13F-HR 1 form13f.txt ARROW INVESTMENT ADVISORS, LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.):[ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Arrow Investment Advisors, LLC Address: 2943 Olney-Sandy spring Road suite A Olney, MD 20832 Form 13F File Number: 28-13552 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Patrick Bassett Title: Chief Compliance Officer Phone: (301) 260-2934 Signature, Place, and Date of Signing: Patrick Bassett Olney, Maryland June 4, 2009 [Signature] [City, State] [Date] Report Type (Check only one.): [] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X]13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-12076 Dorsey Wright & Associates [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 53 Form 13F Information Table Value Total: $34,431 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 28- NONE [Repeat as necessary.]
NameOfIssuer TitleOfClass Cusip MarketValue SHRS_OR_PRN_AMT SH_PRN Sole Shared None Acxiom Corporation Common Stock 005125109 $86,777.00 10,700.00 SH 10,700.00 0.00 0.00 Amgen, Inc. Common Stock 031162100 $196,350.00 3,400.00 SH 3,400.00 0.00 0.00 Anntaylor Stores Corporation Common Stock 036115103 $83,088.00 14,400.00 SH 14,400.00 0.00 0.00 American States Water Company Common Stock 029899101 $323,204.00 9,800.00 SH 9,800.00 0.00 0.00 Bank of America Corporation Common Stock 060505104 $143,616.00 10,200.00 SH 10,200.00 0.00 0.00 Boston Scientific Corporation Common Stock 101137107 $204,336.00 26,400.00 SH 26,400.00 0.00 0.00 Cincinnati Bell Inc Common Stock 171871106 $78,937.00 40,900.00 SH 40,900.00 0.00 0.00 CIBER, Inc. Common Stock 17163B102 $121,769.96 25,316.00 SH 25,316.00 0.00 0.00 Cross Country Healthcare Inc Common Stock 227483104 $102,843.00 11,700.00 SH 11,700.00 0.00 0.00 CTS Corporation Common Stock 126501105 $77,140.00 14,000.00 SH 14,000.00 0.00 0.00 Darling International Inc Common Stock 237266101 $194,895.00 35,500.00 SH 35,500.00 0.00 0.00 D R Horton, Inc. Common Stock 23331A109 $85,547.00 12,100.00 SH 12,100.00 0.00 0.00 The Finish Line- Cl. A Common Stock 317923100 $68,880.00 12,300.00 SH 12,300.00 0.00 0.00 Foot Locker Inc Common Stock 344849104 $135,056.00 18,400.00 SH 18,400.00 0.00 0.00 FEDERAL SIGNAL CORP COM Common Stock 313855108 $104,037.12 12,672.00 SH 12,672.00 0.00 0.00 Frontier Communications Common Stock 35906A108 $110,998.00 12,700.00 SH 12,700.00 0.00 0.00 Huntington Bancshares Inc Common Stock 446150104 $160,860.00 21,000.00 SH 21,000.00 0.00 0.00 Hovnanian Enterprises, Inc. Common Stock 442487203 $61,404.00 35,700.00 SH 35,700.00 0.00 0.00 Headwaters Inc. Common Stock 42210P102 $67,500.00 10,000.00 SH 10,000.00 0.00 0.00 JDS Uniphase Corporation Common Stock 46612J507 $133,225.00 36,500.00 SH 36,500.00 0.00 0.00 Jones Apparel Group, Inc. Common Stock 480074103 $108,410.00 18,500.00 SH 18,500.00 0.00 0.00 King Pharmaceuticals, Inc. Common Stock 495582108 $161,424.00 15,200.00 SH 15,200.00 0.00 0.00 LKQ Corp Common Stock 501889208 $116,600.00 10,000.00 SH 10,000.00 0.00 0.00 Eli Lilly & Company Common Stock 532457108 $200,141.90 4,970.00 SH 4,970.00 0.00 0.00 LSI Logic Corporation Common Stock 502161102 $73,367.00 22,300.00 SH 22,300.00 0.00 0.00 Macy's Inc Common Stock 55616P104 $160,425.00 15,500.00 SH 15,500.00 0.00 0.00 Masco Corporation Common Stock 574599106 $160,272.00 14,400.00 SH 14,400.00 0.00 0.00 Micrel, Inc. Common Stock 594793101 $78,948.00 10,800.00 SH 10,800.00 0.00 0.00 Altria Group, Inc. Common Stock 02209S103 $203,310.00 13,500.00 SH 13,500.00 0.00 0.00 NiSource Inc Common Stock 65473P105 $133,834.00 12,200.00 SH 12,200.00 0.00 0.00 Omnicare Inc Common Stock 681904108 $244,288.00 8,800.00 SH 8,800.00 0.00 0.00 Pfizer Incorporated Common Stock 717081103 $340,386.20 19,220.00 SH 19,220.00 0.00 0.00 Sara Lee Corporation Common Stock 803111103 $137,060.00 14,000.00 SH 14,000.00 0.00 0.00 Sovereign Bancorp, Inc. Common Stock 845905108 $88,506.00 29,700.00 SH 29,700.00 0.00 0.00 Standard Pacific Corp. (New) Common Stock 85375C101 $62,834.00 35,300.00 SH 35,300.00 0.00 0.00 Sterling Financial Corporation Common Stock 859319105 $113,520.00 12,900.00 SH 12,900.00 0.00 0.00 Constellation Brands Inc. - A Common Stock 21036P108 $178,201.00 11,300.00 SH 11,300.00 0.00 0.00 Southwest Gas Corporation Common Stock 844895102 $85,748.00 3,400.00 SH 3,400.00 0.00 0.00 Teradyne Incorporated Common Stock 880770102 $99,170.00 23,500.00 SH 23,500.00 0.00 0.00 Union Pacific Corporation Common Stock 907818108 $217,968.00 4,560.00 SH 4,560.00 0.00 0.00 Wal Mart Stores, Inc. Common Stock 931142103 $456,328.40 8,140.00 SH 8,140.00 0.00 0.00 Wabash National Corp Common Stock 929566107 $79,650.00 17,700.00 SH 17,700.00 0.00 0.00 Aqua America Inc Common Stock 03836W103 $387,092.00 18,800.00 SH 18,800.00 0.00 0.00 YRC Worldwide, Inc Common Stock 984249102 $56,539.00 19,700.00 SH 19,700.00 0.00 0.00 Powershares DB Commodity Index ETP 73935S105 $2,400,827.00 113,300.00 SH 113,300.00 0.00 0.00 PowerShares DB G10 Curr Harv ETP 73935Y102 $1,088,901.00 56,100.00 SH 56,100.00 0.00 0.00 Powershares DB Gold Fund ETP 73936B606 $1,687,317.86 52,499.00 SH 52,499.00 0.00 0.00 iShares JP Morgan EM Bond Fund ETP 464288281 $279,590.50 2,975.00 SH 2,975.00 0.00 0.00 iShares IBoxx$ Invest Grade Corp. ETP 464287242 $1,819,535.00 17,900.00 SH 17,900.00 0.00 0.00 Bond iShares S&P National Municipal Bond ETP 464288414 $348,250.00 3,500.00 SH 3,500.00 0.00 0.00 Fd SPDR DB International Gov Inflation ETP 78464A490 $1,061,905.00 22,100.00 SH 22,100.00 0.00 0.00 Arrow Alt Repo Repo ARROWREPO $6,312,492.08 6,312,492.08 SH 6,312,492.08 0.00 0.00 Goldman Sachs Flt % Due 12/31/2009 Swap-Custom Equity EN84FDREC $12,948,258.08 12,948,258.08 SH 12,948,258.08 0.00 0.00 Mo-1 Basket