# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001752724-23-075016
**Filing Date:** 2023-3
**Character Count:** 29410
**Document Hash:** c3c5ae70518cb41662a9ec420ac58146
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075016.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075016

**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**: 20230731

**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:** 23784069

**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 DWA Tactical: International ETF (Series ID: S000059857)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000195837 | Arrow DWA Tactical: International ETF |  |

## 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 DWA Tactical: International ETF

- **b. EDGAR series identifier (if any):** S000059857

- **c. LEI of Series:** 5493008G29ZK0CM7X861

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

- **a. Date of fiscal year-end:** 2023-07-31

- **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:** $11809855.10

**Total Liabilities:** $127575.66

**Net Assets:** $11682279.44

**Cash Not Reported:** $832.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195837 | 8.13%                | -2.15%               | 4.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11771.02                | $863008.17                                 |
| Month 2  | $0.00                    | $-274366.35                                |
| Month 3  | $26029.87                | $485713.28                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gulf Energy Development Ltd                     | GULF ENERGY DEVELOPMENT   | CUSIP: Y2957T116<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     71234 | NS      | $116636.53    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                     | ISHARES MSCI TURKEY ETF   | CUSIP: 464286715<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     30275 | NS      | $1026322.50   | 8.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineral Resources Ltd                           | Mineral Resources Ltd     | CUSIP: Q60976109<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |      2089 | NS      | $131146.79    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab As                                       | GENMAB A/S                | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |       425 | NS      | $165966.86    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                   | ISHARES MSCI INDIA ETF    | CUSIP: 46429B598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     21437 | NS      | $878702.63    | 7.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                | PERNOD RICARD SA          | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |       568 | NS      | $117255.35    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Woolworths Holdings Limited                     | Woolworths Holdings Ltd/S | CUSIP: S98758121<br>LEI: 37890095421E07184E97 | Long             | EC               | CORP              | ZA        |     28365 | NS      | $122966.64    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Incitec Pivot Ltd.                              | Incitec Pivot Ltd         | CUSIP: Q4887E101<br>LEI: 254900UW2F3BKV6Z9V18 | Long             | EC               | CORP              | AU        |     43547 | NS      | $105739.87    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Co Ltd.                  | Krung Thai Bank PCL       | CUSIP: Y49885174<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |    215313 | NS      | $114782.88    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SA                                      | EDENRED                   | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |      2052 | NS      | $111511.56    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Absolute Public Co Ltd.                  | Energy Absolute PCL       | CUSIP: Y2290P128<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     39595 | NS      | $104333.86    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd                       | WOODSIDE ENERGY           | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      4684 | NS      | $119885.54    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                               | ASML HOLDING NV           | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       196 | NS      | $128393.96    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                          | DBS GROUP HLDGS           | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      4815 | NS      | $131175.24    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                    | Impala Platinum Holdings  | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |      9508 | NS      | $110056.67    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alfa SAB de CV                                  | ALFA SAB-A                | CUSIP: P0156P117<br>LEI: 549300ZCGJ6T8YDJ4M34 | Long             | EC               | CORP              | MX        |    164624 | NS      | $119165.41    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd.                             | QANTAS AIRWAYS            | CUSIP: Q77974550<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |     27262 | NS      | $122002.60    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Absa Group Ltd                                  | ABSA GROUP LTD            | CUSIP: S0270C106<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |      9802 | NS      | $112051.03    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PTT Exploration and Production Public Co Ltd.   | PTT EXPLOR-NVDR           | CUSIP: Y7145P140<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |     22889 | NS      | $119580.33    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Panasia Commercial Trust              | MAPLETREE PAN AS          | CUSIP: Y5759T101<br>LEI: 549300BF18K4IC5LZ208 | Long             | EC               | CORP              | SG        |    101687 | NS      | $140873.95    | 1.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Thungela Resources Limited                      | THUNGELA RESOURC          | CUSIP: S84485101<br>LEI: 213800EGYK3BN3SRIF27 | Long             | EC               | CORP              | ZA        |      6227 | NS      | $82996.84     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                       | ARGENX SE                 | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       291 | NS      | $109769.54    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Credito e Inversiones                  | BANCO CRED INVER          | CUSIP: P32133111<br>LEI: 549300E9E5Y3PKW24142 | Long             | EC               | CORP              | CL        |         1 | NS      | $30.14        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal S.A.                                    | L'OREAL                   | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       315 | NS      | $129455.10    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Genting Singapore Ltd                           | GENTING SINGAPORE LTD     | CUSIP: Y2692C139<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |    177132 | NS      | $133483.04    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nedbank Group Ltd                               | NEDBANK GROUP             | CUSIP: S5518R104<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |      8998 | NS      | $116474.83    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| African Rainbow Minerals Ltd                    | AFRICAN RAINBOW           | CUSIP: S01680107<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |      6709 | NS      | $109438.27    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Soul Pattinson(Washington H.)&Co Ltd.           | WASHINGTON H. SOUL PATTIN | CUSIP: Q85717108<br>LEI: 549300G2Q3P6ZVNC1465 | Long             | EC               | CORP              | AU        |      6039 | NS      | $122382.78    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International                            | Hermes International      | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        71 | NS      | $132329.06    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alsea Sab De Cv                                 | Alsea SAB de CV           | CUSIP: P0212A104<br>LEI: 4469000001BJLPKNUN21 | Long             | EC               | CORP              | MX        |     56988 | NS      | $136254.27    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Com7 Public Company Limited                     | COM7 PCL-NVDR             | CUSIP: Y12352129<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    118172 | NS      | $112495.05    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoprite Holdings Ltd                           | Shoprite Holdings Ltd     | CUSIP: S76263102<br>LEI: 529900Q4O1EYP6NH5150 | Long             | EC               | CORP              | ZA        |      8107 | NS      | $111918.08    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust                                | WISDOMTREE INDIA EARNINGS | CUSIP: 97717W422<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |      5385 | NS      | $176951.10    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')                            | AIR LIQUIDE SA            | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |       778 | NS      | $123529.38    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V. | GRUPO AEROPORTUARIO DEL P | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      7613 | NS      | $131130.63    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV                               | WOLTERS KLUWER            | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      1043 | NS      | $113551.96    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alten SA                                        | ALTEN                     | CUSIP: F02626103<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |       895 | NS      | $136891.51    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                | NOVO NORDISK-B            | CUSIP: K72807132<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1393 | NS      | $191981.24    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                               | PROLOGIS MEXICO           | CUSIP: P4559M101<br>LEI: 549300JMTSVQ6LKX5222 | Long             | EC               | CORP              | MX        |     37930 | NS      | $123703.83    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Plaza Hotel Public Co Ltd.              | CENTRAL PLA-NVDR          | CUSIP: Y12431147<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     78578 | NS      | $124472.42    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg A/S                                   | CARLSBERG-B               | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |      1419 | NS      | $200666.21    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegon N.V.                                      | AEGON NV                  | CUSIP: N00927298<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | NL        |     21991 | NS      | $120389.91    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ringkjoebing Landbobank A/S                     | RINGKJOEBING LND          | CUSIP: K81980144<br>LEI: 2138002M5U5K4OUMVV62 | Long             | EC               | CORP              | DK        |      1424 | NS      | $206659.43    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                  | BHP GROUP LTD             | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      3656 | NS      | $127432.26    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangchak Corporation Public Company Limited     | BANGCHAK CO-NVDR          | CUSIP: Y0559Y129<br>LEI: 254900M7L6ML94L1YX58 | Long             | EC               | CORP              | TH        |    125985 | NS      | $140081.41    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth Bank of Australia                  | COMMONW BK AUSTR          | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |      1571 | NS      | $122047.19    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Banpu Public Co Ltd                             | BANPU PUBL-NVDR           | CUSIP: Y0697Z160<br>LEI: 529900AJ2Z6SUR6TSW75 | Long             | EC               | CORP              | TH        |    280224 | NS      | $99022.10     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                   | KONINKLIJKE AHOL          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      3780 | NS      | $112528.86    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Wan Hai Lines Ltd.                              | WAN HAI LINES LTD         | CUSIP: Y9507R102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2012 | NS      | $5079.19      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                        | VINCI SA                  | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      1112 | NS      | $125282.84    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Del Bajio, S.A., Institucion De Banca     | BANCO DEL BAJIO SA        | CUSIP: P1R2ZN117<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |     35395 | NS      | $142185.28    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart De Mexico                              | WALMART DE MEXIC          | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     30715 | NS      | $119976.01    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE                              | TELEPERFORMANCE           | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |       487 | NS      | $134998.37    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank N.V.                              | ABN AMRO BANK-CV          | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      8057 | NS      | $133217.71    | 1.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NN Group N.V.                                   | NN GROUP                  | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |      2542 | NS      | $110036.35    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd                                         | CSL LTD                   | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |       579 | NS      | $121824.18    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd.                       | UNITED OVERSEAS           | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |      5307 | NS      | $120502.55    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel Corp Ltd                                 | KEPPEL CORP LTD           | CUSIP: Y4722Z120<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |     22816 | NS      | $131123.44    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corporation Ltd         | OCBC BANK                 | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     13404 | NS      | $131924.92    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Bimbo S.A.B de C.V.                       | GRUPO BIMBO SAB DE CV     | CUSIP: P4949B104<br>LEI: 5493000RIXURZEBFEV60 | Long             | EC               | CORP              | MX        |     25806 | NS      | $128128.89    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                          | OCI NV                    | CUSIP: N6667A111<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |      2997 | NS      | $101778.76    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiatnakin Phatra Bank Public Co Ltd             | Kiatnakin Bank PCL        | CUSIP: Y47675197<br>LEI: 254900UPQE3MNOEDXK30 | Long             | EC               | CORP              | TH        |     52931 | NS      | $110047.85    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Chain Hospital Public Co Ltd.           | BANGKOK-NVDR              | CUSIP: Y060BQ123<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    192477 | NS      | $127821.57    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland N.V.                              | ASR NEDERLAND NV          | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |      2362 | NS      | $111385.54    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                           | SCHNEIDER ELECTR          | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       795 | NS      | $128181.76    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                 | DANSKE BK A/S             | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |      9818 | NS      | $203898.06    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Jyske Bank A/S                                  | JYSKE BANK-REG            | CUSIP: K55633117<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |      2942 | NS      | $211072.51    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Sab De Cv                              | REGIONAL SAB DE           | CUSIP: P8008V109<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     15986 | NS      | $138333.94    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Comercial Chedraui S.A.B. de C.V.         | CHEDRAUI                  | CUSIP: P4612W104<br>LEI: 4469000001BRXSV0JO96 | Long             | EC               | CORP              | MX        |     26084 | NS      | $128497.93    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxaro Resources Ltd.                           | Exxaro Resources Ltd      | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |      8772 | NS      | $109812.63    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                  | ING GROEP NV              | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |      9069 | NS      | $130647.23    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitehaven Coal Ltd.                            | WHITEHAVEN COAL LTD       | CUSIP: Q97664108<br>LEI: 529900WCZ4I6ZO3RRP86 | Long             | EC               | CORP              | AU        |     16035 | NS      | $95075.88     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                         | SINGAPORE EXCH            | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     18509 | NS      | $129899.58    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Airlines Ltd.                         | SINGAPORE AIRLIN          | CUSIP: Y7992P128<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |     29628 | NS      | $133511.27    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Outsurance Group Ltd.                           | OUTSURANCE GROUP          | CUSIP: S6815J126<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     61697 | NS      | $127614.72    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Vuitton SE                   | LVMH MOET HENNE           | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       152 | NS      | $132188.28    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Investec Ltd.                                   | INVESTEC LTD              | CUSIP: S39081138<br>LEI: 213800CU7SM6O4UWOZ70 | Long             | EC               | CORP              | ZA        |     18446 | NS      | $117314.23    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Computershare Ltd                               | COMPUTERSHARE LT          | CUSIP: Q2721E105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      6382 | NS      | $106989.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitaland Investment Ltd.                      | CAPITALAND INVES          | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |     45381 | NS      | $136792.77    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                               | Gentera SAB de CV         | CUSIP: P4831V101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    104456 | NS      | $127480.76    | 1.09%             |  |  |  | No            |                  1 | 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