he

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 23.9%      
    AEROSPACE & DEFENSE - 0.8%      
41   Axon Enterprise, Inc.(a)       $ 16,472
87   Boeing Company (The)(a)         19,926
58   General Dynamics Corporation         19,969
66   General Electric Company         19,135
97   Howmet Aerospace, Inc.         23,576
49   Huntington Ingalls Industries, Inc.         17,850
57   L3Harris Technologies, Inc.         18,271
36   Lockheed Martin Corporation, Class B         18,647
29   Northrop Grumman Corporation         16,805
113   RTX Corporation         19,896
223   Textron, Inc.         21,399
16   TransDigm Group, Inc.         18,560
             

230,506

    ASSET MANAGEMENT - 0.4%      
451   Charles Schwab Corporation (The)         41,330
266   Raymond James Financial, Inc.         42,113
555   Robinhood Markets, Inc., Class A(a)         40,454
             

123,897

    BANKING - 1.8%      
578   Bank of America Corporation         30,900
286   Citigroup, Inc.         36,602
770   Citizens Financial Group, Inc.         50,089
683   Fifth Third Bancorp         34,669
3,024   Huntington Bancshares, Inc.         50,681
99   JPMorgan Chase & Company         31,010
1,615   KeyCorporation         35,708
230   M&T Bank Corporation         50,285
156   PNC Financial Services Group, Inc. (The)         34,788
1,766   Regions Financial Corporation         50,419
978   Truist Financial Corporation         50,367
605   US Bancorp         34,279
346   Wells Fargo & Company         28,452
             

518,249

 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 23.9% (Continued)      
    CHEMICALS - 1.2%      
3,292   Dow, Inc.       $ 133,294
1,750   LyondellBasell Industries N.V., Class A         130,550
431   Qnity Electronics, Inc.         60,624
             

324,468

    ELECTRICAL EQUIPMENT - 1.1%      
645   Amphenol Corporation, Class A         94,989
251   Keysight Technologies, Inc.(a)         87,827
580   TE Connectivity plc         122,764
             

305,580

    ENGINEERING & CONSTRUCTION - 1.0%      
49   Comfort Systems USA, Inc.         90,172
107   EMCOR Group, Inc.         95,409
144   Quanta Services, Inc.         104,799
             

290,380

    HEALTH CARE FACILITIES & SERVICES - 0.8%      
280   Cardinal Health, Inc.         54,006
178   Cencora, Inc.         54,826
796   Henry Schein, Inc.(a)         59,374
67   McKesson Corporation         54,618
             

222,824

    HEALTH CARE REIT - 0.9%      
1,548   Alexandria Real Estate Equities, Inc.         62,709
3,483   Healthpeak Properties, Inc.         56,320
747   Ventas, Inc.         65,632
295   Welltower, Inc.         64,115
             

248,776

    INSTITUTIONAL FINANCIAL SERVICES - 0.5%      
48   Goldman Sachs Group, Inc. (The)         44,341
609   Interactive Brokers Group, Inc., Class A         48,416
233   Morgan Stanley         44,407
             

137,164

    INTERNET MEDIA & SERVICES - 0.9%      
480   Alphabet, Inc., Class C         183,331
 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 23.9% (Continued)      
    INTERNET MEDIA & SERVICES - 0.9% (Continued)      
124   Meta Platforms, Inc., Class A       $ 75,877
             

259,208

    LEISURE PRODUCTS - 0.9%      
2,588   Hasbro, Inc.         248,034
             
 
    MACHINERY - 0.3%      
84   Caterpillar, Inc.         74,769
             
 
    METALS & MINING - 1.7%      
4,219   Freeport-McMoRan, Inc.         243,774
2,236   Newmont Corporation         248,397
             

492,171

    OIL & GAS PRODUCERS - 1.8%      
443   Chevron Corporation         85,636
554   Exxon Mobil Corporation         85,499
359   Marathon Petroleum Corporation         89,136
1,423   Occidental Petroleum Corporation         86,205
505   Phillips 66         90,472
307   Valero Energy Corporation         77,542
             

514,490

    OIL & GAS SERVICES & EQUIPMENT - 0.9%      
1,267   Baker Hughes Company         88,272
1,958   Halliburton Company         82,823
1,492   SLB Ltd.         84,865
             

255,960

    RENEWABLE ENERGY - 0.1%      
72   First Solar, Inc.(a)         14,536
             
 
    RETAIL - DISCRETIONARY - 0.9%      
552   Ross Stores, Inc.         125,740
740   TJX Companies, Inc. (The)         115,995
             

241,735

    SEMICONDUCTORS - 2.1%      
55   Advanced Micro Devices, Inc.(a)         19,497
 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 23.9% (Continued)      
    SEMICONDUCTORS - 2.1% (Continued)      
51   Analog Devices, Inc.       $ 20,515
131   Applied Materials, Inc.         51,678
45   Broadcom, Inc.         18,784
274   Coherent Corp.(a)         87,600
211   Intel Corporation(a)         19,935
31   KLA Corporation         54,261
213   Lam Research Corporation         54,924
299   Microchip Technology, Inc.         27,780
43   Micron Technology, Inc.         22,238
16   Monolithic Power Systems, Inc.         25,831
94   NVIDIA Corporation         18,760
93   NXP Semiconductors N.V.         27,304
265   ON Semiconductor Corporation(a)         26,715
130   QUALCOMM, Inc.         23,345
293   Skyworks Solutions, Inc.         20,560
151   Teradyne, Inc.         51,864
86   Texas Instruments, Inc.         24,173
             

595,764

    STEEL - 0.9%      
556   Nucor Corporation         125,261
551   Steel Dynamics, Inc.         125,992
             

251,253

    TECHNOLOGY HARDWARE - 2.4%      
252   Arista Networks, Inc.(a)         43,523
88   Ciena Corporation(a)         46,427
480   Cisco Systems, Inc.         43,920
598   Corning, Inc.         98,216
137   F5, Inc.(a)         44,374
378   Jabil, Inc.         127,570
53   Lumentum Holdings, Inc.(a)         47,823
96   Motorola Solutions, Inc.         42,147
130   Teledyne Technologies, Inc.(a)         83,961
380   Zebra Technologies Corporation, Class A(a)         85,979
             

663,940

 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 23.9% (Continued)      
    TRANSPORTATION & LOGISTICS - 0.9%      
1,235   Delta Air Lines, Inc.       $ 83,967
2,118   Southwest Airlines Company         80,315
902   United Airlines Holdings, Inc.(a)         81,180
             

245,462

    TRANSPORTATION EQUIPMENT - 0.7%      
109   Cummins, Inc.         73,140
513   PACCAR, Inc.         60,944
246   Westinghouse Air Brake Technologies Corporation         66,393
             

200,477

    WHOLESALE - CONSUMER STAPLES - 0.9%      
1,607   Archer-Daniels-Midland Company         119,786
990   Bunge Global S.A.         125,799
             

245,585

               
    TOTAL COMMON STOCKS (Cost $5,579,082)    

  6,705,228

               
    EXCHANGE-TRADED FUNDS — 59.0%      
    COMMODITY - 5.1%      
46,410   Invesco DB Commodity Index Tracking Fund         1,443,351
             
 
    EQUITY - 22.1%      
13,309   Global X MSCI Colombia ETF         513,594
5,797   Global X MSCI Greece ETF         405,500
4,496   iShares MSCI Israel ETF         587,897
7,373   iShares MSCI Italy ETF         425,864
5,592   iShares MSCI Peru and Global Exposure ETF         443,837
11,741   iShares MSCI Poland ETF         450,620
15,244   iShares MSCI Singapore ETF         441,771
6,118   iShares MSCI South Africa ETF         417,370
3,804   iShares MSCI South Korea ETF         611,531
7,805   iShares MSCI Spain ETF         442,309
2,257   Vanguard Small-Cap Growth ETF         756,006
 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 59.0% (Continued)      
    EQUITY - 22.1% (Continued)      
3,495   Vanguard Value ETF       $ 722,696
             

6,218,995

    FIXED INCOME - 24.8%      
3,126   Arrow Reserve Capital Management ETF(i)         312,834
11,811   iShares 1-3 Year Treasury Bond ETF         974,171
14,474   iShares 20+ Year Treasury Bond ETF         1,239,264
9,412   iShares iBoxx $ High Yield Corporate Bond ETF         756,537
10,860   iShares iBoxx $ Investment Grade Corporate Bond ETF         1,182,111
11,631   iShares TIPS Bond ETF         1,297,554
12,123   State Street SPDR Bloomberg Convertible Securities ETF         1,224,908
             

6,987,379

    MIXED ALLOCATION - 7.0%      
100,000   Arrow Valtoro ETF(a)(i)         1,977,000
             
 
    TOTAL EXCHANGE-TRADED FUNDS (Cost $15,095,327)    

  16,626,725

               
        Expiration Date Exercise Price    
    RIGHT — 0.0%(b)      
    ASSET MANAGEMENT - 0.0% (b)      
25,422   Sycamore Partners, LLC - CVR (Cost $0) 8/28/2029 $3     –
               
    SHORT-TERM INVESTMENT — 2.8%      
    MONEY MARKET FUND - 2.8%      
789,936   First American Government Obligations Fund, Class X, 3.58%(c)(f) (Cost $789,936)       789,936
               
         
         
         
         
         
 
 

 

ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Contracts(d)              
    EQUITY OPTIONS PURCHASED - 11.1% Broker/Counterparty Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS PURCHASED - 11.1%      
1,160   Galaxy Plus Financial Call Option(h) Nomura 12/20/2026 $   0.0001 $   1,174,500 $  801,142
840   Galaxy Plus Commodity Call Option(f)(g) Nomura 12/20/2026 0.0001 850,500 2,312,571
    TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)  

3,113,713

           
    TOTAL INVESTMENTS - 96.8% (Cost $23,489,345)     $ 27,235,602
    OTHER ASSETS IN EXCESS OF LIABILITIES - 3.2%    

889,026

    NET ASSETS - 100.0%        

$ 28,124,628

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount(e) Value and Unrealized Appreciation
5   COMEX Gold 100 Troy Ounces Future(f)   06/29/2026 $ 2,314,800 $ 231,010
    TOTAL FUTURES CONTRACTS  

231,010

         

  

 

CVR  - Contingent Value Right
ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
LTD  - Limited Company
MSCI  - Morgan Stanley Capital International
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
S/A  - Société Anonyme
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 ADWAB Fund.
(g) 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.
(h) 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.
(i) Affiliated Exchange-Traded Fund.
   
   
 
 
 
ARROW DWA TACTICAL: BALANCED FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026

 

Additional Information — Galaxy Plus Financial Call Option        
The following table represents the top 50 positions based on the absolute notional values and related values within the financial feeder option as of April 30, 2026.
Quantity Description Expiration Notional Amount Weight   Unrealized Appreciation/ (Depreciation)
                                    (398)   3-Month Sonia Dec-26  $                  96,013,768 21.41%    $                                   1,691
                                    (226)   Lif 3-Month Euribor Dec-26                      64,340,384 14.35%                                         1,686
                                    (241)   CBT 2-Year T-Note Jun-26                      50,014,161 11.15%                                         2,878
                                    (317)   Eurex E-Schatz Jun-26                      39,238,186 8.75%                                             712
                                    (446)   SFE 3-Year Ausi Bond Jun-26                      32,793,546 7.31%                                         3,171
                                    (253)   CME Japanese Yen Jun-26                      19,986,204 4.46%                                      (11,401)
                                    (199)   IMM Canadian Dollar Jun-26                      14,530,178 3.24%                                      (11,416)
                                      (14)   OSE 10-Year Japan Bond Jun-26                      11,134,285 2.48%                                         4,961
                                        38   S&P Canadian 60 Jun-26                      10,947,896 2.44%                                       11,107
                                    (118)   SFE 10-Year T-Bond Jun-26                        8,985,100 2.00%                                         2,603
                                     298   IMM MXP Jun-26                        8,510,443 1.90%                                         4,026
                                     117   CME Australian Dollar Jun-26                        8,319,077 1.86%                                       10,783
                                      (24)   3-Month Sonia Dec-26                        7,926,529 1.77%                                         1,079
                                        55   New FTSE 100 Jun-26                        7,794,661 1.74%                                           (336)
                                      (57)   CBT 5-Year T-Note Jun-26                        6,221,617 1.39%                                         1,373
                                      (33)   Swiss Franc Jun-26                        5,218,117 1.16%                                        (2,141)
                                        19   OSE Topix Jun-26                        4,541,127 1.01%                                         9,175
                                      (28)   IMM Euro FX Jun-26                        4,114,249 0.92%                                        (1,360)
                                        10   OSE Nikkei SA Jun-26                        3,795,445 0.85%                                       16,827
                                      (20)   Eurex BOBL Jun-26                        2,818,838 0.63%                                             122
                                        18   SFE SPI 200 Jun-26                        2,748,221 0.61%                                         2,947
                                          8   IMM E-Mini S&P 500 Jun-26                        2,743,862 0.61%                                         7,635
                                        11   CBT Mini DOW Jun-26                        2,719,749 0.61%                                         6,103
                                          4   IMM E-Mini NASDAQ Jun-26                        2,281,727 0.51%                                         9,910
                          1,785,305   U.S. Treasury Bill Jun-26                        1,777,098 0.40%                                             179
                                        18   Canadian Government Bond Jun-26                        1,598,572 0.36%                                           (428)
                                        11   Eurex Euro-BTP Jun-26                        1,440,352 0.32%                                             928
                                        (9)   Eurex Bund Jun-26                        1,254,386 0.28%                                             (82)
                                      (11)   CBT 10-Year T-Note Jun-26                        1,187,201 0.26%                                             440
                                      (18)   IMM New Zealand Dollar Jun-26                        1,125,436 0.25%                                           (330)
                          1,076,680   U.S. Treasury Note Aug-26                        1,076,616 0.24%                                             122
                                          8   Eurex Oat Jun-26                        1,068,317 0.24%                                             405
                          1,009,189   U.S. Treasury Bill May-26                        1,005,430 0.22%                                             105
                              966,150   U.S. Treasury Bill Jun-26                           961,006 0.21%                                               96
                                          7   Lif Long GILT Jun-26                           865,716 0.19%                                             125
                              837,251   U.S. Treasury Bill Jul-26                           830,737 0.19%                                               83
                                          7   CBT 30-Year T-Bonds Jun-26                           776,601 0.17%                                           (237)
                              682,842   U.S. Treasury Note Oct-26                           683,241 0.15%                                                (3)
                              620,791   U.S. Treasury Note Aug-27                           619,421 0.14%                                               60
                              491,863   U.S. Treasury Bill May-26                           490,320 0.11%                                               49
                              419,622   Allstate Corp. Dec-26                           417,980 0.09%                                               60
                              388,455   Becton Dickinson & Co. Jun-27                           385,838 0.09%                                               58
                              353,888   Duke Energy Corp. Sep-26                           351,939 0.08%                                               28
                                          4   Mon CAC40 Index Apr-26                           349,448 0.08%                                         1,583
                                          5   Eurex E-STXX 50 Jun-26                           339,252 0.08%                                         1,175
                              314,221   U.S. Treasury Note Apr-26                           314,231 0.07%                                                (1)
                                          3   Mon CAC40 Index May-26                           306,203 0.07%                                           (311)
                              303,170   U.S. Treasury Note May-26                           302,125 0.07%                                             128
                              299,204   Nextera Energy Cap. Holdings Inc. Sep-27                           301,014 0.07%                                               36
                              297,003   U.S. Treasury Bill May-26                           295,971 0.07%                                               32
                          9,914,780   Other Underlying Index Components                        10,562,328 2.34%                                         2,161
               $                                 78,596

 

 

 
 

 

ARROW DWA TACTICAL: BALANCED 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)
                                     370   CME Live Cattle Jun-26  $                  36,691,409 14.18%    $                                 68,752
                                     228   LME Zinc Jun-26                      19,344,551 7.48%                                        (1,503)
                                     210   LME Aluminum Jun-26                      18,692,810 7.22%                                        (9,502)
                                     114   NYM Platinum Jul-26                      11,620,327 4.49%                                        (7,648)
                                  1,011   SGX Iron Ore 62% Jun-26                      10,651,162 4.12%                                       12,642
                                        74   NYM RBOB Gas Jun-26                        9,906,695 3.83%                                       69,122
                                     166   CBOT Soybeans CSO May-26                        9,694,089 3.75%                                             673
                                        20   CMX Gold Jun-26                        9,409,452 3.64%                                        (8,815)
                                     154   CME Soybeans Jul-26                        9,101,797 3.52%                                       13,766
                                    (491)   CSC Sugar Jul-26                        7,769,874 3.00%                                        (3,996)
                                        42   Heating Oil Jun-26                        6,561,604 2.54%                                       28,708
                                        57   ICE LS GasOil Jun-26                        6,433,902 2.49%                                       32,398
                                        15   CMX Silver May-26                        5,901,421 2.28%                                      (10,089)
                                        63   CME Crude Jun-26                        5,866,324 2.27%                                       27,930
                                    (168)   ICEUS Cocoa Jul-26                        5,662,234 2.19%                                      (14,642)
                                     245   CBT Corn Jul-26                        5,656,774 2.19%                                         7,872
                                     134   CBT Bean Oil May-26                        5,485,927 2.12%                                         6,332
                                     123   CBT Bean Oil Jul-26                        5,274,356 2.04%                                       30,046
                                        51   IPE Brent Crude Jun-26                        5,192,674 2.01%                                       16,039
                          3,080,919   U.S. Treasury Bill Jul-26                        3,056,789 1.18%                                             312
                          2,985,441   U.S. Treasury Bill Jun-26                        2,965,371 1.15%                                             296
                                     275   ICEUS Canola Jul-26                        2,961,821 1.14%                                       11,942
                                     246   ICEUS Canola May-26                        2,538,495 0.98%                                        (6,379)
                                      (91)   NYM Natural Gas Jun-26                        2,526,988 0.98%                                         2,396
                                        15   CMX Copper May-26                        2,241,240 0.87%                                         2,679
                          2,203,223   U.S. Treasury Note Aug-26                        2,203,094 0.85%                                             268
                          2,092,269   U.S. Treasury Note Oct-26                        2,093,487 0.81%                                                (8)
                                        17   ICEUS Coffee Jul-26                        1,843,474 0.71%                                        (4,430)
                          1,381,089   U.S. Treasury Note Aug-27                        1,378,046 0.53%                                             127
                          1,220,675   U.S. Treasury Bill Jun-26                        1,213,853 0.47%                                             125
                          1,124,992   U.S. Treasury Bill Jun-26                        1,119,861 0.43%                                             115
                          1,040,376   Allstate Corp. Dec-26                        1,036,275 0.40%                                             143
                                        10   IPE Brent Crude Aug-26                        1,017,462 0.39%                                       14,185
                              959,756   U.S. Treasury Note Apr-26                           959,787 0.37%                                                (2)
                                        23   CME Lean Hogs Jun-26                           944,345 0.36%                                             (41)
                              889,179   U.S. Treasury Bill May-26                           886,136 0.34%                                               91
                              865,700   Becton Dickinson & Co. Jun-27                           859,886 0.33%                                             152
                              814,833   Duke Energy Corp. Sep-26                           810,365 0.31%                                               55
                                          2   CMX Silver Jul-26                           785,436 0.30%                                         1,702
                                      (46)   CSC Sugar May-26                           748,097 0.29%                                         7,866
                                      (22)   ICEUS Cocoa May-26                           728,199 0.28%                                         6,664
                              718,857   Nextera Energy Cap Holdings Inc. Sep-27                           723,161 0.28%                                               43
                                      (22)   Chicago SRW Wheat Jul-26                           681,623 0.26%                                        (1,329)
                              671,829   U.S. Treasury Note May-26                           671,680 0.26%                                               67
                              671,829   U.S. Treasury Note May-26                           669,570 0.26%                                             312
                              617,123   Norfolk Southern Corp. Jun-26                           615,926 0.24%                                               64
                              610,405   Goldman Sachs Group Inc. Jan-27                           608,776 0.24%                                               77
                              613,284   Intel Corp May-27                           605,847 0.23%                                               78
                              600,807   WEC Energy Group Inc. Sep-26                           603,602 0.23%                                               69
                                          4   CMX Copper Jul-26                           586,887 0.23%                                                 3
                        21,565,512   Other Underlying Index Components                        23,141,073 8.94%                                        (3,265)
               $                               292,462