# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-25-006491
**Filing Date:** 2025-10
**Character Count:** 239659
**Document Hash:** 311317cd0d74af3c88e5b61b5442e131
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006491.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001580642-25-006491

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22638
- **FILM NUMBER:** 251381853

**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 811-22638

**Arrow Investments Trust**

(Exact name of registrant as specified in charter)

<u>6100 Chevy Chase Drive Suite 100, Laurel MD</u> <u>20707</u> <br> (Address of principal executive offices) (Zip code)

Corporation Service Company

251 Little Falls Drive Wilmington, Delaware 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: 301-260-0162

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

**Item 1. Reports to Stockholders.**

(a) # Arrow DWA Tactical: Balanced Fund

# Class A Shares (DWAFX)

#### Annual Shareholder Report - July 31, 2025
![Image](if2ceddbf291e9833c6d50a64.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $200 | 1.98% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Balanced Fund ("Fund") allows investors to gain exposure to sophisticated asset allocation strategies similar to those used by institutions and endowments. The Fund stays responsive to market conditions through a relative strength-based allocation process across a diverse array of market segments primarily through a combination of exchange traded products ("ETP") and individual equities based on the DWA Balanced investment model. The Fund also provides exposure to managed futures using derivatives, such as swap agreements, with an additional expense that will reduce the overall performance. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. As conditions change, the tactical nature of the Fund allows it to seek new market leadership. The Fund's net assets were more than $26 million at the end of July 2025. For the one-year period through July 2025, four of the Fund's five models had positive performances. The Style Rotation Model was up 12.6%, the Sector Rotation Model was up 8.53%, the International Equity Rotation Model was up 10.24% and the Fixed Income Rotation Model was up 0.44%. The Alternative Rotation Model was the only model with negative performance, down -2.25%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if1da06a7233ec050ffcd04c6.jpg)

---

| | | |
|:---|:---|:---|
| | **Arrow DWA Tactical: Balanced Fund** | **Morningstar Global Flexible Allocation EW Index** |
| **Jul-2015** | $9424 | $10000 |
| **Jul-2016** | $9436 | $9881 |
| **Jul-2017** | $9546 | $10740 |
| **Jul-2018** | $10088 | $11364 |
| **Jul-2019** | $10211 | $11492 |
| **Jul-2020** | $11306 | $11701 |
| **Jul-2021** | $12980 | $13865 |
| **Jul-2022** | $12232 | $12582 |
| **Jul-2023** | $12400 | $13236 |
| **Jul-2024** | $13223 | $14304 |
| **Jul-2025** | $13537 | $15606 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Balanced Fund |  |  |  |
| Without Load | 2.37% | 3.67% | 3.69% |
| With Load | -3.52% | 2.44% | 3.07% |
| Morningstar Global Flexible Allocation EW Index | 9.10% | 5.93% | 4.55% |

---

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

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of The Morningstar Global Flexible Allocation EW Index to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR GLOBAL FLEXIBLE ALLOCATION INDEX OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

## **Fund Statistics** 
* Net Assets$26,423,912

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$253,764

* Portfolio Turnover106%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic0f1e69a62197a76acacd28d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 28.8% |
| Exchange-Traded Funds | 60.4% |
| Money Market Funds | 3.8% |
| Purchased Options | 5.9% |
| Reit | 1.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib36839dc7e13935e0b6f2d11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.9% |
| Energy | 0.1% |
| Utilities | 1.1% |
| Real Estate | 1.1% |
| Health Care | 1.1% |
| Materials | 1.1% |
| Mixed Allocation | 1.2% |
| Communications | 2.2% |
| Technology | 3.1% |
| Consumer Staples | 3.4% |
| Financials | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 4.8% |
| Equity Option | 5.7% |
| Industrials | 7.4% |
| Fixed Income | 25.3% |
| Equity | 31.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 1-3 Year Treasury Bond ETF | 7.4% |
| iShares Select U.S. REIT ETF | 5.2% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.9% |
| iShares TIPS Bond ETF | 4.8% |
| Vanguard Growth ETF | 4.7% |
| SPDR Bloomberg Convertible Securities ETF | 4.2% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.0% |
| First American Government Obligations Fund, Class X | 3.7% |
| Galaxy Plus Commodity Call Option | 3.4% |
| Invesco S&P MidCap 400 Pure Growth ETF | 3.4% |

---

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

![Image](if2ceddbf291e9833c6d50a64.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWAFX

# Arrow DWA Tactical: Balanced Fund

# Class C Shares (DWATX)

#### Annual Shareholder Report - July 31, 2025
![Image](i13f98d091c7df9c7b57a8fa5.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $275 | 2.73% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Balanced Fund ("Fund") allows investors to gain exposure to sophisticated asset allocation strategies similar to those used by institutions and endowments. The Fund stays responsive to market conditions through a relative strength-based allocation process across a diverse array of market segments primarily through a combination of exchange traded products ("ETP") and individual equities based on the DWA Balanced investment model. The Fund also provides exposure to managed futures using derivatives, such as swap agreements, with an additional expense that will reduce the overall performance. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. As conditions change, the tactical nature of the Fund allows it to seek new market leadership. The Fund's net assets were more than $26 million at the end of July 2025. For the one-year period through July 2025, four of the Fund's five models had positive performances. The Style Rotation Model was up 12.6%, the Sector Rotation Model was up 8.53%, the International Equity Rotation Model was up 10.24% and the Fixed Income Rotation Model was up 0.44%. The Alternative Rotation Model was the only model with negative performance, down -2.25%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib9c9c9d6bbed6e7a708922f7.jpg)

---

| | | |
|:---|:---|:---|
| | **Arrow DWA Tactical: Balanced Fund** | **Morningstar Global Flexible Allocation EW Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jul-2016** | $9933 | $9881 |
| **Jul-2017** | $9974 | $10740 |
| **Jul-2018** | $10467 | $11364 |
| **Jul-2019** | $10513 | $11492 |
| **Jul-2020** | $11550 | $11701 |
| **Jul-2021** | $13172 | $13865 |
| **Jul-2022** | $12321 | $12582 |
| **Jul-2023** | $12394 | $13236 |
| **Jul-2024** | $13114 | $14304 |
| **Jul-2025** | $13329 | $15606 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Balanced Fund | 1.64% | 2.91% | 2.92% |
| Morningstar Global Flexible Allocation EW Index | 9.10% | 5.93% | 4.55% |

---

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

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of The Morningstar Global Flexible Allocation EW Index to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR GLOBAL FLEXIBLE ALLOCATION INDEX OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

## **Fund Statistics** 
* Net Assets$26,423,912

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$253,764

* Portfolio Turnover106%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7a856e14fd7bebfe4e2a310d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 28.8% |
| Exchange-Traded Funds | 60.4% |
| Money Market Funds | 3.8% |
| Purchased Options | 5.9% |
| Reit | 1.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i36b14e6b6794dbe2e02c60ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.9% |
| Energy | 0.1% |
| Utilities | 1.1% |
| Real Estate | 1.1% |
| Health Care | 1.1% |
| Materials | 1.1% |
| Mixed Allocation | 1.2% |
| Communications | 2.2% |
| Technology | 3.1% |
| Consumer Staples | 3.4% |
| Financials | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 4.8% |
| Equity Option | 5.7% |
| Industrials | 7.4% |
| Fixed Income | 25.3% |
| Equity | 31.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 1-3 Year Treasury Bond ETF | 7.4% |
| iShares Select U.S. REIT ETF | 5.2% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.9% |
| iShares TIPS Bond ETF | 4.8% |
| Vanguard Growth ETF | 4.7% |
| SPDR Bloomberg Convertible Securities ETF | 4.2% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.0% |
| First American Government Obligations Fund, Class X | 3.7% |
| Galaxy Plus Commodity Call Option | 3.4% |
| Invesco S&P MidCap 400 Pure Growth ETF | 3.4% |

---

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

![Image](i13f98d091c7df9c7b57a8fa5.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWATX

# Arrow DWA Tactical: Balanced Fund

# Institutional Class Shares (DWANX)

#### Annual Shareholder Report - July 31, 2025
![Image](iecb647ced22bad4fcb90ebf9.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Balanced Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $175 | 1.73% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Balanced Fund ("Fund") allows investors to gain exposure to sophisticated asset allocation strategies similar to those used by institutions and endowments. The Fund stays responsive to market conditions through a relative strength-based allocation process across a diverse array of market segments primarily through a combination of exchange traded products ("ETP") and individual equities based on the DWA Balanced investment model. The Fund also provides exposure to managed futures using derivatives, such as swap agreements, with an additional expense that will reduce the overall performance. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. As conditions change, the tactical nature of the Fund allows it to seek new market leadership. The Fund's net assets were more than $26 million at the end of July 2025. For the one-year period through July 2025, four of the Fund's five models had positive performances. The Style Rotation Model was up 12.6%, the Sector Rotation Model was up 8.53%, the International Equity Rotation Model was up 10.24% and the Fixed Income Rotation Model was up 0.44%. The Alternative Rotation Model was the only model with negative performance, down -2.25%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i5ee7e4994b2a962e2fc6ddb2.jpg)

---

| | | |
|:---|:---|:---|
| | **Arrow DWA Tactical: Balanced Fund** | **Morningstar Global Flexible Allocation EW Index** |
| **Jul-2015** | $1000000 | $1000000 |
| **Jul-2016** | $1003464 | $988066 |
| **Jul-2017** | $1018152 | $1074044 |
| **Jul-2018** | $1078643 | $1136425 |
| **Jul-2019** | $1094226 | $1149173 |
| **Jul-2020** | $1214777 | $1170057 |
| **Jul-2021** | $1398704 | $1386493 |
| **Jul-2022** | $1321876 | $1258205 |
| **Jul-2023** | $1343441 | $1323569 |
| **Jul-2024** | $1435449 | $1430431 |
| **Jul-2025** | $1473833 | $1560618 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Balanced Fund | 2.67% | 3.94% | 3.95% |
| Morningstar Global Flexible Allocation EW Index | 9.10% | 5.93% | 4.55% |

---

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

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of The Morningstar Global Flexible Allocation EW Index to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR GLOBAL FLEXIBLE ALLOCATION INDEX OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

## **Fund Statistics** 
* Net Assets$26,423,912

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$253,764

* Portfolio Turnover106%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icf56026ee3edd1a4c5daf5b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 28.8% |
| Exchange-Traded Funds | 60.4% |
| Money Market Funds | 3.8% |
| Purchased Options | 5.9% |
| Reit | 1.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5f2ee536cba098f5a32684e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.9% |
| Energy | 0.1% |
| Utilities | 1.1% |
| Real Estate | 1.1% |
| Health Care | 1.1% |
| Materials | 1.1% |
| Mixed Allocation | 1.2% |
| Communications | 2.2% |
| Technology | 3.1% |
| Consumer Staples | 3.4% |
| Financials | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 4.8% |
| Equity Option | 5.7% |
| Industrials | 7.4% |
| Fixed Income | 25.3% |
| Equity | 31.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 1-3 Year Treasury Bond ETF | 7.4% |
| iShares Select U.S. REIT ETF | 5.2% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.9% |
| iShares TIPS Bond ETF | 4.8% |
| Vanguard Growth ETF | 4.7% |
| SPDR Bloomberg Convertible Securities ETF | 4.2% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.0% |
| First American Government Obligations Fund, Class X | 3.7% |
| Galaxy Plus Commodity Call Option | 3.4% |
| Invesco S&P MidCap 400 Pure Growth ETF | 3.4% |

---

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

![Image](iecb647ced22bad4fcb90ebf9.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWANX

# Arrow DWA Tactical: Macro Fund

# Class A Shares (DWTFX)

#### Annual Shareholder Report - July 31, 2025
![Image](i8b2ea910d0aa3cf54df57703.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $189 | 1.79% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Macro Fund ("Fund") stays responsive to market conditions through a relative strength-based allocation process across a concentrated portfolio primarily consisting of exchange traded products based on the DWA Global Macro investment model. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. The Arrow DWA Tactical Macro Fund's net assets were at approximately $40 million at the end of July 2025. Choppy markets and frequent changes in market leadership tend to hinder relative strength-based strategies, particularly those with concentrated holdings exposure. All six of the Fund's deployed strategies had positive performance for the period. The Commodity Rotation Strategy was up 32.87% on the strength of Gold and Silver. The Global Equity Strategy was up 17.04%, the U.S. Sector Rotation Strategy was up 15.29%, the U.S. Style Rotation Strategy was up 13.15%, The Global Alpha strategy was up 9.33%, and the Global Dividend Strategy was up 7.33%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i8ee14ef29501d33bdb1974e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow DWA Tactical: Macro Fund** | **Barclay Global Macro Index** | **Wilshire Liquid Alternative Global Macro Index** |
| **Jul-2015** | $9426 | $10000 | $10000 |
| **Jul-2016** | $9466 | $9841 | $9828 |
| **Jul-2017** | $10027 | $10133 | $9500 |
| **Jul-2018** | $11052 | $10297 | $9491 |
| **Jul-2019** | $10618 | $10561 | $9760 |
| **Jul-2020** | $10833 | $11068 | $9816 |
| **Jul-2021** | $12942 | $12444 | $10516 |
| **Jul-2022** | $14349 | $13376 | $11162 |
| **Jul-2023** | $14149 | $13680 | $11194 |
| **Jul-2024** | $14942 | $14952 | $11577 |
| **Jul-2025** | $16624 | $16016 | $10998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Macro Fund |  |  |  |
| Without Load | 11.26% | 8.94% | 5.84% |
| With Load | 4.84% | 7.66% | 5.21% |
| Barclay Global Macro Index | 7.11% | 7.67% | 4.82% |
| Wilshire Liquid Alternative Global Macro Index | -5.00% | 2.30% | 0.96% |

---

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

## **Fund Statistics** 
* Net Assets$39,948,697

* Number of Portfolio Holdings8

* Advisory Fee $361,987

* Portfolio Turnover58%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i187977eb0596ee090ca40b63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 78.4% |
| Money Market Funds | 21.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e968d8c32f560ba4a5fe098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.0% |
| Mixed Allocation | 10.2% |
| Money Market | 19.6% |
| Equity | 61.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 19.6% |
| Industrial Select Sector SPDR Fund | 12.0% |
| iShares Europe ETF | 10.4% |
| Arrow Dow Jones Global Yield ETF | 10.3% |
| iShares MSCI USA Momentum Factor ETF | 10.2% |
| iShares MSCI Eurozone ETF | 9.8% |
| Invesco S&P 500 Low Volatility ETF | 9.4% |
| Financial Select Sector SPDR ETF | 9.3% |

---

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

![Image](i8b2ea910d0aa3cf54df57703.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWTFX

# Arrow DWA Tactical: Macro Fund

# Class C Shares (DWTTX)

#### Annual Shareholder Report - July 31, 2025
![Image](i1c122341a1ace3f87ea3d928.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $267 | 2.54% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Macro Fund ("Fund") stays responsive to market conditions through a relative strength-based allocation process across a concentrated portfolio primarily consisting of exchange traded products based on the DWA Global Macro investment model. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. The Arrow DWA Tactical Macro Fund's net assets were at approximately $40 million at the end of July 2025. Choppy markets and frequent changes in market leadership tend to hinder relative strength-based strategies, particularly those with concentrated holdings exposure. All six of the Fund's deployed strategies had positive performance for the period. The Commodity Rotation Strategy was up 32.87% on the strength of Gold and Silver. The Global Equity Strategy was up 17.04%, the U.S. Sector Rotation Strategy was up 15.29%, the U.S. Style Rotation Strategy was up 13.15%, The Global Alpha strategy was up 9.33%, and the Global Dividend Strategy was up 7.33%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3d313127d333aa9c2d50f886.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow DWA Tactical: Macro Fund** | **Barclay Global Macro Index** | **Wilshire Liquid Alternative Global Macro Index** |
| **Jul-2015** | $10000 | $10000 | $10000 |
| **Jul-2016** | $9966 | $9841 | $9828 |
| **Jul-2017** | $10478 | $10133 | $9500 |
| **Jul-2018** | $11470 | $10297 | $9491 |
| **Jul-2019** | $10930 | $10561 | $9760 |
| **Jul-2020** | $11065 | $11068 | $9816 |
| **Jul-2021** | $13113 | $12444 | $10516 |
| **Jul-2022** | $14425 | $13376 | $11162 |
| **Jul-2023** | $14118 | $13680 | $11194 |
| **Jul-2024** | $14781 | $14952 | $11577 |
| **Jul-2025** | $16332 | $16016 | $10998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Macro Fund | 10.49% | 8.10% | 5.03% |
| Barclay Global Macro Index | 7.11% | 7.67% | 4.82% |
| Wilshire Liquid Alternative Global Macro Index | -5.00% | 2.30% | 0.96% |

---

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

## **Fund Statistics** 
* Net Assets$39,948,697

* Number of Portfolio Holdings8

* Advisory Fee $361,987

* Portfolio Turnover58%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia67e8e03588d5c1f1968dd13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 78.4% |
| Money Market Funds | 21.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie2784e112a7e64355938ec18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.0% |
| Mixed Allocation | 10.2% |
| Money Market | 19.6% |
| Equity | 61.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 19.6% |
| Industrial Select Sector SPDR Fund | 12.0% |
| iShares Europe ETF | 10.4% |
| Arrow Dow Jones Global Yield ETF | 10.3% |
| iShares MSCI USA Momentum Factor ETF | 10.2% |
| iShares MSCI Eurozone ETF | 9.8% |
| Invesco S&P 500 Low Volatility ETF | 9.4% |
| Financial Select Sector SPDR ETF | 9.3% |

---

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

![Image](i1c122341a1ace3f87ea3d928.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWTTX

# Arrow DWA Tactical: Macro Fund

# Institutional Class Shares (DWTNX)

#### Annual Shareholder Report - July 31, 2025
![Image](i4834c05045f801bc158b0883.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow DWA Tactical: Macro Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $163 | 1.54% |

---

## How did the Fund perform during the reporting period?
Arrow DWA Tactical: Macro Fund ("Fund") stays responsive to market conditions through a relative strength-based allocation process across a concentrated portfolio primarily consisting of exchange traded products based on the DWA Global Macro investment model. The Fund may also use derivatives and futures to gain exposure to some markets, such as commodities and currencies. This is done when trading efficiency and cost benefits to the Fund would have the potential for a net positive impact on overall performance by reducing acquired fund fees from holding an ETP. The Arrow DWA Tactical Macro Fund's net assets were at approximately $40 million at the end of July 2025. Choppy markets and frequent changes in market leadership tend to hinder relative strength-based strategies, particularly those with concentrated holdings exposure. All six of the Fund's deployed strategies had positive performance for the period. The Commodity Rotation Strategy was up 32.87% on the strength of Gold and Silver. The Global Equity Strategy was up 17.04%, the U.S. Sector Rotation Strategy was up 15.29%, the U.S. Style Rotation Strategy was up 13.15%, The Global Alpha strategy was up 9.33%, and the Global Dividend Strategy was up 7.33%.

Factors that affected the Fund's performance during the period included:

• Equity markets advanced during the period, led by large-cap growth and technology companies, particularly those associated with Artificial Intelligence, while small-cap and value stocks generally lagged.

• Credit markets experienced intermittent pressure, with spreads widening between February and April 2025 before resuming a downward trend and finishing the period near their lows.

• The 10-year U.S. Treasury yield rose sharply from October through February, reaching above 4.75%, before retreating and stabilizing around 4.30–4.40% by July.

• The Fed cut rates three times as inflation moderated, but core prices in essentials like food and housing remained sticky, keeping pressure on consumers.

• Commodity markets experienced volatility, with gold reaching record highs during the period and oil prices whipsawed by geopolitical developments and shifting supply-demand conditions.

• International equities showed signs of relative strength versus U.S. markets, particularly in Q1 2025, supported by policy actions and a weakening U.S. dollar (which has trended lower through 2025).

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i80cbcef9eaed53c4ca5262c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow DWA Tactical: Macro Fund** | **Barclay Global Macro Index** | **Wilshire Liquid Alternative Global Macro Index** |
| **Jul-2015** | $1000000 | $1000000 | $1000000 |
| **Jul-2016** | $1007042 | $984060 | $982808 |
| **Jul-2017** | $1069467 | $1013291 | $950036 |
| **Jul-2018** | $1181457 | $1029688 | $949051 |
| **Jul-2019** | $1137863 | $1056149 | $976003 |
| **Jul-2020** | $1163239 | $1106809 | $981554 |
| **Jul-2021** | $1392783 | $1244438 | $1051576 |
| **Jul-2022** | $1548808 | $1337595 | $1116225 |
| **Jul-2023** | $1529628 | $1368029 | $1119359 |
| **Jul-2024** | $1619022 | $1495233 | $1157683 |
| **Jul-2025** | $1808053 | $1601560 | $1099839 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow DWA Tactical: Macro Fund | 11.68% | 9.22% | 6.10% |
| Barclay Global Macro Index | 7.11% | 7.67% | 4.82% |
| Wilshire Liquid Alternative Global Macro Index | -5.00% | 2.30% | 0.96% |

---

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

## **Fund Statistics** 
* Net Assets$39,948,697

* Number of Portfolio Holdings8

* Advisory Fee $361,987

* Portfolio Turnover58%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iecbf83799403f725da57f225.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 78.4% |
| Money Market Funds | 21.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie817738fec7c43cb6709dcbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.0% |
| Mixed Allocation | 10.2% |
| Money Market | 19.6% |
| Equity | 61.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 19.6% |
| Industrial Select Sector SPDR Fund | 12.0% |
| iShares Europe ETF | 10.4% |
| Arrow Dow Jones Global Yield ETF | 10.3% |
| iShares MSCI USA Momentum Factor ETF | 10.2% |
| iShares MSCI Eurozone ETF | 9.8% |
| Invesco S&P 500 Low Volatility ETF | 9.4% |
| Financial Select Sector SPDR ETF | 9.3% |

---

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

![Image](i4834c05045f801bc158b0883.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-DWTNX

# Arrow Managed Futures Strategy Fund

# Class A Shares (MFTFX)

#### Annual Shareholder Report - July 31, 2025
![Image](i3a458d1555b4f97d8734d981.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $141 | 1.52% |

---

## How did the Fund perform during the reporting period?
Arrow Managed Futures Strategy Fund ("Fund") follows a strategy that seeks to provide exposure to a wide range of global futures markets. In October 2015, the Fund began tracking the DUNN Capital World Monetary & Agricultural ("WMA") Program, a systematic quantitative managed futures program overseen by DUNN Capital Management, LLC ("DUNN"). With more than 40 years of experience, DUNN has received several awards and has been recognized as an industry leader. The DUNN WMA Program provides access to more than 60 global markets through the use of more than 100 proprietary trading models. The nature of managed futures generally requires direct or indirect exposure to the futures market, rather than holding physical commodities and financial instruments. In order to provide mutual fund access to the DUNN WMA Program, the Fund must use derivatives, such as options as well as investments in limited partnerships, with an additional expense that will reduce the overall performance. The Fund is intended to complement traditional portfolios due to the historically low correlation of managed futures relative to many other asset classes. The Fund's net assets were more than $202 million at the end of July 2025. The DUNN WMA Program has historically embraced a wider range of volatility than the managed futures strategies represented by the Credit Suisse Managed Futures Liquid Index. Sharp reversals across markets contributed to a difficult environment for many technical trend following managers and programs.

Factors that affected the Fund's performance during the period included:

• Tariff announcements triggered sharp reversals in equities, fixed income and crude oil generating losses in Energy and equity index and bond futures;

• Commodity reversals created volatility, punishing trend-following funds across the agriculture complex;

• Performance concentrated in large-cap technology and AI related stocks proved difficult for broadly diversified trend following programs;

• Credit markets remained pressured by heavy issuance but spreads overall moved lower and stayed contained, which left the sector range bound with limited opportunities for trends to become established in fixed income futures markets; and

• The inflation environment moderated but remained at elevated levels providing gains in long Gold and Silver positions.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i93c06d78b906e903772427b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow Managed Futures Strategy Fund** | **Credit Suisse Managed Futures Liquid Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $9421 | $10000 | $10000 |
| **Jul-2016** | $10080 | $10416 | $10561 |
| **Jul-2017** | $8244 | $9727 | $12256 |
| **Jul-2018** | $8886 | $9136 | $14246 |
| **Jul-2019** | $10023 | $9592 | $15384 |
| **Jul-2020** | $8873 | $8758 | $17223 |
| **Jul-2021** | $9455 | $10227 | $23500 |
| **Jul-2022** | $12540 | $11605 | $22410 |
| **Jul-2023** | $15171 | $11634 | $25327 |
| **Jul-2024** | $14025 | $11437 | $30936 |
| **Jul-2025** | $11915 | $9551 | $35989 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow Managed Futures Strategy Fund |  |  |  |
| Without Load | -15.04% | 6.07% | 2.38% |
| With Load | -19.97% | 4.83% | 1.77% |
| Credit Suisse Managed Futures Liquid Index | -16.49% | 1.75% | -0.46% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

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

## **Fund Statistics** 
* Net Assets$202,533,293

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$1,739,942

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i60cc5a4fd8c16839c304df60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Funds | 33.9% |
| Purchased Options | 18.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie4bdfea22157b0581fa96472.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity Option | 18.0% |
| Mixed Allocation | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Fund | 33.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 33.9% |
| First American Government Obligations Fund, Class X | 28.0% |
| Arrow Reserve Capital Management ETF | 20.0% |
| Galaxy Plus Commodity Call Option | 18.0% |

---

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

![Image](i3a458d1555b4f97d8734d981.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-MFTFX

# Arrow Managed Futures Strategy Fund

# Class C Shares (MFTTX)

#### Annual Shareholder Report - July 31, 2025
![Image](i94c6b667d5c9e7f9d0315aac.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $209 | 2.27% |

---

## How did the Fund perform during the reporting period?
Arrow Managed Futures Strategy Fund ("Fund") follows a strategy that seeks to provide exposure to a wide range of global futures markets. In October 2015, the Fund began tracking the DUNN Capital World Monetary & Agricultural ("WMA") Program, a systematic quantitative managed futures program overseen by DUNN Capital Management, LLC ("DUNN"). With more than 40 years of experience, DUNN has received several awards and has been recognized as an industry leader. The DUNN WMA Program provides access to more than 60 global markets through the use of more than 100 proprietary trading models. The nature of managed futures generally requires direct or indirect exposure to the futures market, rather than holding physical commodities and financial instruments. In order to provide mutual fund access to the DUNN WMA Program, the Fund must use derivatives, such as options as well as investments in limited partnerships, with an additional expense that will reduce the overall performance. The Fund is intended to complement traditional portfolios due to the historically low correlation of managed futures relative to many other asset classes. The Fund's net assets were more than $202 million at the end of July 2025. The DUNN WMA Program has historically embraced a wider range of volatility than the managed futures strategies represented by the Credit Suisse Managed Futures Liquid Index. Sharp reversals across markets contributed to a difficult environment for many technical trend following managers and programs.

Factors that affected the Fund's performance during the period included:

• Tariff announcements triggered sharp reversals in equities, fixed income and crude oil generating losses in Energy and equity index and bond futures;

• Commodity reversals created volatility, punishing trend-following funds across the agriculture complex;

• Performance concentrated in large-cap technology and AI related stocks proved difficult for broadly diversified trend following programs;

• Credit markets remained pressured by heavy issuance but spreads overall moved lower and stayed contained, which left the sector range bound with limited opportunities for trends to become established in fixed income futures markets; and

• The inflation environment moderated but remained at elevated levels providing gains in long Gold and Silver positions.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i9ca4146f477410cc284378fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow Managed Futures Strategy Fund** | **Credit Suisse Managed Futures Liquid Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 | $10000 |
| **Jul-2016** | $10641 | $10416 | $10561 |
| **Jul-2017** | $8722 | $9727 | $12256 |
| **Jul-2018** | $9245 | $9136 | $14246 |
| **Jul-2019** | $10352 | $9592 | $15384 |
| **Jul-2020** | $9102 | $8758 | $17223 |
| **Jul-2021** | $9621 | $10227 | $23500 |
| **Jul-2022** | $12679 | $11605 | $22410 |
| **Jul-2023** | $15198 | $11634 | $25327 |
| **Jul-2024** | $13921 | $11437 | $30936 |
| **Jul-2025** | $11751 | $9551 | $35989 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow Managed Futures Strategy Fund | -15.59% | 5.24% | 1.63% |
| Credit Suisse Managed Futures Liquid Index | -16.49% | 1.75% | -0.46% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

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

## **Fund Statistics** 
* Net Assets$202,533,293

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$1,739,942

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic700ee1acc40299b11285c3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Funds | 33.9% |
| Purchased Options | 18.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](idea0b17c685d4bcc7ef7583b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity Option | 18.0% |
| Mixed Allocation | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Fund | 33.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 33.9% |
| First American Government Obligations Fund, Class X | 28.0% |
| Arrow Reserve Capital Management ETF | 20.0% |
| Galaxy Plus Commodity Call Option | 18.0% |

---

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

![Image](i94c6b667d5c9e7f9d0315aac.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-MFTTX

# Arrow Managed Futures Strategy Fund

# Institutional Class Shares (MFTNX)

#### Annual Shareholder Report - July 31, 2025
![Image](ic5e6e0e8504ca7c6a7b20f03.jpg)

## Fund Overview
This annual shareholder report contains important information about Arrow Managed Futures Strategy Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at**www.ArrowFunds.com**. You can also request this information by contacting us at 1-877-277-6933.

## What were the Fund's costs for the last year?
(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 | $118 | 1.27% |

---

## How did the Fund perform during the reporting period?
Arrow Managed Futures Strategy Fund ("Fund") follows a strategy that seeks to provide exposure to a wide range of global futures markets. In October 2015, the Fund began tracking the DUNN Capital World Monetary & Agricultural ("WMA") Program, a systematic quantitative managed futures program overseen by DUNN Capital Management, LLC ("DUNN"). With more than 40 years of experience, DUNN has received several awards and has been recognized as an industry leader. The DUNN WMA Program provides access to more than 60 global markets through the use of more than 100 proprietary trading models. The nature of managed futures generally requires direct or indirect exposure to the futures market, rather than holding physical commodities and financial instruments. In order to provide mutual fund access to the DUNN WMA Program, the Fund must use derivatives, such as options as well as investments in limited partnerships, with an additional expense that will reduce the overall performance. The Fund is intended to complement traditional portfolios due to the historically low correlation of managed futures relative to many other asset classes. The Fund's net assets were more than $202 million at the end of July 2025. The DUNN WMA Program has historically embraced a wider range of volatility than the managed futures strategies represented by the Credit Suisse Managed Futures Liquid Index. Sharp reversals across markets contributed to a difficult environment for many technical trend following managers and programs.

Factors that affected the Fund's performance during the period included:

• Tariff announcements triggered sharp reversals in equities, fixed income and crude oil generating losses in Energy and equity index and bond futures;

• Commodity reversals created volatility, punishing trend-following funds across the agriculture complex;

• Performance concentrated in large-cap technology and AI related stocks proved difficult for broadly diversified trend following programs;

• Credit markets remained pressured by heavy issuance but spreads overall moved lower and stayed contained, which left the sector range bound with limited opportunities for trends to become established in fixed income futures markets; and

• The inflation environment moderated but remained at elevated levels providing gains in long Gold and Silver positions.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i5c3b3a3efd78c45ccd85a6d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Arrow Managed Futures Strategy Fund** | **Credit Suisse Managed Futures Liquid Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $1000000 | $1000000 | $1000000 |
| **Jul-2016** | $1072005 | $1041610 | $1056140 |
| **Jul-2017** | $880641 | $972729 | $1225566 |
| **Jul-2018** | $950058 | $913570 | $1424600 |
| **Jul-2019** | $1074711 | $959207 | $1538366 |
| **Jul-2020** | $954021 | $875821 | $1722318 |
| **Jul-2021** | $1019104 | $1022697 | $2350021 |
| **Jul-2022** | $1355151 | $1160494 | $2240993 |
| **Jul-2023** | $1640468 | $1163442 | $2532669 |
| **Jul-2024** | $1518434 | $1143737 | $3093611 |
| **Jul-2025** | $1294611 | $955120 | $3598867 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Arrow Managed Futures Strategy Fund | -14.74% | 6.30% | 2.62% |
| Credit Suisse Managed Futures Liquid Index | -16.49% | 1.75% | -0.46% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

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

## **Fund Statistics** 
* Net Assets$202,533,293

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$1,739,942

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i02d98aa2a2c38fb75ec16fe2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Funds | 33.9% |
| Purchased Options | 18.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i36b38099a075ca978436ae79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity Option | 18.0% |
| Mixed Allocation | 20.1% |
| Money Market Funds | 28.0% |
| Private Investment Fund | 33.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Galaxy Plus Fund LLC– Dunn Financials Feeder Fund | 33.9% |
| First American Government Obligations Fund, Class X | 28.0% |
| Arrow Reserve Capital Management ETF | 20.0% |
| Galaxy Plus Commodity Call Option | 18.0% |

---

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

![Image](ic5e6e0e8504ca7c6a7b20f03.jpg)

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

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-MFTNX

(b) Not applicable.

**Item 2. Code of Ethics.**

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 – $52500

2024 – $49500

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

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

2025 – $12000

2024 – $12000

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

(d) All Other Fees. The aggregate
 fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other
 than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended July 31, 2024, and
 2025 respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended July 31, 2024, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.**

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

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

(a) ![](img_001.jpg)

Arrow DWA Tactical: Balanced Fund

Arrow DWA Tactical: Macro Fund

Arrow Managed Futures Strategy Fund

Annual Financial Statements

and Additional Information

July 31, 2025

1-877-277-6933

1-877-ARROW-FD

www.ArrowFunds.com

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.8%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 118 | Boeing Company (The)<sup>(a)</sup> | $26177 |
| 82 | General Dynamics Corporation | 25552 |
| 135 | Howmet Aerospace, Inc. | 24269 |
| 99 | Huntington Ingalls Industries, Inc. | 27607 |
| 96 | L3Harris Technologies, Inc. | 26383 |
| 52 | Lockheed Martin Corporation, Class B | 21891 |
| 48 | Northrop Grumman Corporation | 27677 |
| 167 | RTX Corporation | 26314 |
| 297 | Textron, Inc. | 23098 |
| 16 | TransDigm Group, Inc. | 25735 |
|  |  | 254703 |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 755 | Charles Schwab Corporation (The) | 73786 |
| 440 | Raymond James Financial, Inc. | 73537 |
|  |  | 147323 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 8891 | Ford Motor Company | 98423 |
| 1891 | General Motors Company | 100866 |
| 291 | Tesla, Inc.<sup>(a)</sup> | 89707 |
|  |  | 288996 |
|  | **BANKING - 1.1%** |  |
| 764 | Bank of America Corporation | 36114 |
| 391 | Citigroup, Inc. | 36637 |
| 866 | Fifth Third Bancorp | 36000 |
| 135 | JPMorgan Chase & Company | 39992 |
| 2135 | KeyCorporation | 38259 |
| 199 | PNC Financial Services Group, Inc. (The) | 37864 |
| 799 | US Bancorp | 35923 |
| 447 | Wells Fargo & Company | 36042 |
|  |  | 296831 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8%** |  |
| 283 | Republic Services, Inc. | 65274 |
| 1244 | Rollins, Inc. | 71243 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.8% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8% (Continued)** |  |
| 304 | Waste Management, Inc. | $69665 |
|  |  | 206182 |
|  | **DIVERSIFIED INDUSTRIALS - 1.2%** |  |
| 974 | 3M Company | 145340 |
| 94 | General Electric Company | 25482 |
| 666 | Honeywell International, Inc. | 148085 |
|  |  | 318907 |
|  | **ELECTRIC UTILITIES - 1.1%** |  |
| 11003 | AES Corporation (The) | 144689 |
| 754 | Vistra Corporation | 157240 |
|  |  | 301929 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 516 | A O Smith Corporation | 36528 |
| 225 | Allegion plc | 37332 |
| 1403 | Amphenol Corporation, Class A | 149434 |
| 515 | Carrier Global Corporation | 35339 |
| 358 | Johnson Controls International plc | 37590 |
| 58 | Lennox International, Inc. | 35322 |
| 706 | TE Connectivity plc | 145260 |
| 78 | Trane Technologies PLC | 34170 |
|  |  | 510975 |
|  | **ENGINEERING & CONSTRUCTION - 1.1%** |  |
| 719 | Quanta Services, Inc. | 292007 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 511 | Walt Disney Company (The) | 60865 |
| 4505 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 59331 |
|  |  | 120196 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 465 | Cardinal Health, Inc. | 72177 |
| 262 | Cencora, Inc. | 74953 |
| 1050 | Henry Schein, Inc.<sup>(a)</sup> | 71033 |
| 108 | McKesson Corporation | 74902 |
|  |  | 293065 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.8% (Continued)** |  |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 4254 | Healthpeak Properties, Inc. | $72063 |
| 1080 | Ventas, Inc. | 72554 |
| 445 | Welltower, Inc. | 73456 |
|  |  | 218073 |
|  | **HOME CONSTRUCTION - 0.1%** |  |
| 554 | Masco Corporation | 37744 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.6%** |  |
| 101 | Goldman Sachs Group, Inc. (The) | 73083 |
| 520 | Morgan Stanley | 74079 |
|  |  | 147162 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 268 | Airbnb, Inc., Class A<sup>(a)</sup> | 35486 |
| 7 | Booking Holdings, Inc. | 38528 |
| 194 | Expedia Group, Inc. | 34963 |
| 50 | Netflix, Inc.<sup>(a)</sup> | 57970 |
|  |  | 166947 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 1244 | Carnival Corporation<sup>(a)</sup> | 37034 |
| 149 | Hilton Worldwide Holdings, Inc. | 39944 |
| 407 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 60113 |
| 141 | Marriott International, Inc., Class A | 37200 |
| 1578 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 40334 |
| 110 | Royal Caribbean Cruises Ltd. | 34966 |
| 327 | TKO Group Holdings, Inc. | 54939 |
|  |  | 304530 |
|  | **LEISURE PRODUCTS - 1.2%** |  |
| 30 | Axon Enterprise, Inc.<sup>(a)</sup> | 22665 |
| 3874 | Hasbro, Inc. | 291170 |
|  |  | 313835 |
|  | **MACHINERY - 0.3%** |  |
| 703 | Veralto Corporation | 73695 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.8% (Continued)** |  |
|  | **METALS & MINING - 1.1%** |  |
| 4619 | Newmont Corporation | $286840 |
|  | **OFFICE REIT - 0.3%** |  |
| 930 | Alexandria Real Estate Equities, Inc. | 71080 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 116 | First Solar, Inc.<sup>(a)</sup> | 20269 |
|  | **RETAIL - CONSUMER STAPLES - 2.3%** |  |
| 4265 | Kroger Company (The) | 298977 |
| 25422 | Walgreens Boots Alliance, Inc. | 295912 |
|  |  | 594889 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 25 | AutoZone, Inc.<sup>(a)</sup> | 94210 |
| 277 | Builders FirstSource, Inc.<sup>(a)</sup> | 35215 |
| 1668 | CarMax, Inc.<sup>(a)</sup> | 94425 |
| 1020 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 100286 |
|  |  | 324136 |
|  | **SEMICONDUCTORS - 1.0%** |  |
| 119 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 20981 |
| 91 | Analog Devices, Inc. | 20441 |
| 71 | Broadcom, Inc. | 20853 |
| 1034 | Intel Corporation | 20473 |
| 299 | Microchip Technology, Inc. | 20209 |
| 189 | Micron Technology, Inc. | 20627 |
| 29 | Monolithic Power Systems, Inc. | 20626 |
| 120 | NVIDIA Corporation | 21345 |
| 93 | NXP Semiconductors N.V. | 19881 |
| 362 | ON Semiconductor Corporation<sup>(a)</sup> | 20402 |
| 130 | QUALCOMM, Inc. | 19079 |
| 293 | Skyworks Solutions, Inc. | 20082 |
| 110 | Texas Instruments, Inc. | 19917 |
|  |  | 264916 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.8% (Continued)** |  |
|  | **SPECIALTY FINANCE - 1.1%** |  |
| 324 | American Express Company | $96976 |
| 459 | Capital One Financial Corporation | 98685 |
| 1382 | Synchrony Financial | 96284 |
|  |  | 291945 |
|  | **TECHNOLOGY HARDWARE - 2.1%** |  |
| 2384 | Corning, Inc. | 150764 |
| 1235 | Garmin Ltd. | 270169 |
| 641 | Jabil, Inc. | 143052 |
|  |  | 563985 |
|  | **TELECOMMUNICATIONS - 1.1%** |  |
| 5391 | AT&T, Inc. | 147767 |
| 3460 | Verizon Communications, Inc. | 147950 |
|  |  | 295717 |
|  | **TOBACCO & CANNABIS - 1.1%** |  |
| 2489 | Altria Group, Inc. | 154169 |
| 908 | Philip Morris International, Inc. | 148957 |
|  |  | 303126 |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 1808 | Delta Air Lines, Inc. | 96204 |
| 3168 | Southwest Airlines Company | 97986 |
| 1087 | United Airlines Holdings, Inc.<sup>(a)</sup> | 95993 |
|  |  | 290183 |
|  | **TOTAL COMMON STOCKS (Cost $7,128,530)** | 7600186 |
|  | **EXCHANGE-TRADED FUNDS — 57.9%** |  |
|  | **EQUITY - 31.4%** |  |
| 17680 | Invesco S&P MidCap 400 Pure Growth ETF | 890414 |
| 15271 | iShares MSCI Chile ETF | 455534 |
| 8619 | iShares MSCI China ETF | 494989 |
| 11486 | iShares MSCI Germany ETF | 472649 |
| 5191 | iShares MSCI Israel ETF | 476638 |
| 10146 | iShares MSCI Italy ETF | 489545 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 57.9% (Continued)** |  |
|  | **EQUITY - 31.4% (Continued)** |  |
| 17322 | iShares MSCI Norway ETF | $470452 |
| 14937 | iShares MSCI Poland ETF | 474250 |
| 18544 | iShares MSCI Singapore ETF | 490860 |
| 9049 | iShares MSCI South Africa ETF | 480049 |
| 11107 | iShares MSCI Spain ETF | 496705 |
| 22663 | iShares Select U.S. REIT ETF | 1365218 |
| 2740 | Vanguard Growth ETF | 1247193 |
|  |  | 8304496 |
|  | **FIXED INCOME - 25.3%** |  |
| 23691 | iShares 1-3 Year Treasury Bond ETF | 1954981 |
| 13130 | iShares iBoxx $ High Yield Corporate Bond ETF | 1055389 |
| 11860 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1294045 |
| 11631 | iShares TIPS Bond ETF | 1275572 |
| 13123 | SPDR Bloomberg Convertible Securities ETF | 1114405 |
|  |  | 6694392 |
|  | **MIXED ALLOCATION - 1.2%** |  |
| 3126 | Arrow Reserve Capital Management ETF<sup>(e)</sup> | 312944 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,874,011)** | 15311832 |
|  | **SHORT-TERM INVESTMENT — 3.7%** |  |
|  | **MONEY MARKET FUND - 3.7%** |  |
| 972637 | First American Government Obligations Fund, Class X, 4.23%<sup>(b)(d)</sup> **(Cost $972,637)** | 972637 |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair<br> Value** |
|  | **EQUITY OPTIONS PURCHASED - 5.7%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 5.7%** |  |  |  |  |  |
| 840 | Galaxy Plus Commodity Call Option<sup>(d)(f)</sup> | Nomura | 12/20/2026 | $0.0001 | $850500 | $906536 |
| 1160 | Galaxy Plus Financial Call Option<sup>(g)</sup> | Nomura | 12/20/2026 | 0.0001 | $1174500 | 591635 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)** |  |  |  |  | 1498171 |
|  | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $2,025,000)** |  |  |  |  | 1498171 |
|  | **TOTAL INVESTMENTS - 96.1% (Cost $25,000,178)** |  |  |  |  | $25382826 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.9%** |  |  |  |  | 1041086 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $26423912 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 6 | COMEX Gold 100 Troy Ounces Future<sup>(d)</sup> | 12/29/2025 | $2009160 | $23657 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $23657 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| 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 |
| TIPS | - Treasury Inflation-Protected Securities |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

<sup>(c)</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>(d)</sup> All or a portion of this investment is a holding of the ADWAB Fund Limited. See note 2.

<sup>(e)</sup> Affiliated Exchange-Traded Fund. See note 8.

<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> 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.

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

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 July 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantity** | **Description** | **Expiration** | **Notional<br> Amount** | **Weight** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 66 | CMX Gold | Aug-25 | $22106380 | 11.04% | $3492 |
| 197 | CME Live Cattle | Oct-25 | 17397584 | 8.69% | 23894 |
| 76 | CMX Silver | Sep-25 | 14349567 | 7.17% | 11144 |
| 347 | CME Lean Hogs | Oct-25 | 12589065 | 6.29% | (23028) |
| (430) | CBT Bean Meal | Dec-25 | (12261517) | 6.12% | 16356 |
| 326 | CBT Bean Oil | Dec-25 | 10785186 | 5.39% | 8193 |
| 126 | NYM Platinum | Oct-25 | 8947739 | 4.47% | (9595) |
| 64 | CMX Copper | Sep-25 | 8772629 | 4.38% | (21022) |
| 732 | ICE US Canola | Nov-25 | 7474130 | 3.73% | (5108) |
| (218) | ICE US Cotton | Dec-25 | (7418082) | 3.71% | 834 |
| 154 | CME Lean Hogs | Aug-25 | 6580470 | 3.29% | (11992) |
| (351) | CSC Sugar | Oct-25 | (6432345) | 3.21% | (1551) |
| (181) | CBT Red Wheat | Dec-25 | (4982311) | 2.49% | 520 |
| 48 | CME Live Cattle | Sep-25 | 4086942 | 2.04% | 12247 |
| (44) | LME Nickel | Sep-25 | (3990136) | 1.99% | 57 |
| (136) | Chicago SRW Wheat | Dec-25 | (3829943) | 1.91% | 2212 |
| (53) | LME Zinc | Sep-25 | (3636808) | 1.82% | (2648) |
| 44 | NYM RBOB Gas | Oct-25 | 3598821 | 1.80% | 8203 |
| 36 | Heating Oil | Oct-25 | 3589936 | 1.79% | 1945 |
| 3118645 | U.S. Treasury Bill | Sep-25 | 3097799 | 1.55% | (237) |
| (161) | SGX Iron Ore 62% | Sep-25 | (1505166) | 1.35% | (13740) |
| 2711865 | U.S. Treasury Bill | Oct-25 | 2683354 | 1.34% | (167) |
| 8 | CMX Gold | Dec-25 | 2625465 | 1.31% | (3534) |
| 36 | CME Crude Oil | Oct-25 | 2374733 | 1.19% | 7448 |
| 31 | IPE Brent Crude Oil | Oct-25 | 2120235 | 1.06% | 6847 |
| 2033899 | U.S. Treasury Bill | Oct-25 | 2014155 | 1.01% | (145) |
| 1966102 | U.S. Treasury Bill | Aug-25 | 1959867 | 0.98% | (150) |
| 26 | ICE LS GasOil | Oct-25 | 1783657 | 0.89% | 2034 |
| 1762712 | U.S. Treasury Note | Nov-25 | 1763225 | 0.88% | 252 |
| (28) | CME Soybeans | Nov-25 | (1414415) | 0.71% | 1416 |
| 1403293 | U.S. Treasury Bill | Oct-25 | 1390950 | 0.69% |  |
| 13 | LME Aluminum US | Sep-25 | 883310 | 0.67% | (2686) |
| 14 | NYM RBOB Gas | Aug-25 | 1280231 | 0.64% | 1453 |
| 11 | Heating Oil | Aug-25 | 1128340 | 0.56% | 2567 |
| 1135594 | U.S. Treasury Bill | Oct-25 | 1122729 | 0.56% | (31) |
| 726392 | U.S. Treasury Bill | Oct-25 | 719714 | 0.36% |  |
| 569007 | U.S. Treasury Bill | Nov-25 | 561884 | 0.28% |  |
| 556901 | U.S. Treasury Bill | Sep-25 | 554018 | 0.28% |  |
| 15 | NYM Natural Gas | Aug-25 | 528024 | 0.26% | (2425) |
| 4 | ICE US Coffee | Sep-25 | 399709 | 0.20% | (124) |
| 14 | CBT Corn | Dec-25 | 309771 | 0.18% | (496) |
| 354237 | U.S. Treasury Bill | Nov-25 | 349660 | 0.17% |  |
| 338983 | U.S. Treasury Bill | Aug-25 | 337628 | 0.17% | (6) |
| 334141 | U.S. Treasury Bill | Sep-25 | 332479 | 0.17% | 639 |
| 290557 | U.S. Treasury Bill | Oct-25 | 287998 | 0.14% | 509 |
| 217918 | U.S. Treasury Bill | Oct-25 | 216176 | 0.11% | 402 |
| 3 | CME Crude Oil | Aug-25 | 208686 | 0.10% | 448 |
| 2 | ICE US Cocoa | Sep-25 | 200288 | 0.10% | (1462) |
| 190896 | U.S. Treasury Bill | Oct-25 | 189484 | 0.09% | 190 |
| 188862 | U.S. Treasury Bill | Nov-25 | 188890 | 0.09% | (273) |
| 776518 | Other Underlying Index Components |  | 980607 | 0.58% | (812 |
|  |  |  |  |  | $**12070** |

---

---

| | |
|:---|:---|
| ^ | Less than $1 US Dollar |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: BALANCED FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**July 31, 2025**

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 July 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantity** | **Description** | **Expiration** | **Notional<br> Amount** | **Weight** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 693 | LIF 3 Month Euribor | Mar-26 | $199204989 | 35.83% | $(5851) |
| 174 | ICE Sonia SO3 | Dec-25 | 56652653 | 10.19% | (1875) |
| (200) | Three Month SOFR Futures | Dec-25 | (48129816) | 8.66% | 6200 |
| 231 | EUREX E-Schatz | Sep-25 | 29070477 | 5.23% | (1681) |
| 161 | Eurex Euro-BTP | Sep-25 | 22690563 | 4.08% | (6290) |
| 80 | ME S&P Canadian | Sep-25 | 19029295 | 3.42% | 8192 |
| (14) | OSE 10 Year Japan Government Bond | Sep-25 | (13176369) | 2.37% | 2827 |
| 107 | New FTSE 100 | Sep-25 | 12996959 | 2.34% | 16706 |
| 468 | IMM Mexican Peso | Sep-25 | 12451981 | 2.24% | (802) |
| 66 | SFE SPI 200 | Sep-25 | 9277971 | 1.67% | 5077 |
| 56 | Hang Send IDX Fut | Aug-25 | 8671074 | 1.56% | 16410 |
| (78) | CBT 10 Year T-Note | Sep-25 | (8617971) | 1.55% | 2225 |
| 12 | Eurex DAX Index | Sep-25 | 8598714 | 1.55% | 894 |
| 61 | Eurex Bobl | Sep-25 | 8361286 | 1.50% | (1575) |
| (75) | CBT 5 Year T-Note | Sep-25 | (8152913) | 1.47% | 1426 |
| 16 | IMM E-Mini Nasdaq | Sep-25 | 7435710 | 1.34% | 4615 |
| (64) | CBT T-Bonds | Sep-25 | (7297321) | 1.31% | 2351 |
| 103 | Eurex Stoxx 50 Index | Sep-25 | 6461285 | 1.16% | 506 |
| (41) | Eurex Bund | Sep-25 | (6269371) | 1.13% | 51 |
| (51) | Lif Long Gilt | Sep-25 | (6249650) | 1.12% | 1077 |
| 18 | IMM E-Mini S&P500 | Sep-25 | 5859002 | 1.05% | 3133 |
| (22) | CBT 2 Year T-Note | Sep-25 | (4617495) | 1.00% | 366 |
| 63 | SFE 3 Year Australian Bond | Sep-25 | 4469902 | 1.00% | (2339) |
| 24 | OSE Topix | Sep-25 | 4737850 | 0.85% | 5850 |
| 51 | CME British Pound | Sep-25 | 4358155 | 0.78% | (6349) |
| 10 | OSE Nikkei SA | Sep-25 | 2719978 | 0.49% | 3758 |
| (30) | CDN Government Bond | Sep-25 | (2643161) | 0.49% | (967) |
| 29 | MON CAC40 Index | Aug-25 | 2688297 | 0.48% | 2928 |
| 27 | MON CAC40 Index | Aug-25 | 2485743 | 0.45% | 310 |
| (13) | Eurex Oat | Sep-25 | (1910589) | 0.44% | (874) |
| (25) | IMM Canadian Dollar | Sep-25 | (1849519) | 0.33% | 796 |
| (4) | CME Japanese Yen | Sep-25 | (354264) | 0.31% | 824 |
| (5) | SFE 10 Year Australian Bond | Sep-25 | (377393) | 0.30% | (1282) |
| 6 | CBT Min Dow | Sep-25 | 1400322 | 0.25% | (315) |
| (22) | IMM New Zealand Dollar | Sep-25 | (1317321) | 0.24% | 1341 |
| 7 | Hang Seng IDX Future | Aug-25 | 1165471 | 0.21% | (7114) |
| 923204 | U.S. Treasury Bill | Oct-25 | 912694 | 0.16% | (19) |
| 728049 | U.S. Treasury Bill | Nov-25 | 719087 | 0.13% |  |
| 692403 | U.S. Treasury Note | Nov-25 | 692605 | 0.12% | 103 |
| 612477 | U.S. Treasury Bill | Aug-25 | 610383 | 0.11% | (49) |
| 592201 | U.S. Treasury Bill | Oct-25 | 586896 | 0.11% |  |
| 577002 | U.S. Treasury Bill | Oct-25 | 570904 | 0.10% | (17) |
| 3 | IMM Euro FX | Sep-25 | 444149 | 0.09% | (359) |
| 377488 | U.S. Treasury Bill | Oct-25 | 373735 | 0.07% | (20) |
| 1 | CME Swiss France | Sep-25 | 193878 | 0.06% | (70) |
| 291066 | U.S. Treasury Bill | Nov-25 | 287453 | 0.05% | 59 |
| 276961 | U.S. Treasury Bill | Sep-25 | 275043 | 0.05% | (25) |
| 230801 | U.S. Treasury Bill | Aug-25 | 229865 | 0.04% | (4) |
| 224646 | U.S. Treasury Bill | Sep-25 | 223271 | 0.04% | (6) |
| 221996 | U.S. Treasury Bill | Nov-25 | 219072 | 0.04% |  |
| 1884166 | Other Underlying Index Components |  | 1747836 | 0.41% | (160 |
|  |  |  |  |  | $**49982** |

---

---

| | |
|:---|:---|
| ^ | Less than $1 US Dollar |

---

See accompanying notes to consolidated financial statements.

**ARROW DWA TACTICAL: MACRO FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 71.4%** |  |
|  | **EQUITY - 61.2%** |  |
| 70912 | Financial Select Sector SPDR ETF | $3713661 |
| 31551 | Industrial Select Sector SPDR Fund | 4796067 |
| 51863 | Invesco S&P 500 Low Volatility ETF | 3760068 |
| 67083 | iShares Europe ETF | 4139692 |
| 67636 | iShares MSCI Eurozone ETF | 3927623 |
| 16903 | iShares MSCI USA Momentum Factor ETF | 4078525 |
|  |  | 24415636 |
|  | **MIXED ALLOCATION - 10.2%** |  |
| 307217 | Arrow Dow Jones Global Yield ETF<sup>(b)(c)</sup> | 4082914 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $23,951,799)** | 28498550 |
|  | **SHORT-TERM INVESTMENT — 19.6%** |  |
|  | **MONEY MARKET FUND - 19.6%** |  |
| 7836483 | First American Government Obligations Fund, Class X, 4.23%<sup>(a)(e)</sup> **(Cost $7,836,483)** | 7836483 |
|  | **TOTAL INVESTMENTS - 91.0% (Cost $31,788,282)** | $36335033 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.0%** | 3613664 |
|  | **NET ASSETS - 100.0%** | $39948697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>(d)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 23 | COMEX Gold 100 Troy Ounces Future<sup>(e)</sup> | 12/29/2025 | $7701780 | $88760 |
| 25 | COMEX Silver Future<sup>(e)</sup> | 12/29/2025 | 4648875 | 287175 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $375935 |

---

ETF - Exchange-Traded Fund <br> MSCI - Morgan Stanley Capital International <br> SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

<sup>(b)</sup> Affiliated Company - The Arrow DWA Tactical: Macro Fund holds in excess of 5% of the outstanding voting securities of the exchange traded fund. See note 7.

<sup>(c)</sup> Affiliated Exchange-Traded Fund. See note 8.

<sup>(d)</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>(e)</sup> All or a portion of this investment is a holding of the ADWAT Fund Limited. See note 2.

See accompanying notes to consolidated financial statements.

**ARROW MANAGED FUTURES STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 20.1%** |  |
|  | **MIXED ALLOCATION - 20.1%** |  |
| 405877 | Arrow Reserve Capital Management ETF<sup>(c)(d)</sup> **(Cost $40,605,368)** | $40632347 |
|  | **PRIVATE INVESTMENT FUND — 33.8%** |  |
|  | **FINANCIAL POOL - 33.8%** |  |
| N/A | Galaxy Plus Fund LLC– Dunn Financials Feeder Fund <sup>(a)(g)</sup> **(Cost $103,583,498)** | 68619277 |
|  | **SHORT-TERM INVESTMENT — 28.0%** |  |
|  | **MONEY MARKET FUND - 28.0%** |  |
| 56643229 | First American Government Obligations Fund, Class X, 4.23%<sup>(b)(e)</sup> **(Cost $56,643,229)** | 56643229 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair<br> Value** |
|  | **EQUITY OPTIONS PURCHASED - 18.0%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 18.0%** |  |  |  |  |  |
| 29512 | Galaxy Plus Commodity Call Option<sup>(e)(f)</sup> | Nomura | 12/20/2026 | $0.0001 | $30961356 | $36532164 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $30,961,356)** |  |  |  |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $30,961,356)** |  |  |  |  | 36532164 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $231,793,451)** |  |  |  |  | $202427017 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  |  |  | 106276 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $202533293 |

---

ETF - Exchange-Traded Fund <br> LLC - Limited Liability Company

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

<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. See note 7.

<sup>(d)</sup> Affiliated Exchange-Traded Fund. See note 8.

<sup>(e)</sup> All or a portion of this investment is a holding of the Arrow MFT Fund Limited. See note 2.

<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 (Continued)**

**July 31, 2025**

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 July 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantity** | **Description** | **Expiration** | **Notional<br> Amount** | **Weight** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 2656 | CMX Gold | Aug-25 | $890856562 | 11.04% | $140704 |
| 7933 | CME Live Cattle | Oct-25 | 701098593 | 8.69% | 962893 |
| 3046 | CMX Silver | Sep-25 | 578267727 | 7.17% | 449076 |
| 13970 | CME Lean Hogs | Oct-25 | 507321933 | 6.29% | (927991) |
| (17335) | CBT Bean Meal | Dec-25 | (494122171) | 6.12% | 659132 |
| 13153 | CBT Bean Oil | Dec-25 | 434628082 | 5.39% | 330183 |
| 5067 | NYM Platinum | Oct-25 | 360581509 | 4.47% | (386681) |
| 2597 | CMX Copper | Sep-25 | 353524814 | 4.38% | (847174) |
| 29503 | ICE US Canola | Nov-25 | 301197099 | 3.73% | (205836) |
| (8776) | ICE US Cotton | Dec-25 | (298938459) | 3.71% | 33610 |
| 6220 | CME Lean Hogs | Aug-25 | 265183863 | 3.29% | (483242) |
| (14126) | CSC Sugar | Oct-25 | (259214608) | 3.21% | (62489) |
| (7301) | CBT Red Wheat | Dec-25 | (200780232) | 2.49% | 20942 |
| 1918 | CME Live Cattle | Sep-25 | 164698095 | 2.04% | 493546 |
| (1765) | LME Nickel | Sep-25 | (160796968) | 1.99% | 2313 |
| (5477) | Chicago SRW Wheat | Dec-25 | (154341390) | 1.91% | 89147 |
| (2133) | LME Zinc | Sep-25 | (146558322) | 1.82% | (106691) |
| 1755 | NYM RBOB Gas | Oct-25 | 145027524 | 1.80% | 330583 |
| 1444 | Heating Oil | Oct-25 | 144669476 | 1.79% | 78373 |
| 125677086 | U.S. Treasury Bill | Sep-25 | 124837028 | 1.55% | (9532) |
| (6501) | SGX Iron Ore 62% | Sep-25 | (60656118) | 1.35% | (553687) |
| 109284423 | U.S. Treasury Bill | Oct-25 | 108135476 | 1.34% | (6721) |
| 314 | CMX Gold | Dec-25 | 105802592 | 1.31% | (142431) |
| 1461 | CME Crude Oil | Oct-25 | 95698466 | 1.19% | 300161 |
| 1241 | IPE Brent Crude Oil | Oct-25 | 85442523 | 1.06% | 275943 |
| 81963317 | U.S. Treasury Bill | Oct-25 | 81167647 | 1.01% | (5857) |
| 79231207 | U.S. Treasury Bill | Aug-25 | 78979915 | 0.98% | (6059) |
| 1042 | ICE LS GasOil | Oct-25 | 71878926 | 0.89% | 81963 |
| 71034875 | U.S. Treasury Note | Nov-25 | 71055543 | 0.88% | 10151 |
| (1118) | CME Soybeans | Nov-25 | (56998950) | 0.71% | 57069 |
| 56550786 | U.S. Treasury Bill | Oct-25 | 56053350 | 0.69% |  |
| 542 | LME Aluminum US | Sep-25 | 35596187 | 0.67% | (108247) |
| 574 | NYM RBOB Gas | Aug-25 | 51591548 | 0.64% | 58551 |
| 448 | Heating Oil | Aug-25 | 45470539 | 0.56% | 103454 |
| 45762852 | U.S. Treasury Bill | Oct-25 | 45244425 | 0.56% | (1233) |
| 29272613 | U.S. Treasury Bill | Oct-25 | 29003491 | 0.36% |  |
| 22930214 | U.S. Treasury Bill | Nov-25 | 22643147 | 0.28% |  |
| 22442337 | U.S. Treasury Bill | Sep-25 | 22326171 | 0.28% |  |
| 624 | NYM Natural Gas | Aug-25 | 21278624 | 0.26% | (97712) |
| 146 | ICE US Coffee | Sep-25 | 16107731 | 0.20% | (5013) |
| 580 | CBT Corn | Dec-25 | 12483343 | 0.18% | (19978) |
| 14275278 | U.S. Treasury Bill | Nov-25 | 14090824 | 0.17% |  |
| 13660553 | U.S. Treasury Bill | Aug-25 | 13605926 | 0.17% | (236) |
| 13465402 | U.S. Treasury Bill | Sep-25 | 13398447 | 0.17% | 25731 |
| 11709045 | U.S. Treasury Bill | Oct-25 | 11605930 | 0.14% | 20494 |
| 8781784 | U.S. Treasury Bill | Oct-25 | 8711602 | 0.11% | 16205 |
| 125 | CME Crude Oil | Aug-25 | 8409749 | 0.10% | 18061 |
| 100 | ICE US Cocoa | Sep-25 | 8071338 | 0.10% | (58935) |
| 7692843 | U.S. Treasury Bill | Oct-25 | 7635932 | 0.09% | 7659 |
| 7610879 | U.S. Treasury Bill | Nov-25 | 7612024 | 0.09% | (10996) |
|  | Other Underlying Index Components |  | 39517061 | 0.58% | (32812 |
|  |  |  |  |  | $**486391** |

---

---

| | |
|:---|:---|
| ^ | Less than $1 US Dollar |

---

See accompanying notes to consolidated financial statements.

***The Arrow Funds***

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $24686633 | $27835935 | $191188083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies, At cost | 313545 | 3952347 | 40605368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $25000178 | $31788282 | $231793451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated companies, At value | $25069882 | $32252119 | $161794670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies, At value | 312944 | 4082914 | 40632347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $25382826 | $36335033 | $202427017 |
| &nbsp;&nbsp;&nbsp;Deposits with brokers: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Goldman Sachs & Co. LLC | 747311 | 2585398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options - Goldman Sachs & Co. LLC | 193622 | 685823 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 23657 | 375935 |  |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 2010512 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  |  | 34226 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 11771 | 27675 | 350730 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 33120 | 53799 | 100205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 28402819 | 40063663 | 202912178 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1897333 |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 18850 | 28561 | 150268 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased |  | 14824 | 32686 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 21593 | 23652 | 109857 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 3065 | 5888 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 41131 | 44864 | 80186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1978907 | 114966 | 378885 |
| **NET ASSETS** | $**26423912** | $**39948697** | $**202533293** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $23726603 | $31321553 | $233604488 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 2697309 | 8627144 | (31071195) |
| **NET ASSETS** | $**26423912** | $**39948697** | $**202533293** |

---

See accompanying notes to consolidated financial statements.

***The Arrow Funds***

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Continued)**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $**21305370** | $**23623749** | $**19946216** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1793211** | **2320413** | **4011714** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), and redemption price per share (a) | $**11.88** | $**10.18** | $**4.97** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charges of 5.75%) (b) | $**12.60** | $**10.80** | $**5.27** |
| Class C Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1434329** | $**1573892** | $**1140700** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **135973** | **175804** | **257132** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), offering price and redemption price per share (a) | $**10.55** | $**8.95** | $**4.44** |
| Institutional Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**3684213** | $**14751056** | $**181446377** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **302355** | **1428649** | **35667294** |
| &nbsp;&nbsp;&nbsp;Net asset value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net assets ÷ Shares outstanding), offering price and redemption price per share (a) | $**12.19** **(c)** | $**10.33** | $**5.09** |

---

(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 July 31, 2025 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to consolidated financial statements.

***The Arrow Funds***

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**For the Year Ended July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $632309 | $762562 | $5313391 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated companies | 56758 | 62826 | 1828922 |
| &nbsp;&nbsp;&nbsp;Interest | 14278 | 80230 |  |
| &nbsp;&nbsp;&nbsp;Less: Withholding tax | (1374) | (25303) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 701971 | 880315 | 7142313 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 256191 | 361987 | 1760266 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class A | 56401 | 59795 | 61629 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class C | 20308 | 18795 | 18720 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 54693 | 52138 | 236548 |
| &nbsp;&nbsp;&nbsp;Registration fees | 42739 | 55249 | 84768 |
| &nbsp;&nbsp;&nbsp;Professional fees | 40484 | 44367 | 100793 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 27970 | 32754 | 125509 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 22056 | 28932 | 152028 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 15382 | 8975 | 27104 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 14403 | 13929 | 106812 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8354 | 8331 | 8354 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 6576 | 6576 | 16807 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 2144 | 2842 | 18962 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1644 | 2237 | 10522 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2659 | 2659 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 572004 | 699566 | 2731631 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived | (2427) | - | (20324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 569577 | 699566 | 2711307 |
| **NET INVESTMENT INCOME** | 132394 | 180749 | 4431006 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, unaffiliated companies | 1707988 | 4839081 | (788272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, affiliated companies | (7507) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, affiliated companies In-kind transactions | 1139717 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 533017 | 1218292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (226465) |  | (6526747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (78470) | (206387) | - |
|  | 3068280 | 5850986 | (7315019) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, unaffiliated companies | (1989103) | (2324514) | (29393413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, affiliated companies | (635374) | 130567 | (33200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 7977 | 492865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 24581 |  | (253220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7200) | (18000) | - |
|  | (2599119) | (1719082) | (29679833) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 469161 | 4131904 | (36994852) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**601555** | $**4312653** | $**(32563846)** |

---

See accompanying notes to consolidated financial statements.

***Arrow DWA Tactical: Balanced Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $132394 | $409298 |
| &nbsp;&nbsp;&nbsp;Net realized gain from securities, futures contracts, written options and swap contracts | 3068280 | 224447 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of securities, futures contracts, written options and swap contracts | (2599119) | 1302257 |
| Net increase in net assets resulting from operations | 601555 | 1936002 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (29429) | (1067233) |
| &nbsp;&nbsp;&nbsp;Class C |  | (93882) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (16021) | (277958) |
| Net decrease in net assets from distributions to shareholders | (45450) | (1439073) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 292511 | 1298733 |
| &nbsp;&nbsp;&nbsp;Class C | 60934 | 26668 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 826070 | 433674 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 27578 | 981697 |
| &nbsp;&nbsp;&nbsp;Class C |  | 91429 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 14336 | 261293 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4269441) | (4378661) |
| &nbsp;&nbsp;&nbsp;Class C | (1360980) | (1765962) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1518836) | (3955223) |
| Net decrease in net assets from shares of beneficial interest | (5927828) | (7006351) |
| **TOTAL DECREASE IN NET ASSETS** | (5371723) | (6509422) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 31795635 | 38305057 |
| &nbsp;&nbsp;&nbsp;End of Year | $**26423912** | $**31795635** |

---

See accompanying notes to consolidated financial statements.

***Arrow DWA Tactical: Balanced Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 25357 | 117264 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2377 | 90646 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (367807) | (392766) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (340073) | (184856) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5826 | 2655 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 9406 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (131812) | (179146) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (125986) | (167085) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 68921 | 37923 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1207 | 23561 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (127382) | (350436) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (57254) | (288952) |

---

See accompanying notes to consolidated financial statements.

***Arrow DWA Tactical: Macro Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $180749 | $(125202) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from securities, futures contracts and written options | 5850986 | (2245550) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of securities, futures contracts and written options | (1719082) | 3744763 |
| Net increase in net assets resulting from operations | 4312653 | 1374011 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (343238) |
| &nbsp;&nbsp;&nbsp;Class C |  | (5558) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (265581) |
| Net decrease in net assets from distributions to shareholders | - | (614377) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 889620 | 875610 |
| &nbsp;&nbsp;&nbsp;Class C | 23243 | 18900 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1553738 | 1992386 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 319433 |
| &nbsp;&nbsp;&nbsp;Class C |  | 5363 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 240595 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 28 |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6 | 93 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4578184) | (6827922) |
| &nbsp;&nbsp;&nbsp;Class C | (894971) | (1946207) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2540566) | (16136486) |
| Net decrease in net assets from shares of beneficial interest | (5547086) | (21458235) |
| **TOTAL DECREASE IN NET ASSETS** | (1234433) | (20698601) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 41183130 | 61881731 |
| &nbsp;&nbsp;&nbsp;End of Year | $**39948697** | $**41183130** |

---

See accompanying notes to consolidated financial statements.

***Arrow DWA Tactical: Macro Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 93021 | 102690 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 38118 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (477369) | (801431) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (384348) | (660623) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2753 | 2523 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 719 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (105175) | (257055) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (102422) | (253813) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 159487 | 231612 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 28405 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (264909) | (1904122) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (105422) | (1644105) |

---

See accompanying notes to consolidated financial statements.

***Arrow Managed Futures Strategy Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4431006 | $7672905 |
| &nbsp;&nbsp;&nbsp;Net realized loss from securities and swap contracts | (7315019) | (20472197) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of securities and swap contracts | (29679833) | (2089814) |
| Net decrease in net assets resulting from operations | (32563846) | (14889106) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (3294010) |
| &nbsp;&nbsp;&nbsp;Class C |  | (340303) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (13081987) |
| Net decrease in net assets from distributions to shareholders | - | (16716300) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7318789 | 17965862 |
| &nbsp;&nbsp;&nbsp;Class C | 292390 | 1525230 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 61335095 | 80745810 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 3137937 |
| &nbsp;&nbsp;&nbsp;Class C |  | 322395 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 12473367 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1900 | 23835 |
| &nbsp;&nbsp;&nbsp;Class C | 48 | 251 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2633 | 2131 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11729880) | (22962596) |
| &nbsp;&nbsp;&nbsp;Class C | (1307322) | (2300014) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (30343629) | (39683933) |
| Net increase in net assets from shares of beneficial interest | 25570024 | 51250275 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (6993822) | 19644869 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 209527115 | 189882246 |
| &nbsp;&nbsp;&nbsp;End of Year | $**202533293** | $**209527115** |

---

See accompanying notes to consolidated financial statements.

***Arrow Managed Futures Strategy Fund***

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> July 31,<br> 2024** |
| **SHARE ACTIVITY - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1359765 | 2800702 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 532757 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2194219) | (3709820) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (834454) | (376361) |
| **SHARE ACTIVITY - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 58778 | 259131 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 60487 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (275121) | (418174) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (216343) | (98556) |
| **SHARE ACTIVITY - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 11150994 | 13013614 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 2075435 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5418246) | (6196335) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 5732748 | 8892714 |

---

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $11.62 | $11.38 | $11.90 | $13.25 | $12.92 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 | 0.14 | 0.09 | (0.00) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.22 | 0.58 | 0.07 | (0.73 | 1.92 |
| Total from investment operations | 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 | (0.02) | (0.48) | (0.31) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.37 | (0.62 | (1.46 |
| Total distributions | (0.02) | (0.48 | (0.68 | (0.62 | (1.49 |
| Net asset value, end of year | $11.88 | $11.62 | $11.38 | $11.90 | $13.25 |
| Total return (2) | 2.37% | 6.64 | 1.37 | (5.76 | 14.81 |
| Net assets, end of year (000s) | $21305 | $24790 | $26386 | $28725 | $33420 |
| Ratio of gross expenses to average net assets (4)(6) | 1.99% | 1.93 | 1.85 | 1.85 | 1.86 |
| Ratio of net expenses to average net assets (4) | 1.98% | 1.92 | 1.84 | 1.84 | 1.85 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.48% | 1.25 | 0.89 | (0.03) | (0.76) |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $10.38 | $10.15 | $10.64 | $12.01 | $11.89 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | 0.05 | 0.01 | (0.09) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | 0.52 | 0.07 | (0.66 | 1.75 |
| Total from investment operations | 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 |  | (0.34) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.37) | (0.62 | (1.46 |
| Total distributions | - | (0.34) | (0.57) | (0.62 | (1.46 |
| Net asset value, end of year | $10.55 | $10.38 | $10.15 | $10.64 | $12.01 |
| Total return (2) | 1.64 | 5.81% | 0.69%(7) | (6.55 | 14.04 |
| Net assets, end of year (000s) | $1434 | $2719 | $4354 | $5650 | $8150 |
| Ratio of gross expenses to average net assets (4)(6) | 2.74 | 2.68% | 2.60% | 2.60 | 2.61 |
| Ratio of net expenses to average net assets (4) | 2.73 | 2.67% | 2.59% | 2.59 | 2.60 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.26) | 0.50% | 0.14% | (0.80) | (1.51) |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $11.92 | $11.66 | $12.18 | $13.52 | $13.15 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.09 | 0.17 | 0.13 | 0.03 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.23 | 0.60 | 0.07 | (0.75) | 1.96 |
| Total from investment operations | 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 | (0.05) | (0.51) | (0.35) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.37 | (0.62) | (1.46 |
| Total distributions | (0.05) | (0.51) | (0.72 | (0.62) | (1.52 |
| Net asset value, end of year | $12.19 | $11.92 | $11.66 | $12.18 | $13.52 |
| Total return (2) | 2.67%(7) | 6.94%(7) | 1.63 | (5.57)%(7) | 15.14 |
| Net assets, end of year (000s) | $3684 | $4286 | $7565 | $8932 | $13973 |
| Ratio of gross expenses to average net assets (4)(6) | 1.74% | 1.68% | 1.60 | 1.61% | 1.61 |
| Ratio of net expenses to average net assets (4) | 1.73% | 1.67% | 1.59 | 1.59% | 1.59 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.74% | 1.50% | 1.15 | 0.20% | (0.51) |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

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

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $8.10 | $7.75 | $8.49 | $9.70 | $8.75 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.04) | (0.08) | 0.05 | (0.10) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.89 | 0.44 | (0.24) | 0.95 | 1.72 |
| Total from investment operations | 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 |  | (0.01) | (0.46) |  | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.09) | (2.06 | (0.21 |
| Total distributions | - | (0.01) | (0.55) | (2.06 | (0.62 |
| Net asset value, end of year | $8.95 | $8.10 | $7.75 | $8.49 | $9.70 |
| Total return (2) | 10.49 | 4.70% | (2.13)% | 10.00 | 18.51 |
| Net assets, end of year (000s) | $1574 | $2254 | $4121 | $6676 | $9047 |
| Ratio of gross expenses to average net assets (4)(6) | 2.54 | 2.59% | 2.40% | 2.44 | 2.58 |
| Ratio of net expenses to average net assets (4) | 2.54 | 2.59% | 2.40% | 2.43 | 2.58 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.36) | (1.05)% | 0.71% | (1.06) | (1.62) |
| Portfolio Turnover Rate | 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 year.

(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 Statements of Operations due to the timing of shareholder subscriptions
 and redemptions relative to fluctuating net asset values during the year.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $9.25 | $8.88 | $9.66 | $10.66 | $9.56 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | (0.01) | 0.15 | 0.01 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.01 | 0.52 | (0.28) | 1.05 | 1.89 |
| Total from investment operations | 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 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.14) | (0.56) |  | (0.51) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.09) | (2.06) | (0.21) |
| Total distributions | - | (0.14) | (0.65) | (2.06) | (0.72) |
| Net asset value, end of year | $10.33 | $9.25 | $8.88 | $9.66 | $10.66 |
| Total return (2) | 11.68% | 5.84% | (1.24)% | 11.20% | 19.73% |
| Net assets, end of year (000s) | $14751 | $14193 | $28224 | $43333 | $17919 |
| Ratio of gross expenses to average net assets (4)(6) | 1.54% | 1.59% | 1.40% | 1.44% | 1.58% |
| Ratio of net expenses to average net assets (4) | 1.54% | 1.59% | 1.40% | 1.44% | 1.58% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.64% | (0.05)% | 1.71% | 0.09% | (0.65)% |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $5.85 | $6.99 | $8.17 | $6.33 | $5.94 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.11 | 0.24 | 0.16 | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.99) | (0.76) | 1.41 | 2.07 | 0.48 |
| Total from investment operations | (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 |
| 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 year | $4.97 | $5.85 | $6.99 | $8.17 | $6.33 |
| Total return (2) | (15.04)% | (7.56)% | 21.57%(7) | 31.98%(7) | 6.57% |
| Net assets, end of year (000s) | $19946 | $28341 | $36498 | $20271 | $6502 |
| Ratio of gross expenses to average net assets (4)(6) | 1.53% | 1.49% | 1.46% | 1.55% | 1.61% |
| Ratio of net expenses to average net assets (4) | 1.52% | 1.47% | 1.45% | 1.54% | 1.59% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 1.92% | 3.77% | 2.24% | (1.18)% | (1.51)% |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares** | **Year Ended <br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $5.26 | $6.37 | $7.66 | $5.93 | $5.61 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 | 0.17 | 0.09 | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.88) | (0.69) | 1.30 | 1.96 | 0.45 |
| Total from investment operations | (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 |
| 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 year | $4.44 | $5.26 | $6.37 | $7.66 | $5.93 |
| Total return (2) | (15.59)% | (8.26)% | 20.31%(7) | 31.09%(7) | 5.70% |
| Net assets, end of year (000s) | $1141 | $2491 | $3646 | $3231 | $1799 |
| Ratio of gross expenses to average net assets (4)(6) | 2.28% | 2.24% | 2.21% | 2.29% | 2.36% |
| Ratio of net expenses to average net assets (4) | 2.27% | 2.22% | 2.20% | 2.28% | 2.34% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 1.17% | 3.02% | 1.49% | (1.95)% | (2.26)% |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value, beginning of year | $5.97 | $7.12 | $8.29 | $6.42 | $6.01 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.12 | 0.25 | 0.18 | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.00) | (0.78) | 1.41 | 2.09 | 0.49 |
| Total from investment operations | (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 |
| 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 year | $5.09 | $5.97 | $7.12 | $8.29 | $6.42 |
| Total return (2) | (14.74)% | (7.44)% | 21.64%(7) | 32.34%(7) | 6.82% |
| Net assets, end of year (000s) | $181446 | $178695 | $149738 | $108933 | $84202 |
| Ratio of gross expenses to average net assets (4)(6) | 1.28% | 1.24% | 1.21% | 1.29% | 1.36% |
| Ratio of net expenses to average net assets (4) | 1.27% | 1.22% | 1.20% | 1.27% | 1.34% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 2.17% | 4.02% | 2.49% | (1.01)% | (1.26)% |
| Portfolio Turnover Rate | 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 year.

(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.

See accompanying notes to consolidated financial statements.

***The Arrow Funds***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**July 31, 2025**

**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 accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. 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 –** The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating

***The Arrow Funds***

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

**July 31, 2025**

decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Executive Officer of the Funds. Each Fund 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 each Fund, using the information presented in the financial statements and financial highlights.

**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.

**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.

***The Arrow Funds***

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

**July 31, 2025**

**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 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 Arrow Funds***

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

**July 31, 2025**

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 July 31, 2025, for the Funds' assets and liabilities measured at fair value:

**Arrow DWA Tactical: Balanced Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7600186 | $- | $- | $7600186 |
| Exchange-Traded Funds | 15311832 | - | - | 15311832 |
| Short Term Investment | 972637 | - | - | 972637 |
| Call Options Purchased | - | 1498171 | - | 1498171 |
| Open Long Futures Contracts \* | 23657 | - | - | 23657 |
| Total | $23908312 | $1498171 | $- | $25406483 |
| **Arrow DWA Tactical: Macro Fund** |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $28498550 | $- | $- | $28498550 |
| Short Term Investment | 7836483 | - | - | 7836483 |
| Open Long Futures Contracts \* | 375935 | - | - | 375935 |
| Total | $36710968 | $- | $- | $36710968 |
| **Arrow Managed Futures Strategy Fund** |  |  |  |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Fund | $40632347 | $- | $- | $40632347 |
| Private Investments \*\* | - | - | - | 68619277 |
| Short Term Investment | 56643229 | - | - | 56643229 |
| Call Options Purchased | - | 36532164 | - | 36532164 |
| Total | $97275576 | $36532164 | $- | $202427017 |

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

\* Derivatives instruments include cumulative net unrealized gain or loss on futures contracts open as of July 31, 2025.

\*\* 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.

**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

***The Arrow Funds***

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

**July 31, 2025**

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 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

***The Arrow Funds***

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

**July 31, 2025**

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. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. 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 (Continued)**

**July 31, 2025**

*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:

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| | | | |
|:---|:---|:---|:---|
| | **Inception<br> Date of CFC** | **CFC<br> Net Assets<br> at July 31,<br> 2025** | **% of Total<br> Net Assets<br> at July 31,<br> 2025** |
| ADB-CFC | 12/5/2012 | $1997348 | 7.56% |
| ADT-CFC | 12/12/2011 | 3043115 | 7.62% |
| AMFS-CFC | 7/23/2010 | 41632570 | 20.56% |

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**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 (Continued)**

**July 31, 2025**

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, 2022 – July 31, 2024, or expected to be taken in the Funds' July 31, 2025 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 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 (Continued)**

**July 31, 2025**

realized gains (losses) from foreign currency transactions in the Consolidated Statements of Operations. There were no forward currency contracts held during the year ended July 31, 2025, 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 (Continued)**

**July 31, 2025**

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 (Continued)**

**July 31, 2025**

**Derivatives Disclosure**

Fair Values of Derivative Instruments in ADTBF as of July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** |
| Call Options Purchased: Commodity Risk | Investment Securities: Unaffiliated companies at value | $906536 | Investment Securities: Unaffiliated companies at value | $- |
| Call Options Purchased: Financial Risk | Investment Securities: Unaffiliated companies at value | 591635 | Investment Securities: Unaffiliated companies at value |  |
| Futures: Commodity Risk | Unrealized appreciation on futures contracts | 23657 | Unrealized depreciation on futures contracts | - |
|  |  | $1521828 |  | $- |

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Fair Values of Derivative Instruments in ADTMF as of July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** |
| Futures: Commodity Risk | Unrealized appreciation on futures contracts | $375935 |  | $- |
|  |  | $375935 |  | $- |

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Fair Values of Derivative Instruments in AMFSF as of July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** | **Consolidated Statements<br> of Assets and Liabilities** | **Value** |
| Call Options Purchased: Commodity Risk | Investment Securities: Unaffiliated companies at value | $36532164 | Investment Securities: Unaffiliated companies at value | $- |
|  |  | $36532164 |  | $- |

---

The average notional value of the derivative instruments for the year ended July 31, 2025 is disclosed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
| | **Long<br> Futures** | **Purchased<br> Call Options** | **Purchased<br> Put Options** | **Written<br> Call Options** | **Financial<br> Index Swap** | **Commodity<br> Index Swap** |
| ADTBF | $2199993 | $2025000 | $4564360 | $2852725 | $1970782 | $1628912 |
| ADTMF | 9676498 |  | 11981445 | 7417085 |  |  |
| AMFSF | - | 30961356 | - | - | 85555517 | 112390834 |

---

***The Arrow Funds***

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

**July 31, 2025**

The effect of Derivative Instruments on the Consolidated Statements of Operations for the year ended July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** |
| **Location** | **Commodity<br> Risk** | **Financial<br> Risk** | **Equity<br> Risk** | **Total** |
| **Net realized gain (loss) from:** |  |  |  |  |
| Futures contracts | $533017 | $- | $- | $533017 |
| Securities, unaffiliated companies |  |  | (53930) | (53930) |
| Swap contracts | 47838 | (274303) |  | (226465) |
| Written Options | - | - | (78470) | (78470) |
| **Total net realized gain (loss)** | $580855 | $(274303) | $(132400) | $174152 |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Futures contracts | $7977 | $- | $- | $7977 |
| Securities, unaffiliated companies | 56036 | (582865) | 8410 | (518419) |
| Swap contracts | (54011) | 78592 |  | 24581 |
| Written Options | - | - | (7200) | (7200) |
| **Total net change in unrealized appreciation** | $10002 | $(504273) | $1210 | $(493061) |
| **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** |
| **Location** | **Commodity<br> Risk** | **Financial<br> Risk** | **Equity<br> Risk** | **Total** |
| **Net realized gain (loss) from:** |  |  |  |  |
| Futures contracts | $1218292 | $- | $- | $1218292 |
| Securities, unaffiliated companies |  |  | (148773) | (148773) |
| Written options | - | - | (206387) | (206387) |
| **Total net realized gain (loss)** | $1218292 | $- | $(355160) | $863132 |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Futures contracts | $492865 | $- | $- | $492865 |
| Securities, unaffiliated companies |  |  | 22426 | 22426 |
| Written Options | - | - | (18000) | (18000) |
| **Total net change in unrealized appreciation** | $492865 | $- | $4426 | $497291 |
| **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** |
| **Location** | **Commodity<br> Risk** | **Financial<br> Risk** | **Equity<br> Risk** | **Total** |
| **Net realized gain (loss) from:** |  |  |  |  |
| Securities, unaffiliated companies | $- | $(788272) | $- | $(788272) |
| Swap contracts | 1960672 | (8487419) | - | (6526747) |
| **Total net realized gain (loss)** | $1960672 | $(9275691) | $- | $(7315019) |
| **Net change in unrealized appreciation (depreciation) of:** |  |  |  |  |
| Securities, unaffiliated companies | $5570808 | $(34964221.00) | $- | $(29393413) |
| Swap contracts | 3317302 | (3570522) | - | (253220) |
| **Total net change in unrealized appreciation (depreciation)** | $8888110 | $(38534743) | $- | $(29646633) |

---

***The Arrow Funds***

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

**July 31, 2025**

**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 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 year ended July 31, 2025, 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 July 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br><u>Assets</u>:** | | | | **Gross Amounts Not Offset in the<br> Consolidated Statements of Assets & Liabilities** | **Gross Amounts Not Offset in the<br> Consolidated Statements of Assets & Liabilities** | |
|  | **Gross Amounts of**<br>**Recognized<br> Assets** | **Gross Amounts Offset<br> in the Consolidated<br> Statements**<br> **of Assets &<br> Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Consolidated Statements**<br>**of Assets &<br> Liabilities** | **Financial<br> Instruments** | **Cash Collateral<br> Received/(Pledged)** |<br>**Net Amount** |
| **ADTBF** |  |  |  |  |  |  |
| Future Contracts - Goldman Sachs | $23657 | $- | $23657 | $- | $- | $23657 |
| Call Options Purchased - Galaxy Plus | 1498171 | - | 1498171 | - | - | 1498171 |
| Total | $1521828 | $- | $1521828 | $- | $- | $1521828 |
| **ADTMF** |  |  |  |  |  |  |
| Futures Contracts - Goldman Sachs | $375935 | $- | $375935 | $- | $- | $375935 |
| Total | $375935 | $- | $375935 | $- | $- | $375935 |
| **AMFSF** |  |  |  |  |  |  |
| Call Options Purchased - Galaxy Plus | $36532164 | $- | $36532164 | $- | $- | $36532164 |
| Total | $36532164 | $- | $36532164 | $- | $- | $36532164 |

---

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

For the year ended July 31, 2025, 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 | $26093766 | $32355149 |
| ADTMF | 18629504 | 30719639 |
| AMFSF | 103583498 |  |

---

***The Arrow Funds***

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

**July 31, 2025**

For the year ended July 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ADBF | $4954533 | $4967129 |
| ADTMF |  |  |
| AMFSF |  |  |

---

**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 year ended July 31, 2025, ADTBF invested in Arrow DWA Tactical: International ETF ("DWCR") and Arrow Reserve Capital Management ETF ("ARCM"). ADTMF invested in Arrow Dow Jones Global Yield ETF ("GYLD"), 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 DWCR and waive 0.05% of its advisory fee on the portion of ADTMF and AMFSF's assets that are invested in ARCM, respectively. For the year ended July 31, 2025, the Advisor waived $2,427, $0, and $20,324, 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 year ended July 31, 2025, the Distributor received $44,517, of which $6,517 was retained in commissions.

***The Arrow Funds***

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

**July 31, 2025**

*<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 year ended July 31, 2025, ADTBF, ADTMF and AMFSF assessed $0, $34, and $4,581 respectively, in redemption fees as disclosed on the Consolidated Statements of Changes.

**7.** **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 July 31, 2025, ADTBF and AMFSF owned 0.7% and 88.2% of ARCM, respectively. As of July 31, 2025, the percentage of ADTBF and AMFSF's net assets invested in ARCM was 1.2% and 20.1%, respectively.

ADTMF invests a portion of its assets in Arrow Dow Jones Global Yield ETF ("GYLD") a series of the Trust that is advised by the Advisor. GYLD seeks investment results that generally correspond (before fees and expenses) to the price and yield performance of the Dow Jones Global Yield Index (the "Index"). GYLD's securities valuation policies are similar to the Funds' policies. ADTMF may redeem its investment in GYLD at any time if the Advisor determines that it is in the best interest of ADTMF and its shareholders to do so. The performance of ADTMF is directly affected by the performance of GYLD. The financial statements of GYLD, including their portfolios of investments, can be found at the SEC's website, www.sec.gov, and should be read in conjunction with GYLD's financial statements. As of July 31, 2025, ADTMF owned 15.2% of GYLD. As of July 31, 2025, the percentage of ADTMF net assets invested in GYLD was 10.2%.

***The Arrow Funds***

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

**July 31, 2025**

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 July 31, 2025, the percentage of AMFSF's net assets invested in Galaxy Plus was 33.8%.

AMFSF invests a portion of its assets in First American Government Obligations Fund - Class X ("First American"). First American is a series of First American Funds, Inc., which is registered under the 1940 Act as open-end management investment company. AMFSF may redeem its investment in First American 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 First American. The financial statements of First American, including their portfolios of investments, can be found at the SEC's website, www.sec.gov, and should be read in conjunction with AMFSF's financial statements. As of July 31, 2025, the percentage of AMFSF's net assets invested in First American was 28.0%.

**8.** **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 July 31, 2025 are noted in the Funds' Consolidated Schedules of Investments. Transactions during the year ended July 31, 2025, with companies which are affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** | **ADTBF** |
| **Tickers** | **Description** | **Value - Beginning**<br> **of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized**<br> **Gain (Loss)** | **Dividends**<br> **Credited<br> to Income** | **Value - End<br> of Year** | **Net Change<br> in Unrealized<br> Appreciation/<br> (Depreciation)** | **Shares - End<br> of Year** |
| ARCM | Arrow Reserve Capital Management ETF | $313200 | $- | $- | $- | $14086 | $312944 | $(256) | 3126 |
| DWCR | Arrow DWA Tactical: International ETF | 5168518 |  | (5665610) | 1132210 | 42672 | - | (635118) |  |
|  |  | $5481718 | $- | $(5665610) | $1132210 | $56758 | $312944 | $(635374) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** | **ADTMF** |
| **Tickers** | **Description** | **Value -<br> Beginning<br> of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized**<br> **Gain (Loss)** | **Dividends**<br> **Credited<br> to Income** | **Value - End**<br> **of Year** | **Net Change<br> in Unrealized<br> Appreciation/<br> (Depreciation)** | **Shares - End<br> of Year** |
| GYLD | Arrow Dow Jones Global Yield ETF | $- | $3952347 | $- | $- | $62826 | $4082914 | $130567 | 307217 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** | **AMFSF** |
| **Tickers** | **Description** | **Value - Beginning<br> of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized**<br> **Gain (Loss)** | **Dividends**<br> **Credited<br> to Income** | **Value - End<br> of Year** | **Net Change<br> in Unrealized<br> Appreciation/<br> (Depreciation)** | **Shares - End<br> of Year** |
| ARCM | Arrow Reserve Capital Management ETF | $40665547 | $- | $- | $- | $1828922 | $40632347 | $(33200) | 405877 |

---

***The Arrow Funds***

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

**July 31, 2025**

For the year ended July 31, 2025, there were cross trade transactions executed by the Funds pursuant to procedures adopted by the Board to ensure compliance with Rule 17a-7 under the 1940 Act (the "17a-7 Procedures"). In general, cross trading is the buying or selling of portfolio securities between a Fund and other series of the Trust. The Board determines no less frequently than quarterly that such transactions were effected in compliance with the 17a-7 Procedures.

For the year ended July 31, 2025, pursuant to these Procedures, each Fund's total cross trades transactions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Ticker** | **Purchases<br> at Cost** | **Sales<br> Proceeds** | **Net<br> Realized<br> Gain/(Loss)** |
| DWCR | $- | $4954533 | $- |
| ADTBF | 4954533 |  |  |

---

**9.** **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 7/31/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| ADBF | $45450 | $– $|  | $45450 |
| ADTMF |  | – |  |  |
| AMFSF |  | – |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended 7/31/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> 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<br> Loss and<br> Late Year Loss** | **Capital<br> Loss 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.

***The Arrow Funds***

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

**July 31, 2025**

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 |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **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 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Tax Net<br> Unrealized<br> Appreciation** |
| ADTBF | $25003782 | $1271324 | $(892280) | $379044 |
| ADTMF | 31788282 | 4567874 | (21123) | 4546751 |
| AMFSF | 231798257 | 5597787 | (34969027) | (29371240) |

---

**11.** **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.

![](img_002.jpg)

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

To the Shareholders of Arrow DWA Tactical: Balanced Fund, Arrow DWA Tactical: Macro Fund and Arrow Managed Futures Strategy Fund and the Board of Trustees of Arrow Investments Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Arrow DWA Tactical: Balanced Fund, Arrow DWA Tactical: Macro Fund and Arrow Managed Futures Strategy Fund (the "Funds"), each a series of shares of beneficial interest in Arrow Investments Trust, as of July 31, 2025, the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of each of the Funds as of July 31, 2025, the results of their consolidated operations for the year then ended, the consolidated changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' consolidated financial highlights for the years ended July 31, 2022, and prior, were audited by other auditors whose report dated September 29, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, counterparties and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](img_003.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

September 29, 2025

![](img_004.jpg)

***The Arrow Funds***

**Additional Information (Unaudited)**

**July 31, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

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

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

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

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. Exhibit 99. CERT](dwa_ex99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto Exhibit 99.906CERT](dwa_ex99-906cert.htm)

**SIGNATURES**

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

---

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

---

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

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Joseph Barrato |
| Joseph Barrato, Principal Executive Officer/President |

---

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

---

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

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Joseph Barrato, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Arrow DWA Tactical: Balanced Fund, The Arrow DWA Tactical: Macro Fund, and The Arrow Managed Futures Strategy Fund (each a series of Arrow Investments Trust);

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

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

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

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

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

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

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

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

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

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

---

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

---

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Arrow DWA Tactical: Balanced Fund, The Arrow DWA Tactical: Macro Fund, and The Arrow Managed Futures Strategy Fund (each a series of Arrow Investments Trust);

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

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

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

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

---

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

---

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

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

## Ex-99.Code

4.2 Code of Ethics

**I. Statement of General Principles**

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

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

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

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

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

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

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

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

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

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

**II. Definitions**

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

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

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

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

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

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

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

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

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

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

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

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

**III. Personal Investment Guidelines**

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

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

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

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

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

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

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

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

**IV. Compliance Procedures**

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

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

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

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

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

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

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

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

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