united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22638

 

Arrow Investments Trust

(Exact name of registrant as specified in charter)

 

6100 Chevy Chase Drive Suite 100 Laurel, MD 20707

(Address of principal executive offices) (Zip code)

 

Corporation Service Company

251 Little Falls Drive

Wilmington, Delaware 19808

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 631-470-2619

 

Date of fiscal year end: 1/31

 

Date of reporting period: 10/31/19

 

 

Item 1. Schedule of Investments.

 

 

Arrow QVM Equity Factor ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
October 31, 2019
Shares       Value
    COMMON STOCKS - 99.7%  
    ASSET MANAGEMENT - 6.0%  
568   Ameriprise Financial, Inc.    $85,706 
2,722   Federated Investors, Inc.    86,941 
1,047   LPL Financial Holdings, Inc.    84,639 
         257,286 
    AUTOMOTIVE - 4.0%  
3,060   Gentex Corp.    85,833 
1,589   Magna International, Inc.    85,441 
         171,274 
    BANKING - 10.0%  
1,151   Bank of Montreal    85,162 
687   JPMorgan Chase & Co.    85,820 
1,067   Royal Bank of Canada    86,064 
1,512   Toronto-Dominion Bank    86,290 
1,512   US Bancorp    86,214 
         429,550 
    BIOTECHNOLOGY & PHARMACEUTICALS - 6.1%  
1,084   AbbVie, Inc.    86,232 
410   Amgen, Inc.    87,433 
1,003   Merck & Co., Inc.    86,920 
         260,585 
    CHEMICALS - 2.0%  
942   LyondellBasell Industries NV    84,497 
         
    COMMERCIAL SERVICES - 4.0%  
3,439   H&R Block, Inc.    85,941 
937   ManpowerGroup, Inc.    85,192 
         171,133 
    DISTRIBUTORS - DISCRETIONARY - 2.0%  
3,421   KAR Auction Services, Inc.      85,046 
         
    ELECTRONIC EQUIPMENT - 2.0%  
348   Lennox International, Inc.      86,081 
         
    GAMING, LODGING & RESTAURANTS - 5.9%  
1,856   Brinker International, Inc.    82,499 
439   McDonald's Corp.    86,351 
1,834   Wyndham Destinations, Inc.    85,116 
         253,966 
    HARDWARE - 4.1%  
355   Apple, Inc.    88,310 
1,816   Cisco Systems, Inc.    86,278 
         174,588 
Arrow QVM Equity Factor ETF
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2019
Shares       Value
    HEALTH CARE FACILITIES & SERVICES - 2.0%  
641   HCA Healthcare, Inc.    $85,599 
         
    IRON & STEEL - 2.0%  
3,784   Mesabi Trust **    84,270 
         
    MACHINERY - 5.8%  
831   Dover Corp.      86,333 
968   Oshkosh Corp.      82,648 
445   Parker-Hannifin Corp.      81,653 
         250,634 
    MEDIA - 2.0%  
1,117   Omnicom Group, Inc.    86,221 
         
    OIL, GAS, & COAL - 6.0%  
6,148   Advanced Emissions Solutions, Inc.      85,027 
7,889   Alliance Resource Partners LP      89,935 
1,053   Arch Coal, Inc.      83,071 
         258,033 
    RETAIL - CONSUMER STAPLES - 4.0%  
800   Target Corp.    85,528 
1,546   Walgreens Boots Alliance, Inc.    84,690 
         170,218 
    RETAIL - DISCRETIONARY - 9.9%  
2,192   Dick's Sporting Goods, Inc.    85,335 
850   Group 1 Automotive, Inc.    84,524 
366   Home Depot, Inc.    85,856 
548   Lithia Motors, Inc.    86,299 
1,275   Williams-Sonoma, Inc.    85,157 
         427,171 
    SEMICONDUCTOR - 2.0%   
311   Lam Research Corp.    84,293 
         
    SOFTWARE - 2.0%   
1,575   Oracle Corp.    85,822 
         
    SPECIALTY FINANCE - 8.0%   
3,215   Aircastle Ltd.    87,512 
1,065   Discover Financial Services      85,477 
3,334   Santander Consumer USA Holdings, Inc.      83,617 
2,427   Synchrony Financial      85,843 
         342,449 
    TECHNOLOGY SERVICES - 4.0%   
678   CDW Corp.    86,723 
639   International Business Machines Corp.      85,453 
         172,176 
Arrow QVM Equity Factor ETF
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
October 31, 2019
Shares       Value
    TELECOMMUNICATIONS - 2.0%   
1,812   BCE, Inc.      $85,979 
         
    TRANSPORTATION EQUIPMENT -  3.9%  
1,857   Allison Transmission Holdings, Inc.    80,984 
495   Cummins, Inc.      85,378 
         166,362 
         
    TOTAL COMMON STOCKS (Cost - $3,968,274)  4,273,233 
         
    TOTAL INVESTMENTS - 99.7% (Cost $3,968,274)  $4,273,233 
    OTHER ASSETS LESS LIABILITIES - 0.3%  14,529 
    NET ASSETS - 100.0%  $4,287,762 
         
** Royalty Trust.    
LP - Limited Partnership    
NV - Naamloze Vennootschap    
PLC - Public Limited Company    

 

         
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update "ASU" 2013-08.
 
Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the last bid price on the day of valuation. If market quotations are not readily available or if the Advisor believes the market quotations are not reflective of market value, securities will be valued at their fair value as determined in good faith by the Trust’s Fair Value Committee and in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Board will review the fair value method in use for securities requiring a fair value determination at least quarterly. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.  Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.
 
The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
 
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
 
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following table summarizes the inputs used as of October 31, 2019 for the Fund’s assets and liabilities measured at fair value:

  

Assets * Level 1 Level 2 Level 3 Total
Common Stocks  $4,273,233   $-     $-     $4,273,233 
Total  $4,273,233   $-     $-     $4,273,233 

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

 

 

 

 

Item 2. Controls and Procedures.

 

(a)       The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)       There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

 

 

 
 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Arrow Investments Trust

 

By (Signature and Title)

*/s/ Joseph Barrato

Joseph Barrato, Principal Executive Officer/President

 

Date 12/27/2019

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

*/s/ Joseph Barrato

Joseph Barrato, Principal Executive Officer/President

 

Date 12/27/2019

 

By (Signature and Title)

*/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

 

Date 12/27/2019

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