.71%             | 2041-03-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                   | AMCX 4 1/4 02/15/29       | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    270000 | PA      | $166823.55    | 0.60%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hess Midstream LP                                                  | HESS MIDSTREAM-A          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6829 | NS      | $210879.52    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                   | OMEGA HEALTHCARE          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      6825 | NS      | $200928.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                                  | GETTY REALTY              | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      5572 | NS      | $202987.96    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Enlink Midstream LLC                                               | ENLINK MIDSTREAM          | CUSIP: 29336T100<br>LEI: 54930000GY1H533OBE23 | Long             | EC               | CORP              | US        |     16775 | NS      | $213378.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NuStar Energy LP                                                   | NUSTAR ENERGY LP          | CUSIP: 67058H102<br>LEI: 5493003BMLTUIEG2LG44 | Long             | EC               | CORP              | US        |     12717 | NS      | $213009.75    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy Wilson Inc                                                 | KW 4 3/4 03/01/29         | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    218000 | PA      | $183426.29    | 0.66%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Grand Canyon University                                            | GCUNIV 4 1/8 10/01/24     | CUSIP: 38528UAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $180975.00    | 0.65%             | 2024-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                    | JWN 4 3/8 04/01/30        | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    230000 | PA      | $183522.75    | 0.66%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| African Rainbow Minerals Ltd                                       | AFRICAN RAINBOW           | CUSIP: S01680107<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |     12194 | NS      | $198910.46    | 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        |    200000 | PA      | $176493.60    | 0.63%             | 2028-10-24      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation    | IEP 5 1/4 05/15/27        | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    183000 | PA      | $170483.05    | 0.61%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Limited                                       | SUNAC CHINA HOLDINGS LTD  | CUSIP: G8569A106<br>LEI: 549300OLARYHDXP3WK18 | Long             | EC               | CORP              | HK        |    390559 | NS      | $228145.10    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corporation | SUBURBAN PROPANE          | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |     13549 | NS      | $213803.22    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                                              | PLAINS GP HOLD-A          | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |     16545 | NS      | $216574.05    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 4.85 09/30/29        | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $182818.60    | 0.66%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Corporation                                       | ANTERO MIDSTREAM          | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18842 | NS      | $205377.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 5 3/4 05/11/47     | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    240000 | PA      | $160950.48    | 0.58%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 10 1/8 05/15/27    | CUSIP: 105756AE0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    100000 | PA      | $117732.70    | 0.42%             | 2027-05-15      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| Office Properties Income Trust                                     | OFFICE PROPERTIE          | CUSIP: 67623C109<br>LEI: 529900A38AW14ELBTL34 | Long             | EC               | CORP              | US        |     14017 | NS      | $240531.72    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Globaltrans Invest                                                 | GLOBALTRANS INVESTMENT PL | 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      | $172228.98    | 0.62%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lonking Holdings Limited                                           | LONKING                   | CUSIP: G5636C107<br>LEI: 5299004M92ACMGS3QI84 | Long             | EC               | CORP              | KY        |   1379165 | NS      | $281446.09    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                                         | TWLO 3 5/8 03/15/29       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    220000 | PA      | $186965.90    | 0.67%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Waypoint Reit                                                      | WAYPOINT REIT             | CUSIP: Q95666105<br>LEI: 5493003CS5K82RREKA54 | Long             | EC               | CORP              | AU        |    100986 | NS      | $198165.51    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kumba Iron Ore Ltd                                                 | Kumba Iron Ore Ltd        | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |      7076 | NS      | $215412.23    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                                              | LB 6 7/8 11/01/35         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182517.01    | 0.66%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 4 3/4 03/08/44        | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    247000 | PA      | $211769.16    | 0.76%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Holly Energy Partners L P / Holly Energy Finance Corporation       | HOLLY ENERGY PAR          | CUSIP: 435763107<br>LEI: 529900NVV7ODCT0QCG29 | Long             | EC               | CORP              | US        |     11326 | NS      | $213608.36    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartCentres Real Estate Investment Trust                          | SMART REAL ESTATE INVESTM | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |      9693 | NS      | $205446.61    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                                                 | CARETRUST REI             | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     10190 | NS      | $211136.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corporation                                        | GPOR 8 05/17/26           | CUSIP: 402635AQ9<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    180000 | PA      | $178606.80    | 0.64%             | 2026-05-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banco Actinver SA                                                  | FIBRA UNO                 | CUSIP: P3515D163<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    157081 | NS      | $212561.35    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                                                    | WP CAREY INC              | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      2426 | NS      | $207495.78    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                                         | GROWTHPOINT PROP          | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |    210370 | NS      | $169553.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Grid Company Unified Energy Systems PJSC                   | FEDERAL GRID CO           | CUSIP: X2393G109<br>LEI: 253400FZQ7Z49QZNSG30 | Long             | EC               | CORP              | RU        | 114622657 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USA Compression Partners LP / USA Compression Finance Corp         | USAC 6 7/8 09/01/27       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $169946.88    | 0.61%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 4.6 02/10/48          | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    175000 | PA      | $143787.88    | 0.52%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Chile (Republic of)                                                | CHILE 3 1/8 01/21/26      | CUSIP: 168863CA4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $192923.35    | 0.69%             | 2026-01-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                                                 | PERU 4 1/8 08/25/27       | CUSIP: 715638BU5<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    170000 | PA      | $165674.01    | 0.60%             | 2027-08-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mercer International Inc.                                          | MERC 5 1/8 02/01/29       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    210000 | PA      | $179926.95    | 0.65%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Mobile Telesystems Public Joint Stock Company                      | MOBILE TELES-ADR          | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |     35608 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                                 | LTC PROPERTIES            | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      5323 | NS      | $203072.45    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Street Properties Corp MA                                 | FRANKLIN STREET           | CUSIP: 35471R106<br>LEI: 549300STLK2T6QY5WO82 | Long             | EC               | CORP              | US        |     68969 | NS      | $212424.52    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Coronation Fund Managers Ltd.                                      | CORONAT                   | CUSIP: S19537109<br>LEI: 3789001BC9A294E6FF77 | Long             | EC               | CORP              | ZA        |    117887 | NS      | $237061.64    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PCCW Ltd.                                                          | PCCW Ltd                  | CUSIP: Y6802P120<br>LEI: 254900SI7GPUPA1TJX39 | Long             | EC               | CORP              | HK        |    420744 | NS      | $206603.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                                            | CCS 6 3/4 06/01/27        | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177734.93    | 0.64%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 4.665 01/17/24       | CUSIP: 836205AQ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $197748.00    | 0.71%             | 2024-01-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Shenzhen Investment Ltd.                                           | SHENZHEN INVESTMENT LTD   | CUSIP: Y7743P120<br>LEI: 529900QMH55P3EJRQC98 | Long             | EC               | CORP              | HK        |   1057728 | NS      | $207756.08    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller-Maersk                                                   | AP Moller - Maersk A/S    | CUSIP: K0514G135<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        96 | NS      | $203579.77    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitrans Midstream Corporation                                    | EQUITRANS MIDSTR          | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |         1 | NS      | $7.25         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                            | BLACK STONE MINERALS LP   | CUSIP: 09225M101<br>LEI: 0C0OFK66613BCRQJ7F34 | Long             | EC               | CORP              | US        |     12394 | NS      | $201774.32    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Crestwood Equity Partners LP                                       | CRESTWOOD EQUITY          | CUSIP: 226344208<br>LEI: 549300CUY0F1TYDLDL45 | Long             | EC               | CORP              | US        |      7812 | NS      | $210142.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimao Group Holdings Ltd                                          | SHIMAO PROPERTY HOLDINGS  | CUSIP: G81043104<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | EC               | CORP              | HK        |    417346 | NS      | $235275.95    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Chongqing Rural Commercial Bank Co Ltd.                            | CQRC BANK-H               | CUSIP: Y1594G107<br>LEI: 300300C1126750000027 | Long             | EC               | CORP              | CN        |    605048 | NS      | $218391.27    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners Lp                                        | KIMBELL ROYALTY           | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |     12342 | NS      | $201051.18    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                                      | WESTERN MIDSTREA          | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7827 | NS      | $211485.54    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                                              | RRC 8 1/4 01/15/29        | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175183.30    | 0.63%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                             | EQ 7.995 06/01/36         | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $140022.15    | 0.50%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Exxaro Resources Ltd.                                              | Exxaro Resources Ltd      | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |     16760 | NS      | $209810.73    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                                          | SPIRIT REALTY             | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |      4784 | NS      | $209921.92    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| QVC, Inc.                                                          | QVCN 4.45 02/15/25        | CUSIP: 747262AU7<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    209000 | PA      | $178292.68    | 0.64%             | 2025-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| China Petroleum & Chemical Corp.                                   | SINOPEC CORP-H            | CUSIP: Y15010104<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | NUSS              | CN        |    450426 | NS      | $242434.77    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP / GLP Finance Corp                              | GLOBAL PARTNERS           | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      5945 | NS      | $219905.55    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P./PAA Finance Corp.                | PLAINS ALL AMER           | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |     17491 | NS      | $217937.86    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners, L.P.                                   | ALLIANCE RESOURC          | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      9870 | NS      | $226319.10    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                      | RIO TINTO PLC             | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      3408 | NS      | $265485.87    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 5 5/8 01/07/41     | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    100000 | PA      | $88234.20     | 0.32%             | 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        |     20812 | NS      | $234967.48    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp                                    | SUNOCO LP                 | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |      4758 | NS      | $227099.34    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 8 7/8 09/30/27     | CUSIP: 698299AD6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    140000 | PA      | $163190.48    | 0.59%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Enagas SA                                                          | Enagas SA                 | CUSIP: E41759106<br>LEI: 213800OU3FQKGM4M2U23 | Long             | EC               | CORP              | ES        |     12385 | NS      | $221675.21    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombia (Republic of)                                             | COLOM 8 1/8 05/21/24      | CUSIP: 195325BD6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    170000 | PA      | $176156.77    | 0.63%             | 2024-05-21      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Arrow ETF Trust

**Signature:** Sam Singh

**Name of Signer:** Sam Singh

**Title:** Treasurer