# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001752724-23-075017
**Filing Date:** 2023-3
**Character Count:** 38436
**Document Hash:** 089a76fb1b35b9611e40d4b4a64e8cc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075017.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075017

**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:** 23784070

**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: Balanced Fund (Series ID: S000035948)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000110176 | Arrow DWA Tactical: Balanced Fund Class A Shares             | DWAFX           |
| C000110177 | Arrow DWA Tactical: Balanced Fund Class C Shares             | DWATX           |
| C000110178 | Arrow DWA Tactical: Balanced Fund Institutional Class Shares | DWANX           |

## 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: Balanced Fund

- **b. EDGAR series identifier (if any):** S000035948

- **c. LEI of Series:** 549300SO64CFIGY8X777

**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:** $45525333.91

**Total Liabilities:** $4825736.08

**Net Assets:** $40699597.83

**Amount of Assets Invested in Other Investment Companies:** $817127.62

**Cash Not Reported:** $514032.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110176 | 2.19%                | -2.65%               | 2.33%                |
| Class ID C000110177 | 2.17%                | -2.73%               | 2.20%                |
| Class ID C000110178 | 2.22%                | -2.64%               | 2.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6505.85                 | $1390772.47                                |
| Month 2  | $341295.99               | $-1776161.51                               |
| Month 3  | $450621.44               | $1134074.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Carmax Inc                                  | CARMAX INC                | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      1667 | NS      | $117440.15    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                            | WW GRAINGER INC           | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       250 | NS      | $147370.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                    | ALLSTATE CORP             | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       374 | NS      | $48047.78     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                  | ONEOK INC                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      1545 | NS      | $105801.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust             | FED REALTY INVS           | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       795 | NS      | $88666.35     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | ARCH CAPITAL GRP          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |       809 | NS      | $52059.15     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                  | PRUDENTL FINL             | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       707 | NS      | $74192.58     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                  | DAVITA INC                | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      1088 | NS      | $89640.32     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company | WILLIS TOWERS WA          | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       332 | NS      | $84391.08     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| The Williams Companies, Inc.                | WILLIAMS COS INC          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      3112 | NS      | $100330.88    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                            | ARTHUR J GALLAGH          | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       442 | NS      | $86508.24     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                | FASTENAL CO               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      2709 | NS      | $136939.95    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Invts Tr                              | ARROW RESERVE CAP MANAG E | CUSIP: 042765719<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3126 | NS      | $311505.90    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                         | HALLIBURTON CO            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      3352 | NS      | $138169.44    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corporation                           | LOEWS CORP                | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |       870 | NS      | $53487.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                  | PACCAR INC                | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      1026 | NS      | $112152.06    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Invts Tr                              | ARROW DWA COUNTR          | CUSIP: 042765685<br>LEI: N/A                  | Long             | EC               | RF                | US        |    213966 | NS      | $6201590.54   | 15.24%            |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Financial Services Group, Inc. | HARTFORD FINL SV          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1785 | NS      | $138533.85    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corporation                             | FMC CORP                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       814 | NS      | $108367.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group                   | PRINCIPAL FINL            | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |       807 | NS      | $74687.85     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES IBOXX INVESTMENT  | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     15469 | NS      | $1715048.03   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Invts Tr                              | ARROW REVERSE CA          | CUSIP: 042765677<br>LEI: N/A                  | Long             | EC               | RF                | US        |    110500 | NS      | $2515985.55   | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corporation               | AMERISOURCEBERGE          | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       613 | NS      | $103572.48    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES 20+ YEAR          | CUSIP: 464287432<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     38585 | NS      | $4135154.45   | 10.16%            |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                             | LKQ CORP                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      2561 | NS      | $150996.56    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                            | POOL CORP                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       359 | NS      | $138433.99    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                     | AON PLC                   | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       279 | NS      | $88911.72     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                 | PHILLIPS 66               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1292 | NS      | $129548.84    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company           | PIONEER NATURAL           | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       182 | NS      | $41923.70     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                          | HENRY SCHEIN INC          | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      1271 | NS      | $109496.65    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated                          | AFLAC INC                 | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       941 | NS      | $69163.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                 | CORTEVA INC               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      1654 | NS      | $106600.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                             | CATERPILLAR INC           | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       424 | NS      | $106970.96    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | ADVANCE AUTO PAR          | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |       691 | NS      | $105225.48    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                     | EXXON MOBIL CORP          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1240 | NS      | $143852.40    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                   | TRAVELERS COS IN          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       271 | NS      | $51793.52     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                        | BAKER HUGHES CO           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4359 | NS      | $138354.66    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                    | DEVON ENERGY CO           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       652 | NS      | $41232.48     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES JP MORGAN USD EME | CUSIP: 464288281<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     18470 | NS      | $1623697.70   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.          | AMERICAN INTERNA          | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      2141 | NS      | $135354.02    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | CARDINAL HEALTH           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1321 | NS      | $102047.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                           | SPDR BLOOMBERG C          | CUSIP: 78464A359<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     22286 | NS      | $1520128.06   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                | LINCOLN NATL CRP          | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      2203 | NS      | $78052.29     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMORGAN ALERIAN MLP INDE | CUSIP: 46625H365<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | RF                | US        |     82364 | NS      | $1906726.60   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                          | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       344 | NS      | $41923.28     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                               | ASSURANT INC              | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      1082 | NS      | $143462.38    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                              | AUTOZONE INC              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        41 | NS      | $99992.85     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.            | MARSH & MCLENNAN          | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       502 | NS      | $87804.82     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                                 | WABTEC CORP               | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1017 | NS      | $105574.77    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                    | WR BERKLEY CORP           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |       700 | NS      | $49098.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corporation            | CINCINNATI FIN            | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |       496 | NS      | $56122.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'REILLY AUTOMOT          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       120 | NS      | $95082.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                            | GENUINE PARTS CO          | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       780 | NS      | $130899.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1192 | NS      | $100962.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation              | SCHWAB (CHARLES)          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      1219 | NS      | $94374.98     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | OMNICOM GROUP             | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      2391 | NS      | $205602.09    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                             | EQT CORP                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1200 | NS      | $39204.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                           | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      1219 | NS      | $206035.38    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The AES Corporation                         | AES CORP                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     14121 | NS      | $387056.61    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp.                         | REALTY INCOME             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      1306 | NS      | $88585.98     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                               | CHUBB LTD                 | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       230 | NS      | $52322.70     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                              | MORGAN STANLEY            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1185 | NS      | $115336.05    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation                        | MCKESSON CORP             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       277 | NS      | $104894.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                 | PROGRESSIVE CORP          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       391 | NS      | $53312.85     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                   | APA CORP                  | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       870 | NS      | $38567.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                           | BROWN & BROWN             | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      1243 | NS      | $72790.08     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings         | LABORATORY CP             | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |       336 | NS      | $84712.32     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                            | HESS CORP                 | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |       286 | NS      | $42945.76     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                             | DEERE & CO                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       947 | NS      | $400429.48    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.              | OLD DOMINION FRT          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       630 | NS      | $209941.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                           | CIGNA CORP                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       245 | NS      | $77584.15     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company                  | MARATHON PETROLE          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1047 | NS      | $134560.44    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | DUNN COMMODITIES ADW      | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     11855 | NS      | $-5985.12     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                             | CVS HEALTH CORP           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       781 | NS      | $68899.82     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                | CUMMINS INC               | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       419 | NS      | $104557.26    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                | RAYMOND JAMES             | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       963 | NS      | $108597.51    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                        | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      1703 | NS      | $205449.92    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                   | VALERO ENERGY             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       965 | NS      | $135128.95    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                      | DIAMONDBACK ENER          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       297 | NS      | $43397.64     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                    | KIMCO REALTY              | CUSIP: 49446R109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3653 | NS      | $82046.38     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                          | COTERRA ENERGY I          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      1550 | NS      | $38796.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Db Commodty Indx Trackng Fd         | INVESCO DB COMMODITY INDE | CUSIP: 46138B103<br>LEI: 549300HIW8J5DIIYYM41 | Long             | EC               | RF                | US        |     91874 | NS      | $2284906.38   | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                         | KINDER MORGAN IN          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      5705 | NS      | $104401.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation                    | MARATHON OIL              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |      1500 | NS      | $41205.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Company              | ARCHER-DANIELS            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      4268 | NS      | $353603.80    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | GOLDMAN SACHS GP          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       296 | NS      | $108279.76    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                       | QUANTA SERVICES           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2721 | NS      | $414108.99    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                        | UNITED RENTALS            | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       315 | NS      | $138899.25    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                       | REGENCY CENTERS           | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |      1300 | NS      | $86619.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                | METLIFE INC               | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |       935 | NS      | $68273.70     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Co                          | TARGA RESOURCES           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1381 | NS      | $103602.62    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                               | S&P500 EMINI OPTN Mar23C  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -16 | NC      | $-74200.00    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| OPTION ISSUER                               | S&P500 EMINI OPTN Mar23P  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        48 | NC      | $28800.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Globe Life Inc                              | GLOBE LIFE INC            | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       561 | NS      | $67796.85     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | DUNN COMMODITIES BAL      | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     16454 | NS      | $71694.88     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                    | SIMON PROPERTY            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |       691 | NS      | $88765.86     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                          | MOSAIC CO/THE             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2314 | NS      | $114635.56    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated              | QUEST DIAGNOSTIC          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       519 | NS      | $77061.12     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                         | CHEVRON CORP              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       761 | NS      | $132429.22    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                         | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2026486 | PA      | $2026486.40   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                        | SCHLUMBERGER LTD          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      2400 | NS      | $136752.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation            | OCCIDENTAL PETE           | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      2149 | NS      | $139233.71    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES IBOXX HIGH YLD CO | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     20692 | NS      | $1579420.36   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.    | INTERPUBLIC GRP           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      5642 | NS      | $205707.32    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.         | HUNT (JB) TRANS           | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      1165 | NS      | $220243.25    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                         | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3414858 | PA      | $3414858.13   | 8.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                         | EOG RESOURCES             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       314 | NS      | $41526.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd.                       | EVEREST RE GROUP          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1169 | NS      | $408787.61    | 1.00%             |  |  |  | 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