| ARROW DWA TACTICAL: MACRO FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2026 |
| |
| Shares |
|
|
|
|
|
|
Fair Value |
| |
|
EXCHANGE-TRADED FUNDS — 69.3% |
|
|
|
| |
|
EQUITY - 58.3% |
|
|
|
| 32,500 |
|
First Trust Small Cap Core AlphaDEX Fund |
|
|
|
$ 4,308,808 |
| 56,090 |
|
iShares Europe ETF |
|
|
|
4,021,092 |
| 79,427 |
|
iShares MSCI Emerging Markets ETF |
|
|
|
5,082,534 |
| 68,869 |
|
iShares MSCI Eurozone ETF |
|
|
|
4,588,053 |
| 32,141 |
|
iShares MSCI USA Value Factor ETF |
|
|
|
5,369,796 |
| 27,155 |
|
State Street Industrial Select Sector SPDR ETF |
|
|
|
4,740,720 |
| |
|
|
|
|
|
|
28,111,003 |
| |
|
MIXED ALLOCATION - 11.0% |
|
|
|
| 288,338 |
|
Arrow Dow Jones Global Yield ETF(g) |
|
|
|
4,195,318 |
| 55,000 |
|
Arrow Valtoro ETF(a)(g) |
|
|
|
1,087,350 |
| |
|
|
|
|
|
|
5,282,668 |
| |
|
|
|
|
|
|
|
| |
|
TOTAL EXCHANGE-TRADED FUNDS (Cost $28,173,098) |
|
|
33,393,671 |
| |
|
|
|
|
|
|
|
| |
|
SHORT-TERM INVESTMENT — 14.7% |
|
|
|
| |
|
MONEY MARKET FUND - 14.7% |
|
|
|
| 7,092,750 |
|
First American Government Obligations Fund, Class X, 3.58%(b)(f) (Cost $7,092,750) |
|
|
7,092,750 |
| |
|
|
|
|
| |
|
TOTAL INVESTMENTS - 84.0% (Cost $35,265,848) |
|
|
$ 40,486,421 |
| |
|
OTHER ASSETS IN EXCESS OF LIABILITIES - 16.0% |
|
|
7,731,672 |
| |
|
NET ASSETS - 100.0% |
|
|
|
|
$ 48,218,093 |
| |
|
|
|
|
|
OPEN FUTURES CONTRACTS |
|
|
|
|
| Number of Contracts |
|
Open Long Futures Contracts |
|
|
Expiration |
Notional Amount(c) |
Value and Unrealized Appreciation (Depreciation) |
| 18 |
|
COMEX Gold 100 Troy Ounces Future(d) |
|
06/29/2026 |
$ 8,333,280 |
$ 825,010 |
| 15 |
|
COMEX Silver Future(d) |
|
07/30/2026 |
5,552,100 |
(336,775) |
| |
|
TOTAL FUTURES CONTRACTS |
|
$ 488,235 |
| |
| ETF |
- Exchange-Traded Fund |
| MSCI |
- Morgan Stanley Capital International |
| SPDR |
- Standard & Poor's Depositary Receipt |
| (a) |
Non-income producing security. |
| (b) |
Percentage rounds to less than 0.1%. |
| (c) |
Rate disclosed is the seven day effective yield as of April 30, 2026. |
| (d) |
Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| (e) |
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. |
| (f) |
All or a portion of this investment is a holding of the ADWAT Fund. |
| (g) |
Affiliated Exchange-Traded Fund. |
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