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05/15/27 105756AE0 145000.00000000 PA USD 202638.95000000 0.624183178352 Long DBT NUSS BR N 2 2027-05-15 Fixed 10.12500000 N N N N N N Gaslog Partners LP 5299004R0RSGEG82BS06 GASLOG PARTNERS Y2687W108 60687.00000000 NS USD 194805.27000000 0.600053309536 Long EC CORP MH N 1 N N N Vicinity Centres Re Ltd 549300S7GOEVR0EGFN47 Vicinity Centres Q9395F102 220363.00000000 NS 187247.44000000 0.576773133879 Long EC CORP AU N 1 N N N Esr-Reit 5493008PFX3JN1RMMD48 ESR REIT Y2301D106 762243.00000000 NS 195375.36000000 0.601809342066 Long EC CORP SG N 1 N N N RioCan Real Estate Investment Trust 549300S8HVUSEU3JBY60 RIOCAN REAL ESTATE INVEST 766910103 20635.00000000 NS 222545.69000000 0.685501361475 Long EC CORP CA N 1 N N N MTN Group Ltd 2549009JD6Q6XHZS5E05 MTN Group Ltd S8039R108 65161.00000000 NS 231750.39000000 0.713854345448 Long EC CORP ZA N 1 N N N Republic of South Africa 378900AAFB4F17004C49 SOAF 4.665 01/17/24 836205AQ7 239000.00000000 PA USD 249489.23000000 0.768494805890 Long DBT NUSS ZA N 2 2024-01-17 Fixed 4.66500000 N N N N N N BANCO ACTINVER SA N/A FIBRA UNO P3515D163 296719.00000000 NS 224936.08000000 0.692864413976 Long EC CORP MX N 1 N N N Turkey (Republic of) 5493000PCHOG3B6S3Q85 TURKEY 6 01/14/41 900123BJ8 385000.00000000 PA USD 313967.50000000 0.967105445668 Long DBT NUSS TR N 2 2041-01-14 Fixed 6.00000000 N N N N N N Sprague Resources LP N/A SPRAGUE RESOURCES LP 849343108 14594.00000000 NS USD 234963.40000000 0.723751291686 Long EC CORP US N 1 N N N Mexico (United Mexican States) 254900EGTWEU67VP6075 MEX 4 3/4 03/08/44 91086QBB3 67000.00000000 PA USD 74323.44000000 0.228936445857 Long DBT NUSS MX N 2 2044-03-08 Fixed 4.75000000 N N N N N N Brazil (Federative Republic) 254900ZFY40OYEADAP90 BRAZIL 4 1/4 01/07/25 105756BV1 125000.00000000 PA USD 136133.13000000 0.419327132135 Long DBT NUSS BR N 2 2025-01-07 Fixed 4.25000000 N N N N N N Kite Realty Group Trust N/A KITE REALTY GROU 49803T300 20198.00000000 NS USD 209251.28000000 0.644550956392 Long EC CORP US N 1 N N N Brandywine Realty Trust 5UZ46ZCYUFYYAC0DS831 BRANDYWINE RLTY 105368203 22943.00000000 NS USD 200980.68000000 0.619075254929 Long EC CORP US N 1 N N N Eurocommercial 724500SFK53FPNM68L95 EUROCOMMERCI-CVA N31065142 20309.00000000 NS 221428.98000000 0.682061590408 Long EC CORP NL N 1 N N N Mercer International Inc. 549300Z5IAG39VRTY874 MERC 7 3/8 01/15/25 588056AY7 210000.00000000 PA USD 213938.55000000 0.658989025116 Long DBT CORP US N 2 2025-01-15 Fixed 7.37500000 N N N N N N Franklin Street Pr 549300STLK2T6QY5WO82 FRANKLIN STREET 35471R106 63148.00000000 NS USD 265221.60000000 0.816954792036 Long EC CORP US N 1 N N N Bukit Asam Tbk 529900XX13TXG5L4CN33 BUKIT ASAM TBK PT Y8520P101 1779705.00000000 NS 238510.89000000 0.734678527459 Long EC CORP ID N 1 N N N Republic of Colombia 549300MHDRBVRF6B9117 COLOM 8 1/8 05/21/24 195325BD6 170000.00000000 PA USD 205469.65000000 0.632902505624 Long DBT NUSS CO N 2 2024-05-21 Fixed 8.12500000 N N N N N N H&R Real Estate Investment Trust 549300TGNP6B6GUVGW10 H&R REAL-REIT UT 403925407 29847.00000000 NS 229222.09000000 0.706066492571 Long EC CORP CA N 1 N N N Klepierre S.A. 969500PB4U31KEFHZ621 KLEPIERRE F5396X102 17725.00000000 NS 224535.80000000 0.691631442513 Long EC CORP FR N 1 N N N China Shenhua Energy Co. Ltd. 529900N9JOX4C108MA40 CHINA SHENHUA-H Y1504C113 125914.00000000 NS 217573.21000000 0.670184768240 Long EC CORP CN N 1 N N N Turkey (Republic of) 5493000PCHOG3B6S3Q85 TURKEY 5 3/4 05/11/47 900123CM0 240000.00000000 PA USD 186806.40000000 0.575414610511 Long DBT NUSS TR N 2 2047-05-11 Fixed 5.75000000 N N N N N N Republic of Colombia 549300MHDRBVRF6B9117 COLOM 6 1/8 01/18/41 195325BM6 184000.00000000 PA USD 238372.00000000 0.734250708416 Long DBT NUSS CO N 2 2041-01-18 Fixed 6.12500000 N N N N N N Indonesia (Republic of) 529900FWX0GRR7WG5W79 INDON 4.35 01/11/48 455780CE4 200000.00000000 PA USD 232368.03000000 0.715756844935 Long DBT NUSS ID N 2 2048-01-11 Fixed 4.35000000 N N N N N N Knot Offshore Partners Lp 549300RM8O2QLS7ZQN07 KNOT OFFSHORE PA Y48125101 17922.00000000 NS USD 232627.56000000 0.716556268048 Long EC CORP MH N 1 N N N The Republic of Peru 254900STKLK2DBJJZ530 PERU 5 5/8 11/18/50 715638BM3 145000.00000000 PA USD 232260.28000000 0.715424945576 Long DBT NUSS PE N 2 2050-11-18 Fixed 5.62500000 N N N N N N Standard Life Aberdeen Plc 0TMBS544NMO7GLCE7H90 STANDARD LIFE AB G84246118 82547.00000000 NS 239616.42000000 0.738083861079 Long EC CORP GB N 1 N N N Continental Resources, Inc. XXRTID9RYWOZ0UPIVR53 CLR 4 1/2 04/15/23 212015AL5 225000.00000000 PA USD 214317.00000000 0.660154754231 Long DBT CORP US N 2 2023-04-15 Fixed 4.50000000 N N N N N N Antero Midstream Corporation N/A ANTERO MIDSTREAM 03676B102 44310.00000000 NS USD 253896.30000000 0.782069782270 Long EC CORP US N 1 N N N Natural Resource Partners L.P. 529900EECJ7CSX1S1S58 NATURAL RESOURCE 63900P608 1.00000000 NS USD 12.25000000 0.000037733337 Long EC CORP US N 1 N N N Delta Air Lines Inc Q2CCMS6R0AS67HJMBN42 DAL 7 3/8 01/15/26 247361ZZ4 200000.00000000 PA USD 207219.24000000 0.638291719528 Long DBT CORP US N 2 2026-01-15 Fixed 7.37500000 N N N N N N Rattler Midstream LP 549300I45NRVEEN9M219 RATTLER MIDSTREA 75419T103 37527.00000000 NS USD 220283.49000000 0.678533169101 Long EC CORP US N 1 N N N 2020-11-27 Arrow ETF Trust Sam Singh Sam Singh Treasurer XXXX NPORT-EX 2 gyldnportex.htm ARROW DOW JONES GLOBAL YIELD ETF NQ 10.31.20
Arrow Dow Jones Global Yield ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
October 31, 2020
Shares              Value 
    COMMON STOCKS - 43.8%          
    ASSET MANAGEMENT - 0.7%          
82,547   Standard Life Aberdeen PLC          $            239,616
               
    AUTOMOTIVE - 0.8%          
76,307   Tofas Turk Otomobil Fabrikasi AS                        243,221
               
    BANKING - 2.1%          
44,616   Absa Group Ltd.                        238,693
153,093   Bankia SA                        187,604
40,517   Nedbank Group Ltd.                        239,331
                             665,628
    CHEMICALS - 0.6%          
63,446   Chemtrade Logistics Income Fund                        197,473
               
    ELECTRIC UTILITIES - 0.6%          
85,264,327   Federal Grid Co Unified Energy System PJSC                        203,701
               
    ENGINEERING & CONSTRUCTION - 0.7%          
546,690   Sinopec Engineering Group Co. Ltd.                        212,195
               
    INSTITUTIONAL FINANCIAL SERVICES - 0.7%          
94,559   Coronation Fund Managers Ltd.                        218,404
               
    INSURANCE - 0.7%          
73,255   Liberty Holdings Ltd.                        241,197
               
    MACHINERY - 0.7%          
842,702   Lonking Holdings Ltd.                        223,856
               
    METALS & MINING - 4.1%          
234,165   Alrosa PJSC                        210,399
1,779,705   Bukit Asam Tbk PT                        238,511
125,914   China Shenhua Energy Co. Ltd.                        217,573
32,501   Exxaro Resources Ltd.                        218,083
995   MMC Norilsk Nickel PJSC                        236,109
297,852   Yanzhou Coal Mining Co. Ltd.                        216,240
                          1,336,915
    OIL & GAS PRODUCERS - 4.1%          
44,310   Antero Midstream Corp.                        253,896
308   Bashneft PJSC                            4,433
546,690   China Petroleum & Chemical Corp.                        212,195
99,155   EnLink Midstream LLC                        268,710
1   Equitrans Midstream Corp.                                   7
34,905   Kimbell Royalty Partners LP                        207,685
3,926   LUKOIL PJSC                        199,788
37,939   Tatneft PJSC                        195,930
                          1,342,644
    REAL ESTATE INVESTMENT TRUSTS (REITS)  - 19.1%         
91,189   Ascendas Real Estate Investment Trust                        192,328
22,943   Brandywine Realty Trust                        200,981
87,702   Charter Hall Retail REIT                        211,865
39,111   Cominar Real Estate Investment Trust                        208,263
3,323   Covivio                        197,798
1,040   Diversified Healthcare Trust                            3,011

 

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2020
Shares              Value 
    REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) - 19.1%         
762,243   ESR-REIT          $            195,375
20,309   Eurocommercial Properties NV                        221,429
296,719   Fibra Uno Administracion SA de CV                        224,936
63,148   Franklin Street Properties Corp.                        265,222
24,758   Front Yard Residential Corp.                        331,510
14,845   Global Net Lease, Inc.                        211,244
330,780   Growthpoint Properties Ltd.                        215,991
29,847   H&R Real Estate Investment Trust                        229,222
1,071,581   Hammerson PLC                        225,915
19,499   Independence Realty Trust Inc                        236,913
20,198   Kite Realty Group Trust                        209,251
17,725   Klepierre SA                        224,536
324,890   Mapletree North Asia Commercial Trust                        206,997
3,760   National Health Investors, Inc.                        210,748
10,980   Office Properties Income Trust                        202,142
7,444   Omega Healthcare Investors, Inc.                        214,462
20,635   RioCan Real Estate Investment Trust                        222,546
3,577   Simon Property Group, Inc.                        224,671
5,167   SL Green Realty Corp.                        221,199
14,435   SmartCentres Real Estate Investment Trust                        227,998
6,218   Unibail-Rodamco-Westfield                        252,782
5,558   Ventas, Inc.                        219,374
220,363   Vicinity Centres                        187,247
                          6,195,956
    REAL ESTATE OWNERS & DEVELOPERS - 2.0%          
159,662   Agile Group Holdings Ltd.                        218,240
177,002   Guangzhou R&F Properties Co. Ltd.                        224,138
60,093   NEPI Rockcastle PLC                        212,912
                             655,290
    STEEL - 2.9%          
53,534   Evraz PLC                        248,844
443,981   Magnitogorsk Iron & Steel Works PJSC                        210,352
10,894   Novolipetsk Steel PJSC                        253,177
17,591   Severstal PAO                        240,426
                             952,799
    TELECOMMUNICATIONS - 2.6%          
22,656   CenturyLink, Inc.                        195,295
25,469   Mobile TeleSystems PJSC                        199,167
65,161   MTN Group Ltd.                        231,750
170,997   VEON Ltd.                        213,746
                             839,958
    TRANSPORTATION & LOGISTICS - 1.4%          
60,687   GasLog Partners LP                        194,805
21,722   Hoegh LNG Partners LP                        252,627
                             447,432
               
    TOTAL COMMON STOCKS (Cost $18,527,347)                   14,216,285
               
 Principal Amount ($)      Coupon Rate (%)   Maturity    
    CORPORATE BONDS - 19.7%          
    AEROSPACE & DEFENSE - 0.7%          
                  225,000   Embraer Netherlands Finance BV 5.400   2/1/2027                  214,317
               
    AUTOMOTIVE - 0.7%          
                  220,000   Goodyear Tire & Rubber Co. 5.000   5/31/2026                  217,184

 

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2020
 Principal Amount ($)      Coupon Rate (%)   Maturity    Value 
    CHEMICALS - 0.7%          
                  217,000   Olin Corp. 5.625   8/1/2029    $            224,594
               
    ENGINEERING & CONSTRUCTION - 0.7%          
                  255,000   Fluor Corp. 4.250   9/15/2028                  228,492
               
    FORESTRY, PAPER & WOOD PRODUCTS - 0.7%          
                  210,000   Mercer International, Inc. 7.375   1/15/2025                  213,939
               
    OIL & GAS PRODUCERS - 9.1%          
                  220,000   Cenovus Energy, Inc. 5.375   7/15/2025                  232,190
                  225,000   Continental Resources, Inc. 4.500   4/15/2023                  214,317
                  220,000   Crestwood Midstream Partners LP 6.250   4/1/2023                  213,660
                  250,000   EnLink Midstream Partners LP 4.150   6/1/2025                  215,678
                  248,000   Genesis Energy LP  6.500   10/1/2025                  206,305
                  210,000   Jagged Peak Energy LLC 5.875   5/1/2026                  216,923
                  245,000   Murphy Oil Corp. 5.875   12/1/2027                  193,555
                  215,000   Newfield Exploration Co. 5.625   7/1/2024                  208,181
                  210,000   NuStar Logistics LP 6.000   6/1/2026                  207,735
                  280,000   Occidental Petroleum Corp. 3.500   8/15/2029                  202,457
                  235,000   PBF Logistics LP  6.875   5/15/2023                  185,062
                  242,000   PDC Energy, Inc. 5.750   5/15/2026                  228,539
                  220,000   Southwestern Energy Co. 6.200   1/23/2025                  220,825
                  215,000   WPX Energy, Inc. 4.500   1/15/2030                  206,722
                          2,952,149
    OIL & GAS SERVICES & EQUIPMENT - 1.4%          
                  287,000   Oceaneering International, Inc. 4.650   11/15/2024                  233,188
                  215,000   USA Compression Partners LP 6.875   9/1/2027                  216,483
                             449,671
    REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9%          
                  225,000   iStar, Inc. 4.250   8/1/2025                  207,000
                  235,000   RHP Hotel Properties LP  4.750   10/15/2027                  217,565
                  200,000   Service Properties Trust 7.500   9/15/2025                  209,830
                             634,395
    REAL ESTATE OWNERS & DEVELOPERS - 0.6%          
                  220,000   Kennedy-Wilson, Inc. 5.875   4/1/2024                  212,575
               
    RETAIL - DISCRETIONARY - 1.3%          
                  265,000   Macy's Retail Holdings LLC 2.875   2/15/2023                  219,950
                  264,000   Nordstrom, Inc. 4.375   4/1/2030                  204,137
                             424,087
    SPECIALTY FINANCE - 1.3%          
                  205,000   Navient Corp. 6.500   6/15/2022                  209,612
                  225,000   Starwood Property Trust, Inc. 4.750   3/15/2025                  218,953
                             428,565
    TRANSPORTATION & LOGISTICS - 0.6%          
                  200,000   Delta Air Lines, Inc. 7.375   1/15/2026                  207,219
               
    TOTAL CORPORATE BONDS (Cost $6,556,744)                     6,407,187
               
Shares              Value 
    MASTER LIMITED PARTNERSHIPS - 15.9%          
    GAS & WATER UTILITIES - 0.8%          
16,247   Suburban Propane Partners LP                        267,101
               

 

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2020
Shares              Value 
    METALS & MINING - 0.0%          
1   Natural Resource Partners LP          $                     12
               
    OIL & GAS PRODUCERS - 13.7%          
23,025   BP Midstream Partners LP                        223,343
19,591   Crestwood Equity Partners LP                        293,473
14,219   CrossAmerica Partners LP                        206,744
23,593   DCP Midstream LP                        301,283
8,546   Delek Logistics Partners LP                        226,640
22,787   Dorchester Minerals, L.P.                          229,237
57,517   Enable Midstream Partners LP                        255,951
44,752   Energy Transfer LP                        230,473
48,913   Genesis Energy LP                        205,435
17,707   Global Partners LP                        256,751
14,157   MPLX LP                        243,642
80,354   NGL Energy Partners LP                        192,850
21,661   NuStar Energy LP                        214,227
27,047   PBF Logistics LP                        198,525
37,527   Rattler Midstream LP                        220,283
24,513   Shell Midstream Partners LP                        214,489
14,594   Sprague Resources LP                        234,963
9,359   Sunoco LP                        235,566
31,500   Western Midstream Partners LP                        256,725
                          4,440,600
    OIL & GAS SERVICES & EQUIPMENT - 0.7%          
22,520   USA Compression Partners LP                        225,425
               
    TRANSPORTATION & LOGISTICS - 0.7%          
17,922   KNOT Offshore Partners LP                        232,627
               
    TOTAL MASTER LIMITED PARTNERSHIPS (Cost $7,544,341)                   5,165,765
               
 Principal Amount ($)               
    NON U.S. GOVERNMENT & AGENCIES - 20.3% Coupon Rate (%)   Maturity    
    SOVEREIGN - 20.3%          
125,000   Brazilian Government International Bond 4.250   1/7/2025                  136,133
230,000   Brazilian Government International Bond 6.000   4/7/2026                  268,381
145,000   Brazilian Government International Bond 10.125   5/15/2027                  202,639
215,000   Brazilian Government International Bond 5.625   1/7/2041                  235,694
171,000   Chile Government International Bond 3.860   6/21/2047                  199,530
170,000   Colombia Government International Bond 8.125   5/21/2024                  205,470
184,000   Colombia Government International Bond 6.125   1/18/2041                  238,372
128,000   Hungary Government International Bond 7.625   3/29/2041                  228,963
100,000   Indonesia Government International Bond 3.500   1/11/2028                  109,469
200,000   Indonesia Government International Bond 4.350   1/11/2048                  232,368
250,000   Indonesia Government International Bond 4.200   10/15/2050                  289,131
215,000   Israel Government International Bond 4.500   1/30/2043                  279,240
190,000   Mexico Government International Bond 4.125   1/21/2026                  211,911
350,000   Mexico Government International Bond 4.150   3/28/2027                  390,472
67,000   Mexico Government International Bond 4.750   3/8/2044                    74,323
175,000   Mexico Government International Bond 4.600   2/10/2048                  190,277
100,000   Panama Government International Bond 7.125   1/29/2026                  126,732
230,000   Panama Government International Bond 8.875   9/30/2027                  330,584
205,000   Peruvian Government International Bond 2.844   6/20/2030                  224,487
145,000   Peruvian Government International Bond 5.625   11/18/2050                  232,260

 

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2020
 Principal Amount ($)      Coupon Rate (%)   Maturity    Value 
    SOVEREIGN (continued) - 20.3%          
239,000   Republic of South Africa Government International Bond 4.665   1/17/2024    $            249,489
140,000   Republic of South Africa Government International Bond 4.875   4/14/2026                  145,495
240,000   Republic of South Africa Government International Bond 4.850   9/30/2029                  238,686
287,000   Republic of South Africa Government International Bond 6.250   3/8/2041                  284,072
230,000   Republic of South Africa Government International Bond 5.000   10/12/2046                  194,976
137,000   Turkey Government International Bond 5.625   3/30/2021                  137,655
239,000   Turkey Government International Bond 3.250   3/23/2023                  226,091
200,000   Turkey Government International Bond 6.125   10/24/2028                  187,250
385,000   Turkey Government International Bond 6.000   1/14/2041                  313,967
240,000   Turkey Government International Bond 5.750   5/11/2047                  186,806
    NON U.S. GOVERNMENT & AGENCIES  (Cost $6,031,282)                   6,570,923
               
    TOTAL INVESTMENTS - 99.7% (Cost - $38,659,714)          $       32,360,160
    OTHER ASSETS LESS LIABILITIES - 0.3%                        104,501
    NET ASSETS - 100.0%          $       32,464,661
               
* Non Income Producing Security
 AS - Anonim Sirketi              
 BV - Besloten Vennootschap          
 LLC - Limited Liability Company          
 LP - Limited Partnership            
 LTD - Limited Company            
 NV - Naamloze Vennootschap          
 PJSC -  Public Joint-Stock Company           
 PLC - Public Limited Company          
 SA - Société Anonyme            
 S.p.A - Societa per azioni          
 TAS - Turkish Accounting Standards          

 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update "ASU" 2013-08.

 

Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. If market quotations are not readily available or if the Advisor believes the market quotations are not reflective of market value, securities will be valued at their fair value as determined in good faith by the Trust’s Fair Value Committee and in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Board will review the fair value method in use for securities requiring a fair value determination at least quarterly. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.  Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

 

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
               

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

 

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
               
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following table summarizes the inputs used as of October 31, 2020 for the Fund’s assets and liabilities measured at fair value:

 

 

Assets * Level 1 Level 2 Level 3 Total
Common Stocks  $            14,216,285  $                           -     $                           -     $            14,216,285
Corporate Bonds                                -                      6,407,187                               -                      6,407,187
Master Limited Partnerships                   5,165,765                                 -                                 -                   5,165,765
Non U.S. Government & Agencies                               -                      6,570,923                                 -                   6,570,923
Total  $            19,382,050  $            12,978,110  $                             -  $            32,360,160

 

 

The Fund did not hold any Level 3 securities during the period.
* See Portfolio of Investments for Industry classification.
         
Aggregate Unrealized Appreciation and Depreciation - Tax Basis

 

 

Tax Cost   Gross Unrealized Appreciation   Gross Unrealized Depreciation   Net Unrealized Appreciation/ (Depreciation)
 $     40,387,476    $         1,202,353    $      (9,229,669)    $             (8,027,316)