# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-25-006492
**Filing Date:** 2025-10
**Character Count:** 63083
**Document Hash:** cde0c81b7bbc7a83f2b9eb7777741ea4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006492.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001580642-25-006492

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow Investments Trust
- **CENTRAL INDEX KEY:** 0001527428

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22638
- **FILM NUMBER:** 251381895

**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            |

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number 811-22638

**Arrow Investments Trust**

(Exact name of registrant as specified in charter)

<u>6100 Chevy Chase Drive Suite 100, Laurel MD</u> <u>20707</u> <br> (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: 301-260-0162

Date of fiscal year end: <u>1/31</u> <br>Date of reporting period: <u>7/31/25</u>

**Item 1. Reports to Stockholders.**

(a) # Arrow Reserve Capital Management ETF
(ARCM) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i493bb9a6aee5b8c4615864b0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow Reserve Capital Management ETF for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Arrow Reserve Capital Management ETF | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$46,040,660

* Number of Portfolio Holdings82

* Advisory Fee (net of waivers)$23,075

* Portfolio Turnover71%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0b89e9d2756faefcf90c0cf3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 56.8% |
| Municipal Bonds | 0.6% |
| U.S. Government & Agencies | 42.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibf1a49678f992578b1e56711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Communications | 0.1% |
| Special Tax | 0.6% |
| Materials | 1.1% |
| Real Estate | 1.6% |
| Technology | 1.9% |
| Consumer Discretionary | 2.6% |
| Consumer Staples | 3.1% |
| Health Care | 5.2% |
| Utilities | 10.8% |
| Industrials | 12.0% |
| Financials | 18.4% |
| U.S. Treasury Obligations | 42.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.210%, 09/02/25 | 8.9% |
| United States Treasury Note, 4.250%, 01/31/26 | 7.5% |
| United States Treasury Bill, 4.290%, 10/21/25 | 6.1% |
| United States Treasury Bill, 4.260%, 09/16/25 | 5.0% |
| RTX Corporation, 3.950%, 08/16/25 | 4.4% |
| United States Treasury Note, 4.375%, 07/31/26 | 3.5% |
| United States Treasury Note, 4.500%, 03/31/26 | 3.0% |
| United States Treasury Bill, 4.290%, 10/23/25 | 2.5% |
| United States Treasury Bill, 4.260%, 09/11/25 | 2.5% |
| Southern Company (The), 3.250%, 07/01/26 | 2.1% |

---

## Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i493bb9a6aee5b8c4615864b0.jpg)

# Arrow Reserve Capital Management ETF

#### Semi-Annual Shareholder Report - July 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.ArrowFunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 073125-ARCM

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Companies.**

Not applicable.

**Item 6. Schedule of Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

Arrow Reserve Capital Management ETF

**ARCM**

Semi-Annual Financial Statements

and Additional Information

July 31, 2025

1-877-277-6933

1-877-ARROW-FD

www.ArrowFunds.com

**ARROW RESERVE CAPITAL MANAGEMENT ETF**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 56.8%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 5.3%** |  |  |  |
| 2009000 | RTX Corporation | 3.9500 | 08/16/25 | $2008200 |
| 332000 | Textron, Inc. | 4.0000 | 03/15/26 | 330693 |
| 125000 | Textron, Inc. | 3.6500 | 03/15/27 | 123248 |
|  |  |  |  | 2462141 |
|  | **BANKING — 7.3%** |  |  |  |
| 840000 | Citibank NA | 5.8640 | 09/29/25 | 840839 |
| 21000 | JPMorgan Chase & Company | 3.2000 | 06/15/26 | 20793 |
| 250000 | JPMorgan Chase Bank NA | 5.1100 | 12/08/26 | 252380 |
| 806000 | KeyBank NA | 4.1500 | 08/08/25 | 805812 |
| 819000 | Synchrony Bank | 5.4000 | 08/22/25 | 818855 |
| 58000 | US Bancorp Series MTN | 3.1000 | 04/27/26 | 57378 |
| 581000 | Wells Fargo & Company | 3.0000 | 04/22/26 | 575139 |
|  |  |  |  | 3371196 |
|  | **BIOTECH & PHARMA — 3.7%** |  |  |  |
| 89000 | Bristol-Myers Squibb Company | 0.7500 | 11/13/25 | 88090 |
| 463000 | Bristol-Myers Squibb Company | 4.9500 | 02/20/26 | 464505 |
| 163000 | Gilead Sciences, Inc. | 3.6500 | 03/01/26 | 162231 |
| 145000 | Pfizer Investment Enterprises Pte Ltd. | 4.4500 | 05/19/26 | 145090 |
| 161000 | Zoetis, Inc. | 4.5000 | 11/13/25 | 160869 |
| 687000 | Zoetis, Inc. | 5.4000 | 11/14/25 | 687950 |
|  |  |  |  | 1708735 |
|  | **CHEMICALS — 1.1%** |  |  |  |
| 72000 | Sherwin-Williams Company (The) | 4.2500 | 08/08/25 | 71993 |
| 445000 | Sherwin-Williams Company (The) | 3.9500 | 01/15/26 | 443495 |
|  |  |  |  | 515488 |
|  | **ELECTRIC UTILITIES — 10.8%** |  |  |  |
| 885000 | Dominion Energy, Inc. | 3.9000 | 10/01/25 | 883902 |
| 459000 | Duke Energy Corporation | 5.0000 | 12/08/25 | 459552 |
| 305000 | Duke Energy Corporation | 2.6500 | 09/01/26 | 298854 |
| 356000 | Exelon Corporation | 3.4000 | 04/15/26 | 352951 |
| 281000 | NextEra Energy Capital Holdings, Inc. | 5.7490 | 09/01/25 | 281180 |
| 253000 | NextEra Energy Capital Holdings, Inc. | 4.9500 | 01/29/26 | 253406 |
| 532000 | PPL Capital Funding, Inc. | 3.1000 | 05/15/26 | 525764 |
| 1000000 | Southern Company (The) | 3.2500 | 07/01/26 | 989306 |

---

See accompanying notes to financial statements.

**ARROW RESERVE CAPITAL MANAGEMENT ETF**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 56.8% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES — 10.8% (Continued)** |  |  |  |
| 849000 | WEC Energy Group, Inc. | 4.7500 | 01/09/26 | $849218 |
| 85000 | WEC Energy Group, Inc. | 5.6000 | 09/12/26 | 85895 |
|  |  |  |  | 4980028 |
|  | **ELECTRICAL EQUIPMENT — 3.5%** |  |  |  |
| 133000 | Carrier Global Corporation | 2.4930 | 02/15/27 | 129385 |
| 680000 | Hubbell, Inc. | 3.3500 | 03/01/26 | 674865 |
| 811000 | Johnson Controls International plc | 3.9000 | 02/14/26 | 807324 |
|  |  |  |  | 1611574 |
|  | **FOOD — 1.7%** |  |  |  |
| 790000 | McCormick & Company, Inc. | 3.2500 | 11/15/25 | 786310 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.2%** |  |  |  |
| 535000 | Quest Diagnostics, Inc. | 3.4500 | 06/01/26 | 530420 |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |  |  |
| 65000 | Colgate-Palmolive Company | 3.1000 | 08/15/25 | 64959 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.7%** |  |  |  |
| 305000 | Goldman Sachs Group, Inc. (The) | 3.7500 | 02/25/26 | 303613 |
| 287000 | Goldman Sachs Group, Inc. (The) | 3.5000 | 11/16/26 | 283323 |
| 102000 | Goldman Sachs Group, Inc. (The) | 3.8500 | 01/26/27 | 101152 |
| 737000 | Morgan Stanley | 3.8750 | 01/27/26 | 734583 |
| 478000 | Northern Trust Corporation | 3.9500 | 10/30/25 | 476922 |
| 250000 | State Street Bank & Trust Company | 4.5940 | 11/25/26 | 251191 |
|  |  |  |  | 2150784 |
|  | **INSURANCE — 3.7%** |  |  |  |
| 825000 | Allstate Corporation (The) | 0.7500 | 12/15/25 | 813740 |
| 513000 | Chubb INA Holdings, Inc. | 3.3500 | 05/03/26 | 508768 |
| 82000 | Marsh & McLennan Companies, Inc. | 3.7500 | 03/14/26 | 81656 |
| 175000 | New York Life Global Funding<sup>(a)</sup> | 3.6000 | 08/05/25 | 174980 |
| 137000 | Principal Life Global Funding II<sup>(a)</sup> | 5.0000 | 01/16/27 | 138132 |
|  |  |  |  | 1717276 |
|  | **LEISURE FACILITIES & SERVICES — 1.2%** |  |  |  |
| 463000 | Hyatt Hotels Corporation | 4.8500 | 03/15/26 | 463140 |

---

See accompanying notes to financial statements.

**ARROW RESERVE CAPITAL MANAGEMENT ETF**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 56.8% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 1.2% (Continued)** |  |  |  |
| 88000 | Marriott International, Inc. | 5.4500 | 09/15/26 | $88815 |
|  |  |  |  | 551955 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.4%** |  |  |  |
| 162000 | Boston Scientific Corporation | 3.7500 | 03/01/26 | 161286 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |
| 101000 | Host Hotels & Resorts, L.P. | 4.5000 | 02/01/26 | 100806 |
| 172000 | Realty Income Corporation | 4.6250 | 11/01/25 | 171920 |
| 266000 | Realty Income Corporation | 5.0500 | 01/13/26 | 265889 |
| 181000 | Realty Income Corporation | 4.4500 | 09/15/26 | 180858 |
|  |  |  |  | 719473 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |
| 658000 | Lowe's Companies, Inc. | 4.4000 | 09/08/25 | 657739 |
|  | **SEMICONDUCTORS — 1.3%** |  |  |  |
| 595000 | Broadcom, Inc. | 3.1500 | 11/15/25 | 592271 |
| 10000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 9905 |
|  |  |  |  | 602176 |
|  | **SPECIALTY FINANCE — 2.6%** |  |  |  |
| 110000 | American Express Company | 4.9000 | 02/13/26 | 110146 |
| 692000 | Capital One Financial Corporation | 4.2000 | 10/29/25 | 690763 |
| 64000 | Penske Truck Leasing Company Lp / PTL Finance<sup>(a)</sup> | 4.4500 | 01/29/26 | 63889 |
| 332000 | Penske Truck Leasing Company Lp / PTL Finance<sup>(a)</sup> | 5.7500 | 05/24/26 | 334289 |
|  |  |  |  | 1199087 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |
| 269000 | International Business Machines Corporation | 3.4500 | 02/19/26 | 267538 |
|  | **TELECOMMUNICATIONS — 0.1%** |  |  |  |
| 34000 | AT&T, Inc. | 3.8750 | 01/15/26 | 33854 |
|  | **TOBACCO & CANNABIS — 1.3%** |  |  |  |
| 579000 | Altria Group, Inc. | 4.4000 | 02/14/26 | 577824 |

---

See accompanying notes to financial statements.

**ARROW RESERVE CAPITAL MANAGEMENT ETF**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 56.8% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 3.2%** |  |  |  |
| 326000 | CSX Corporation | 3.3500 | 11/01/25 | $324951 |
| 613000 | FedEx Corporation | 3.2500 | 04/01/26 | 607529 |
| 432000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 430165 |
| 99000 | Norfolk Southern Corporation | 2.9000 | 06/15/26 | 97599 |
|  |  |  |  | 1460244 |
|  | **TOTAL CORPORATE BONDS (Cost $26,118,203)** |  |  | 26130087 |
|  | **MUNICIPAL BONDS — 0.6%** |  |  |  |
|  | **INCOME TAX FINANCING — 0.6%** |  |  |  |
| 290000 | New York City Transitional Finance Authority **(Cost $290,000)** | 3.3500 | 08/01/25 | 290000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Yield Rate<br> (%)** |  | |
|  | **U.S. GOVERNMENT & AGENCIES — 42.5%** |  |  |  |
|  | **U.S. TREASURY BILLS — 28.6%** |  |  |  |
| 30000 | United States Treasury Bill<sup>(b)</sup> | 4.1200 | 08/19/25 | 29936 |
| 4100000 | United States Treasury Bill<sup>(b)</sup> | 4.2100 | 09/02/25 | 4084460 |
| 275000 | United States Treasury Bill<sup>(b)</sup> | 4.2300 | 09/04/25 | 273889 |
| 1135000 | United States Treasury Bill<sup>(b)</sup> | 4.2600 | 09/11/25 | 1129464 |
| 2323000 | United States Treasury Bill<sup>(b)</sup> | 4.2600 | 09/16/25 | 2310340 |
| 109000 | United States Treasury Bill<sup>(b)</sup> | 4.2800 | 09/23/25 | 108314 |
| 310000 | United States Treasury Bill<sup>(b)</sup> | 4.2600 | 10/02/25 | 307736 |
| 245000 | United States Treasury Bill<sup>(b)</sup> | 4.2800 | 10/14/25 | 242866 |
| 2825000 | United States Treasury Bill<sup>(b)</sup> | 4.2900 | 10/21/25 | 2798044 |
| 1145000 | United States Treasury Bill<sup>(b)</sup> | 4.2900 | 10/23/25 | 1133814 |
| 324000 | United States Treasury Bill<sup>(b)</sup> | 4.2700 | 11/04/25 | 320398 |
| 440000 | United States Treasury Bill<sup>(b)</sup> | 4.3000 | 11/12/25 | 434673 |
|  |  |  |  | 13173934 |

---

See accompanying notes to financial statements.

**ARROW RESERVE CAPITAL MANAGEMENT ETF**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 42.5% (Continued)** |  |  |  |
|  | **U.S. TREASURY NOTES — 13.9%** |  |  |  |
| 3435000 | United States Treasury Note | 4.2500 | 01/31/26 | $3432967 |
| 1374000 | United States Treasury Note | 4.5000 | 03/31/26 | 1375919 |
| 1598000 | United States Treasury Note | 4.3750 | 07/31/26 | 1600939 |
|  |  |  |  | 6409825 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,583,576)** |  |  | 19583759 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $45,991,779)** |  |  | $46003846 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  | 36814 |
|  | **NET ASSETS - 100.0%** |  |  | $46040660 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

(a) Security exempt from registration under Rule 144A
 or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. As of July 31, 2025, the total market value of 144A securities is $711,290 or 1.5% of net assets.

(b) Zero coupon bond.

See accompanying notes to financial statements.

***Arrow Reserve Capital Management ETF***

**STATEMENT OF ASSETS AND LIABILITIES (Unaudited)**

**July 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $45991779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $46003846 |
| &nbsp;&nbsp;&nbsp;Cash | 1515 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 336216 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 46342951 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 175260 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 68434 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 22382 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 4921 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 31294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 302291 |
| **NET ASSETS** | $**46040660** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $45989835 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 50825 |
| **NET ASSETS** | $**46040660** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**46040660** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **460000** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**100.09** |

---

See accompanying notes to financial statements.

***Arrow Reserve Capital Management ETF***

**STATEMENT OF OPERATIONS (Unaudited)**

**For the Six Months Ended July 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $1101457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1101457 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 68669 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 42875 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10884 |
| &nbsp;&nbsp;&nbsp;Legal fees | 10643 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9658 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5214 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 3384 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 2641 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2140 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1929 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 160043 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (45594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 114449 |
| **NET INVESTMENT INCOME** | 987008 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2466 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (75656) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (73190) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**913818** |

---

See accompanying notes to financial statements.

***Arrow Reserve Capital Management ETF***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For<br> Six Months Ended<br> July 31,<br> 2025<br> (Unaudited)** | **For<br> Year Ended**<br> **January 31,**<br> **2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $987008 | $2229562 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2466 | 9447 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (75656) | 18561 |
| Net increase in net assets resulting from operations | 913818 | 2257570 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (979432) | (2222766) |
| Net decrease in net assets resulting from distributions to shareholders | (979432) | (2222766) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (65614) | 34804 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 46106274 | 46071470 |
| &nbsp;&nbsp;&nbsp;End of Period | $**46040660** | $**46106274** |

---

See accompanying notes to financial statements.

***Arrow Reserve Capital Management ETF***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For <br>Six Months Ended<br> July 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> January 31,<br> 2025** | **For the<br> Year Ended<br> January 31,<br> 2024** | **For the<br> Year Ended<br> January 31,<br> 2023** | **For the<br> Year Ended<br> January 31,<br> 2022** | **For the<br> Year Ended<br> January 31,<br> 2021** |
| Net asset value, beginning of period | $100.23 | $100.16 | $99.64 | $99.66 | $100.11 | $100.06 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 2.15 | 4.85 | 4.41 | 1.14 | (0.03) | 0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.16) | 0.06 | 0.52 | (0.05) | (0.40) | 0.14 |
| Total from investment operations | 1.99 | 4.91 | 4.93 | 1.09 | (0.43) | 0.76 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.13) | (4.84) | (4.41) | (1.11) | (0.01) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | - | - | (0.01) | (0.01) |
| Total distributions | (2.13) | (4.84) | (4.41) | (1.11) | (0.02) | (0.71) |
| Net asset value, end of period | $100.09 | $100.23 | $100.16 | $99.64 | $99.66 | $100.11 |
| Total return (3) | 2.00%(7) | 5.00%(5) | 5.05%(5) | 1.10% | (0.42)% | 0.76% |
| Net assets, at end of period (000s) | $46041 | $46106 | $46071 | $50817 | $50826 | $51054 |
| Ratio of gross expenses to average net assets (4) | 0.70%(6) | 0.68% | 0.63% | 0.61% | 0.59% | 0.55% |
| Ratio of net expenses to average net assets | 0.50%(6) | 0.50% | 0.50% | 0.50% | 0.50% | 0.43% |
| Ratio of net investment income (loss) to average net assets | 4.31%(6) | 4.83% | 4.41% | 1.14% | (0.03)% | 0.62% |
| Portfolio Turnover Rate (2) | 71%(7) | 78% | 66% | 45% | 92% | 118% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day of the period and a sale at net asset value on the last day of the period. Distributions
 are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective
 payment dates. Had Arrow Investment Advisors, LLC not waived fees or reimbursed a portion of the expenses, total returns would have been
 lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and /or expense reimbursements by Arrow Investment Advisors, LLC.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

(6) Annualized for periods less than one
 year.

(7) Not annualized for periods less than
 one year.

See accompanying notes to financial statements.

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**July 31, 2025**

**1.** **ORGANIZATION** 

The Arrow Reserve Capital Management ETF (the "Fund") is a diversified series of Arrow Investments Trust ("Trust"), a statutory trust organized under the laws of the State of Delaware on August 2, 2011, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek to preserve capital while maximizing current income. The investment objective is non-fundamental. The Fund commenced operations on March 30, 2017.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services-Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments –** The Fund has adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") using methods that include consideration of current market quotations from a major market maker in the securities and consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

services. If market quotations are not readily available or if Arrow Investment Advisors, LLC (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 Advisor, as the Board designated Valuation Designee, and in accordance with the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). 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 Valuation Designee 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 the 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 used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

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 July 31, 2025 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $- | $26130087 | $- | $26130087 |
| Municipal Bonds | - | 290000 | - | 290000 |
| U.S. Government & Agencies | - | 19583759 | - | 19583759 |
| Total | $- | $46003846 | $- | $46003846 |

---

The Fund did not hold any Level 1 or Level 3 securities during the period.

\* See Schedule of Investments for industry classification.

**Security transactions and related income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective lives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and distributions to shareholders –** Dividends from net investment income, if any, are declared and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes** – The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended January 31, 2022 to January 31, 2024, or expected to be taken in the Fund's January 31, 2025 year-end tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. For the six months ended July 31, 2025, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expenses and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**Time Deposits –** Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

**Market Risk –** The net asset value of the Fund will fluctuate based on changes in the value of the individual securities and ETFs in which the Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended July 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $5,573,518 and $10,881,917, respectively.

For the six months ended July 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions amounted to $0 and $0, respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund. The Advisor serves as the Fund's investment advisor pursuant to an investment advisory agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). The

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

Advisor has engaged Halyard Asset Management LLC as the sub-advisor (the "Sub-Advisor") to the Fund. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. to serve as custodian and to act as transfer and shareholder services agent.

The Trust has also entered into an ETF Distribution Agreement (the "Distribution Agreement") with Archer Distributors, LLC (the "Distributor") to serve as the distributor for the Fund. The Distributor is an affiliate of the Advisor. The Distributor provides marketing services to the Fund, including responsibility for all the Fund's marketing and advertising materials. The Distributor does not receive any compensation from the Advisor for providing services.

Pursuant to the Advisory Agreement, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee, computed and accrued daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets. The Sub-Advisor is paid a contractual fee rate of 0.10% of net assets, paid by the Advisor to the Sub-Advisor. For the six months ended July 31, 2025, the Fund incurred $68,669 in advisory fees.

Pursuant to a written contract (the "Waiver Agreement"), the Advisor has agreed, at least until May 31, 2026 to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses, foreign custody transaction costs and foreign account set up fees and extraordinary expenses such as litigation expenses) will not exceed 0.50%, herein referred to as the "Expense Limitation."

If the Advisor waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and the Fund's operating expenses are subsequently lower than its applicable Expense Limitation, the Advisor, on a rolling three-year period (within three years after the fees have been waived or reimbursed), shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund's operating expense to exceed the lesser of the Expense Limitation in place at the time of waiver or recapture. If the Fund's operating expenses subsequently exceed the applicable Expense Limitation, the reimbursements for the Fund shall be suspended. For the six months ended July 31, 2025, the Advisor waived fees in the amount of $45,594 pursuant to the Waiver Agreement. The following amounts are subject to recapture by the Advisor through the following date:

---

| | | | |
|:---|:---|:---|:---|
| 1/31/2026 | 1/31/2026 | 1/31/2027 | 1/31/2028 |
| $| 53675 | $63690 | $85136 |

---

The Advisor may seek reimbursement only for expenses that were waived or paid after the effective date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

The Trust, with respect to the Fund, has adopted a distribution and service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>* – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.

*<u>Blu Giant, LLC</u>*<u>*("Blu Giant")*</u> *–* Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

**5.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 50,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Transaction Fees may be used to cover the custodial and other costs incurred by the Fund or disclosed as capital shares for the Fund in the Statements of Changes in Net Assets.

The Transaction Fees for the Fund are listed in the table below:

---

| |
|:---|
| **Fixed Fee** |
| $150 |

---

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the years ended January 31, 2025, and January 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended**<br> **January 31,<br> 2025 \*** | **Fiscal Year Ended**<br> **January 31,<br> 2024** |
| Ordinary Income | $2079292 | $2206060 |
| Long-Term Capital Gain |  |  |
| Return of Capital | - | - |
|  | $2079292 | $2206060 |

---

\* Differences in distributions between the Statement of Changes paid from book and tax on the income funds relate to the adjustments for dividends payable for tax purposes.

As of January 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Gains** | **Post October<br> Loss and**<br> **Late Year Loss** | **Other**<br> **Book/Tax**<br> **Differences** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Total**<br> **Distributable Earnings/**<br> **(Accumulated Deficit)** |
| $171866 | $323 | $– $– $| (143474) | $87724 | $116439 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income and accumulated net realized gain from security transactions are primarily attributable to the adjustments for dividend payable. In addition, the amount listed under other book/tax differences are primarily attributable to tax adjustments for accrued dividends payable.

For the tax year ended 1/31/2025, the fund utilized $9,039 in capital loss carryforwards.

As of January 31, 2025, the Fund had no capital loss carry forwards for federal income tax purposes available to offset future capital gains.

---

| | |
|:---|:---|
| **Short-Term** | **CLCF Utilized** |
| $– $– $– $| 9039 |

---

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Tax Net Unrealized<br> Appreciation** |
| $45991779 | $17343 | $(5276) | $12067 |

---

***Arrow Reserve Capital Management ETF***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**July 31, 2025**

**8.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:

Distributions: The Board declared the following distributions after July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Distribution<br> Per Share** | **Ex Date** | **Record Date** | **Payable Date** |
| $0.3186 | 8/29/2025 | 8/29/2025 | 9/3/2025 |

---

***Arrow Reserve Capital Management ETF***

**Additional Information (Unaudited)**

**July 31, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-277-6933 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

**INVESTMENT ADVISOR**

Arrow Investment Advisors, LLC

6100 Chevy Chase Drive

Suite 100

Laurel, MD 20707

**INVESTMENT SUB-ADVISOR**

Halyard Asset Management, LLC

707 Westchester Avenue

White Plains, NY 10604

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. Exhibit 99. CERT](arcm_ex99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto Exhibit 99.906CERT](arcm_ex99-906cert.htm)

**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) <u>Arrow Investments Trust</u> |
| By (Signature and Title) |
| /s/ Joseph Barrato |
| Joseph Barrato, Principal Executive Officer/President |

---

Date <u>10/8/25</u>

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 <u>10/8/25</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Sam Singh |
| Sam Singh, Principal Financial Officer/Treasurer |

---

Date <u>10/8/25</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Joseph Barrato, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Arrow Reserve Capital Management ETF (a series of Arrow Investments Trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/8/25 | /s/ Joseph Barrato |
|  | | Joseph Barrato |
|  | | Principal Executive Officer/President |

---

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Arrow Reserve Capital Management ETF (a series of Arrow Investments Trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/8/25 | /s/ Sam Singh |
|  | | Sam Singh |
|  | | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

Joseph Barrato, Principal Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer Treasurer/Principal Financial Officer of Arrow Investments Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President<br> Arrow Investments Trust | Principal Financial Officer/Treasurer<br> Arrow Investments Trust |
| /s/ Joseph Barrato | /s/ Sam Singh |
| Joseph Barrato | Sam Singh |

---

Date: <u>10/8/25</u> Date: <u>10/8/25</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.