# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001752724-23-075014
**Filing Date:** 2023-3
**Character Count:** 39626
**Document Hash:** 5e60bddd14db91bc120a61510eedc219
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075014.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075014

**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 Investments Trust
- **CENTRAL INDEX KEY:** 0001527428
- **IRS NUMBER:** 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:** 23784066

**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            |

## 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:** 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:** $54429690.83

**Total Liabilities:** $3613825.03

**Net Assets:** $50815865.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 416.90997900 | **1-Year:** 1515.28895000 | **5-Year:** 152.42700100 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 41.99876400 | **5-Year:** 10.42225500 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000180528 | 0.43%                | 0.38%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15.57                  | $125871.42                                 |
| Month 2  | $7.29                    | $86375.64                                  |
| Month 3  | $0.73                    | $109815.82                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SSM Health Care Corp.                      | SSMHLT 3.688 06/01/23   | CUSIP: 784710AB1<br>LEI: 5493000QP6H63JFPC580 | Long             | DBT              | CORP              | US        |    907000 | PA      | $903771.28    | 1.78%             | 2023-06-01      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                         | R 3.4 03/01/23          | CUSIP: 78355HKG3<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19982.75     | 0.04%             | 2023-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                           | AMZN 4.7 11/29/24       | CUSIP: 023135CM6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    551000 | PA      | $553585.13    | 1.09%             | 2024-11-29      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TEMPE ARIZ                                 | TEMCTF 0.368 07/1/2023  | CUSIP: 87971LAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $613989.63    | 1.21%             | 2023-07-01      | Fixed         | 0.37%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                            | AZN 0.3 05/26/23        | CUSIP: 046353AY4<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    565000 | PA      | $557052.91    | 1.10%             | 2023-05-26      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                  | GS 3.2 02/23/23         | CUSIP: 38141GWT7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499536.80    | 0.98%             | 2023-02-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 07/27/23              | CUSIP: 912796Y29<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    725000 | PA      | $708784.16    | 1.39%             | 2023-07-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESH & DEV AUTH         | NYSPWR 3.62 04/1/2025   | CUSIP: 64986RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $160704.34    | 0.32%             | 2025-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                     | NJSTRN 3.086 01/1/2024  | CUSIP: 646140CJ0<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79054.02     | 0.16%             | 2024-01-01      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                         | BA 1.167 02/04/23       | CUSIP: 097023DD4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1086000 | PA      | $1085818.02   | 2.14%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                         | R 3.65 03/18/24         | CUSIP: 78355HKL2<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    441000 | PA      | $433257.53    | 0.85%             | 2024-03-18      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                           | AMZN 0 1/4 05/12/23     | CUSIP: 023135BV7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    494000 | PA      | $487988.41    | 0.96%             | 2023-05-12      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                   | MISHSG 0.436 06/1/2023  | CUSIP: 594654PB5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172354.12    | 0.34%             | 2023-06-01      | Fixed         | 0.44%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.           | MMC 3 7/8 03/15/24      | CUSIP: 571748BF8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34612.94     | 0.07%             | 2024-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                     | CB 2.7 03/13/23         | CUSIP: 00440EAP2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1052680.95   | 2.07%             | 2023-03-13      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group                  | PFG 3 1/8 05/15/23      | CUSIP: 74251VAH5<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    193000 | PA      | $192105.87    | 0.38%             | 2023-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corporation          | COF 3 3/4 04/24/24      | CUSIP: 14040HBF1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68976.09     | 0.14%             | 2024-04-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 02/28/23              | CUSIP: 912796Y78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3488291.95   | 6.86%             | 2023-02-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF CMNTY COLLEGE DIST       | LOSHGR 3.8 02/1/2023    | CUSIP: 54438CYY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $505000.00    | 0.99%             | 2023-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                | ZTS 3 1/4 02/01/23      | CUSIP: 98978VAB9<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   1012000 | PA      | $1012000.00   | 1.99%             | 2023-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                       | LSLPWR 0.359 03/1/2023  | CUSIP: 542691EY2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1016124.71   | 2.00%             | 2023-03-01      | Fixed         | 0.36%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                        | PORTRN 1.086 07/1/2023  | CUSIP: 73358W4V3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    555000 | PA      | $546629.82    | 1.08%             | 2023-07-01      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.        | JBHT 3.85 03/15/24      | CUSIP: 445658CD7<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |    307000 | PA      | $302690.30    | 0.60%             | 2024-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                             | MS Float 01/24/25       | CUSIP: 61747YEJ0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109411.82    | 0.22%             | 2025-01-24      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 05/02/23              | CUSIP: 912796CW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $988627.50    | 1.95%             | 2023-05-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corporation                | PH 3.65 06/15/24        | CUSIP: 701094AQ7<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    246000 | PA      | $241818.30    | 0.48%             | 2024-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                | ILSGEN 0.613 06/15/2023 | CUSIP: 452227SK8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    420000 | PA      | $413224.69    | 0.81%             | 2023-06-15      | Fixed         | 0.61%                 | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                          | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1249222 | PA      | $1249221.66   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                  | GS Float 01/24/25       | CUSIP: 38141GZJ6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    532000 | PA      | $529261.68    | 1.04%             | 2025-01-24      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH    | NYCGEN 2.57 11/1/2023   | CUSIP: 64971XHZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $512172.91    | 1.01%             | 2023-11-01      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 05/04/23              | CUSIP: 912796YW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $2322719.77   | 4.57%             | 2023-05-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY WIS HOSPS & CLINICS AUTH        | UNVMED 0.59 04/1/2023   | CUSIP: 915260DM2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    235000 | PA      | $233392.27    | 0.46%             | 2023-04-01      | Fixed         | 0.59%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.               | MAR 3 1/8 02/15/23      | CUSIP: 571903AV5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    387000 | PA      | $386681.75    | 0.76%             | 2023-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y                       | WCH 2.5 07/1/2023       | CUSIP: 95736VAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397109.32    | 0.78%             | 2023-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH               | NJSDEV 0 02/15/2023     | CUSIP: 645913BB9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1028186.38   | 2.02%             | 2023-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation               | NOC 3 1/4 08/01/23      | CUSIP: 666807BG6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    800000 | PA      | $794602.21    | 1.56%             | 2023-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                          | ES 4.2 06/27/24         | CUSIP: 30040WAS7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    204000 | PA      | $202049.20    | 0.40%             | 2024-06-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corporation          | COF 3.9 01/29/24        | CUSIP: 14040HCA1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    706000 | PA      | $698107.70    | 1.37%             | 2024-01-29      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.           | PM 5 1/8 11/15/24       | CUSIP: 718172CT4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    969000 | PA      | $975710.48    | 1.92%             | 2024-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Express Company                   | AXP 3 3/8 05/03/24      | CUSIP: 025816CV9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    449000 | PA      | $441262.89    | 0.87%             | 2024-05-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| American Express Company                   | AXP 3.4 02/22/24        | CUSIP: 025816CC1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    424000 | PA      | $417427.86    | 0.82%             | 2024-02-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding               | NYLIFE 3.15 06/06/24    | CUSIP: 64952WET6<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489517.99    | 0.96%             | 2024-06-06      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH    | NYCGEN 3.25 08/1/2023   | CUSIP: 64971XGA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109257.89    | 0.22%             | 2023-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Citizens Bank National Association         | CFG Float 03/29/23      | CUSIP: 17401QAR2<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250139.71    | 0.49%             | 2023-03-29      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| KeyBank National Association               | KEY Float 01/03/24      | CUSIP: 49327M3B8<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    275000 | PA      | $274542.59    | 0.54%             | 2024-01-03      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 06/15/23              | CUSIP: 912796X53<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1474842.44   | 2.90%             | 2023-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                        | SYF 4 3/8 03/19/24      | CUSIP: 87165BAN3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1037522.14   | 2.04%             | 2024-03-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company        | D 3.45 02/15/24         | CUSIP: 927804FQ2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    380000 | PA      | $373849.97    | 0.74%             | 2024-02-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PORT MORROW ORE                            | PTMTRN 3.097 09/1/2023  | CUSIP: 73474TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $218361.73    | 0.43%             | 2023-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Kellogg Company                            | K 2 3/4 03/01/23        | CUSIP: 487836BL1<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    960000 | PA      | $958444.09    | 1.89%             | 2023-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                           | MAS 2.9 05/1/2023       | CUSIP: 57582P2W9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    115000 | PA      | $114561.56    | 0.23%             | 2023-05-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                             | MS Float 04/17/25       | CUSIP: 61747YEP6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    221000 | PA      | $221631.47    | 0.44%             | 2025-04-17      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes               | T 0 1/8 02/28/23        | CUSIP: 91282CBN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $946847.44    | 1.86%             | 2023-02-28      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                             | MS 3 7/8 04/29/24       | CUSIP: 61746BDQ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    747000 | PA      | $740033.28    | 1.46%             | 2024-04-29      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Truist Bank (North Carolina)               | TFC 3.2 04/01/24        | CUSIP: 86787EBC0<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53115.36     | 0.10%             | 2024-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 04/04/23              | CUSIP: 912796Z93<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $992253.10    | 1.95%             | 2023-04-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company               | BMY 2 3/4 02/15/23      | CUSIP: 110122CY2<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     88000 | PA      | $87940.84     | 0.17%             | 2023-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA COLLEGE BLDG AUTH VA              | VACHGR 2.66 02/1/2023   | CUSIP: 92778VLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 1.13%             | 2023-02-01      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| First Citizens Bank & Trust Company        | CIT 3.929 06/19/24      | CUSIP: 125581HA9<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    933000 | PA      | $927806.13    | 1.83%             | 2024-06-19      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH                          | PTSGEN 2.836 05/1/2024  | CUSIP: 735389YV4<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    350000 | PA      | $343232.65    | 0.68%             | 2024-05-01      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Princeton Theological Seminary             | PRISEM 4.105 07/01/23   | CUSIP: 742404AK2<br>LEI: 549300NX92YT0D3RWC98 | Long             | DBT              | CORP              | US        |    196000 | PA      | $194603.26    | 0.38%             | 2023-07-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc        | NEE 2.94 03/21/24       | CUSIP: 65339KCD0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    207000 | PA      | $202785.84    | 0.40%             | 2024-03-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                           | AMZN 2.73 04/13/24      | CUSIP: 023135CD6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146613.92    | 0.29%             | 2024-04-13      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESH & DEV AUTH         | NYSPWR 4.336 04/1/2024  | CUSIP: 64985VAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $203797.92    | 0.40%             | 2024-04-01      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH            | NJSTRN 2.551 06/15/2023 | CUSIP: 6461366P1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297155.22    | 0.58%             | 2023-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corporation                      | WHR 3.7 03/01/23        | CUSIP: 96332HCF4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1043198.36   | 2.05%             | 2023-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 03/21/23              | CUSIP: 912796Z77<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1875000 | PA      | $1863777.08   | 3.67%             | 2023-03-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 03/28/23              | CUSIP: 912796Z85<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $993128.82    | 1.95%             | 2023-03-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.               | MAR 4.15 12/01/23       | CUSIP: 571903BA0<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387061.14    | 0.76%             | 2023-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                  | TOYOTA Float 03/22/24   | CUSIP: 89236TJY2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155383.79    | 0.31%             | 2024-03-22      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 03/14/23              | CUSIP: 912796Z69<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $497467.40    | 0.98%             | 2023-03-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corporation             | DE Float 03/07/25       | CUSIP: 24422EWC9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    579000 | PA      | $578907.06    | 1.14%             | 2025-03-07      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company               | BMY 7.15 06/15/23       | CUSIP: 110122AA6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    436000 | PA      | $439791.12    | 0.87%             | 2023-06-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                              | USB 3 3/8 02/05/24      | CUSIP: 91159HHV5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    484000 | PA      | $477202.95    | 0.94%             | 2024-02-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Company              | NEE Float 05/10/23      | CUSIP: 341081GD3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    292000 | PA      | $291713.77    | 0.57%             | 2023-05-10      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corporation | CAT Float 01/10/24      | CUSIP: 14913R2T3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1124708.56   | 2.21%             | 2024-01-10      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                | BAC FLOAT 02/04/25      | CUSIP: 06051GKF5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    169000 | PA      | $167925.96    | 0.33%             | 2025-02-04      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                | HUM 0.65 08/03/23       | CUSIP: 444859BP6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    490000 | PA      | $479198.39    | 0.94%             | 2023-08-03      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                       | JPM 3 7/8 02/01/24      | CUSIP: 46625HJT8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    284000 | PA      | $281448.97    | 0.55%             | 2024-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding               | NYLIFE 1.1 05/05/23     | CUSIP: 64952WDP5<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495302.89    | 0.97%             | 2023-05-05      | Fixed         | 1.10%                 | Yes           |                  2 | On Loan: No      |
| McKesson Corporation                       | MCK 3.796 03/15/24      | CUSIP: 581557BE4<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66122.75     | 0.13%             | 2024-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TEXAS A & M UNIV                           | TAMHGR 5 05/15/2023     | CUSIP: 88213ACK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390100.15    | 0.77%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Company              | NEE Float 01/12/24      | CUSIP: 341081GH4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    237000 | PA      | $236490.50    | 0.47%             | 2024-01-12      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                  | TOYOTA FLOAT 01/11/24   | CUSIP: 89236THV0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    153000 | PA      | $152981.85    | 0.30%             | 2024-01-11      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                | HOUAPT 1.054 07/1/2023  | CUSIP: 442349EK8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    275000 | PA      | $270707.83    | 0.53%             | 2023-07-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                         | R 3 3/4 06/09/23        | CUSIP: 78355HKH1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130365.10    | 0.26%             | 2023-06-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Campbell Soup Company                      | CPB 3.65 03/15/23       | CUSIP: 134429BE8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    617000 | PA      | $616360.12    | 1.21%             | 2023-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co., L.P.             | PENSKE 3.9 02/01/24     | CUSIP: 709599BB9<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    296000 | PA      | $291155.92    | 0.57%             | 2024-02-01      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Discover Bank                              | DFS 4.2 08/08/23        | CUSIP: 25466AAD3<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249088.19    | 0.49%             | 2023-08-08      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Discover Bank                              | DFS 3.35 02/06/23       | CUSIP: 25466AAK7<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |   1047000 | PA      | $1046830.01   | 2.06%             | 2023-02-06      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Southern Co.                               | SO 0.6 02/26/24         | CUSIP: 842587DG9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    322000 | PA      | $307669.82    | 0.61%             | 2024-02-26      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes               | TF FLOAT 01/31/24       | CUSIP: 91282CDU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $999989.29    | 1.97%             | 2024-01-31      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST                                | NYS 0.53 03/15/2024     | CUSIP: 649791QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $249221.31    | 0.49%             | 2024-03-15      | Fixed         | 0.53%                 | No            |                  2 | On Loan: No      |
| Starbucks Corporation                      | SBUX 3.1 03/01/23       | CUSIP: 855244AN9<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    561000 | PA      | $560434.43    | 1.10%             | 2023-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corporation          | COF 2.6 05/11/23        | CUSIP: 14040HCD5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    256000 | PA      | $254497.87    | 0.50%             | 2023-05-11      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                             | C 3 7/8 10/25/23        | CUSIP: 172967HD6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    654000 | PA      | $649145.21    | 1.28%             | 2023-10-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                         | MO 2.95 05/02/23        | CUSIP: 02209SAP8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149226.98    | 0.29%             | 2023-05-02      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills               | B 02/14/23              | CUSIP: 912796ZU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499211.06    | 0.98%             | 2023-02-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Arrow Investments Trust

**Signature:** Sam Singh

**Name of Signer:** Sam Singh

**Title:** Treasurer