# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0000910472-25-005981
**Filing Date:** 2025-12
**Character Count:** 55984
**Document Hash:** a660991ded0ebf0a91241342f08a4c98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005981.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-005981

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow Investments Trust
- **CENTRAL INDEX KEY:** 0001527428

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22638
- **FILM NUMBER:** 251604021

**BUSINESS ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707
- **BUSINESS PHONE:** 301-260-0162

**MAIL ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707

## Series and Classes Contracts Data

### Arrow Reserve Capital Management ETF (Series ID: S000056852)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000180528 | Arrow Reserve Capital Management ETF | ARCM            |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.0%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **4.0%** |  |  |  |
| 583000 | Northrop Grumman Corporation | 3.2000 | &nbsp;&nbsp;&nbsp;02/01/27 | $577447 |
| 524000 | RTX Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;02/27/26 | 524884 |
| 193000 | RTX Corporation | 3.5000 | &nbsp;&nbsp;&nbsp;03/15/27 | 191580 |
| 408000 | Textron, Inc. | 4.0000 | &nbsp;&nbsp;&nbsp;03/15/26 | 407498 |
| 125000 | Textron, Inc. | 3.6500 | &nbsp;&nbsp;&nbsp;03/15/27 | 124039 |
|  |  |  |  | 1825448 |
|  | **BANKING** — **4.5%** |  |  |  |
| 328000 | Citigroup, Inc. | 3.7000 | &nbsp;&nbsp;&nbsp;01/12/26 | 327668 |
| 92000 | Citigroup, Inc. | 3.4000 | &nbsp;&nbsp;&nbsp;05/01/26 | 91715 |
| 160000 | Citigroup, Inc. | 3.2000 | &nbsp;&nbsp;&nbsp;10/21/26 | 158764 |
| 72000 | JPMorgan Chase & Company | 3.3000 | &nbsp;&nbsp;&nbsp;04/01/26 | 71780 |
| 21000 | JPMorgan Chase & Company | 3.2000 | &nbsp;&nbsp;&nbsp;06/15/26 | 20899 |
| 250000 | JPMorgan Chase Bank NA | 5.1100 | &nbsp;&nbsp;&nbsp;12/08/26 | 253015 |
| 250000 | KeyBank NA | 4.7000 | &nbsp;&nbsp;&nbsp;01/26/26 | 250118 |
| 58000 | US Bancorp Series MTN | 3.1000 | &nbsp;&nbsp;&nbsp;04/27/26 | 57733 |
| 581000 | Wells Fargo & Company | 3.0000 | &nbsp;&nbsp;&nbsp;04/22/26 | 578295 |
| 250000 | Wells Fargo Bank NA | 5.4500 | &nbsp;&nbsp;&nbsp;08/07/26 | 252513 |
|  |  |  |  | 2062500 |
|  | **BIOTECH & PHARMA** — **1.8%** |  |  |  |
| 89000 | Bristol-Myers Squibb Company | 0.7500 | &nbsp;&nbsp;&nbsp;11/13/25 | 88916 |
| 463000 | Bristol-Myers Squibb Company | 4.9500 | &nbsp;&nbsp;&nbsp;02/20/26 | 464208 |
| 163000 | Gilead Sciences, Inc. | 3.6500 | &nbsp;&nbsp;&nbsp;03/01/26 | 162777 |
| 145000 | Pfizer Investment Enterprises Pte Ltd. | 4.4500 | &nbsp;&nbsp;&nbsp;05/19/26 | 145234 |
|  |  |  |  | 861135 |
|  | **CHEMICALS** — **1.0%** |  |  |  |
| 445000 | Sherwin-Williams Company (The) | 3.9500 | &nbsp;&nbsp;&nbsp;01/15/26 | 444669 |
|  | **ELECTRIC UTILITIES** — **11.4%** |  |  |  |
| 459000 | Duke Energy Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;12/08/25 | 459262 |
| 369000 | Duke Energy Corporation | 2.6500 | &nbsp;&nbsp;&nbsp;09/01/26 | 364594 |
| 161000 | Entergy Corporation | 2.9500 | &nbsp;&nbsp;&nbsp;09/01/26 | 159593 |
| 68000 | Entergy Texas, Inc. | 1.5000 | &nbsp;&nbsp;&nbsp;09/01/26 | 66263 |
| 70000 | Eversource Energy | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/26 | 70216 |
| 394000 | Eversource Energy Series DD | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/27 | 397590 |
| 636000 | Exelon Corporation | 3.4000 | &nbsp;&nbsp;&nbsp;04/15/26 | 633529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.0% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES** — **11.4% (Continued)** |  |  |  |
| 423000 | NextEra Energy Capital Holdings, Inc. | 4.9500 | &nbsp;&nbsp;&nbsp;01/29/26 | $423690 |
| 532000 | PPL Capital Funding, Inc. | 3.1000 | &nbsp;&nbsp;&nbsp;05/15/26 | 528745 |
| 1000000 | Southern Company (The) | 3.2500 | &nbsp;&nbsp;&nbsp;07/01/26 | 994225 |
| 230000 | Virginia Electric and Power Company Series A | 3.1500 | &nbsp;&nbsp;&nbsp;01/15/26 | 229433 |
| 849000 | WEC Energy Group, Inc. | 4.7500 | &nbsp;&nbsp;&nbsp;01/09/26 | 848929 |
| 85000 | WEC Energy Group, Inc. | 5.6000 | &nbsp;&nbsp;&nbsp;09/12/26 | 85984 |
|  |  |  |  | 5262053 |
|  | **ELECTRICAL EQUIPMENT** — **3.5%** |  |  |  |
| 133000 | Carrier Global Corporation | 2.4930 | &nbsp;&nbsp;&nbsp;02/15/27 | 130371 |
| 680000 | Hubbell, Inc. | 3.3500 | &nbsp;&nbsp;&nbsp;03/01/26 | 677709 |
| 811000 | Johnson Controls International plc | 3.9000 | &nbsp;&nbsp;&nbsp;02/14/26 | 809817 |
|  |  |  |  | 1617897 |
|  | **FOOD** — **1.7%** |  |  |  |
| 790000 | McCormick & Company, Inc. | 3.2500 | &nbsp;&nbsp;&nbsp;11/15/25 | 789741 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **1.4%** |  |  |  |
| 106000 | Cigna Group (The) | 4.5000 | &nbsp;&nbsp;&nbsp;02/25/26 | 105991 |
| 535000 | Quest Diagnostics, Inc. | 3.4500 | &nbsp;&nbsp;&nbsp;06/01/26 | 533144 |
|  |  |  |  | 639135 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **4.6%** |  |  |  |
| 305000 | Goldman Sachs Group, Inc. (The) | 3.7500 | &nbsp;&nbsp;&nbsp;02/25/26 | 304804 |
| 287000 | Goldman Sachs Group, Inc. (The) | 3.5000 | &nbsp;&nbsp;&nbsp;11/16/26 | 285621 |
| 438000 | Goldman Sachs Group, Inc. (The) | 3.8500 | &nbsp;&nbsp;&nbsp;01/26/27 | 436668 |
| 802000 | Morgan Stanley | 3.8750 | &nbsp;&nbsp;&nbsp;01/27/26 | 801417 |
| 250000 | State Street Bank & Trust Company | 4.5940 | &nbsp;&nbsp;&nbsp;11/25/26 | 251783 |
| 62000 | State Street Corporation | 5.2720 | &nbsp;&nbsp;&nbsp;08/03/26 | 62507 |
|  |  |  |  | 2142800 |
|  | **INSURANCE** — **4.3%** |  |  |  |
| 487000 | Allstate Corporation (The) | 0.7500 | &nbsp;&nbsp;&nbsp;12/15/25 | 484996 |
| 371000 | Allstate Corporation (The) | 3.2800 | &nbsp;&nbsp;&nbsp;12/15/26 | 367642 |
| 513000 | Chubb INA Holdings, Inc. | 3.3500 | &nbsp;&nbsp;&nbsp;05/03/26 | 511423 |
| 329000 | Loews Corporation | 3.7500 | &nbsp;&nbsp;&nbsp;04/01/26 | 328369 |
| 129000 | Marsh & McLennan Companies, Inc. | 3.7500 | &nbsp;&nbsp;&nbsp;03/14/26 | 128796 |
| 137000 | Principal Life Global Funding II<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/16/27 | 138460 |
|  |  |  |  | 1959686 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.0% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **1.3%** |  |  |  |
| 463000 | Hyatt Hotels Corporation | 4.8500 | &nbsp;&nbsp;&nbsp;03/15/26 | $463086 |
| 146000 | Marriott International, Inc. | 5.4500 | &nbsp;&nbsp;&nbsp;09/15/26 | 147662 |
|  |  |  |  | 610748 |
|  | **MACHINERY** — **0.5%** |  |  |  |
| 253000 | John Deere Capital Corporation | 4.8000 | &nbsp;&nbsp;&nbsp;01/09/26 | 253249 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.4%** |  |  |  |
| 162000 | Boston Scientific Corporation | 3.7500 | &nbsp;&nbsp;&nbsp;03/01/26 | 161712 |
|  | **OIL & GAS PRODUCERS** — **0.7%** |  |  |  |
| 306000 | Exxon Mobil Corporation | 3.0430 | &nbsp;&nbsp;&nbsp;03/01/26 | 304978 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.4%** |  |  |  |
| 101000 | Host Hotels & Resorts, L.P. | 4.5000 | &nbsp;&nbsp;&nbsp;02/01/26 | 100886 |
| 172000 | Realty Income Corporation | 4.6250 | &nbsp;&nbsp;&nbsp;11/01/25 | 172000 |
| 268000 | Realty Income Corporation | 5.0500 | &nbsp;&nbsp;&nbsp;01/13/26 | 268046 |
| 26000 | Realty Income Corporation | 0.7500 | &nbsp;&nbsp;&nbsp;03/15/26 | 25663 |
| 367000 | Realty Income Corporation | 4.4500 | &nbsp;&nbsp;&nbsp;09/15/26 | 367342 |
| 658000 | Tanger Properties, L.P. | 3.1250 | &nbsp;&nbsp;&nbsp;09/01/26 | 651266 |
|  |  |  |  | 1585203 |
|  | **RETAIL - DISCRETIONARY** — **1.1%** |  |  |  |
| 499000 | Lowe's Companies, Inc. | 4.8000 | &nbsp;&nbsp;&nbsp;04/01/26 | 499990 |
|  | **SEMICONDUCTORS** — **2.2%** |  |  |  |
| 703000 | Broadcom, Inc. | 3.1500 | &nbsp;&nbsp;&nbsp;11/15/25 | 702556 |
| 10000 | Broadcom, Inc. | 3.4590 | &nbsp;&nbsp;&nbsp;09/15/26 | 9958 |
| 336000 | Intel Corporation | 2.6000 | &nbsp;&nbsp;&nbsp;05/19/26 | 333204 |
|  |  |  |  | 1045718 |
|  | **SOFTWARE** — **1.6%** |  |  |  |
| 190000 | Oracle Corporation | 1.6500 | &nbsp;&nbsp;&nbsp;03/25/26 | 188138 |
| 548000 | Oracle Corporation | 2.6500 | &nbsp;&nbsp;&nbsp;07/15/26 | 542555 |
|  |  |  |  | 730693 |
|  | **SPECIALTY FINANCE** — **2.5%** |  |  |  |
| 157000 | American Express Company | 4.9000 | &nbsp;&nbsp;&nbsp;02/13/26 | 157212 |
| 122000 | Capital One Financial Corporation | 4.5000 | &nbsp;&nbsp;&nbsp;01/30/26 | 121958 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.0% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE** — **2.5% (Continued)** |  |  |  |
| 64000 | Penske Truck Leasing Company Lp / PTL Finance<sup>(a)</sup> | 4.4500 | &nbsp;&nbsp;&nbsp;01/29/26 | $63975 |
| 332000 | Penske Truck Leasing Company Lp / PTL Finance<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;05/24/26 | 334245 |
| 461000 | Synchrony Financial | 3.7000 | &nbsp;&nbsp;&nbsp;08/04/26 | 458758 |
|  |  |  |  | 1136148 |
|  | **TECHNOLOGY SERVICES** — **1.1%** |  |  |  |
| 269000 | International Business Machines Corporation | 3.4500 | &nbsp;&nbsp;&nbsp;02/19/26 | 268347 |
| 222000 | International Business Machines Corporation | 3.3000 | &nbsp;&nbsp;&nbsp;05/15/26 | 221212 |
|  |  |  |  | 489559 |
|  | **TELECOMMUNICATIONS** — **0.1%** |  |  |  |
| 49000 | AT&T, Inc. | 3.8750 | &nbsp;&nbsp;&nbsp;01/15/26 | 48948 |
|  | **TOBACCO & CANNABIS** — **1.6%** |  |  |  |
| 670000 | Altria Group, Inc. | 4.4000 | &nbsp;&nbsp;&nbsp;02/14/26 | 669752 |
| 63000 | Philip Morris International, Inc. | 4.8750 | &nbsp;&nbsp;&nbsp;02/13/26 | 63106 |
|  |  |  |  | 732858 |
|  | **TRANSPORTATION & LOGISTICS** — **3.3%** |  |  |  |
| 326000 | CSX Corporation | 3.3500 | &nbsp;&nbsp;&nbsp;11/01/25 | 326000 |
| 613000 | FedEx Corporation | 3.2500 | &nbsp;&nbsp;&nbsp;04/01/26 | 610458 |
| 486000 | JB Hunt Transport Services, Inc. | 3.8750 | &nbsp;&nbsp;&nbsp;03/01/26 | 484636 |
| 99000 | Norfolk Southern Corporation | 2.9000 | &nbsp;&nbsp;&nbsp;06/15/26 | 98257 |
|  |  |  |  | 1519351 |
|  | **TOTAL CORPORATE BONDS (Cost $26,698,326)** |  |  | 26724219 |
|  | **U.S. GOVERNMENT & AGENCIES — 42.7%** |  |  |  |
|  | **GOVERNMENT OWNED, NO GUARANTEE** — **1.1%** |  |  |  |
| 495000 | Federal Home Loan Mortgage Corporation | 4.2100 | &nbsp;&nbsp;&nbsp;12/17/26 | 495023 |
|  | **GOVERNMENT SPONSORED** — **1.4%** |  |  |  |
| 110000 | Federal Home Loan Banks | 2.6750 | &nbsp;&nbsp;&nbsp;11/07/25 | 109983 |
| 535000 | Federal Home Loan Banks | 4.1250 | &nbsp;&nbsp;&nbsp;09/10/27 | 534109 |
|  |  |  |  | 644092 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** | **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  |  | **Yield Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 42.7% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 42.7% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS** — **24.3%** | **U.S. TREASURY BILLS** — **24.3%** |  |  |  |
| 205000 | United States Treasury Bill<sup>(b)</sup> |  | 0.9600 | &nbsp;&nbsp;&nbsp;11/04/25 | $204978 |
| 1018000 | United States Treasury Bill<sup>(b)</sup> |  | 1.9200 | &nbsp;&nbsp;&nbsp;11/06/25 | 1017678 |
| 200000 | United States Treasury Bill<sup>(b)</sup> |  | 3.0300 | &nbsp;&nbsp;&nbsp;11/13/25 | 199784 |
| 535000 | United States Treasury Bill<sup>(b)</sup> |  | 3.6100 | &nbsp;&nbsp;&nbsp;12/09/25 | 532942 |
| 299000 | United States Treasury Bill<sup>(b)</sup> |  | 3.7300 | &nbsp;&nbsp;&nbsp;01/02/26 | 297085 |
| 1387000 | United States Treasury Bill<sup>(b)</sup> |  | 3.8200 | &nbsp;&nbsp;&nbsp;01/22/26 | 1375428 |
| 375000 | United States Treasury Bill<sup>(b)</sup> |  | 3.7100 | &nbsp;&nbsp;&nbsp;02/03/26 | 371412 |
| 7280000 | United States Treasury Bill<sup>(b)</sup> |  | 3.7700 | &nbsp;&nbsp;&nbsp;02/24/26 | 7193875 |
|  |  |  |  |  | 11193182 |
|  |  |  | **Coupon Rate (%)** |  |  |
|  | **U.S. TREASURY NOTES** — **15.9%** | **U.S. TREASURY NOTES** — **15.9%** |  |  |  |
| 925000 | United States Treasury Floating Rate Note<sup>(c)</sup> | USBMMY3M + 0.150% | 3.9160 | &nbsp;&nbsp;&nbsp;04/30/26 | 924843 |
| 3435000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;01/31/26 | 3437869 |
| 1374000 | United States Treasury Note |  | 4.5000 | &nbsp;&nbsp;&nbsp;03/31/26 | 1377802 |
| 1598000 | United States Treasury Note |  | 4.3750 | &nbsp;&nbsp;&nbsp;07/31/26 | 1604655 |
|  |  |  |  |  | 7345169 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,664,605)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,664,605)** |  |  | 19677466 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $46,362,931)** | **TOTAL INVESTMENTS - 100.7% (Cost $46,362,931)** |  |  | &nbsp;&nbsp;&nbsp; $46401685 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** |  |  | &nbsp;&nbsp; (331058) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $46070627 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| USBMMY3M | US Treasury 3 Month Bill Money Market Yield |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $536,680 or 1.2% of net assets. |
| <sup>(b)</sup> | Zero coupon bond. |
| <sup>(c)</sup> | Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |

---

## 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 Investments Trust

- **b. Investment Company Act file number:** 811-22638

- **c. CIK number of Registrant:** 0001527428

- **d. LEI of Registrant:** 549300IHK71DVRHETY77

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

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

  - **City:** LAUREL

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20707

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

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

- **a. Name of Series:** Arrow Reserve Capital Management ETF

- **b. EDGAR series identifier (if any):** S000056852

- **c. LEI of Series:** 549300GPRB7MNVTZN171

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $46825883.21

**Total Liabilities:** $755256.35

**Net Assets:** $46070626.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 545.10175000 | **1-Year:** 668.40024200 | **5-Year:** 25.18061500 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000180528 | 0.40%                | 0.36%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $98.48                   | $29004.18                                  |
| Month 2  | $1682.76                 | $10751.52                                  |
| Month 3  | $2051.45                 | $-13068.91                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PPL Capital Funding Inc.                       | PPL 3.1 05/15/26      | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    532000 | PA      | $528745.49    | 1.15%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                      | O 0 3/4 03/15/26      | CUSIP: 756109AZ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25663.22     | 0.06%             | 2026-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                    | COF 4 1/2 01/30/26    | CUSIP: 254709AP3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    122000 | PA      | $121957.85    | 0.26%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPM 3.2 06/15/26      | CUSIP: 46625HRS1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20899.26     | 0.05%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                        | FHLB 4 1/8 09/10/27   | CUSIP: 3130B7TD6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    535000 | PA      | $534108.99    | 1.16%             | 2027-09-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                       | T 3 7/8 01/15/26      | CUSIP: 00206RHT2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48948.33     | 0.11%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                  | USB 3.1 04/27/26      | CUSIP: 91159HHM5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57732.89     | 0.13%             | 2026-04-27      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Loews Corporation                              | L 3 3/4 04/01/26      | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    329000 | PA      | $328368.69    | 0.71%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                       | ALL 0 3/4 12/15/25    | CUSIP: 020002BH3<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    487000 | PA      | $484995.77    | 1.05%             | 2025-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                   | SO 3 1/4 07/01/26     | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994224.48    | 2.16%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                 | C 3.2 10/21/26        | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158763.65    | 0.34%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                     | CARR 2.493 02/15/27   | CUSIP: 14448CAP9<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    133000 | PA      | $130371.24    | 0.28%             | 2027-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                            | ETR 2.95 09/01/26     | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    161000 | PA      | $159593.11    | 0.35%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Hubbell Incorporated                           | HUBB 3.35 03/01/26    | CUSIP: 443510AG7<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |    680000 | PA      | $677708.92    | 1.47%             | 2026-03-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 01/02/26            | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    299000 | PA      | $297085.40    | 0.64%             | 2026-01-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                            | SYF 3.7 08/04/26      | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    461000 | PA      | $458757.90    | 1.00%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                      | O 4 5/8 11/01/25      | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    172000 | PA      | $172000.00    | 0.37%             | 2025-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                   | NOC 3.2 02/01/27      | CUSIP: 666807BK7<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    583000 | PA      | $577446.72    | 1.25%             | 2027-02-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Textron Inc.                                   | TXT 4 03/15/26        | CUSIP: 883203BW0<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |    408000 | PA      | $407497.66    | 0.88%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                        | FHLB 2.675 11/07/25   | CUSIP: 3130A3E59<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    110000 | PA      | $109983.24    | 0.24%             | 2025-11-07      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                      | RTX 3 1/2 03/15/27    | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    193000 | PA      | $191579.84    | 0.42%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 4 1/2 03/31/26      | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1374000 | PA      | $1377801.60   | 2.99%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                       | ALL 3.28 12/15/26     | CUSIP: 020002BD2<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    371000 | PA      | $367641.94    | 0.80%             | 2026-12-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Textron Inc.                                   | TXT 3.65 03/15/27     | CUSIP: 883203BX8<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124038.90    | 0.27%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                   | EXC 3.4 04/15/26      | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    636000 | PA      | $633529.17    | 1.38%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                             | MO 4.4 02/14/26       | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    670000 | PA      | $669751.74    | 1.45%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                       | H 4.85 03/15/26       | CUSIP: 448579AF9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    463000 | PA      | $463085.83    | 1.01%             | 2026-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank, National Association         | WFC 5.45 08/07/26     | CUSIP: 94988J6D4<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252513.35    | 0.55%             | 2026-08-07      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Tanger Properties Limited Partnership          | SKT 3 1/8 09/01/26    | CUSIP: 875484AJ6<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |    658000 | PA      | $651265.71    | 1.41%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | GS 3.85 01/26/27      | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    438000 | PA      | $436669.46    | 0.95%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                   | MAR 5.45 09/15/26     | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    146000 | PA      | $147662.35    | 0.32%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II               | PFG 5 01/16/27        | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    137000 | PA      | $138460.36    | 0.30%             | 2027-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                              | ES 4 3/4 05/15/26     | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70215.85     | 0.15%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | GS 3 3/4 02/25/26     | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    305000 | PA      | $304803.53    | 0.66%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.               | PM 4 7/8 02/13/26     | CUSIP: 718172CY3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63106.31     | 0.14%             | 2026-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.            | JBHT 3 7/8 03/01/26   | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |    486000 | PA      | $484636.28    | 1.05%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp. | PENSKE 4.45 01/29/26  | CUSIP: 709599BE3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63975.16     | 0.14%             | 2026-01-29      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 02/03/26            | CUSIP: 912797SJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    375000 | PA      | $371412.24    | 0.81%             | 2026-02-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                   | AVGO 3.15 11/15/25    | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    703000 | PA      | $702556.12    | 1.52%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                | CSX 3.35 11/01/25     | CUSIP: 126408HD8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    326000 | PA      | $326000.00    | 0.71%             | 2025-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPM 3.3 04/01/26      | CUSIP: 46625HQW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     72000 | PA      | $71780.30     | 0.16%             | 2026-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.         | PFE 4.45 05/19/26     | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    145000 | PA      | $145234.48    | 0.32%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | GS 3 1/2 11/16/26     | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    287000 | PA      | $285620.51    | 0.62%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                   | BMY 0 3/4 11/13/25    | CUSIP: 110122DN5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88915.81     | 0.19%             | 2025-11-13      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                              | FDX 3 1/4 04/01/26    | CUSIP: 31428XBF2<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    613000 | PA      | $610457.44    | 1.33%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                              | BBH SWEEP VEHICLE     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     54787 | PA      | $54786.79     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                          | WEC 5.6 09/12/26      | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85984.18     | 0.19%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                          | LOW 4.8 04/01/26      | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    499000 | PA      | $499989.61    | 1.09%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                   | BMY 4.95 02/20/26     | CUSIP: 110122ED6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    463000 | PA      | $464208.21    | 1.01%             | 2026-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 11/06/25            | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1018000 | PA      | $1017678.08   | 2.21%             | 2025-11-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                 | DGX 3.45 06/01/26     | CUSIP: 74834LAZ3<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    535000 | PA      | $533144.34    | 1.16%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp. | PENSKE 5 3/4 05/24/26 | CUSIP: 709599BU7<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    332000 | PA      | $334244.60    | 0.73%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NEE 4.95 01/29/26     | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    423000 | PA      | $423690.49    | 0.92%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                 | C 3.7 01/12/26        | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    328000 | PA      | $327668.47    | 0.71%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                   | SHW 3.95 01/15/26     | CUSIP: 824348BF2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    445000 | PA      | $444669.49    | 0.97%             | 2026-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                           | GILD 3.65 03/01/26    | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    163000 | PA      | $162776.56    | 0.35%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.               | FHLMC 4.21 12/17/26   | CUSIP: 3134HBWG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    495000 | PA      | $495023.10    | 1.07%             | 2026-12-17      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corporation                  | BSX 3 3/4 03/01/26    | CUSIP: 101137AW7<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | DBT              | CORP              | US        |    162000 | PA      | $161712.20    | 0.35%             | 2026-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 11/13/25            | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199784.13    | 0.43%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.               | MMC 3 3/4 03/14/26    | CUSIP: 571748AZ5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    129000 | PA      | $128796.06    | 0.28%             | 2026-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                | CI 4 1/2 02/25/26     | CUSIP: 125523BZ2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    106000 | PA      | $105990.69    | 0.23%             | 2026-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                 | MS 3 7/8 01/27/26     | CUSIP: 61746BDZ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    802000 | PA      | $801417.52    | 1.74%             | 2026-01-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                      | O 5.05 01/13/26       | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    268000 | PA      | $268046.32    | 0.58%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                   | NSC 2.9 06/15/26      | CUSIP: 655844BS6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98257.49     | 0.21%             | 2026-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                   | ORCL 1.65 03/25/26    | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188137.66    | 0.41%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | DUK 5 12/08/25        | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    459000 | PA      | $459261.73    | 1.00%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                 | C 3.4 05/01/26        | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     92000 | PA      | $91715.08     | 0.20%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 11/04/25            | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    205000 | PA      | $204978.38    | 0.44%             | 2025-11-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                       | DE 4.8 01/09/26       | CUSIP: 24422EWP0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    253000 | PA      | $253248.94    | 0.55%             | 2026-01-09      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts, L.P.                    | HST 4 1/2 02/01/26    | CUSIP: 44107TAW6<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    101000 | PA      | $100885.94    | 0.22%             | 2026-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                       | AXP 4.9 02/13/26      | CUSIP: 025816DC0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    157000 | PA      | $157212.09    | 0.34%             | 2026-02-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company            | D 3.15 01/15/26       | CUSIP: 927804FU3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229432.78    | 0.50%             | 2026-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | TF FLOAT 04/30/26     | CUSIP: 91282CKM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    925000 | PA      | $924842.73    | 2.01%             | 2026-04-30      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                             | STT 5.272 08/03/26    | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     62000 | PA      | $62506.74     | 0.14%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                      | O 4.45 09/15/26       | CUSIP: 756109BY9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    367000 | PA      | $367341.89    | 0.80%             | 2026-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated              | MKC 3 1/4 11/15/25    | CUSIP: 579780AK3<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    790000 | PA      | $789740.74    | 1.71%             | 2025-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                      | RTX 5 02/27/26        | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    524000 | PA      | $524884.07    | 1.14%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association      | JPM 5.11 12/08/26     | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253014.71    | 0.55%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                   | ORCL 2.65 07/15/26    | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    548000 | PA      | $542555.81    | 1.18%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 4 3/8 07/31/26      | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1598000 | PA      | $1604655.13   | 3.48%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 12/09/25            | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    535000 | PA      | $532941.86    | 1.16%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | DUK 2.65 09/01/26     | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    369000 | PA      | $364593.94    | 0.79%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                          | WEC 4 3/4 01/09/26    | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    849000 | PA      | $848928.95    | 1.84%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                         | CB 3.35 05/03/26      | CUSIP: 00440EAV9<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    513000 | PA      | $511423.35    | 1.11%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                              | ES 5 01/01/27         | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    394000 | PA      | $397589.77    | 0.86%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KeyBank National Association                   | KEY 4.7 01/26/26      | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250117.87    | 0.54%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 01/22/26            | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1387000 | PA      | $1375427.80   | 2.99%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                              | ETR 1 1/2 09/01/26    | CUSIP: 29365TAL8<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     68000 | PA      | $66262.97     | 0.14%             | 2026-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                              | XOM 3.043 03/01/26    | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    306000 | PA      | $304977.87    | 0.66%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                   | AVGO 3.459 09/15/26   | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9957.75      | 0.02%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 4 1/4 01/31/26      | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3435000 | PA      | $3437869.43   | 7.46%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                              | INTC 2.6 05/19/26     | CUSIP: 458140AU4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    336000 | PA      | $333203.63    | 0.72%             | 2026-05-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.          | IBM 3.3 05/15/26      | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    222000 | PA      | $221211.98    | 0.48%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 02/24/26            | CUSIP: 912797SS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7280000 | PA      | $7193874.18   | 15.61%            | 2026-02-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                  | STT 4.594 11/25/26    | CUSIP: 857449AC6<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251782.71    | 0.55%             | 2026-11-25      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC             | JCI 3.9 02/14/26      | CUSIP: 478375AR9<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |    811000 | PA      | $809817.12    | 1.76%             | 2026-02-14      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.          | IBM 3.45 02/19/26     | CUSIP: 459200JG7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    269000 | PA      | $268346.96    | 0.58%             | 2026-02-19      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                              | WFC 3 04/22/26        | CUSIP: 949746RW3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    581000 | PA      | $578294.09    | 1.26%             | 2026-04-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Arrow Investments Trust

**Signature:** Sam Singh

**Name of Signer:** Sam Singh

**Title:** Treasurer