# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-26-002443
**Filing Date:** 2026-4
**Character Count:** 98239
**Document Hash:** 992865e970a145b5b4f32ab0979fd636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002443.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001580642-26-002443

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260410

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22638
- **FILM NUMBER:** 26853980

**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 <u>811-22638</u>

<u>Arrow Investments Trust</u> <br> (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: <u>301-260-0162</u>

Date of fiscal year end: <u>1/31</u> <br>Date of reporting period: <u>1/31/26</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

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

#### Annual Shareholder Report - January 31, 2026
![Image](i6df5b516007a0caad66ee31f.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow Reserve Capital Management ETF for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=521**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $51 | 0.50% |

---

## How did the Fund perform during the reporting period?
**Fund Performance Summary**

For the fiscal year ended January 31, 2026, the Fund gained 4.04% (NAV) and 4.02% (Market Price), compared to the FTSE Treasury Bill 6 Month Index 4.42%. The Fund's performance was supported by its focus on short-duration fixed-income securities, which positioned it well amid interest rate fluctuations and shifting monetary policies.

**Market Conditions and Economic Factors**

Over the period 2/1/2025–1/31/2026, the Fed's easing cycle pushed the effective fed funds rate down from 4.33% to 3.64%, supporting income available in ultrashort and short-maturity bonds and keeping cash-like yields attractive. Longer-maturity rates were more volatile as the yield curve steepened/normalized and term premium shifted, which tended to favor short-duration positioning over long duration. Corporate credit generally held up, with income doing most of the work as spreads stayed relatively contained.

**Investment Strategy and Portfolio Adjustments**

• Short-Duration Focus: Maintained exposure to high-quality short-term bonds to optimize return and manage rate sensitivity.

• Liquidity Management: Balanced Treasury instruments and corporate credit to ensure stability.

• Risk Mitigation: Hedged against interest rate fluctuations through strategic allocation adjustments.

**Risk Factors and Outlook**

The fund remains positioned for stability, leveraging short-duration bonds and capital preservation strategies to navigate uncertain rate environments.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i259f1d14e77c25313468214e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow Reserve Capital Management ETF - NAV** | **FTSE Treasury Bill 6 Month USD Index** | **Bloomberg U.S. Treasury Index** |
| **03/30/17** | $10000 | $10000 | $10000 |
| **01/31/18** | $10089 | $10085 | $10037 |
| **01/31/19** | $10280 | $10287 | $10311 |
| **01/31/20** | $10524 | $10526 | $11234 |
| **01/31/21** | $10602 | $10595 | $11731 |
| **01/31/22** | $10558 | $10602 | $11350 |
| **01/31/23** | $10673 | $10794 | $10381 |
| **01/31/24** | $11212 | $11376 | $10508 |
| **01/31/25** | $11774 | $11999 | $10653 |
| **01/31/26** | $12250 | $12528 | $11257 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 30, 2017)** |
| Arrow Reserve Capital Management ETF - NAV | 4.04% | 2.93% | 2.32% |
| FTSE Treasury Bill 6 Month USD Index | 4.42% | 3.41% | 2.58% |
| Bloomberg U.S. Treasury Index | 5.67% | -0.82% | 1.35% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-877-277-6933.***

## **Fund Statistics** 
* Net Assets$51,088,189

* Number of Portfolio Holdings93

* Advisory Fee (net of waivers)$50,830

* Portfolio Turnover80%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7610038838a18594f533b358.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 60.1% |
| U.S. Government & Agencies | 39.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if6853c65f193aaa08c6b1eb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.9% |
| Communications | 0.2% |
| Materials | 0.4% |
| Energy | 0.6% |
| Health Care | 1.9% |
| Consumer Discretionary | 2.3% |
| Real Estate | 2.5% |
| Consumer Staples | 3.7% |
| Technology | 5.2% |
| Utilities | 10.3% |
| Industrials | 11.1% |
| Financials | 17.2% |
| U.S. Treasury Obligations | 36.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.450%, 03/05/26 | 9.1% |
| United States Treasury Bill, 3.370%, 02/24/26 | 9.0% |
| United States Treasury Bill, 3.550%, 04/09/26 | 3.9% |
| United States Treasury Note, 4.375%, 07/31/26 | 3.1% |
| United States Treasury Note, 4.500%, 03/31/26 | 2.7% |
| United States Treasury Bill, 3.550%, 04/14/26 | 2.3% |
| Allstate Corporation (The), 3.280%, 12/15/26 | 2.2% |
| United States Treasury Note, 0.750%, 05/31/26 | 2.0% |
| Southern Company (The), 3.250%, 07/01/26 | 2.0% |
| Duke Energy Corporation, 2.650%, 09/01/26 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](i6df5b516007a0caad66ee31f.jpg)

# Arrow Reserve Capital Management ETF

#### Annual Shareholder Report - January 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://arrowfunds.com/default.aspx?menuitemid=521**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-ARCM

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

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

(a)(1) The Registrant's board of trustees has determined that Robert S. Andrialis is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Andrialis is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2026 - $13,725

2025 - $13,725

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2026 – $3,000

2025 – $3,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended January 31, 2025, and 2026 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of
 hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal
 year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero
 percent (0%).

(g) All non-audit fees billed by the
 registrant's principal accountant for services rendered to the registrant for the fiscal years ended January 31, 2025, and 2026 respectively
 are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for
 the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Robert S. Andrialis, Paul Montgomery and Thomas T. Sarkany.

**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)&nbsp;&nbsp;&nbsp;&nbsp; **Long Form Financial Statements**

---

| |
|:---|
| ![(ARROW FUNDS LOGO)](ar001_v1.jpg) |
| Arrow Reserve Capital Management ETF |
| **ARCM** |
| Annual Financial Statements |
| and Additional Information |
| January 31, 2026 |
| 1-877-277-6933 |
| 1-877-ARROW-FD |
| www.ArrowFunds.com |

---

---

| |
|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 55.4%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.3%** |  |  |  |
| 743000 | Northrop Grumman Corporation | 3.2000 | 02/01/27 | $738894 |
| 524000 | RTX Corporation | 5.0000 | 02/27/26 | 524119 |
| 193000 | RTX Corporation | 3.5000 | 03/15/27 | 192312 |
| 761000 | Textron, Inc. | 3.6500 | 03/15/27 | 758287 |
|  |  |  |  | 2213612 |
|  | **BANKING — 6.1%** |  |  |  |
| 86000 | Bank of America Corporation | 3.5000 | 04/19/26 | 85934 |
| 192000 | Citigroup, Inc. | 3.4000 | 05/01/26 | 191834 |
| 282000 | Citigroup, Inc. | 3.2000 | 10/21/26 | 280820 |
| 334000 | Citizens Financial Group, Inc. | 2.8500 | 07/27/26 | 332054 |
| 162000 | JPMorgan Chase & Company | 3.3000 | 04/01/26 | 161867 |
| 21000 | JPMorgan Chase & Company | 3.2000 | 06/15/26 | 20958 |
| 500000 | JPMorgan Chase Bank NA | 5.1100 | 12/08/26 | 505386 |
| 375000 | PNC Financial Services Group, Inc. (The) | 3.1500 | 05/19/27 | 371718 |
| 250000 | Synchrony Bank | 5.6250 | 08/23/27 | 254688 |
| 58000 | US Bancorp Series MTN | 3.1000 | 04/27/26 | 57885 |
| 581000 | Wells Fargo & Company | 3.0000 | 04/22/26 | 579960 |
| 250000 | Wells Fargo Bank NA | 5.4500 | 08/07/26 | 251765 |
|  |  |  |  | 3094869 |
|  | **BIOTECH & PHARMA — 0.3%** |  |  |  |
| 163000 | Gilead Sciences, Inc. | 3.6500 | 03/01/26 | 162955 |
|  | **CHEMICALS — 0.4%** |  |  |  |
| 216000 | Sherwin-Williams Company (The) | 3.4500 | 06/01/27 | 214746 |
|  | **ELECTRIC UTILITIES — 10.3%** |  |  |  |
| 518000 | Dominion Energy, Inc. | 2.8500 | 08/15/26 | 515053 |
| 208000 | Dominion Energy, Inc. | 3.6000 | 03/15/27 | 207297 |
| 973000 | Duke Energy Corporation | 2.6500 | 09/01/26 | 966190 |
| 701000 | Entergy Corporation | 2.9500 | 09/01/26 | 696894 |
| 68000 | Entergy Texas, Inc. | 1.5000 | 09/01/26 | 67023 |
| 255000 | Evergy Kansas Central, Inc. | 3.1000 | 04/01/27 | 252897 |
| 70000 | Eversource Energy | 4.7500 | 05/15/26 | 70156 |
| 640000 | Exelon Corporation | 3.4000 | 04/15/26 | 639349 |
| 123000 | Exelon Corporation | 2.7500 | 03/15/27 | 121460 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 55.4% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES — 10.3% (Continued)** |  |  |  |
| 641000 | PPL Capital Funding, Inc. | 3.1000 | 05/15/26 | $639514 |
| 1000000 | Southern Company (The) | 3.2500 | 07/01/26 | 998181 |
| 85000 | WEC Energy Group, Inc. | 5.6000 | 09/12/26 | 85745 |
|  |  |  |  | 5259759 |
|  | **ELECTRICAL EQUIPMENT — 2.9%** |  |  |  |
| 155000 | Carrier Global Corporation<sup>(a)</sup> | 2.4930 | 02/15/27 | 152879 |
| 207000 | Carrier Global Corporation | 2.4930 | 02/15/27 | 204168 |
| 305000 | Hubbell, Inc. | 3.1500 | 08/15/27 | 301194 |
| 811000 | Johnson Controls International plc | 3.9000 | 02/14/26 | 811017 |
|  |  |  |  | 1469258 |
|  | **FOOD — 2.0%** |  |  |  |
| 480000 | Kellogg Company | 3.2500 | 04/01/26 | 479586 |
| 509000 | The Campbell's Company | 5.2000 | 03/19/27 | 515592 |
|  |  |  |  | 995178 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.1%** |  |  |  |
| 535000 | Quest Diagnostics, Inc. | 3.4500 | 06/01/26 | 534012 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.6%** |  |  |  |
| 264000 | Bank of New York Mellon Corporation (The) | 2.8000 | 05/04/26 | 263338 |
| 287000 | Goldman Sachs Group, Inc. (The) | 3.5000 | 11/16/26 | 286338 |
| 452000 | Goldman Sachs Group, Inc. (The) | 3.8500 | 01/26/27 | 452045 |
| 250000 | State Street Bank & Trust Company | 4.5940 | 11/25/26 | 251794 |
| 62000 | State Street Corporation | 5.2720 | 08/03/26 | 62383 |
|  |  |  |  | 1315898 |
|  | **INSURANCE — 6.0%** |  |  |  |
| 1124000 | Allstate Corporation (The) | 3.2800 | 12/15/26 | 1119264 |
| 513000 | Chubb INA Holdings, Inc. | 3.3500 | 05/03/26 | 512634 |
| 202000 | CNA Financial Corporation | 3.4500 | 08/15/27 | 200298 |
| 486000 | Loews Corporation | 3.7500 | 04/01/26 | 485887 |
| 163000 | Marsh & McLennan Companies, Inc. | 3.7500 | 03/14/26 | 163003 |
| 374000 | Principal Financial Group, Inc. | 3.1000 | 11/15/26 | 371869 |
| 137000 | Principal Life Global Funding II<sup>(a)</sup> | 5.0000 | 01/16/27 | 138470 |
| 68000 | Prudential Financial, Inc. | 1.5000 | 03/10/26 | 67842 |
|  |  |  |  | 3059267 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 55.4% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |
| 202000 | Marriott International, Inc. | 5.4500 | 09/15/26 | $203680 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |
| 162000 | Boston Scientific Corporation | 3.7500 | 03/01/26 | 161965 |
| 116000 | Stryker Corporation | 3.5000 | 03/15/26 | 115948 |
|  |  |  |  | 277913 |
|  | **OIL & GAS PRODUCERS — 0.6%** |  |  |  |
| 306000 | Exxon Mobil Corporation | 3.0430 | 03/01/26 | 305831 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.5%** |  |  |  |
| 26000 | Realty Income Corporation | 0.7500 | 03/15/26 | 25907 |
| 77000 | Realty Income Corporation | 4.8750 | 06/01/26 | 77074 |
| 367000 | Realty Income Corporation | 4.4500 | 09/15/26 | 367776 |
| 713000 | Tanger Properties, L.P. | 3.1250 | 09/01/26 | 708509 |
| 78000 | Tanger Properties, L.P. | 3.8750 | 07/15/27 | 77712 |
|  |  |  |  | 1256978 |
|  | **RETAIL - DISCRETIONARY — 2.0%** |  |  |  |
| 499000 | Lowe's Companies, Inc. | 4.8000 | 04/01/26 | 499466 |
| 496000 | Ross Stores, Inc. | 4.7000 | 04/15/27 | 497967 |
|  |  |  |  | 997433 |
|  | **SEMICONDUCTORS — 1.3%** |  |  |  |
| 10000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 9981 |
| 35000 | Intel Corporation | 4.8750 | 02/10/26 | 35003 |
| 336000 | Intel Corporation | 2.6000 | 05/19/26 | 334678 |
| 82000 | Intel Corporation | 3.7500 | 03/25/27 | 81792 |
| 208000 | Intel Corporation | 3.1500 | 05/11/27 | 205969 |
|  |  |  |  | 667423 |
|  | **SOFTWARE — 1.4%** |  |  |  |
| 190000 | Oracle Corporation | 1.6500 | 03/25/26 | 189335 |
| 548000 | Oracle Corporation | 2.6500 | 07/15/26 | 544146 |
|  |  |  |  | 733481 |
|  | **SPECIALTY FINANCE — 2.5%** |  |  |  |
| 507000 | Capital One Financial Corporation | 3.7500 | 07/28/26 | 506256 |
| 332000 | Penske Truck Leasing Company Lp / PTL Finance<sup>(a)</sup> | 5.7500 | 05/24/26 | 333299 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 55.4% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE — 2.5% (Continued)** |  |  |  |
| 461000 | Synchrony Financial | 3.7000 | 08/04/26 | $460086 |
|  |  |  |  | 1299641 |
|  | **TECHNOLOGY HARDWARE — 1.0%** |  |  |  |
| 493000 | Apple, Inc. | 0.7000 | 02/08/26 | 492710 |
|  | **TECHNOLOGY SERVICES — 1.5%** |  |  |  |
| 269000 | International Business Machines Corporation | 3.4500 | 02/19/26 | 268930 |
| 492000 | International Business Machines Corporation | 3.3000 | 05/15/26 | 491356 |
|  |  |  |  | 760286 |
|  | **TELECOMMUNICATIONS — 0.2%** |  |  |  |
| 117000 | AT&T, Inc. | 2.9500 | 07/15/26 | 116484 |
|  | **TOBACCO & CANNABIS — 1.7%** |  |  |  |
| 670000 | Altria Group, Inc. | 4.4000 | 02/14/26 | 669878 |
| 203000 | Philip Morris International, Inc. | 2.7500 | 02/25/26 | 202850 |
|  |  |  |  | 872728 |
|  | **TRANSPORTATION & LOGISTICS — 3.8%** |  |  |  |
| 724000 | FedEx Corporation | 3.2500 | 04/01/26 | 723134 |
| 575000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 574936 |
| 670000 | Norfolk Southern Corporation | 2.9000 | 06/15/26 | 667639 |
|  |  |  |  | 1965709 |
|  | **TOTAL CORPORATE BONDS (Cost $28,237,861)** |  |  | 28269851 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  | **Yield Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 36.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 26.6%** |  |  |  |
| 4621000 | United States Treasury Bill<sup>(b)</sup> | 3.3700 | 02/24/26 | 4610782 |
| 488000 | United States Treasury Bill<sup>(b)</sup> | 3.4500 | 03/03/26 | 486576 |
| 4670000 | United States Treasury Bill<sup>(b)</sup> | 3.4500 | 03/05/26 | 4655484 |
| 308000 | United States Treasury Bill<sup>(b)</sup> | 3.5300 | 03/17/26 | 306666 |
| 2022000 | United States Treasury Bill<sup>(b)</sup> | 3.5500 | 04/09/26 | 2008719 |
| 1203000 | United States Treasury Bill<sup>(b)</sup> | 3.5500 | 04/14/26 | 1194524 |
| 246000 | United States Treasury Bill<sup>(b)</sup> | 3.5600 | 04/16/26 | 244214 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ARROW RESERVE CAPITAL MANAGEMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Yield Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 36.7% (Continued)** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 26.6% (Continued)** |  |  |  |  |
| 94000 | United States Treasury Bill<sup>(b)</sup> |  | 3.6000 | 05/26/26 | $92947 |
|  |  |  |  |  | 13599912 |
|  |  |  | **Coupon Rate (%)** |  |  |
|  | **U.S. TREASURY NOTES — 10.1%** |  |  |  |  |
| 925000 | United States Treasury Floating Rate Note<sup>(c)</sup> | USBMMY3M + 0.150% | 3.7630 | 04/30/26 | 925225 |
| 1374000 | United States Treasury Note |  | 4.5000 | 03/31/26 | 1375561 |
| 250000 | United States Treasury Note |  | 3.6250 | 05/15/26 | 249972 |
| 1020000 | United States Treasury Note |  | 0.7500 | 05/31/26 | 1010415 |
| 1598000 | United States Treasury Note |  | 4.3750 | 07/31/26 | 1603708 |
|  |  |  |  |  | 5164881 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,756,487)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,756,487)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,756,487)** |  | 18764793 |
|  | **TOTAL INVESTMENTS - 92.1% (Cost $46,994,348)** | **TOTAL INVESTMENTS - 92.1% (Cost $46,994,348)** | **TOTAL INVESTMENTS - 92.1% (Cost $46,994,348)** |  | $47034644 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** |  | 4053545 |
|  | **NET ASSETS - 100.0%** |  |  |  | $51088189 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| USBMMY3M | - US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> 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 January 31, 2026 the total market value of 144A securities is $624,648 or 1.2% of net assets.

<sup>(b)</sup> Zero coupon bond.

<sup>(c)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **January 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $46994348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $47034644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 323616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 3435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 442542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 51239560 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 109089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 33692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 151371 |
| **NET ASSETS** | $**51088189** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $51001482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 86707 |
| **NET ASSETS** | $**51088189** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**51088189** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **510000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**100.17** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended January 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $2129080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2129080 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 140835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 83716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 24327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 18403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 17684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 11130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 10574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 324799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (90005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 234794 |
| **NET INVESTMENT INCOME** | 1894286 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 13267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (47428) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (34161) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1860125** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For Year Ended**<br>**January 31, 2026** | **For Year Ended**<br>**January 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1894286 | $2229562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 13267 | 9447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (47428) | 18561 |
| Net increase in net assets resulting from operations | 1860125 | 2257570 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1889857) | (2222766) |
| Net decrease in net assets resulting from distributions to shareholders | (1889857) | (2222766) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5011647 |  |
| Net increase in net assets resulting from shares of beneficial interest | 5011647 |  |
| **TOTAL INCREASE IN NET ASSETS** | 4981915 | 34804 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 46106274 | 46071470 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**51088189** | $**46106274** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 50000 |  |

---

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 Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**January 31, 2026** | **For the Year Ended**<br>**January 31, 2025** | **For the Year Ended**<br>**January 31, 2024** | **For the Year Ended**<br>**January 31, 2023** | **For the Year Ended**<br>**January 31, 2022** |
| Net asset value, beginning of year | $100.23 | $100.16 | $99.64 | $99.66 | $100.11 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 4.05 | 4.85 | 4.41 | 1.14 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 0.06 | 0.52 | (0.05) | (0.40) |
| Total from investment operations | 3.98 | 4.91 | 4.93 | 1.09 | (0.43) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (4.03) | (4.84) | (4.41) | (1.11) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |
| Total distributions | (4.04) | (4.84) | (4.41) | (1.11) | (0.02) |
| Net asset value, end of year | $100.17 | $100.23 | $100.16 | $99.64 | $99.66 |
| Total return (3) | 4.04% | 5.00% (5) | 5.05% (5) | 1.10% | (0.42)% |
| Net assets, at end of year (000s) | $51088 | $46106 | $46071 | $50817 | $50826 |
| Ratio of gross expenses to average net assets (4) | 0.69% | 0.68% | 0.63% | 0.61% | 0.59% |
| Ratio of net expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of net investment income (loss) to average net assets | 4.03% | 4.83% | 4.41% | 1.14% | (0.03)% |
| Portfolio Turnover Rate (2) | 80% | 78% | 66% | 45% | 92% |

---

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

(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.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **January 31, 2026** |

---

**1.** **ORGANIZATION** 

The Arrow Reserve Capital Management ETF (the "Fund") is a diversified series of Arrow Investments Trust (the "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 generally accepted accounting principles 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 –** An operating segment is defined 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 Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. 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.

**Accounting Pronouncement –** The Fund adopted the FASB ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures", which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**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

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **January 31, 2026** |

---

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 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 (Continued)** |
| **January 31, 2026** |

---

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 January 31, 2026 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $— | $28269851 | $— | $28269851 |
| U.S. Government & Agencies |  | 18764793 |  | 18764793 |
| Total | $— | $47034644 | $— | $47034644 |

---

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

\* 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, 2023, to January 31, 2025, or expected to be taken in the Fund's January 31, 2026, 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 year ended January 31, 2026, 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 (Continued)** |
| **January 31, 2026** |

---

**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 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 year ended January 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $13,720,993 and $16,105,218, respectively.

For the year ended January 31, 2026, 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 (Continued)** |
| **January 31, 2026** |

---

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 year ended January 31, 2026, the Fund incurred $140,835 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) 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 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 year ended January 31, 2026, the Advisor waived fees in the amount of $90,005 pursuant to the Waiver Agreement. The following amounts are subject to recapture by the Advisor through the following date:

---

| | | |
|:---|:---|:---|
| 1/31/2027 | 1/31/2028 | 1/31/2029 |
| $63690 | $85136 | $90005 |

---

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 (Continued)** |
| **January 31, 2026** |

---

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 Statement 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 (Continued)** |
| **January 31, 2026** |

---

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

The tax character of fund distributions paid for the years ended January 31, 2026, and January 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>January 31, 2026 | Fiscal Year Ended<br>January 31, 2025 |
| Ordinary Income | $1923018 | $2079292 |
| Long-Term Capital Gain | 1224 |  |
| Return of Capital |  |  |
|  | $1924242 | $2079292 |

---

\* 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, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $153716 | $1784 | $— | $— | $(109089) | $40296 | $86707 |

---

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.

As of January 31, 2026, the Fund had no capital loss carry forwards for federal income tax purposes available to offset future capital gains.

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

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Tax Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $46994348 | $40987 | $(691) | $40296 |

---

**8.** **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.

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **January 31, 2026** |

---

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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Distribution Per Share** | **Ex Date** | **Record Date** | **Payable Date** |
| $0.2406 | 2/27/2026 | 2/27/2026 | 3/4/2026 |

---

![(COHEN & CO LOGO)](ar002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Arrow Reserve Capital Management ETF

and Board of Trustees of Arrow Investments Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Arrow Reserve Capital Management ETF (the "Fund"), a series of Arrow Investments Trust, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended January 31, 2022 were audited by other auditors whose report dated March 31, 2022 expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![(SIGNATURE)](ar003_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 1, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **Additional Information (Unaudited)** |
| **January 31, 2026** |

---

**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**

At a meeting held September 26, 2025 (the "Meeting"), the Board of Trustees (the "Board") including the Trustees who are not "interested persons", as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Advisory Agreement") between the Arrow Investment Trust (the "Trust"), and Arrow Investment Advisors, LLC (the "Adviser") and the investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Halyard Asset Management, LLC (the "Sub-Adviser") with respect to the Arrow Reserve Capital Management ETF (the "Fund").

The Board, including the Independent Trustees, unanimously approved continuance of the Advisory Agreement and Sub-Advisory Agreement based upon its review of the written materials provided at the Meeting, the reports provided at each quarterly meeting of the Board and the Board's discussions with key personnel of the Adviser. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Below are summaries of the Board's conclusions regarding various factors relevant to approval of continuance of the Advisory Agreement and the Sub-Advisory Agreement:

***Nature, Extent and Quality of Services.*** In considering the renewal of the Advisory Agreement with the Adviser, the Board considered the nature, extent and quality of services that the Adviser provided to the Fund, including the Adviser's personnel and resources. The Board reviewed the backgrounds of the personnel providing services to the Fund, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged the Adviser's efforts and resources with respect to various regulatory initiatives, including with respect to derivatives and valuation. The Board also considered the Adviser's financial position and the entrepreneurial risk that the Adviser was undertaking to maintain its financial commitment to the Fund.

The Board noted the responsibilities that the Adviser has as the investment adviser to the Fund, including (i) overseeing the investment decisions of the Sub-Adviser and conduct ongoing performance reviews; (ii) reviewing and monitoring the portfolio trading by the Sub-Adviser,

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **Additional Information (Unaudited)(Continued)** |
| **January 31, 2026** |

---

including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (iii) overseeing the Sub-Adviser's compliance with prospectus limitations and other relevant investment restrictions; and (iv) coordinating communications with the Sub-Adviser. The Board concluded that the services the Adviser provided were satisfactory.

In considering the approval of the Sub-Advisory Agreement, the Board considered the nature, extent and quality of services the Sub-Adviser provided under the Sub-Advisory Agreement. The Board reviewed the services the Sub-Adviser provided, the background of the investment professionals servicing the Fund, and the Sub-Adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding trading and brokerage practices, soft dollar usage, risk management and compliance matters. The Board concluded that the services the Sub-Adviser provided were satisfactory.

***Performance.*** The Board reviewed performance information that the Adviser provided for the Fund compared to the Fund's Benchmark Index, other relevant indexes, and the funds in a peer universe (the "Peer Group") for the year to date, one-, three-, five-, ten-year and since inception periods ended August 30, 2025, as applicable. The Board also received information on the construction of the Fund's Peer Group.

The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (ICE Bank of America/Merrill Lynch U.S. 6 Month Treasury Bill Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the year to date since inception periods. The Board noted that the Fund had underperformed the Peer Group averages for the year to date since inception periods. The Board also noted that the Fund outperformed the Peer Group averages for the one-, three-, and five-year periods. The Board concluded that the performance of the Fund was satisfactory.

**Fees and Expenses.** The Board reviewed the contractual advisory fee and expense ratio for the Fund taking into account the Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of the Fund's Peer Group. The Board noted that the Adviser had entered into an expense limitation agreement to waive fees and/or limit expenses of the Fund, in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for the Fund. The Board discussed the level of work involved in the Adviser's management and oversight of the Fund, including with respect to oversight of the Sub-Adviser, and the other services that the Adviser provided to the Fund.

The Board noted that the advisory fee of 0.30% was below the peer group average of 0.38% but higher than the Morningstar category average of 0.29%. They further noted that the Fund's net expense ratio of 0.50% was below the peer group average of 0.53% but higher than the Morningstar category average of 0.35%. The Board concluded that the fees were not unreasonable. The Board considered the Sub-Adviser's sub-advisory fee of 0.10%. They noted that the fee was lower than the average fee changed by the Sub-Adviser for managing other client accounts. The Board noted that the fee was negotiated at arm's length between the Adviser and the Sub-Adviser, an unaffiliated third party. The Board also evaluated the reasonableness of the

---

| |
|:---|
| ***Arrow Reserve Capital Management ETF*** |
| **Additional Information (Unaudited)(Continued)** |
| **January 31, 2026** |

---

fee split between the Adviser and the Sub-Adviser. he Board concluded that the fees were not unreasonable.

**Profitability.** The Board reviewed the profitability of the Adviser with respect to the Fund. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that the Adviser experienced a loss from the Fund, without considering marketing related costs. The Board concluded that the profitability of the Adviser in connection with the management of the Fund was not excessive given the nature, extent and quality of the services provided.

**Economies of Scale.** The Board considered whether the Adviser realized economies of scale with respect to its management of the Fund. The Board noted the Fund had yet reached an asset level where the Adviser could likely realize meaningful economies of scale. The Board noted that the Adviser had indicated its willingness to discuss the matter of breakpoints with the Board as the Fund increased its assets. The Board agreed that in light of the Adviser's willingness to consider breakpoints as the Fund reached higher asset levels, the absence of breakpoints was acceptable.

**Fall-out Benefits.** Because of its relationship with the Fund, the Adviser, the Sub-Adviser, and their affiliates may derive ancillary benefits from Fund operations, including those derived from the allocation of Fund brokerage and the use of commission dollars to pay for research and other similar services (as applicable). The Board reviewed information provided by the Adviser and the Sub-Adviser as to any such benefits.

**Conclusion.** Based on all of the information considered and the conclusions reached, the Board determined that that the continuance of the Advisory Agreement and continuance of the Sub-Advisory Agreement be approved.

**<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, by visiting www.arrowfunds.com, 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](ex99-cert.htm)

(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](ex99-cert.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](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>4/10/26</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>4/10/26</u>

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date <u>4/10/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Joseph Barrato, certify that:

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

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;

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;

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:

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;

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;

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

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

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; 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; 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: | 4/10/26 | /s/ Joseph Barrato |
|  |  | Joseph Barrato |
|  |  | Principal Executive Officer/President |

---

I, Sam Singh, certify that:

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

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;

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;

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:

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;

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;

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

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

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; 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; 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: | 4/10/26 | /s/ Sam Singh |
|  |  | Sam Singh |
|  |  | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

**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 January 31, 2026 (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 | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Arrow Investments Trust | Arrow Investments Trust | Arrow Investments Trust | Arrow Investments Trust |
| /s/ Joseph Barrato | /s/ Joseph Barrato | /s/ Sam Singh | /s/ Sam Singh |
| Joseph Barrato | Joseph Barrato | Sam Singh | Sam Singh |
| Date: | 4/10/26 | Date: | 4/10/26 |

---

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.

## Ex-99.Code

4.2 Code of Ethics

**I. Statement of General Principles**

This Code of Ethics has been adopted by Arrow Investments Trust and Arrow ETF Trust (the "Trusts") for the purpose of instructing all employees, officers, directors and trustees of the Trust, Arrow Investment Advisors, LLC, the adviser to the Trust (the "Adviser"), and Archer Distributors, LLC, (the "Distributor") the distributor for the Trust, in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

· The duty at all times to place the interests
of the Trust and its shareholders first;

· The requirement that all personal securities
transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential
conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees,
officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the
Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust, the Adviser and the Distributor, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

· make to the Trust or any of its shareholders
any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements
made, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice, or course
of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II. Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory/Distributor Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory/Distributor Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Trusts is Sothara Chin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Covered Security</u>: any security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (iii) shares issued by a non-Trust open-end mutual fund and (iv) shares issued by a non-Trust unit investment trust that are invested exclusively in one or more open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser and the d Distributor. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Funds</u>: any series of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III. Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may execute a Securities Transaction involving a Covered Security or a Related Security as permitted under the Adviser's Code of Ethics. The Chief Compliance Officer or his/her designee may restrict purchases of Covered Securities pursuant to the Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV. Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust, the Adviser or the Distributor, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust, the Adviser and the Distributor for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust, the Adviser and/or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trusts' Board that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trusts' Board that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser/Distributor