ARROW MANAGED FUTURES STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 15.5%      
    MIXED ALLOCATION - 15.5%      
405,877   Arrow Reserve Capital Management ETF(c)(d) (Cost $40,615,844)       $ 40,618,141
               
    PRIVATE INVESTMENT FUND — 35.5%      
    FINANCIAL POOL - 35.5%      
N/A   Galaxy Plus Fund LLC– Dunn Financials Feeder Fund(a)(g) (Cost $103,583,497)       92,650,714
               
    SHORT-TERM INVESTMENT — 25.5%      
    MONEY MARKET FUND - 25.5%      
66,645,882   First American Government Obligations Fund, Class X, 3.58%(b)(e) (Cost $66,645,882)       66,645,882
         
Contracts              
    EQUITY OPTIONS PURCHASED - 23.5% Broker/
Counterparty		 Expiration
Date		 Exercise
Price		 Notional
Value		 Fair Value
    CALL OPTIONS PURCHASED - 23.5%      
19,503   Galaxy Plus Commodity Call Option(e)(f) Nomura 12/20/2026 $ 0.0001 $ 19,862,552 $ 61,347,316
    TOTAL CALL OPTIONS PURCHASED (Cost - $19,862,552)    
         
    TOTAL EQUITY OPTIONS PURCHASED (Cost - $19,862,552)     61,347,316
           
    TOTAL INVESTMENTS - 100.0% (Cost $230,707,775)     $ 261,262,053
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%(h)    

76,501

    NET ASSETS - 100.0%        

$ 261,338,554

           
 

    

ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of April 30, 2026.
(c) Affiliated Company - The Arrow Managed Futures Strategy Fund holds in excess of 5% of the outstanding voting securities of the Exchange-Traded Fund.
(d) Affiliated Exchange-Traded Fund.
(e) All or a portion of this investment is a holding of the Arrow MFT Fund Limited.
(f) 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.
(g) 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.
(h) Percentage rounds to less than 0.1%.
 

 

 

 
 

 

ARROW MANAGED FUTURES STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
April 30, 2026

 

Additional Information — Galaxy Plus Commodity Call Option    
The following table represents the top 50 positions based on the absolute notional values and related values within the commodity feeder option as of April 30, 2026.
Quantity   Description Expiration Notional Amount Weight   Unrealized Appreciation/ (Depreciation)
                                11,567   CME Live Cattle Jun-26  $                    1,146,231,421 14.18%    $                           2,165,913
                                  7,119   LME Zinc Jun-26                           603,752,818 7.47%                                      (40,862)
                                  6,531   LME Aluminum Jun-26                           582,411,417 7.21%                                   (215,575)
                                  3,558   NYM Platinum Jul-26                           363,203,785 4.50%                                   (292,862)
                                31,421   SGX Iron Ore 62% Jun-26                           330,990,980 4.10%                                     361,982
                                  2,320   NYM RBOB Gas Jun-26                           308,435,832 3.82%                                  2,040,691
                                  5,271   CBOT Soybeans CSO May-26                           307,320,499 3.80%                                       21,326
                                     621   CMX Gold Jun-26                           295,540,169 3.66%                                   (285,113)
                                  4,710   CME Soybeans Jul-26                           279,212,677 3.46%                                     412,515
                              (15,242)   CSC Sugar Jul-26                           241,170,131 2.99%                                      (55,348)
                                  1,297   Heating Oil Jun-26                           204,490,721 2.53%                                     829,002
                                  1,789   ICE LS GasOil Jun-26                           200,231,245 2.48%                                     941,158
                                     488   CMX Silver May-26                           187,085,932 2.32%                                   (319,852)
                                  1,959   CME Crude Jun-26                           182,978,507 2.26%                                     815,482
                                  7,620   CBT Corn Jul-26                           176,135,640 2.18%                                     252,929
                                 (5,221)   ICEUS Cocoa Jul-26                           176,071,837 2.18%                                   (373,258)
                                  4,254   CBT Bean Oil May-26                           173,913,999 2.15%                                     200,749
                                  1,630   IPE Brent Crude Jun-26                           164,617,352 2.04%                                     508,459
                                  3,777   CBT Bean Oil Jul-26                           161,570,115 2.00%                                     876,650
                        96,725,854   U.S. Treasury Bill Jul-26                             95,967,263 1.19%                                         9,826
                        93,920,463   U.S. Treasury Bill Jun-26                             93,288,084 1.15%                                         9,320
                                  8,530   ICEUS Canola Jul-26                             91,799,393 1.14%                                     352,323
                                  7,805   ICEUS Canola May-26                             80,474,982 1.00%                                   (202,220)
                                 (2,813)   NYM Natural Gas Jun-26                             78,541,785 0.97%                                       97,571
                                     478   CMX Copper May-26                             71,051,447 0.88%                                       84,930
                        68,868,755   U.S. Treasury Note Aug-26                             68,864,753 0.85%                                         8,432
                        65,484,861   U.S. Treasury Note Oct-26                             65,523,009 0.81%                                           (267)
                                     525   ICEUS Coffee Jul-26                             57,270,384 0.71%                                   (129,982)
                        43,226,016   U.S. Treasury Note Aug-27                             43,131,176 0.53%                                         4,085
                        38,697,650   U.S. Treasury Bill Jun-26                             38,481,386 0.48%                                         3,958
                        35,383,465   U.S. Treasury Bill Jun-26                             35,221,723 0.44%                                         3,614
                        32,562,197   Allstate Corp. Dec-26                             32,434,148 0.40%                                         4,521
                        30,038,927   U.S. Treasury Note Apr-26                             30,039,899 0.37%                                             (74)
                                     718   CME Lean Hogs Jun-26                             29,841,760 0.37%                                        (1,289)
                                     293   IPE Brent Crude Aug-26                             29,372,462 0.36%                                     386,145
                        28,188,601   U.S. Treasury Bill May-26                             28,092,135 0.35%                                         2,874
                        27,095,112   Becton Dickinson & Co. Jun-27                             26,913,412 0.33%                                         4,730
                        25,503,049   Duke Energy Corp. Sep-26                             25,363,199 0.31%                                         1,852
                                 (1,458)   CSC Sugar May-26                             23,716,045 0.29%                                     249,365
                                    (710)   ICEUS Cocoa May-26                             23,085,252 0.29%                                     211,257
                        22,499,156   Nextera Energy Cap Holdings Inc. Sep-27                             22,634,688 0.28%                                         1,535
                                        60   CMX Silver Jul-26                             21,930,166 0.27%                                       46,615
                                    (709)   Chicago SRW Wheat Jul-26                             21,508,842 0.27%                                      (43,757)
                        21,027,249   U.S. Treasury Note May-26                             21,022,560 0.26%                                         2,120
                        21,027,249   U.S. Treasury Note May-26                             20,955,054 0.26%                                         8,566
                        19,315,030   Norfolk Southern Corp. Jun-26                             19,277,459 0.24%                                         2,055
                        19,104,758   Goldman Sachs Group Inc. Jan-27                             19,053,648 0.24%                                         2,344
                        19,194,874   Intel Corp. May-27                             18,962,206 0.23%                                         2,525
                        18,804,368   WEC Energy Group Inc. Sep-26                             18,891,982 0.23%                                         2,206
                        18,203,590   Entergy Corp. Sep-26                             18,120,424 0.23%                                         2,374
                      656,365,038   Other Underlying Index Components                             722,676,258 8.94%                                   (105,412)
               $                           8,866,128