# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-26-002438
**Filing Date:** 2026-4
**Character Count:** 192638
**Document Hash:** cfecae2cd2c1a31226a4c09be2d29d94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002438.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001580642-26-002438

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22638
- **FILM NUMBER:** 26853820

**BUSINESS ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707
- **BUSINESS PHONE:** 301-260-0162

**MAIL ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707

## Series and Classes Contracts Data

### Arrow DWA Tactical: Balanced Fund (Series ID: S000035948)

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

### Arrow DWA Tactical: Macro Fund (Series ID: S000035949)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000110179 | Arrow DWA Tactical: Macro Fund Class A Shares             | DWTFX           |
| C000110180 | Arrow DWA Tactical: Macro Fund Class C Shares             | DWTTX           |
| C000110181 | Arrow DWA Tactical: Macro Fund Institutional Class Shares | DWTNX           |

### ARROW MANAGED FUTURES STRATEGY FUND (Series ID: S000035950)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000110182 | ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES             | MFTFX           |
| C000110183 | ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES             | MFTTX           |
| C000110184 | ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES | MFTNX           |

?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>7/31</u> <br>Date of reporting period: <u>1/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) # Arrow DWA Tactical: Balanced Fund

# Class A Shares (DWAFX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $115 | 2.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$27,758,182

* Number of Portfolio Holdings131

* Advisory Fee (net of waivers)$121,909

* Portfolio Turnover55%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc8f3dce336996c30f8150c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 23.6% |
| Exchange-Traded Funds | 61.3% |
| Money Market Funds | 4.5% |
| Purchased Options | 9.7% |
| Reit | 0.9% |
| Right | -% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d3e85484bee012b636acdc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.7% |
| Utilities | 0.9% |
| Real Estate | 0.9% |
| Consumer Staples | 0.9% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.4% |
| Technology | 2.6% |
| Materials | 2.8% |
| Communications | 3.0% |
| Financials | 3.7% |
| Commodity | 4.1% |
| Money Market Funds | 4.4% |
| Industrials | 4.6% |
| Mixed Allocation | 7.8% |
| Equity Option | 9.3% |
| Equity | 22.0% |
| Fixed Income | 25.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Arrow Valtoro ETF | 6.7% |
| Galaxy Plus Commodity Call Option | 6.3% |
| iShares TIPS Bond ETF | 4.6% |
| iShares 20+ Year Treasury Bond ETF | 4.6% |
| First American Government Obligations Fund, Class X | 4.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.3% |
| Invesco DB Commodity Index Tracking Fund, N | 4.2% |
| State Street SPDR Bloomberg Convertible Securities ETF | 4.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3.8% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.6% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Balanced Fund - Class A Shares (DWAFX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWAFX

# Arrow DWA Tactical: Balanced Fund

# Class C Shares (DWATX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $156 | 2.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$27,758,182

* Number of Portfolio Holdings131

* Advisory Fee (net of waivers)$121,909

* Portfolio Turnover55%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc8f3dce336996c30f8150c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 23.6% |
| Exchange-Traded Funds | 61.3% |
| Money Market Funds | 4.5% |
| Purchased Options | 9.7% |
| Reit | 0.9% |
| Right | -% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d3e85484bee012b636acdc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.7% |
| Utilities | 0.9% |
| Real Estate | 0.9% |
| Consumer Staples | 0.9% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.4% |
| Technology | 2.6% |
| Materials | 2.8% |
| Communications | 3.0% |
| Financials | 3.7% |
| Commodity | 4.1% |
| Money Market Funds | 4.4% |
| Industrials | 4.6% |
| Mixed Allocation | 7.8% |
| Equity Option | 9.3% |
| Equity | 22.0% |
| Fixed Income | 25.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Arrow Valtoro ETF | 6.7% |
| Galaxy Plus Commodity Call Option | 6.3% |
| iShares TIPS Bond ETF | 4.6% |
| iShares 20+ Year Treasury Bond ETF | 4.6% |
| First American Government Obligations Fund, Class X | 4.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.3% |
| Invesco DB Commodity Index Tracking Fund, N | 4.2% |
| State Street SPDR Bloomberg Convertible Securities ETF | 4.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3.8% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.6% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Balanced Fund - Class C Shares (DWATX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWATX

# Arrow DWA Tactical: Balanced Fund

# Institutional Class Shares (DWANX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class Shares | $102 | 1.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$27,758,182

* Number of Portfolio Holdings131

* Advisory Fee (net of waivers)$121,909

* Portfolio Turnover55%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idc8f3dce336996c30f8150c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 23.6% |
| Exchange-Traded Funds | 61.3% |
| Money Market Funds | 4.5% |
| Purchased Options | 9.7% |
| Reit | 0.9% |
| Right | -% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d3e85484bee012b636acdc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.7% |
| Utilities | 0.9% |
| Real Estate | 0.9% |
| Consumer Staples | 0.9% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.4% |
| Technology | 2.6% |
| Materials | 2.8% |
| Communications | 3.0% |
| Financials | 3.7% |
| Commodity | 4.1% |
| Money Market Funds | 4.4% |
| Industrials | 4.6% |
| Mixed Allocation | 7.8% |
| Equity Option | 9.3% |
| Equity | 22.0% |
| Fixed Income | 25.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Arrow Valtoro ETF | 6.7% |
| Galaxy Plus Commodity Call Option | 6.3% |
| iShares TIPS Bond ETF | 4.6% |
| iShares 20+ Year Treasury Bond ETF | 4.6% |
| First American Government Obligations Fund, Class X | 4.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.3% |
| Invesco DB Commodity Index Tracking Fund, N | 4.2% |
| State Street SPDR Bloomberg Convertible Securities ETF | 4.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3.8% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.6% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Balanced Fund - Institutional Class Shares (DWANX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWANX

# Arrow DWA Tactical: Macro Fund

# Class A Shares (DWTFX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $106 | 1.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$48,142,453

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$195,603

* Portfolio Turnover47%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6455edb7bba62bccb7fb6443.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 80.9% |
| Money Market Funds | 19.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8aa4bc1a9668536acafb8ea3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.0% |
| Mixed Allocation | 2.1% |
| Money Market | 15.9% |
| Equity | 65.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 15.9% |
| iShares MSCI USA Value Factor ETF | 10.0% |
| iShares MSCI Emerging Markets ETF | 9.9% |
| iShares MSCI Eurozone ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.5% |
| State Street Industrial Select Sector SPDR Fund | 9.5% |
| iShares Europe ETF | 8.5% |
| iShares MSCI USA Momentum Factor ETF | 7.9% |
| Arrow Valtoro ETF | 2.1% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Macro Fund - Class A Shares (DWTFX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWTFX

# Arrow DWA Tactical: Macro Fund

# Class C Shares (DWTTX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $149 | 2.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$48,142,453

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$195,603

* Portfolio Turnover47%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6455edb7bba62bccb7fb6443.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 80.9% |
| Money Market Funds | 19.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8aa4bc1a9668536acafb8ea3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.0% |
| Mixed Allocation | 2.1% |
| Money Market | 15.9% |
| Equity | 65.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 15.9% |
| iShares MSCI USA Value Factor ETF | 10.0% |
| iShares MSCI Emerging Markets ETF | 9.9% |
| iShares MSCI Eurozone ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.5% |
| State Street Industrial Select Sector SPDR Fund | 9.5% |
| iShares Europe ETF | 8.5% |
| iShares MSCI USA Momentum Factor ETF | 7.9% |
| Arrow Valtoro ETF | 2.1% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Macro Fund - Class C Shares (DWTTX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWTTX

# Arrow DWA Tactical: Macro Fund

# Institutional Class Shares (DWTNX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class Shares | $92 | 1.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$48,142,453

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$195,603

* Portfolio Turnover47%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6455edb7bba62bccb7fb6443.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 80.9% |
| Money Market Funds | 19.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8aa4bc1a9668536acafb8ea3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.0% |
| Mixed Allocation | 2.1% |
| Money Market | 15.9% |
| Equity | 65.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 15.9% |
| iShares MSCI USA Value Factor ETF | 10.0% |
| iShares MSCI Emerging Markets ETF | 9.9% |
| iShares MSCI Eurozone ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.5% |
| State Street Industrial Select Sector SPDR Fund | 9.5% |
| iShares Europe ETF | 8.5% |
| iShares MSCI USA Momentum Factor ETF | 7.9% |
| Arrow Valtoro ETF | 2.1% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow DWA Tactical: Macro Fund - Institutional Class Shares (DWTNX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-DWTNX

# Arrow Managed Futures Strategy Fund

# Class A Shares (MFTFX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $102 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$232,011,926

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$890,627

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefec5fa9634daa1c8e3fae9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 17.4% |
| Money Market Funds | 19.7% |
| Private Investment Funds | 41.4% |
| Purchased Options | 21.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd24213ca1bbd6ecda03c825.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Mixed Allocation | 17.5% |
| Money Market Funds | 19.8% |
| Equity Option | 21.7% |
| Private Investment Fund | 41.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 41.6% |
| Galaxy Plus Commodity Call Option | 21.7% |
| First American Government Obligations Fund, Class X | 19.8% |
| Arrow Reserve Capital Management ETF | 17.5% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow Managed Futures Strategy Fund - Class A Shares (MFTFX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-MFTFX

# Arrow Managed Futures Strategy Fund

# Class C Shares (MFTTX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $146 | 2.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$232,011,926

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$890,627

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefec5fa9634daa1c8e3fae9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 17.4% |
| Money Market Funds | 19.7% |
| Private Investment Funds | 41.4% |
| Purchased Options | 21.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd24213ca1bbd6ecda03c825.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Mixed Allocation | 17.5% |
| Money Market Funds | 19.8% |
| Equity Option | 21.7% |
| Private Investment Fund | 41.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 41.6% |
| Galaxy Plus Commodity Call Option | 21.7% |
| First American Government Obligations Fund, Class X | 19.8% |
| Arrow Reserve Capital Management ETF | 17.5% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow Managed Futures Strategy Fund - Class C Shares (MFTTX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-MFTTX

# Arrow Managed Futures Strategy Fund

# Institutional Class Shares (MFTNX)

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i13273fc6277d573cbd99b65d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at**https://arrowfunds.com/default.aspx?menuitemid=494**. You can also request this information by contacting us at 1-877-277-6933.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class Shares | $88 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$232,011,926

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$890,627

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefec5fa9634daa1c8e3fae9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 17.4% |
| Money Market Funds | 19.7% |
| Private Investment Funds | 41.4% |
| Purchased Options | 21.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd24213ca1bbd6ecda03c825.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Mixed Allocation | 17.5% |
| Money Market Funds | 19.8% |
| Equity Option | 21.7% |
| Private Investment Fund | 41.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 41.6% |
| Galaxy Plus Commodity Call Option | 21.7% |
| First American Government Obligations Fund, Class X | 19.8% |
| Arrow Reserve Capital Management ETF | 17.5% |

---

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

![Image](i13273fc6277d573cbd99b65d.jpg)

# Arrow Managed Futures Strategy Fund - Institutional Class Shares (MFTNX)

#### Semi-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=494**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-MFTNX

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

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

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

---

| |
|:---|
| ![(ARROW LOGO)](ar001_v1.jpg) |
| Arrow DWA Tactical: Balanced Fund |
| Arrow DWA Tactical: Macro Fund |
| Arrow Managed Futures Strategy Fund |
| Semi-Annual Financial Statements |
| and Additional Information |
| January 31, 2026 |
| 1-877-277-6933 |
| 1-877-ARROW-FD |
| www.ArrowFunds.com |

---

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 23.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 30 | Axon Enterprise, Inc.<sup>(a)</sup> | $14507 |
| 87 | Boeing Company (The)<sup>(a)</sup> | 20334 |
| 58 | General Dynamics Corporation | 20363 |
| 66 | General Electric Company | 20248 |
| 97 | Howmet Aerospace, Inc. | 20184 |
| 63 | Huntington Ingalls Industries, Inc. | 26493 |
| 71 | L3Harris Technologies, Inc. | 24342 |
| 36 | Lockheed Martin Corporation, Class B | 22832 |
| 35 | Northrop Grumman Corporation | 24229 |
| 113 | RTX Corporation | 22705 |
| 297 | Textron, Inc. | 26154 |
| 16 | TransDigm Group, Inc. | 22841 |
|  |  | 265232 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 403 | Charles Schwab Corporation (The) | 41880 |
| 266 | Raymond James Financial, Inc. | 44119 |
| 351 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 34917 |
|  |  | 120916 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 6464 | Ford Motor Company | 89720 |
| 985 | General Motors Company | 82740 |
| 197 | Tesla, Inc.<sup>(a)</sup> | 84791 |
|  |  | 257251 |
|  | **BANKING - 1.9%** |  |
| 578 | Bank of America Corporation | 30750 |
| 286 | Citigroup, Inc. | 33093 |
| 826 | Citizens Financial Group, Inc. | 52021 |
| 683 | Fifth Third Bancorp | 34300 |
| 2786 | Huntington Bancshares Inc | 48699 |
| 99 | JPMorgan Chase & Company | 30283 |
| 1615 | KeyCorporation | 34755 |
| 239 | M&T Bank Corporation | 52954 |
| 156 | PNC Financial Services Group, Inc. (The) | 34835 |
| 1781 | Regions Financial Corporation | 50759 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 23.6% (Continued)** |  |
|  | **BANKING - 1.9% (Continued)** |  |
| 982 | Truist Financial Corporation | $50494 |
| 605 | US Bancorp | 33947 |
| 346 | Wells Fargo & Company | 31310 |
|  |  | 518200 |
|  | **CHEMICALS - 0.2%** |  |
| 511 | Qnity Electronics, Inc. | 49148 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 8425 | AES Corporation (The) | 123426 |
| 748 | Vistra Corporation | 118446 |
|  |  | 241872 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 765 | Amphenol Corporation, Class A | 110221 |
| 551 | TE Connectivity plc | 122752 |
|  |  | 232973 |
|  | **ENGINEERING & CONSTRUCTION - 0.9%** |  |
| 73 | Comfort Systems USA, Inc. | 83373 |
| 118 | EMCOR Group, Inc. | 85046 |
| 189 | Quanta Services, Inc. | 89706 |
|  |  | 258125 |
|  | **ENTERTAINMENT CONTENT - 1.8%** |  |
| 612 | Electronic Arts, Inc. | 124799 |
| 2356 | Fox Corporation, Class A | 171470 |
| 7339 | Paramount Skydance Corporation, Class B | 82270 |
| 518 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 114115 |
|  |  | 492654 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.8%** |  |
| 280 | Cardinal Health, Inc. | 60166 |
| 161 | Cencora, Inc. | 57834 |
| 257 | HCA Healthcare, Inc. | 125485 |
| 796 | Henry Schein, Inc.<sup>(a)</sup> | 60082 |
| 76 | McKesson Corporation | 63172 |
| 627 | Universal Health Services, Inc., Class B | 126191 |
|  |  | 492930 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 23.6% (Continued)** |  |
|  | **HEALTH CARE REIT - 0.9%** |  |
| 1093 | Alexandria Real Estate Equities, Inc. | $59722 |
| 3760 | Healthpeak Properties, Inc. | 64822 |
| 837 | Ventas, Inc. | 65009 |
| 324 | Welltower, Inc. | 61029 |
|  |  | 250582 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.5%** |  |
| 48 | Goldman Sachs Group, Inc. (The) | 44900 |
| 609 | Interactive Brokers Group, Inc., Class A | 45602 |
| 233 | Morgan Stanley | 42592 |
|  |  | 133094 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 268 | Airbnb, Inc., Class A<sup>(a)</sup> | 34671 |
| 370 | Alphabet, Inc., Class C | 125256 |
| 6 | Booking Holdings, Inc. | 30011 |
| 107 | Expedia Group, Inc. | 28338 |
| 1915 | Match Group, Inc. | 59652 |
| 93 | Meta Platforms, Inc., Class A | 66635 |
|  |  | 344563 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 987 | Carnival Corporation | 29630 |
| 104 | Hilton Worldwide Holdings, Inc. | 31045 |
| 97 | Marriott International Inc, Class A | 30584 |
| 1578 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 34653 |
| 110 | Royal Caribbean Cruises Ltd. | 35711 |
|  |  | 161623 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 2874 | Hasbro, Inc. | 256677 |
|  | **MACHINERY - 0.2%** |  |
| 104 | Caterpillar, Inc. | 68365 |
|  | **METALS & MINING - 1.7%** |  |
| 4045 | Freeport-McMoRan, Inc. | 243630 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 23.6% (Continued)** |  |
|  | **METALS & MINING - 1.7% (Continued)** |  |
| 2002 | Newmont Corporation | $224925 |
|  |  | 468555 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 72 | First Solar, Inc.<sup>(a)</sup> | 16237 |
|  | **SEMICONDUCTORS - 1.7%** |  |
| 66 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 15624 |
| 64 | Analog Devices, Inc. | 19896 |
| 153 | Applied Materials, Inc. | 49315 |
| 45 | Broadcom, Inc. | 14909 |
| 564 | Intel Corporation<sup>(a)</sup> | 26209 |
| 31 | KLA Corporation | 44266 |
| 213 | Lam Research Corporation | 49727 |
| 299 | Microchip Technology, Inc. | 22700 |
| 59 | Micron Technology, Inc. | 24478 |
| 16 | Monolithic Power Systems, Inc. | 17986 |
| 120 | NVIDIA Corporation | 22936 |
| 93 | NXP Semiconductors N.V. | 21031 |
| 362 | ON Semiconductor Corporation<sup>(a)</sup> | 21680 |
| 130 | QUALCOMM, Inc. | 19707 |
| 293 | Skyworks Solutions, Inc. | 16338 |
| 213 | Teradyne, Inc. | 51343 |
| 110 | Texas Instruments, Inc. | 23711 |
|  |  | 461856 |
|  | **SPECIALTY FINANCE - 0.9%** |  |
| 226 | American Express Company | 79590 |
| 390 | Capital One Financial Corporation | 85384 |
| 1161 | Synchrony Financial | 84323 |
|  |  | 249297 |
|  | **STEEL - 0.9%** |  |
| 732 | Nucor Corporation | 130091 |
| 724 | Steel Dynamics, Inc. | 130009 |
|  |  | 260100 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 23.6% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 0.9%** |  |
| 1159 | Corning, Inc. | $119667 |
| 547 | Jabil, Inc. | 129743 |
|  |  | 249410 |
|  | **TOBACCO & CANNABIS - 0.9%** |  |
| 1999 | Altria Group, Inc. | 123918 |
| 711 | Philip Morris International, Inc. | 127582 |
|  |  | 251500 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 1235 | Delta Air Lines, Inc. | 81374 |
| 1965 | Southwest Airlines Company | 93377 |
| 776 | United Airlines Holdings, Inc.<sup>(a)</sup> | 79400 |
|  |  | 254151 |
|  | **TRANSPORTATION EQUIPMENT - 0.7%** |  |
| 119 | Cummins, Inc. | 68880 |
| 548 | PACCAR, Inc. | 67355 |
| 302 | Westinghouse Air Brake Technologies Corporation | 69502 |
|  |  | 205737 |
|  | **TOTAL COMMON STOCKS (Cost $5,529,784)** | 6561048 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 59.0%** |  |
|  | **COMMODITY - 4.1%** |  |
| 47087 | Invesco DB Commodity Index Tracking Fund, N | 1150335 |
|  | **EQUITY - 22.0%** |  |
| 14009 | Global X MSCI Colombia ETF | 587818 |
| 5940 | Global X MSCI Greece ETF | 438075 |
| 4317 | iShares MSCI Israel ETF | 513680 |
| 7373 | iShares MSCI Italy ETF | 412003 |
| 5598 | iShares MSCI Peru and Global Exposure ETF | 484787 |
| 11882 | iShares MSCI Poland ETF | 446644 |
| 14684 | iShares MSCI Singapore ETF | 414236 |
| 6159 | iShares MSCI South Africa ETF | 450839 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 59.0% (Continued)** |  |
|  | **EQUITY - 22.0% (Continued)** |  |
| 3848 | iShares MSCI South Korea ETF | $471034 |
| 7805 | iShares MSCI Spain ETF | 439343 |
| 1555 | Vanguard Growth ETF | 748810 |
| 2257 | Vanguard Small-Cap Growth ETF | 706080 |
|  |  | 6113349 |
|  | **FIXED INCOME - 25.1%** |  |
| 14474 | iShares 20+ Year Treasury Bond ETF | 1261120 |
| 13130 | iShares iBoxx $ High Yield Corporate Bond ETF | 1065106 |
| 10860 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1200790 |
| 10302 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 994967 |
| 11631 | iShares TIPS Bond ETF | 1284993 |
| 12123 | SPDR Bloomberg Convertible Securities ETF | 1132288 |
|  |  | 6939264 |
|  | **MIXED ALLOCATION - 7.8%** |  |
| 3126 | Arrow Reserve Capital Management ETF<sup>(i)(j)</sup> | 313178 |
| 100000 | Arrow Valtoro ETF<sup>(a)(j)</sup> | 1860210 |
|  |  | 2173388 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $15,095,621)** | 16376336 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Expiration<br> Date** | **Exercise<br> Price** | |
|  | **RIGHT — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **ASSET MANAGEMENT - 0.0% <sup>(b)</sup>** |  |  |  |
| 25422 | Sycamore Partners, LLC **(Cost $0)** | 8/28/2029 | $3 |  |
|  | **SHORT-TERM INVESTMENT — 4.4%** |  |  |  |
|  | **MONEY MARKET FUND - 4.4%** |  |  |  |
| 1208256 | First American Government Obligations Fund, Class X, 3.61%<sup>(c)</sup> **(Cost $1,208,256)** | First American Government Obligations Fund, Class X, 3.61%<sup>(c)</sup> **(Cost $1,208,256)** | First American Government Obligations Fund, Class X, 3.61%<sup>(c)</sup> **(Cost $1,208,256)** | 1208256 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Contracts<sup>(d)</sup> |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 9.3%** | **EQUITY OPTIONS PURCHASED - 9.3%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 9.3%** | **CALL OPTIONS PURCHASED - 9.3%** |  |  |  |  |  |
| 1160 | Galaxy Plus Financial Call Option<sup>(h)</sup> | Nomura | 12/20/2026 | $| 0.0001 | $1174500 | $849944 |
| 840 | Galaxy Plus Commodity Call Option<sup>(f)(g)</sup> | Nomura | 12/20/2026 |  | 0.0001 | 850500 | 1738926 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)** |  |  | 2588870 |
|  | **TOTAL INVESTMENTS - 96.3% (Cost $23,858,661)** | **TOTAL INVESTMENTS - 96.3% (Cost $23,858,661)** | **TOTAL INVESTMENTS - 96.3% (Cost $23,858,661)** | **TOTAL INVESTMENTS - 96.3% (Cost $23,858,661)** | **TOTAL INVESTMENTS - 96.3% (Cost $23,858,661)** |  | $26734510 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** |  | 1023672 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  | $27758182 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 5 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 06/29/2026 | $2390350 | $306560 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(f)</sup> All or a portion of this investment is a holding of the ADWAB Fund.

<sup>(g)</sup> These securities provide exposure to daily returns of the reference asset that are not publicly available; the holdings of the Galaxy Plus Commodity Call option are shown on the subsequent pages.

<sup>(h)</sup> These securities provide exposure to daily returns of the reference asset that are not publicly available; the holdings of the Galaxy Plus Financial Call option are shown on the subsequent pages.

<sup>(i)</sup> Affiliated Company - The Arrow DWA Tactical: Balanced Fund holds in excess of 5% of the outstanding voting securities of the exchange traded fund.

<sup>(j)</sup> Affiliated Exchange-Traded Fund.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

Additional Information — Galaxy Plus Commodity Call Option

The following table represents the top 50 positions based on the absolute notional values and related values within the commodity feeder option as of January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Quantity | Description | Expiration | Notional Amount | Weight | Unrealized Appreciation/<br> (Depreciation) |
| 46 | CMX Gold | Feb-26 | $21496957 | 10.59% | $166568 |
| 248 | LME Aluminum US | Mar-26 | 19391078 | 9.55% | 38466 |
| 157 | CME Live Cattle | Apr-26 | 14803150 | 7.29% | 4461 |
| 1087 | SGX Iron Ore 62% | Mar-26 | 11502291 | 5.67% | (6508) |
| (458) | CBT Corn | Mar-26 | 9928498 | 4.89% | 14187 |
| 67 | CMX Copper | Mar-26 | 9885503 | 4.87% | 18603 |
| (376) | CBT Wheat | Mar-26 | 9777440 | 4.82% | (24225) |
| 105 | LME Zinc US | Mar-26 | 8428307 | 4.15% | 28848 |
| 16 | CMX Silver | Mar-26 | 7043040 | 3.47% | 66476 |
| 6288132 | U.S. Treasury Bill | Apr-26 | 6233889 | 3.07% | 584 |
| 47 | NYM Platinum | Apr-26 | 5671175 | 2.79% | 11338 |
| 51 | CME Live Cattle | Feb-26 | 4801075 | 2.37% | 2451 |
| (140) | ICE US Cotton | Mar-26 | 4509940 | 2.22% | 793 |
| (269) | CSC Sugar | Mar-26 | 4463762 | 2.20% | 7307 |
| (170) | TTF Natural Gas | Feb-26 | 4092564 | 2.02% | (65685) |
| (154) | CBT Red Wheat | Mar-26 | 4065026 | 2.00% | (8170) |
| (55) | ICE US Cocoa | Mar-26 | 2842912 | 1.40% | 32057 |
| (79) | NYM Natural Gas | Apr-26 | 2518752 | 1.24% | (39819) |
| 2399813 | U.S. Treasury Bill | Mar-26 | 2384976 | 1.18% | 221 |
| 2197027 | U.S. Treasury Bill | Apr-26 | 2179848 | 1.07% | 218 |
| 1946839 | U.S. Treasury Bill | Apr-26 | 1930943 | 0.95% | 211 |
| 48 | CME Lean Hogs | Apr-26 | 1809655 | 0.89% | 2818 |
| (31) | CME Crude Oil | Feb-26 | 1796235 | 0.88% | (5560) |
| 1763329 | U.S. Treasury Bill | Mar-26 | 1754131 | 0.86% | 157 |
| 1553782 | U.S. Treasury Bill | Feb-26 | 1550362 | 0.76% | 143 |
| (86) | CSC Sugar | May-26 | 1372962 | 0.68% | 4782 |
| 3 | CMX Gold | Apr-26 | 1353005 | 0.67% | (43785) |
| (15) | IPE Brent Crude Oil | Apr-26 | 1319141 | 0.65% | (3944) |
| (36) | ICE US Cotton | May-26 | 1197231 | 0.59% | 874 |
| 1128034 | U.S. Treasury Note | Oct-26 | 1128774 | 0.56% | (225) |
| 1029086 | U.S. Treasury Bill | Feb-26 | 1025936 | 0.51% | 98 |
| 11 | NYM RBOB Gas | Apr-26 | 960269 | 0.47% | 3330 |
| 847651 | U.S. Treasury Note | Mar-26 | 849041 | 0.42% | (28) |
| 847651 | U.S. Treasury Note | Apr-26 | 847752 | 0.42% | 3 |
| (26) | CBT Bean Oil | Mar-26 | 828471 | 0.41% | (4370) |
| 818106 | U.S. Treasury Bill | Feb-26 | 817016 | 0.40% | 75 |
| 6 | ICE US Coffee | Mar-26 | 795476 | 0.39% | 721 |
| 10 | ICE LS GasOil | Feb-26 | 641105 | 0.32% | 2516 |
| 630554 | U.S. Treasury Bill | May-26 | 623293 | 0.31% | 95 |
| 611402 | Duke Energy Corp | Sep-26 | 606693 | 0.30% | (44) |
| 593356 | U.S. Treasury Note | May-26 | 593372 | 0.29% | (10) |
| 593356 | U.S. Treasury Note | May-26 | 589430 | 0.29% | 499 |
| 530630 | WEC Energy Group Inc. | Sep-26 | 535474 | 0.26% | (6) |
| 513677 | Entergy Corp. | Sep-26 | 510379 | 0.25% | 39 |
| 505788 | Goldman Sachs Group Inc. | Jan-27 | 505463 | 0.25% | 19 |
| 502657 | Fedex Corp. | Apr-26 | 501755 | 0.25% | 19 |
| 5 | Heating Oil | Feb-26 | 493895 | 0.24% | 3524 |
| 493333 | Textron Inc. | Mar-27 | 490766 | 0.24% | 1 |
| (7) | Crude Oil | Apr-26 | 483966 | 0.24% | (1366) |
| 486552 | Citigroup Inc. | Oct-26 | 483877 | 0.24% | 20 |
| 14863248 | Other Underlying Index Components |  | 18559160 | 9.15% | 1073 |
|  |  |  |  |  | $209850 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: BALANCED FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

Additional Information — Galaxy Plus Financial Call Option

The following table represents the top 50 positions based on the absolute notional values and related values within the financial feeder option as of January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Quantity | Description | Expiration | Notional Amount | Weight | Unrealized Appreciation/<br> (Depreciation) |
| 511 | 3-Month Sonia | Dec-26 | $166972150 | 29.06% | $(9513) |
| (723) | SFE 3-Year Australian Bond | Mar-26 | 51478872 | 8.96% | 4274 |
| (239) | Eurex E-Schatz | Mar-26 | 29910929 | 5.21% | (1077) |
| (35) | OSE 10 Year Japan Government Bond | Mar-26 | 29213336 | 5.08% | 6329 |
| 201 | CBT 5-Year T-Note | Mar-26 | 21907758 | 3.81% | (4504) |
| 227 | CME British Pound | Mar-26 | 19145604 | 3.33% | 12701 |
| 129 | IMM Euro Fx | Mar-26 | 18900276 | 3.29% | 912 |
| 271 | CME Australian Dollar | Mar-26 | 18294837 | 3.18% | 28959 |
| 78 | CBT 2 Year T-Note | Mar-26 | 16803318 | 2.92% | (2140) |
| 592 | IMM Mexican Peso | Mar-26 | 16648220 | 2.90% | 19527 |
| 135 | CBT 10 Year T-Note | Mar-26 | 15132751 | 2.63% | (3701) |
| 86 | CME Swiss Franc | Mar-26 | 13685681 | 2.38% | 4704 |
| 103 | LIF Long Gilt | Mar-26 | 12788813 | 2.23% | (3680) |
| 87 | Eurex Euro-BTP | Mar-26 | 12305952 | 2.14% | 2881 |
| (159) | SFE 10-Year T-Bond | Mar-26 | 11842479 | 2.06% | 1516 |
| 39 | S&P Canadian 60 | Mar-26 | 10907807 | 1.90% | (2725) |
| (41) | 3-Month SOFR Futures | Mar-26 | 9925692 | 1.73% | 846 |
| 38 | OSE Topix | Mar-26 | 8546115 | 1.49% | 10971 |
| 58 | New FTSE 100 | Mar-26 | 7937400 | 1.38% | 7088 |
| (49) | Eurex Euro-Bund | Mar-26 | 7290578 | 1.27% | (1830) |
| (81) | CME Japanese Yen | Mar-26 | 6514118 | 1.13% | (3702) |
| 74 | Eurex E-STXX 50 | Mar-26 | 5140576 | 0.89% | 5082 |
| 7 | Eurex Dax IDX | Mar-26 | 4941983 | 0.86% | (2618) |
| 38 | CBT 30-Year T-Bonds | Mar-26 | 4436450 | 0.77% | (759) |
| 13 | OSE Nikkei SA | Mar-26 | 4427710 | 0.77% | 7481 |
| 30 | Eurex Oat | Mar-26 | 4254955 | 0.74% | 1416 |
| 12 | E-Mini S&P 500 | Mar-26 | 4104099 | 0.71% | 270 |
| 17 | CBT Mini DOW 5 | Mar-26 | 4098567 | 0.71% | 1154 |
| 42 | Canadian Government Bond | Mar-26 | 3719948 | 0.65% | 380 |
| 11 | Lif 3-Month Euribor | Dec-26 | 3183138 | 0.55% | 86 |
| 5 | IMM E-Mini Nasdaq | Mar-26 | 2795047 | 0.49% | 526 |
| 14 | SFE SPI 200 | Mar-26 | 2111281 | 0.37% | 892 |
| (1) | 3-Month SOFR Futures | Dec-26 | 2021240 | 0.35% | (233) |
| 1408123 | U.S. Treasury Bill | Mar-26 | 1400909 | 0.24% | 131 |
| 14 | Mon CAC40 Index | Feb-26 | 1366850 | 0.24% | 2605 |
| (4) | ICE Sonia SO3 | Mar-26 | 1359710 | 0.24% | (37) |
| 1094930 | U.S. Treasury Bill | Feb-26 | 1093029 | 0.19% | 110 |
| 972708 | U.S. Treasury Bill | Mar-26 | 966767 | 0.17% | 89 |
| (12) | IMM Canadian Dollar | Mar-26 | 891463 | 0.16% | (864) |
| 5 | Hang Seng IDX Future | Feb-26 | 886586 | 0.15% | 940 |
| 880458 | U.S. Treasury Bill | Apr-26 | 872944 | 0.15% | 85 |
| 7 | Mon CAC40 Incex | Feb-26 | 673039 | 0.12% | (1675) |
| 646614 | U.S. Treasury Bill | Apr-26 | 641597 | 0.11% | 65 |
| 513581 | U.S. Treasury Bill | Apr-26 | 509383 | 0.09% | 55 |
| 502838 | U.S. Treasury Note | Oct-26 | 503164 | 0.09% | (98) |
| 505144 | U.S. Treasury Bill | May-26 | 499587 | 0.09% | 70 |
| 2 | Hang Seng IDX Future | Feb-26 | 336814 | 0.06% | 2060 |
| 1 | Eurex BOBL | Mar-26 | 327150 | 0.06% | 83 |
| 310997 | U.S. Treasury Note | Apr-26 | 311034 | 0.05% | 1 |
| 310436 | U.S. Treasury Bill | Feb-26 | 309274 | 0.05% | 31 |
| 9982749 | Other Underlying Index Components |  | 10221658 | 1.80% | 527 |
|  |  |  |  |  | $**85691** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: MACRO FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 67.1%** |  |
|  | **EQUITY - 65.0%** |  |
| 56935 | iShares Europe ETF | $4083948 |
| 81061 | iShares MSCI Emerging Markets ETF | 4790705 |
| 69978 | iShares MSCI Eurozone ETF | 4664733 |
| 14781 | iShares MSCI USA Momentum Factor ETF | 3782310 |
| 32649 | iShares MSCI USA Value Factor ETF | 4805279 |
| 37055 | iShares S&P 500 Growth ETF | 4590744 |
| 27581 | State Street Industrial Select Sector SPDR Fund | 4563001 |
|  |  | 31280720 |
|  | **MIXED ALLOCATION - 2.1%** |  |
| 55000 | Arrow Valtoro ETF<sup>(a)(g)</sup> | 1023116 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,898,295)** | 32303836 |
|  | **SHORT-TERM INVESTMENT — 15.9%** |  |
|  | **MONEY MARKET FUND - 15.9%** |  |
| 7635481 | First American Government Obligations Fund, Class X, 3.61%<sup>(c)(f)</sup> **(Cost $7,635,481)** | 7635481 |
|  | **TOTAL INVESTMENTS - 83.0% (Cost $34,533,776)** | $39939317 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 17.0%** | 8203136 |
|  | **NET ASSETS - 100.0%** | $48142453 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW DWA TACTICAL: MACRO FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(e)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 18 | COMEX Gold 100 Troy Ounces Future<sup>(d)</sup> | 06/29/2026 | $8605260 | $1096990 |
| 21 | COMEX Silver Future<sup>(d)</sup> | 03/30/2026 | 8245755 | 2852030 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $3949020 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(f)</sup> All or a portion of this investment is a holding of the ADWAT Fund.

<sup>(g)</sup> Affiliated Exchange-Traded Fund.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW MANAGED FUTURES STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 17.5%** | **EXCHANGE-TRADED FUND — 17.5%** | **EXCHANGE-TRADED FUND — 17.5%** | **EXCHANGE-TRADED FUND — 17.5%** |  |
|  | **MIXED ALLOCATION - 17.5%** | **MIXED ALLOCATION - 17.5%** | **MIXED ALLOCATION - 17.5%** | **MIXED ALLOCATION - 17.5%** |  |
| 405877 | Arrow Reserve Capital Management ETF<sup>(c)(d)</sup>**(Cost $40,605,368)** | Arrow Reserve Capital Management ETF<sup>(c)(d)</sup>**(Cost $40,605,368)** | Arrow Reserve Capital Management ETF<sup>(c)(d)</sup>**(Cost $40,605,368)** | Arrow Reserve Capital Management ETF<sup>(c)(d)</sup>**(Cost $40,605,368)** | $40662787 |
|  | **PRIVATE INVESTMENT FUND — 41.6%** | **PRIVATE INVESTMENT FUND — 41.6%** | **PRIVATE INVESTMENT FUND — 41.6%** | **PRIVATE INVESTMENT FUND — 41.6%** |  |
|  | **FINANCIAL POOL - 41.6%** | **FINANCIAL POOL - 41.6%** | **FINANCIAL POOL - 41.6%** | **FINANCIAL POOL - 41.6%** |  |
| N/A | Galaxy Plus Fund LLC– Dunn Financials Feeder Fund<sup>(a)(g)</sup> **(Cost $103,583,498)** | Galaxy Plus Fund LLC– Dunn Financials Feeder Fund<sup>(a)(g)</sup> **(Cost $103,583,498)** | Galaxy Plus Fund LLC– Dunn Financials Feeder Fund<sup>(a)(g)</sup> **(Cost $103,583,498)** | Galaxy Plus Fund LLC– Dunn Financials Feeder Fund<sup>(a)(g)</sup> **(Cost $103,583,498)** | 96474164 |
|  | **SHORT-TERM INVESTMENT — 19.8%** | **SHORT-TERM INVESTMENT — 19.8%** | **SHORT-TERM INVESTMENT — 19.8%** | **SHORT-TERM INVESTMENT — 19.8%** |  |
|  | **MONEY MARKET FUND - 19.8%** | **MONEY MARKET FUND - 19.8%** | **MONEY MARKET FUND - 19.8%** | **MONEY MARKET FUND - 19.8%** |  |
| 46018575 | First American Government Obligations Fund, Class X, 3.61%<sup>(b)(e)</sup> **(Cost $46,018,575)** | First American Government Obligations Fund, Class X, 3.61%<sup>(b)(e)</sup> **(Cost $46,018,575)** | First American Government Obligations Fund, Class X, 3.61%<sup>(b)(e)</sup> **(Cost $46,018,575)** | First American Government Obligations Fund, Class X, 3.61%<sup>(b)(e)</sup> **(Cost $46,018,575)** | 46018575 |
| **Contracts** | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 21.7%** |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 21.7%** |  |  |  |  |
| 21472 | Nomura | 12/20/2026 | $0.0001 | $21926223 | $50184775 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $21,926,223)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $21,926,223)** |  |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $21,926,223)** | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $21,926,223)** |  |  | 50184775 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $212,133,664)** |  |  |  | $233340301 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** |  |  | (1328375) |
|  | **NET ASSETS - 100.0%** |  |  |  | $232011926 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(c)</sup> Affiliated Company - The Arrow Managed Futures Strategy Fund holds in excess of 5% of the outstanding voting securities of the Exchange-Traded Fund.

<sup>(d)</sup> Affiliated Exchange-Traded Fund.

<sup>(e)</sup> All or a portion of this investment is a holding of the Arrow MFT Fund Limited.

<sup>(f)</sup> These securities provide exposure to daily returns of the reference asset that are not publicly available; the holdings of the Galaxy Plus Commodity Call option are shown on the subsequent pages.

<sup>(g)</sup> Galaxy Plus Fund LLC – Dunn Financials Feeder Fund (589) LLC (the "Onshore Feeder") effectuates its trading strategy through the Galaxy Plus Fund – Dunn Financials Master Fund (589) LLC (the "Onshore Master Fund"). The strategy's objective is to generate absolute returns through long or short positions in accordance with estimated strength or weakness of a particular market's trending. Arrow Managed Futures Strategy Fund invests into the Feeder and the Feeder invests in the Master.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ARROW MANAGED FUTURES STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

Additional Information — Galaxy Plus Commodity Call Option

The following table represents the top 50 positions based on the absolute notional values and related values within the commodity feeder option as of January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Quantity | Description | Expiration | Notional Amount | Weight | Unrealized Appreciation/<br> (Depreciation) |
| 1606 | CMX Gold | Feb-26 | $744623547 | 10.59% | $5612763 |
| 8512 | LME Aluminum US | Mar-26 | 665688317 | 9.55% | 1312403 |
| 5253 | CME Live Cattle | Apr-26 | 496741981 | 7.29% | 143763 |
| 37467 | SGX Iron Ore 62% | Mar-26 | 396685647 | 5.67% | (225876) |
| (15769) | CBT Corn | Mar-26 | 341914726 | 4.89% | 516943 |
| 2315 | CMX Copper | Mar-26 | 340912442 | 4.87% | 620684 |
| (12781) | CBT Wheat | Mar-26 | 332387216 | 4.82% | (776967) |
| 3586 | LME Zinc US | Mar-26 | 289013016 | 4.15% | 938846 |
| 550 | CMX Silver | Mar-26 | 241970998 | 3.47% | 2363253 |
| 218073246 | U.S. Treasury Bill | Apr-26 | 216186631 | 3.07% | 20144 |
| 1604 | NYM Platinum | Apr-26 | 194139273 | 2.79% | 454857 |
| 1802 | CME Live Cattle | Feb-26 | 169144832 | 2.37% | 81656 |
| (4877) | ICE US Cotton | Mar-26 | 156829871 | 2.22% | 20081 |
| (9267) | CSC Sugar | Mar-26 | 153521596 | 2.20% | 243048 |
| (6014) | TTF Natural Gas | Feb-26 | 144628564 | 2.02% | (2303593) |
| (5305) | CBT Red Wheat | Mar-26 | 139969638 | 2.00% | (269081) |
| (1897) | ICE US Cocoa | Mar-26 | 98867990 | 1.40% | 1114909 |
| (2673) | NYM Natural Gas | Apr-26 | 85076794 | 1.24% | (1309877) |
| 83982896 | U.S. Treasury Bill | Mar-26 | 83461877 | 1.18% | 7704 |
| 75463960 | U.S. Treasury Bill | Apr-26 | 74871950 | 1.07% | 7426 |
| 65365491 | U.S. Treasury Bill | Apr-26 | 64830467 | 0.95% | 7045 |
| (1097) | CME Crude Oil | Feb-26 | 63938702 | 0.89% | (198203) |
| 1647 | CME Lean Hogs | Apr-26 | 61770384 | 0.88% | 101388 |
| 61119253 | U.S. Treasury Bill | Mar-26 | 60798799 | 0.86% | 5412 |
| 55330088 | U.S. Treasury Bill | Feb-26 | 55208357 | 0.76% | 5100 |
| (549) | IPE Brent Crude Oil | Apr-26 | 46298740 | 0.68% | (146251) |
| (2845) | CSC Sugar | May-26 | 45652936 | 0.67% | 154240 |
| 83 | CMX Gold | Apr-26 | 43536179 | 0.65% | (1408875) |
| (1237) | ICE US Cotton | May-26 | 40693392 | 0.59% | 28025 |
| 38450419 | U.S. Treasury Note | Oct-26 | 38475379 | 0.56% | (7587) |
| 36481503 | U.S. Treasury Bill | Feb-26 | 36369684 | 0.51% | 3473 |
| 366 | NYM RBOB Gas | Apr-26 | 32130806 | 0.47% | 108595 |
| 29151186 | U.S. Treasury Note | Mar-26 | 29199287 | 0.42% | (961) |
| 29151186 | U.S. Treasury Note | Apr-26 | 29154607 | 0.42% | 119 |
| 29119773 | U.S. Treasury Bill | Feb-26 | 29081022 | 0.41% | 2672 |
| (924) | CBT Bean Oil | Mar-26 | 29073601 | 0.40% | (150844) |
| 208 | ICE US Coffee | Mar-26 | 27950952 | 0.39% | 27196 |
| 346 | ICE LS GasOil | Feb-26 | 22205390 | 0.32% | 84406 |
| 20895760 | Duke Energy Corp. | Sep-26 | 20734560 | 0.31% | (1581) |
| 20405830 | U.S. Treasury Note | May-26 | 20406528 | 0.30% | (354) |
| 20405830 | U.S. Treasury Note | May-26 | 20269922 | 0.29% | 16098 |
| 20289581 | U.S. Treasury Bill | May-26 | 20055936 | 0.29% | 3065 |
| 18248643 | WEC Energy Group Inc. | Sep-26 | 18415353 | 0.26% | (204) |
| 17665619 | Entergy Corp. | Sep-26 | 17551902 | 0.25% | 1370 |
| 17385518 | Goldman Sachs Group Inc. | Jan-27 | 17374178 | 0.25% | 621 |
| 187 | Heating Oil | Feb-26 | 17272121 | 0.25% | 119615 |
| 17286654 | Fedex Corp. | Apr-26 | 17255339 | 0.24% | 683 |
| 16965990 | Textron Inc. | Mar-27 | 16877721 | 0.24% | 53 |
| (254) | Crude Oil | Apr-26 | 16766620 | 0.24% | (48472) |
| 16732781 | Citigroup Inc. | Oct-26 | 16640424 | 0.24% | 649 |
| 509503117 | Other Underlying Index Components |  | 637635743 | 9.15% | 32777 |
|  |  |  |  |  | $**7312356** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Arrow Funds*** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Arrow DWA**<br>**Tactical:**<br>**Balanced Fund** | **Arrow DWA**<br>**Tactical:**<br>**Macro Fund** | **Arrow Managed**<br>**Futures Strategy**<br>**Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated companies, At cost | $21550116 | $33494022 | $171528296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies, At cost | 2308545 | 1039754 | 40605368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $23858661 | $34533776 | $212133664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated companies, At value | $24561122 | $38916201 | $192677514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies, At value | 2173388 | 1023116 | 40662787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $26734510 | $39939317 | $233340301 |
| Cash | 148 |  |  |
| Deposits with brokers: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Goldman Sachs & Co. LLC | 514253 | 4175569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options - Goldman Sachs & Co. LLC | 170474 | 92362 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 306560 | 3949020 |  |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 681729 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 824 | 74808 | 275319 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 10114 | 23288 | 207234 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 31936 | 45337 | 62107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 28450548 | 48299701 | 233884961 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 620709 |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 18914 | 34159 | 169458 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased | 456 | 61471 | 1378655 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 22155 | 28227 | 119676 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 3813 | 6183 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 30132 | 29578 | 199063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 692366 | 157248 | 1873035 |
| **NET ASSETS** | $**27758182** | $**48142453** | $**232011926** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $23880285 | $34026433 | $203583004 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 3877897 | 14116020 | 28428922 |
| **NET ASSETS** | $**27758182** | $**48142453** | $**232011926** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Arrow Funds*** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)** |
| **January 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Arrow DWA**<br>**Tactical:**<br>**Balanced Fund** | **Arrow DWA**<br>**Tactical:**<br>**Macro Fund** | **Arrow Managed**<br>**Futures Strategy**<br>**Fund** |
| **Net Asset Value Per Share:** |  |  |  |
| Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**22355441** | $**27072872** | $**20755012** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1809752** | **2337237** | **3161984** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), and redemption price per share (a) | $**12.35** | $**11.58** | $**6.56** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charges of 5.75%) (b) | $**13.10** | $**12.29** | $**6.96** |
| Class C Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1308977** | $**1483935** | $**1145661** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **120593** | **147132** | **196388** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), offering price and redemption price per share(a) | $**10.85** (c) | $**10.09** | $**5.83** |
| Institutional Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4093764** | $**19585646** | $**210111253** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **322584** | **1666417** | **31251101** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), offering price and redemption price per share(a) | $**12.69** | $**11.75** | $**6.72** |

---

(a) For each of the Funds redemptions of shares held less than 30
 days may be assessed a redemption fee of 1.00%.

(b) For certain purchases of $1 million or more, a 1% contingent
 deferred sales charge may apply to redemptions made within 18 months of purchase, where the maximum sales charge of 5.75% is waived at
 the time of purchase.

(c) The NAV shown above differs from the traded NAV on January 31,
 2026 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Arrow Funds*** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended January 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Arrow DWA**<br>**Tactical:**<br>**Balanced Fund** | **Arrow DWA**<br>**Tactical:**<br>**Macro Fund** | **Arrow Managed**<br>**Futures Strategy**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated companies | $297231 | $173819 | $— |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated companies | 5960 | 149369 | 773845 |
| &nbsp;&nbsp;&nbsp;Interest | 62668 | 237138 | 825241 |
| &nbsp;&nbsp;&nbsp;Less: Withholding tax | (2607) | (7670) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 363252 | 552656 | 1599086 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 123381 | 196908 | 902675 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class A | 27502 | 32078 | 24865 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class C | 7333 | 7802 | 5638 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 26864 | 36248 | 137816 |
| &nbsp;&nbsp;&nbsp;Registration fees | 25194 | 28584 | 75093 |
| &nbsp;&nbsp;&nbsp;Professional fees | 24468 | 27424 | 144919 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 21046 | 26624 | 98808 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 10527 | 9644 | 96408 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 7100 | 7100 | 68080 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 5000 | 5000 | 28152 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4900 | 3618 | 5160 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4232 | 4232 | 4232 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1400 | 6870 | 31000 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 1236 | 1500 | 10488 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1288 | 1288 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 291471 | 394920 | 1635174 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived | (1472) | (1305) | (12048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 289999 | 393615 | 1623126 |
| **NET INVESTMENT INCOME (LOSS)** | 73253 | 159041 | (24040) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, unaffiliated companies | 929207 | 1710860 | 8950112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, affiliated companies |  | 57050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital gains from affiliated companies | 8 |  | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 431101 | 3535894 |  |
|  | 1360316 | 5303804 | 8951086 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, unaffiliated companies | 2627757 | 1005995 | 50542631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, affiliated companies | (134556) | (147205) | 30440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 282903 | 3573085 |  |
|  | 2776104 | 4431875 | 50573071 |
| **NET REALIZED AND UNREALIZED GAIN** | 4136420 | 9735679 | 59524157 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**4209673** | $**9894720** | $**59500117** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Balanced Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $73253 | $132394 |
| &nbsp;&nbsp;&nbsp;Net realized gain from securities, futures contracts, written options and swap contracts | 1360308 | 3068280 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from affiliated companies | 8 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of securities, futures contracts, written options and swap contracts | 2776104 | (2599119) |
| Net increase in net assets resulting from operations | 4209673 | 601555 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2423440) | (29429) |
| &nbsp;&nbsp;&nbsp;Class C | (160819) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (444826) | (16021) |
| Net decrease in net assets from distributions to shareholders | (3029085) | (45450) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 264923 | 292511 |
| &nbsp;&nbsp;&nbsp;Class C | 690 | 60934 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 412104 | 826070 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2271083 | 27578 |
| &nbsp;&nbsp;&nbsp;Class C | 158365 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 410627 | 14336 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2448498) | (4269441) |
| &nbsp;&nbsp;&nbsp;Class C | (337742) | (1360980) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (577870) | (1518836) |
| Net increase (decrease) in net assets from shares of beneficial interest | 153682 | (5927828) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1334270 | (5371723) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 26423912 | 31795635 |
| &nbsp;&nbsp;&nbsp;End of Period | $**27758182** | $**26423912** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Balanced Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 21518 | 25357 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 189415 | 2377 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (194392) | (367807) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 16541 | (340073) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 63 | 5826 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 15025 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (30468) | (131812) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (15380) | (125986) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 31740 | 68921 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 33357 | 1207 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (44868) | (127382) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 20229 | (57254) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Macro Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $159041 | $180749 |
| &nbsp;&nbsp;&nbsp;Net realized gain from securities, futures contracts and written options | 5303804 | 5850986 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of securities, futures contracts and written options | 4431875 | (1719082) |
| Net increase in net assets resulting from operations | 9894720 | 4312653 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2566661) |  |
| &nbsp;&nbsp;&nbsp;Class C | (159169) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1680014) |  |
| Net decrease in net assets from distributions to shareholders | (4405844) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 598491 | 889620 |
| &nbsp;&nbsp;&nbsp;Class C | 11500 | 23243 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3091133 | 1553738 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2360754 |  |
| &nbsp;&nbsp;&nbsp;Class C | 155971 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1483611 |  |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2 | 28 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 920 | 6 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2765567) | (4578184) |
| &nbsp;&nbsp;&nbsp;Class C | (440416) | (894971) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1791519) | (2540566) |
| Net increase (decrease) in net assets from shares of beneficial interest | 2704880 | (5547086) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8193756 | (1234433) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 39948697 | 41183130 |
| &nbsp;&nbsp;&nbsp;End of Period | $**48142453** | $**39948697** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Macro Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 52270 | 93021 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 208732 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (244178) | (477369) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 16824 | (384348) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1139 | 2753 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 15835 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (45646) | (105175) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (28672) | (102422) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 266879 | 159487 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 129347 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (158458) | (264909) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 237768 | (105422) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow Managed Futures Strategy Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(24040) | $4431006 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from securities and swap contracts | 8950112 | (7315019) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from affiliated companies | 974 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of securities and swap contracts | 50573071 | (29679833) |
| Net increase (decrease) in net assets resulting from operations | 59500117 | (32563846) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1749714 | 7318789 |
| &nbsp;&nbsp;&nbsp;Class C | 137908 | 292390 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 19786271 | 61335095 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 63 | 1900 |
| &nbsp;&nbsp;&nbsp;Class C |  | 48 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1113 | 2633 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6462174) | (11729880) |
| &nbsp;&nbsp;&nbsp;Class C | (446498) | (1307322) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (44787881) | (30343629) |
| Net increase (decrease) in net assets from shares of beneficial interest | (30021484) | 25570024 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 29478633 | (6993822) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 202533293 | 209527115 |
| &nbsp;&nbsp;&nbsp;End of Period | $**232011926** | $**202533293** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow Managed Futures Strategy Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**July 31, 2025** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 307759 | 1359765 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1157489) | (2194219) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (849730) | (834454) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 25486 | 58778 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (86230) | (275121) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (60744) | (216343) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3347486 | 11150994 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7763679) | (5418246) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (4416193) | 5732748 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Balanced Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $11.88 | $11.62 | $11.38 | $11.90 | $13.25 | $12.92 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.03 | 0.06 | 0.14 | 0.09 | (0.00) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.92 | 0.22 | 0.58 | 0.07 | (0.73 | 1.92 |
| Total from investment operations | 1.95 | 0.28 | 0.72 | 0.16 | (0.73 | 1.82 |
| Paid-in-capital from redemption fees |  |  | 0.00 | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.02) | (0.48) | (0.31) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.25) |  |  | (0.37 | (0.62 | (1.46 |
| Total distributions | (1.48) | (0.02) | (0.48 | (0.68 | (0.62 | (1.49 |
| Net asset value, end of period | $12.35 | $11.88 | $11.62 | $11.38 | $11.90 | $13.25 |
| Total return (2) | 16.79% (9) | 2.37% | 6.64 | 1.37 | (5.76 | 14.81 |
| Net assets, end of period (000s) | $22355 | $21305 | $24790 | $26386 | $28725 | $33420 |
| Ratio of gross expenses to average net assets (4)(6) | 2.12% (8) | 1.99% | 1.93 | 1.85 | 1.85 | 1.86 |
| Ratio of net expenses to average net assets (4) | 2.11% (8) | 1.98% | 1.92 | 1.84 | 1.84 | 1.85 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.55% (8) | 0.48% | 1.25 | 0.89 | (0.03) | (0.76) |
| Portfolio Turnover Rate | 55% (9) | 106% | 135 | 149 | 122 | 112 |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) Amount represents greater than $(0.01) per share.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Balanced Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $10.55 | $10.38 | $10.15 | $10.64 | $12.01 | $11.89 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.01) | (0.02) | 0.05 | 0.01 | (0.09) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.69 | 0.19 | 0.52 | 0.07 | (0.66 | 1.75 |
| Total from investment operations | 1.68 | 0.17 | 0.57 | 0.08 | (0.75 | 1.58 |
| Paid-in-capital from redemption fees |  |  |  |  | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) |  | (0.34) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.25 |  |  | (0.37) | (0.62 | (1.46 |
| Total distributions | (1.38 |  | (0.34) | (0.57) | (0.62 | (1.46 |
| Net asset value, end of period | $10.85 | $10.55 | $10.38 | $10.15 | $10.64 | $12.01 |
| Total return (2) | 16.30 | 1.64 | 5.81% | 0.69% (7) | (6.55 | 14.04 |
| Net assets, end of period (000s) | $1309 | $1434 | $2719 | $4354 | $5650 | $8150 |
| Ratio of gross expenses to average net assets (4)(6) | 2.87 | 2.74 | 2.68% | 2.60% | 2.60 | 2.61 |
| Ratio of net expenses to average net assets (4) | 2.86 | 2.73 | 2.67% | 2.59% | 2.59 | 2.60 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.20) | (0.26) | 0.50% | 0.14% | (0.80) | (1.51) |
| Portfolio Turnover Rate | 55 | 106 | 135% | 149% | 122 | 112 |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) 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.

(8) Net investment income (loss) on investments per share are balancing
 amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and
 losses in the Consolidated Statements of Operations due to share transactions for the year.

(9) Annualized.

(10) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Balanced Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $12.19 | $11.92 | $11.66 | $12.18 | $13.52 | $13.15 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.05 | 0.09 | 0.17 | 0.13 | 0.03 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.96 | 0.23 | 0.60 | 0.07 | (0.75) | 1.96 |
| Total from investment operations | 2.01 | 0.32 | 0.77 | 0.20 | (0.72) | 1.89 |
| Paid-in-capital from redemption fees |  |  |  | 0.00 |  | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.05) | (0.51) | (0.35) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.25) |  |  | (0.37 | (0.62) | (1.46 |
| Total distributions | (1.51) | (0.05) | (0.51) | (0.72 | (0.62) | (1.52 |
| Net asset value, end of period | $12.69 | $12.19 | $11.92 | $11.66 | $12.18 | $13.52 |
| Total return (2) | 16.90% (7)(9) | 2.67% (7) | 6.94% (7) | 1.63 | (5.57)% (7) | 15.14 |
| Net assets, end of period (000s) | $4094 | $3684 | $4286 | $7565 | $8932 | $13973 |
| Ratio of gross expenses to average net assets (4)(6) | 1.87% (8) | 1.74% | 1.68% | 1.60 | 1.61% | 1.61 |
| Ratio of net expenses to average net assets (4) | 1.86% (8) | 1.73% | 1.67% | 1.59 | 1.59% | 1.59 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.80% (8) | 0.74% | 1.50% | 1.15 | 0.20% | (0.51) |
| Portfolio Turnover Rate | 55% (9) | 106% | 135% | 149 | 122% | 112 |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) 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.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Macro Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** | |  | | | | |
|  | **Ended** | **Year** |  | **Year** | **Year** | **Year** | **Year** |
|  | **January 31,** | **Ended** |  | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **2026** | **July 31,** |  | **July 31,** | **July 31,** | **July 31,** | **July 31,** |
| **Class A Shares** | **(Unaudited)** | **2025** |  | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $10.18 | $9.15 |  | $8.78 | $9.55 | $10.59 | $9.50 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.04 | 0.04 |  | (0.03) | 0.13 | (0.03) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.52 | 0.99 |  | 0.51 | (0.28 | 1.05 | 1.89 |
| Total from investment operations | 2.56 | 1.03 |  | 0.48 | (0.15 | 1.02 | 1.79 |
| Paid-in-capital from redemption fees | 0.00 | 0.00 | (3) |  | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) |  |  | (0.11) | (0.53) |  | (0.49) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.58 |  |  |  | (0.09 | (2.06 | (0.21 |
| Total distributions | (1.16 |  |  | (0.11) | (0.62 | (2.06 | (0.70 |
| Net asset value, end of period | $11.58 | $10.18 |  | $9.15 | $8.78 | $9.55 | $10.59 |
| Total return (2) | 25.46 | 11.26 | % | 5.61% | (1.39 | 10.87 | 19.46 |
| Net assets, end of period (000s) | $27073 | $23624 |  | $24736 | $29536 | $31558 | $27287 |
| Ratio of gross expenses to average net assets (4)(6) | 1.87 | 1.79 | % | 1.84% | 1.65 | 1.69 | 1.83 |
| Ratio of net expenses to average net assets (4) | 1.87 | 1.79 | % | 1.84% | 1.65 | 1.69 | 1.83 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.65 | 0.39 | % | (0.30)% | 1.46 | (0.25) | (0.98) |
| Portfolio Turnover Rate | 47 | 58 | % | 76% | 159 | 150 | 152 |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) Annualized.

(8) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Macro Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $8.95 | $8.10 | $7.75 | $8.49 | $9.70 | $8.75 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.00 | (0.04) | (0.08) | 0.05 | (0.10) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.22 | 0.89 | 0.44 | (0.24) | 0.95 | 1.72 |
| Total from investment operations | 2.22 | 0.85 | 0.36 | (0.19) | 0.85 | 1.57 |
| Paid-in-capital from redemption fees |  |  |  |  | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) |  | (0.01) | (0.46) |  | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.58 |  |  | (0.09) | (2.06 | (0.21 |
| Total distributions | (1.08 |  | (0.01) | (0.55) | (2.06 | (0.62 |
| Net asset value, end of period | $10.09 | $8.95 | $8.10 | $7.75 | $8.49 | $9.70 |
| Total return (2) | 25.10 | 10.49 | 4.70% | (2.13)% | 10.00 | 18.51 |
| Net assets, end of period (000s) | $1484 | $1574 | $2254 | $4121 | $6676 | $9047 |
| Ratio of gross expenses to average net assets (4)(6) | 2.62 | 2.54 | 2.59% | 2.40% | 2.44 | 2.58 |
| Ratio of net expenses to average net assets (4) | 2.62 | 2.54 | 2.59% | 2.40% | 2.43 | 2.58 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.10) | (0.36) | (1.05)% | 0.71% | (1.06) | (1.62) |
| Portfolio Turnover Rate | 47 | 58 | 76% | 159% | 150 | 152 |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment loss by the Fund is affected by the
 timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) The amount of net investment income (loss) on investments per
 share does not accord with the amounts in the Consolidated Statements of Operations due to the timing of shareholder subscriptions and
 redemptions relative to fluctuating net asset values during the year.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow DWA Tactical: Macro Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $10.33 | $9.25 | $8.88 | $9.66 | $10.66 | $9.56 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.05 | 0.07 | (0.01) | 0.15 | 0.01 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.56 | 1.01 | 0.52 | (0.28) | 1.05 | 1.89 |
| Total from investment operations | 2.61 | 1.08 | 0.51 | (0.13) | 1.06 | 1.82 |
| Paid-in-capital from redemption fees (3) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.61) |  | (0.14) | (0.56) |  | (0.51) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.58) |  |  | (0.09) | (2.06) | (0.21) |
| Total distributions | (1.19) |  | (0.14) | (0.65) | (2.06) | (0.72) |
| Net asset value, end of period | $11.75 | $10.33 | $9.25 | $8.88 | $9.66 | $10.66 |
| Total return (2) | 25.56% (8) | 11.68% | 5.84% | (1.24)% | 11.20% | 19.73% |
| Net assets, end of period (000s) | $19586 | $14751 | $14193 | $28224 | $43333 | $17919 |
| Ratio of gross expenses to average net assets (4)(6) | 1.62% (7) | 1.54% | 1.59% | 1.40% | 1.44% | 1.58% |
| Ratio of net expenses to average net assets (4) | 1.62% (7) | 1.54% | 1.59% | 1.40% | 1.44% | 1.58% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.90% (7) | 0.64% | (0.05)% | 1.71% | 0.09% | (0.65)% |
| Portfolio Turnover Rate | 47% (8) | 58% | 76% | 159% | 150% | 152% |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) Annualized.

(8) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow Managed Futures Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $4.97 | $5.85 | $6.99 | $8.17 | $6.33 | $5.94 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.01) | 0.11 | 0.24 | 0.16 | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.60 | (0.99) | (0.76) | 1.41 | 2.07 | 0.48 |
| Total from investment operations | 1.59 | (0.88) | (0.52) | 1.57 | 1.98 | 0.39 |
| Paid-in-capital from redemption fees (3) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.62) | (2.75) | (0.14) |  |
| Total distributions |  |  | (0.62) | (2.75) | (0.14) |  |
| Net asset value, end of period | $6.56 | $4.97 | $5.85 | $6.99 | $8.17 | $6.33 |
| Total return (2) | 31.99% (9) | (15.04)% | (7.56)% | 21.57% (7) | 31.98% (7) | 6.57% |
| Net assets, end of period (000s) | $20755 | $19946 | $28341 | $36498 | $20271 | $6502 |
| Ratio of gross expenses to average net assets (4)(6) | 1.76% (8) | 1.53% | 1.49% | 1.46% | 1.55% | 1.61% |
| Ratio of net expenses to average net assets (4) | 1.75% (8) | 1.52% | 1.47% | 1.45% | 1.54% | 1.59% |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.24)% (8) | 1.92% | 3.77% | 2.24% | (1.18)% | (1.51)% |
| Portfolio Turnover Rate | 0% (9) | 0% | 12% | 0% | 0% | 11% |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) 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.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow Managed Futures Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months**<br>**Ended**<br>**January 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2025** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2024** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2023** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2022** |<br>**Year**<br>**Ended**<br>**July 31,**<br>**2021** |
| Net asset value, beginning of period | $4.44 | $5.26 | $6.37 | $7.66 | $5.93 | $5.61 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | 0.06 | 0.17 | 0.09 | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.41 | (0.88) | (0.69) | 1.30 | 1.96 | 0.45 |
| Total from investment operations | 1.39 | (0.82) | (0.52) | 1.39 | 1.82 | 0.32 |
| Paid-in-capital from redemption fees (3) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.59) | (2.68) | (0.09) |  |
| Total distributions |  |  | (0.59) | (2.68) | (0.09) |  |
| Net asset value, end of period | $5.83 | $4.44 | $5.26 | $6.37 | $7.66 | $5.93 |
| Total return (2) | 31.31% (9) | (15.59)% | (8.26)% | 20.31% (7) | 31.09% (7) | 5.70% |
| Net assets, end of period (000s) | $1146 | $1141 | $2491 | $3646 | $3231 | $1799 |
| Ratio of gross expenses to average net assets (4)(6) | 2.51% (8) | 2.28% | 2.24% | 2.21% | 2.29% | 2.36% |
| Ratio of net expenses to average net assets (4) | 2.50% (8) | 2.27% | 2.22% | 2.20% | 2.28% | 2.34% |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.99)% (8) | 1.17% | 3.02% | 1.49% | (1.95)% | (2.26)% |
| Portfolio Turnover Rate | 0% (9) | 0% | 12% | 0% | 0% | 11% |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) 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.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Arrow Managed Futures Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** |  | | | | | |
|  | **Ended** |  | **Year** | **Year** | **Year** | **Year** | **Year** |
|  | **January 31,** |  | **Ended** | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **2026** |  | **July 31,** | **July 31,** | **July 31,** | **July 31,** | **July 31,** |
| **Institutional Class Shares** | **(Unaudited)** |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $5.09 |  | $5.97 | $7.12 | $8.29 | $6.42 | $6.01 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.00) |) (3) | 0.12 | 0.25 | 0.18 | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.63 |  | (1.00) | (0.78) | 1.41 | 2.09 | 0.49 |
| Total from investment operations | 1.63 |  | (0.88) | (0.53) | 1.59 | 2.02 | 0.41 |
| Paid-in-capital from redemption fees (3) | 0.00 |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.62) | (2.76) | (0.15) |  |
| Total distributions |  |  |  | (0.62) | (2.76) | (0.15) |  |
| Net asset value, end of period | $6.72 |  | $5.09 | $5.97 | $7.12 | $8.29 | $6.42 |
| Total return (2) | 32.02 | % (9) | (14.74)% | (7.44)% | 21.64% (7) | 32.34% (7) | 6.82% |
| Net assets, end of period (000s) | $210111 |  | $181446 | $178695 | $149738 | $108933 | $84202 |
| Ratio of gross expenses to average net assets (4)(6) | 1.51 | % (8) | 1.28% | 1.24% | 1.21% | 1.29% | 1.36% |
| Ratio of net expenses to average net assets (4) | 1.50 | % (8) | 1.27% | 1.22% | 1.20% | 1.27% | 1.34% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.01 | % (8) | 2.17% | 4.02% | 2.49% | (1.01)% | (1.26)% |
| Portfolio Turnover Rate | 0 | % (9) | 0% | 12% | 0% | 0% | 11% |

---

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

(2) Total returns shown exclude the effect of applicable sales loads/redemption
 fees.

(3) Amount represents less than $0.01 per share.

(4) Does not include the expenses of other investment companies in
 which the Fund invests.

(5) Recognition of investment income (loss) by the Fund is affected
 by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

(7) 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.

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** |
| **January 31, 2026** |

---

**1.** **ORGANIZATION** 

The Arrow DWA Tactical: Balanced Fund ("ADTBF"), the Arrow DWA Tactical: Macro Fund ("ADTMF"), and the Arrow Managed Futures Strategy Fund ("AMFSF") (each a "Fund" and collectively, the "Funds") are each a series of shares of beneficial interest of Arrow Investments Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 2, 2011, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Funds are diversified funds. ADTBF seeks to achieve an appropriate balance between long-term capital appreciation and capital preservation. ADTMF seeks to achieve long-term capital appreciation with capital preservation as a secondary objective. AMFSF seeks long-term capital appreciation and to achieve absolute returns. ADTMF is a "fund of funds", in that it will generally invest in other investment companies. ADTBF commenced operations on August 8, 2006. ADTMF commenced operations on May 30, 2008. AMFSF commenced operations on April 30, 2010.

The Funds currently offer Class A shares, Class C shares and Institutional Class Shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. Class C and Institutional Class shares are offered at net asset value. Each class of the Fund represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their 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. Each 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. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund's

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

operates as a single operating segment. Each 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 Funds, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Funds 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 Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**Securities valuation –** Securities listed on an exchange (including exchange-traded funds ("ETFs")) 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. In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Options and futures contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the last reported bid price on the valuation date. Index options and options not listed on a security exchange or board of trade shall be valued at the last reported bid price on the valuation date. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty based on a proprietary index. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

**Valuation of Underlying Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Underlying open-end funds (other than ETFs) are valued at their respective net asset values as reported by such investment companies. The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount on such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**Exchange-Traded Notes –** The Funds may invest in exchange-traded notes ("ETNs"). ETNs are a type of debt security that is linked to the performance of underlying securities. The risks of owning ETNs generally reflect the risks of owning the underlying securities they are designed to track. In addition, ETNs are subject to credit risk generally to the same extent as debt securities.

**Exchange-Traded Funds –** An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. An ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Fund's performance.

In certain circumstances, securities may be valued at their fair value as determined in good faith by Arrow Investment Advisors, LLC (the "Advisor") as the Board-designated Valuation Designee and in accordance with the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). The Board will review the fair value method in use for securities requiring a fair market value determination at least quarterly. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

The Funds utilize various methods to measure the fair value of their 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 Funds have 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 Funds' 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 Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of January 31, 2026, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arrow DWA Tactical: Balanced Fund** | **Arrow DWA Tactical: Balanced Fund** | **Arrow DWA Tactical: Balanced Fund** | **Arrow DWA Tactical: Balanced Fund** | **Arrow DWA Tactical: Balanced Fund** |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $6561048 | $— | $— | $6561048 |
| Exchange-Traded Funds | 16376336 |  |  | 16376336 |
| Short Term Investment | 1208256 |  |  | 1208256 |
| Call Options Purchased |  | 2588870 |  | 2588870 |
| Open Long Futures Contracts \* | 306560 |  |  | 306560 |
| Total | $24452200 | $2588870 | $— | $27041070 |
| **Arrow DWA Tactical: Macro Fund** | **Arrow DWA Tactical: Macro Fund** | **Arrow DWA Tactical: Macro Fund** | **Arrow DWA Tactical: Macro Fund** | **Arrow DWA Tactical: Macro Fund** |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $32303836 | $— | $— | $32303836 |
| Short Term Investment | 7635481 |  |  | 7635481 |
| Open Long Futures Contracts \* | 3949020 |  |  | 3949020 |
| Total | $43888337 | $— | $— | $43888337 |
| **Arrow Managed Futures Strategy Fund** | **Arrow Managed Futures Strategy Fund** | **Arrow Managed Futures Strategy Fund** | **Arrow Managed Futures Strategy Fund** | **Arrow Managed Futures Strategy Fund** |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Fund | $40662787 | $— | $— | $40662787 |
| Private Investments \*\* |  |  |  | 96474164 |
| Short Term Investment | 46018575 |  |  | 46018575 |
| Call Options Purchased |  | 50184775 |  | 50184775 |
| Total | $86681362 | $50184775 | $— | $233340301 |

---

The Funds did not hold any Level 3 securities at the end of the period.

\* Derivatives instruments include cumulative net unrealized gain or loss on futures contracts open as of January 31, 2026.

\*\* Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value table.

See Consolidated Schedules of Investments for investments and derivatives segregated by industry, type, and underlying exposure.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**Consolidation of Subsidiaries – ADWAB Fund Limited ("ADB-CFC"), ADWAT Fund Limited ("ADT -CFC"), and Arrow MFT Fund Limited ("AMFS-CFC") –** The Consolidated Schedules of Investments, Consolidated Statements of Asset and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of ADTBF, ADTMF, and AMFSF include the accounts of ADB-CFC, ADT-CFC, and AMFS-CFC, respectively, which are wholly-owned and controlled subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. Each Fund may invest up to 25% of its total assets in a controlled foreign corporation ("CFC"), which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies.

Each CFC utilizes commodity-based derivative products to facilitate the relevant Fund's pursuit of its investment objectives. In accordance with its investment objectives and through its exposure to the aforementioned commodity-based derivative products, a Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

*Commodity Risk -* A Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange-traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

*Credit Risk -* There is a risk that issuers and counterparties will not make payments on securities and other investments held by a Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for a Fund to sell the security. The Funds may invest, directly or indirectly, in high yield fixed-income securities (also known as "junk bonds"), which are considered speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. This means that, compared to issuers of higher rated securities, issuers of medium and lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. The market values of medium- and lower-rated securities tend to be more sensitive to company-specific developments and changes in economic conditions than higher-rated securities. The companies that issue these securities often are highly leveraged, and their ability to service their debt obligations during an economic downturn or periods of rising interest rates may be impaired. In addition, these companies may not have access to more traditional methods of financing, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by these issuers is significantly greater than with higher-rated securities because medium- and lower-rated securities generally are unsecured and subordinated to senior debt. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

securities held by a Fund. In addition, default may cause a Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

*Derivatives Risk -* The Funds may use derivatives (including swaps, structured notes, options, futures, and options on futures) to enhance returns or hedge against market declines. The Funds' use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. These risks could cause a Fund to lose more than the principal amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on a Fund.

*Fixed Income Risk -* When a Fund invests in fixed income securities, the value of its investments in such securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by a Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by a Fund, possibly causing a Fund's share price and total return to be reduced and fluctuate more than other types of investments.

*Market Risk -* The net asset value of a Fund will fluctuate based on changes in the value of the individual securities and ETFs in which the Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in a 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 and 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

*Portfolio Turnover Risk -* Portfolio turnover refers to the rate at which the securities held by a Fund is replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce a Fund's return unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

*Swap Counterparty Credit Risk -* Each Fund is subject to credit risk on the amount it expects to receive from swap agreement counterparties. With certain exchange traded credit default swaps, there is minimal counterparty risk to a Fund in that the exchanges clearinghouse, as counter party, guarantees against default.

*Taxation Risk -* By investing in commodities indirectly through a CFC, a Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, any income received from a CFC will be passed through to the relevant Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

*Wholly-Owned Subsidiary Risk -* Each CFC will not be registered under the 1940 Act and will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which each Fund and CFC, respectively, are organized, could result in the inability of each Fund and/or CFC to operate as described in the Prospectus and could negatively affect each Fund and its shareholders. Your cost of investing in a Fund will be higher because you indirectly bear the expenses of its CFC.

A summary of each Fund's investments in its respective CFC are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | <br>Inception Date of CFC | CFC Net Assets at<br>January 31, 2026 | % of Total Net Assets at<br>January 31, 2026 |
| ADB-CFC | 12/5/2012 | $2576835 | 9.28% |
| ADT-CFC | 12/12/2011 | 8208234 | 17.05% |
| AMFS-CFC | 7/23/2010 | 50206082 | 21.64% |

---

**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.

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Consolidated Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

**Dividends and Distributions to Shareholders –** ADTBF and ADTMF intend to distribute substantially all of their net investment income at least annually and net capital gain annually.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

AMFSF intends to distribute substantially all of its investment income at least quarterly and net capital gain 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 Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds recognize 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 Funds' 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 July 31, 2023 – July 31, 2025, or expected to be taken in the Funds' July 31, 2026 tax returns. The Funds identify their major tax jurisdictions as U.S. federal and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Consolidated Statements of Operations. For the year ended July 31, 2025, the Funds did not incur any interest or penalties. The Funds are 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. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations.

**Foreign Currency –** The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities, if any.

**Forward Currency Contracts –** As foreign securities are purchased, a Fund generally enters into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

realized gains (losses) from foreign currency transactions in the Consolidated Statements of Operations. There were no forward currency contracts held during the six months ended January 31, 2026, for any Fund.

**Futures Contracts –** Each Fund is subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, foreign currencies, or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Funds' agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If a Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, that Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Consolidated Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Options Transactions –** Each Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against this risk. Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

When a Fund writes a call option, an amount equal to the premium received is included in the Consolidated Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option. When a Fund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

ADTBF and AMFSF hold fully funded options with Nomura Securities (Bermuda), Ltd. The options provide exposure to the daily returns of a reference asset on a 1 to 1 basis. The reference assets for the options are Cayman commodity and financial pools engaged in the trading of futures and options on futures. According to the terms of the options, the Advisor may increase or decrease this exposure on a daily basis. ADTBF and AMFSF pay an upfront premium of 1.25% per annum, which is charged based on the contract year. The option contracts were initially entered into as of December 20, 2024, and have a two year valuation period, which may be extended or reduced to zero at any time.

**Swap Agreements –** The Funds may enter into swap agreements to manage their exposure to various risks. A total rate of return swap agreement is a derivative contract in which one party (the receiver) receives the total return of a specific index or a specific security on a notional amount of principal from a second party (the seller) in return for paying a funding cost, which is usually quoted in relation to the Secured Overnight Financing Rate ("SOFR"). During the life of the agreement, there are periodic exchanges of cash flows in which the index receiver pays the SOFR-based interest on the notional principal amount and receives (or pays if the total return is negative or spreads widen) the index total return on the notional principal amount. A credit default swap is an agreement between a protection buyer and a protection seller whereby the buyer agrees to periodically pay the seller a premium, generally expressed in terms of interest on a notional principal amount, over a specified period in exchange for receiving compensation from the seller when an underlying reference debt obligation or index of reference debt obligations is subject to one or more specified adverse credit events (such as bankruptcy, failure to pay, acceleration of indebtedness, restructuring, or repudiation/ moratorium). A Fund will become a protection seller to take on credit risk in order to earn a premium. A Fund will usually enter into swaps on a net basis, i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Swaps are marked to market based upon quotations from market makers and the change, if any, along with an accrual for periodic payments due or owed is recorded as unrealized gain or loss in the Consolidated Statements of Operations. Net payments on swap agreements are included as part of realized gain/loss in the Consolidated Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized in the Consolidated Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, that there may be unfavorable changes in the fluctuation of interest rates or the occurrence of adverse credit events on reference debt obligations.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**Derivatives Disclosure**

Fair Values of Derivative Instruments in ADTBF as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** |
| Call Options Purchased: Commodity Risk | Investment Securities: Unaffiliated companies at value | $1738926 | Investment Securities: Unaffiliated companies at value | $— |
| Call Options Purchased: Financial Risk | Investment Securities: Unaffiliated companies at value | 849944 | Investment Securities: Unaffiliated companies at value |  |
| Futures: Commodity Risk | Unrealized appreciation on futures contracts | 306560 | Unrealized depreciation on futures contracts |  |
|  |  | $2895430 |  | $— |

---

Fair Values of Derivative Instruments in ADTMF as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** |
| Futures: Commodity Risk | Unrealized appreciation on futures contracts | $3949020 |  | $— |
|  |  | $3949020 |  | $— |

---

Fair Values of Derivative Instruments in AMFSF as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** | <br>**Consolidated Statements of**<br>**Assets and Liabilities** |<br>**Value** |
| Call Options Purchased: Commodity Risk | Investment Securities: Unaffiliated companies at value | $50184775 | Investment Securities: Unaffiliated companies at value | $— |
|  |  | $50184775 |  | $— |

---

The average notional value of the derivative instruments for the six months ended January 31, 2026 is disclosed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | Long | Short | Purchased Call |
| | Futures | Futures | Options |
| ADTBF | $2394125 | $597780 | $2025000 |
| ADTMF | 14791558 |  |  |
| AMFSF |  |  | 27823545 |

---

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

The effect of Derivative Instruments on the Consolidated Statements of Operations for the six months ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** |
| **Location** | Commodity Risk | Financial Risk | Equity Risk | Total |
| **Net realized gain (loss) from:** |  |  |  |  |
| Futures contracts | $431101 | $— | $— | $431101 |
| Securities, unaffiliated companies |  |  | (8063) | (8063) |
| **Total net realized gain (loss)** | $431101 | $— | $(8063) | $423038 |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Futures contracts | $282903 | $— | $— | $282903 |
| Securities, unaffiliated companies | 56036 | (582865) | 1617528 | 1090699 |
| **Total net change in unrealized appreciation** | $338939 | $(582865) | $1617528 | $1373602 |
| **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** |
| **Location** | Commodity Risk | Financial Risk | Equity Risk | Total |
| **Net realized gain (loss) from:** |  |  |  |  |
| Futures contracts | $3535894 | $— | $— | $3535894 |
| **Total net realized gain (loss)** | $3535894 | $— | $— | $3535894 |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Futures contracts | $3573085 | $— | $— | $3573085 |
| **Total net change in unrealized appreciation** | $3573085 | $— | $— | $3573085 |
| **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** |
| **Location** | Commodity Risk | Financial Risk | Equity Risk | Total |
| **Net realized gain (loss) from:** |  |  |  |  |
| Securities, unaffiliated companies | $— | $8950112 | $— | $8950112 |
| **Total net realized gain (loss)** | $— | $8950112 | $— | $8950112 |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Securities, unaffiliated companies | $27854887 | $22687744 | $— | $50542631 |
| **Total net change in unrealized appreciation (depreciation)** | $27854887 | $22687744 | $— | $50542631 |

---

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which 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 expense 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 Trust enters into contracts that contain a variety of representations and

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

warranties and which provide general indemnities. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **OFFSETTING OF FINANCIAL ASSETS AND DERIVATIVE ASSETS** 

Each Fund's policy is to recognize a net asset or liability in the Consolidated Statements of Assets and Liabilities equal to the unrealized appreciation or depreciation for futures and swaps contracts. During the six months ended January 31, 2026, each Fund was subject to a master netting arrangement for the futures and options. The following table shows additional information regarding the offsetting of assets and liabilities at January 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  | | | | Consolidated Statements of Assets & | Consolidated Statements of Assets & | |
| **<u>Assets:</u>** |  |  |  | Liabilities | Liabilities |  |
|  |  | Gross Amounts Offset | Net Amounts of Assets |  |  |  |
|  |  | in the Consolidated | Presented in the |  |  |  |
|  | Gross Amounts of | Statements of Assets & | Consolidated Statements | Financial | Cash Collateral |  |
|  | Recognized Assets | Liabilities | of Assets & Liabilities | Instruments | Received/(Pledged) | Net Amount |
| **ADTBF** |  |  |  |  |  |  |
| Future Contracts - Goldman Sachs | $306560 | $— | $306560 | $— | $— | $306560 |
| Call Options Purchased - Galaxy Plus | 2588870 |  | 2588870 |  |  | 2588870 |
| Total | $2895430 | $— | $2895430 | $— | $— | $2895430 |
| **ADTMF** |  |  |  |  |  |  |
| Futures Contracts - Goldman Sachs | $3949020 | $— | $3949020 | $— | $— | $3949020 |
| Total | $3949020 | $— | $3949020 | $— | $— | $3949020 |
| **AMFSF** |  |  |  |  |  |  |
| Call Options Purchased - Galaxy Plus | $50184775 | $— | $50184775 | $— | $— | $50184775 |
| Total | $50184775 | $— | $50184775 | $— | $— | $50184775 |

---

**4.** **INVESTMENT TRANSACTIONS** 

For the six months ended January 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| ADBF | $12707477 | $15021641 |
| ADTMF | 14932696 | 13754110 |
| AMFSF |  |  |

---

For the six months ended January 31, 2026, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| ADBF | $| $|
| ADTMF |  |  |
| AMFSF |  |  |

---

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

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

The business activities of the Funds are overseen by the Board, which is responsible for the overall management of the Funds. Arrow Investment Advisors, LLC, serves as the Funds' investment advisor.

Pursuant to an advisory agreement with the Trust, with respect to each Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Funds 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 Funds pay the Advisor a fee, computed and accrued daily and paid monthly, at an annual rate of 0.90% of ADTBF and ADTMF average daily net assets and 0.85% of AMFSF average daily net assets.

Pursuant to an exemptive order, each Fund may invest a portion of its assets in the other funds managed by the Advisor. During the six months ended January 31, 2026, ADTBF invested in Arrow Reserve Capital Management ETF ("ARCM") and Arrow Valtoro ETF ("ORO"), ADTMF invested in Arrow Dow Jones Global Yield ETF ("GYLD") and ORO, and AMFSF invested in ARCM, which are other funds managed by the Advisor. The Advisor has agreed to waive 0.05% of its advisory fee on the portion of ADTBF's assets that are invested in ARCM and ORO, waive 0.05% of its advisory fee on the portion of ADTMF's assets that are invested in GYLD and ORO, and waive 0.05% of its advisory fee on the portion of AMFSF's assets that are invested in ARCM. For the six months ended January 31, 2026, the Advisor waived $1,472, $1,305, and $12,048, in fees for ADTBF, ADTMF and AMFSF, respectively, pursuant to its agreement. Fees waived pursuant to this waiver are not subject to recoupment in future periods.

The Board has adopted a Distribution Plan and Agreement (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to the Funds. The Plan provides that a monthly service and/or distribution fee is calculated by each Fund at an annual rate of 0.25% of its average daily net assets for Class A and an annual rate of 1.00% of its average daily net assets for Class C and is paid to Archer Distributors, LLC (the "Distributor") to provide compensation for ongoing shareholder servicing and distribution-related activities or services and-or maintenance of the Funds' shareholder accounts, not otherwise required to be provided by the Advisor. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' Class A and Class C shares. The Distributor is an affiliate of the Advisor. For the six months ended January 31, 2026, the Distributor received $9,712, of which $1,361 was retained in commissions.

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

*<u>Ultimus Fund Services, LLC ("UFS")</u>* – UFS provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, each Fund pays UFS customary fees for providing administration, fund accounting and transfer agency 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 each Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**6.** **REDEMPTION FEES** 

Each Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For the six months ended January 31, 2026, ADTBF, ADTMF and AMFSF assessed $0, $922, and $1,176 respectively, in redemption fees as disclosed on the Consolidated Statements of Changes in Net Assets.

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of January 31, 2026, Charles Schwab owned 58.1% of AMFSF.

**8.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

ADTBF and AMFSF each invests a portion of its assets in Arrow Reserve Capital Management ETF ("ARCM"), a series of the Trust that is advised by the Advisor. ARCM seeks to preserve capital while maximizing current income. ARCM's securities valuation policies are similar to the Funds' policies. Each Fund may sell or redeem its investment in ARCM at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of ADTBF and AMFSF is directly affected by the performance of ARCM. The financial statements of ARCM, including the portfolio of investments, can be found at ARCM's website, <u>www.arrowfunds.com</u>, or the SEC's website, www.sec.gov, and should be read in conjunction with the Funds' financial statements. As of January 31, 2026, ADTBF and AMFSF owned 0.6% and 79.6% of ARCM, respectively. As of January 31, 2026, the percentage of ADTBF and AMFSF's net assets invested in ARCM was 1.1% and 17.5%, respectively.

ADTBF and ADTMF invests a portion of its assets in Arrow Valtoro ETF ("ORO") a series of the Trust that is advised by the Advisor. ORO seeks capital gains. ORO's securities valuation policies are similar to the Funds' policies. Each Fund may sell or redeem its investment in ORO at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of ADTBF and ADTMF is directly affected by the performance of ORO. The financial statements of ORO, including their portfolios of

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

investments, can be found at the SEC's website, www.sec.gov, and should be read in conjunction with ORO's financial statements. As of January 31, 2026, ADTBF and ADTMF owned 57.1% and 31.4%, of ORO, respectively. As of January 31, 2026, the percentage of ADTBF and ADTMF net assets invested in ORO was 6.7% and 2.1%, respectively.

AMFSF invests a portion of its assets in Galaxy Plus Fund LLC– Dunn Financials Feeder Fund ("Galaxy Plus"). AMFSF may redeem its investment in Galaxy Plus at any time if the Advisor determines that it is in the best interest of AMFSF and its shareholders to do so. The performance of AMFSF is directly affected by the performance of Galaxy Plus. Upon request by an AMFSF shareholder, the Fund will seek to provide the financial statements of Galaxy Plus and these statements should be read in conjunction with AMFSF's financial statements. As of January 31, 2026, the percentage of AMFSF's net assets invested in Galaxy Plus was 41.6%.

**9.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common control. Companies which are affiliates of a Fund at January 31, 2026 are noted in the Funds' Consolidated Schedules of Investments. Transactions during the six months ended January 31, 2026 with companies which are affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** |
|  |  | | | | | | | **Net Change in** | |
|  |  | **Value -** | | | | **Dividends** | | **Unrealized** | **Shares -** |
|  |  | **Beginning of** | | **Sales** | **Realized** | **Credited to** | **Value - End** | **Appreciation/** | **End of** |
| **Tickers** | **Description** | **Period** | **Purchases** | **Proceeds** | **Gain (Loss)** | **Income** | **of Period** | **(Depreciation)** | **Period** |
| ARCM | Arrow Reserve Capital Management ETF | $312944 | $— | $— | $— | $5960 | $313178 | $234 | 3126 |
| ORO | Arrow Valtoro ETF |  | 1995000 |  |  |  | 1860210 | (134790) | 100000 |
|  |  | $312944 | $1995000 | $— | $— | $5960 | $2173388 | $(134556) | $103126 |
| **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** |
|  |  |  |  |  |  |  |  | **Net Change in** |  |
|  |  | **Value -** |  |  |  | **Dividends** |  | **Unrealized** | **Shares -** |
|  |  | **Beginning of** |  | **Sales** | **Realized** | **Credited to** | **Value - End** | **Appreciation/** | **End of** |
| **Tickers** | **Description** | **Period** | **Purchases** | **Proceeds** | **Gain (Loss)** | **Income** | **of Period** | **(Depreciation)** | **Period** |
| GYLD | Arrow Dow Jones Global Yield ETF | $4082914 | $— | $(4009397) | $57050 | $149369 | $— | $(130567) |  |
| ORO | Arrow Valtoro ETF |  | 1039754 |  |  |  | 1023116 | (16638) | 55000 |
|  |  | $4082914 | $1039754 | $(4009397) | $57050 | $149369 | $1023116 | $(147205) | $55000 |
| **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** |
|  |  |  |  |  |  |  |  | **Net Change in** |  |
|  |  | **Value -** |  |  |  | **Dividends** |  | **Unrealized** | **Shares -** |
|  |  | **Beginning of** |  | **Sales** | **Realized** | **Credited to** | **Value - End** | **Appreciation/** | **End of** |
| **Tickers** | **Description** | **Period** | **Purchases** | **Proceeds** | **Gain (Loss)** | **Income** | **of Period** | **(Depreciation)** | **Period** |
| ARCM | Arrow Reserve Capital Management ETF | $40632347 | $— | $— | $— | $773845 | $40662787 | $30440 | 405877 |

---

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**7/31/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| ADBF | $45450 | $— | $— | $45450 |
| ADTMF |  |  |  |  |
| AMFSF |  |  |  |  |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **7/31/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| ADBF | $1439073 | $— | $— | $1439073 |
| ADTMF | 614377 |  |  | 614377 |
| AMFSF | 16716300 |  |  | 16716300 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| ADBF | $470514 | $1847751 | $— | $— | $— | $379044 | $2697309 |
| ADTMF | 1893048 | 2187345 |  |  |  | 4546751 | 8627144 |
| AMFSF |  |  | (787359) | (912596) |  | (29371240) | (31071195) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), accumulated net investment income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| ADBF | $— |
| ADTMF |  |
| AMFSF | 787359 |

---

---

| |
|:---|
| ***The Arrow Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

At July 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **CLCF**<br>**UTIILIZED** |
| ADBF | $— | $— | $— | 768660 |
| ADTMF |  |  |  | 2173369 |
| AMFSF | 712094 | 200502 | 912596 |  |

---

During the fiscal year ended July 31, 2025, permanent book and tax differences are primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions, the book/tax basis treatment of net operating losses, the Funds' wholly owned subsidiaries, and the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. The resulting reclassifications for the Funds are as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| ADBF | $121020 | $(121020) |
| ADTMF | 82058 | (82058) |
| AMFSF | (7477184) | 7477184 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Tax Net Unrealized<br>Appreciation |
| ADTBF | $23862265 | $3517626 | $(645381) | $2872245 |
| ADTMF | 34533776 | 5422179 | (16638) | 5405541 |
| AMFSF | 212138470 | 28311165 | (7109334) | 21201831 |

---

**12.** **SUBSEQUENT EVENTS** 

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

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| ***The Arrow Funds*** |
| **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") with respect to the Arrow DWA Tactical: Balanced Fund (the "Balanced Fund"), the Arrow DWA Tactical: Macro Fund (the "Macro Fund"), and the Arrow Managed Futures Strategy Fund (the "Managed Futures Fund"), (each a "Fund" and collectively the "Funds").

The Board, including the Independent Trustees, unanimously approved continuance of the 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 is a summary of the Board's conclusions regarding various factors relevant to approval of continuance of the 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 Funds, including the Adviser's personnel and resources. The Board reviewed the backgrounds of the personnel providing services to the Funds, 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.

***Performance.*** The Board reviewed performance information that the Adviser provided for the Funds compared to each Fund's respective Benchmark Index, other relevant indexes, and 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 each Fund's Peer Group (which was comprised of the funds in a peer universe).

---

| |
|:---|
| ***The Arrow Funds*** |
| **Additional Information (Unaudited)(Continued)** |
| **January 31, 2026** |

---

<u>Balanced Fund:</u> The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Morningstar Global Flexible Allocation EW Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the year to date, one-, three-, five -, ten-year and since inception periods. The Board noted that the Fund outperformed the Peer Group for the five-year period, but had underperformed the Peer Group for the one-, three-, ten-year and since inception periods. The Board concluded that the performance of the Fund was satisfactory.

<u>Macro Fund:</u> The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Barclay Global Macro Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the year to date, one-, three-, five-, ten-year and since inception periods. The Board noted that the Fund had outperformed the Peer Group averages over all time periods reported. The Board concluded that the performance of the Fund was satisfactory.

<u>Managed Futures Fund:</u> The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Credit Suisse Managed Futures Liquid Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the year to date, one-, three-, five-, ten-year and since inception periods. The Board noted that the Fund had underperformed the Peer Group averages for the year to date, one-, three-year and since inception periods. The Board noted that the Fund outperformed the Peer Group averages for the five- and ten-year. The Board also noted that the Fund outperformed it Benchmark for all 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 Funds taking into account each Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of each Fund's respective Peer Group. The Board discussed the level of work involved in the Adviser's management and oversight of the Funds and the other services that the Adviser provided to the Funds. The Board also considered that with respect to the more complex Funds, these services were expected to be more resource intensive for the Adviser.

<u>Balanced Fund:</u> The Board noted that the advisory fee of 0.90% was below the peer group average of 1.15% but higher than the Morningstar category average of 0.84%. They further noted that the Fund's net expense ratio of 2.01% was above the peer group average of 1.90% and higher than the Morningstar category average of 1.69%. The Board concluded that the fees were not unreasonable.

<u>Macro Fund:</u> The Board noted that the advisory fee of 0.90% was below the peer group average of 1.08% and the Morningstar category average of 1.05%. They further noted that the Fund's net expense ratio of 1.69% was in line with the peer group average of 1.65% and the Morningstar category average of 1.66%. The Board concluded that the fees were not unreasonable.

<u>Managed Futures Fund:</u> The Board noted that the advisory fee of 0.85% was below the peer group average of 1.25% and the Morningstar category average of 1.17%. They further noted that the

---

| |
|:---|
| ***The Arrow Funds*** |
| **Additional Information (Unaudited)(Continued)** |
| **January 31, 2026** |

---

Fund's net expense ratio of 1.46% was below both the peer group average of 1.87% and the Morningstar category average of 1.79%. The Board concluded that the fees were not unreasonable.

***Profitability.*** The Board reviewed the profitability of the Adviser with respect to the Funds on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that the Adviser earned a profit from Funds, in each case without considering marketing related costs. The Board concluded that the profitability of the Adviser in connection with the management of the Funds 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 Funds. The Board noted no 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 each Fund increased its assets. The Board agreed that in light of the Adviser's willingness to consider breakpoints as each Fund reached higher asset levels, the absence of breakpoints was acceptable.

***Fall-out Benefits.*** Because of its relationship with the Funds, the 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 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 be approved.

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

Information regarding how the Funds 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 Funds use 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 Funds file 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 |
| **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) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. Exhibit 99. CERT](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 DWA Tactical: Balanced Fund, The Arrow Tactical: Macro Fund, and The Arrow Managed Futures Strategy Fund (each 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 DWA Tactical: Balanced Fund, The Arrow Tactical: Macro Fund, and The Arrow Managed Futures Strategy Fund (each 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.