美国\n证券交易委员会\n华盛顿特区 20549

表格\nN-CSR

经认证的\n注册管理投资公司\n股东报告

\n \n \n \n \n

投资公司\n 法案编号

811-22638

\n \n \n \n \n

Arrow\n Investments Trust

（根据章程规定的注册人全名）

\n \n \n \n \n \n \n

6100\n Chevy Chase Drive Suite 100 , Laurel MD	20707
（主要执行办公室的地址）	（邮政编码）

\n \n \n \n \n \n \n \n \n

Corporation\n Service Company

251\n Little Falls Drive

威尔明顿，\n 特拉华州 19808

（服务代理人姓名和地址）

\n \n \n \n

注册人的\n 电话号码，包括区号：

301-260-0162

\n \n \n \n \n \n \n \n \n \n

财年结束日期：	7/31

报告期间日期：	7/31/26

项目\n1. 向股东报告。

(a)

Arrow DWA Tactical: Balanced Fund

Class A Shares (DWAFX)

Annual Shareholder Report - July 31, 2026

$\"Image\"$

Fund Overview

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$214	1.95%

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 2026. For the one-year period ended July 2026, all of the Fund’s five models had positive performances. The International Equity Rotation Model was up 40.99%, the Alternative Rotation Model was up 38.65%, the Sector Rotation Model was up 27.30%, the Style Rotation Model was up 14.14% and the Fixed Income Rotation Model was up 4.85%.

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

• U.S. equity markets advanced during the period, while leadership broadened beyond large-cap growth. Small- and mid-cap equities were particularly strong.

• 国际股市也取得了强劲回报，在美国以外的市场提供了额外的市场领导力。

• 联邦储备委员会曾三次下调联邦基金目标利率，累计下调了0.75%，并在2026年7月之前将利率维持在3.50%–3.75%。通货膨胀率仍高于联邦储备委员会2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。在此期间，10年期美国国债收益率从4.37%上升至4.75%，而30年期国债收益率结束时超过5%。

• 商品市场经历了显著的趋势和波动，尤其是在贵金属和能源领域。黄金在大幅回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

$\"Chart$

表摘要
	Arrow DWA Tactical: Balanced Fund	Wilshire Liquid Alternative Multi-Strategy Total Return Index	Barclay Multi Strategy Index	Bloomberg U.S. Aggregate Bond Index
07/31/16	$9,422	$10,000	$10,000	$10,000
07/31/17	$9,532	$10,415	$10,510	$9,949
07/31/18	$10,074	$10,660	$10,760	$9,869
07/31/19	$10,196	$10,725	$10,684	$10,666
07/31/20	$11,290	$10,467	$10,642	$11,746
07/31/21	$12,962	$11,592	$12,182	$11,664
07/31/22	$12,215	$10,984	$12,054	$10,600
07/31/23	$12,382	$11,271	$12,226	$10,243
07/31/24	$13,204	$12,303	$12,926	$10,766
07/31/25	$13,517	$12,448	$13,751	$11,130
07/31/26	$16,118	$13,775	$15,542	$11,431

平均年总回报率

表摘要
	1年	5年	10年
Arrow DWA Tactical: Balanced Fund
无销售费用	19.24%	4.46%	5.52%
有销售费用	12.43%	3.22%	4.89%
Wilshire Liquid Alternative Multi-Strategy Total Return Index\n	10.66%	3.51%	3.25%
Barclay Multi Strategy Index	13.02%	4.99%	4.51%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

基金过去的表现并不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。如需了解更新的业绩，请拨打 1-877-277-6933。基金更改了主要策略基准，因为Morningstar全球灵活配置 EW 指数已停用。Wilshire Liquid Alternative Multi-Strategy Total Return Index 是基金的新主要策略基准。

基金统计

净资产26,625,599美元
投资组合持仓数量141
管理费（扣除减免后）243,056美元
投资组合周转率110%

资产配置（占总投资的百分比）

$\"Group$

表摘要
价值	价值
普通股票	22.6%
交易所交易基金	62.9%
货币市场基金	3.2%
购买的期权	9.4%
房地产投资信托基金	1.9%
权证	-%

基金投资了哪些资产？

行业配置（占净资产的百分比）

$\"Group$

表摘要
价值	价值
超出负债的其他资产	1.6%
能源	1.0%
材料	1.1%
消费品必需品	1.8%
医疗保健	1.8%
房地产	1.9%
可选消费品	1.9%
金融	2.8%
货币市场基金	3.2%
科技	5.0%
商品	6.0%
混合配置	6.7%
工业	6.8%
股权期权	9.2%
股权	23.3%
固定收益	25.9%

前十大持仓（占净资产的百分比）

表摘要
持仓名称	占净资产的百分比
iShares 1-3 Year Treasury Bond ETF	8.4%
Arrow Valtoro ETF	6.7%
Invesco DB Commodity Index Tracking Fund	6.0%
Galaxy Plus Commodity Call Option	5.9%
iShares TIPS Bond ETF	4.7%
State Street SPDR Bloomberg Convertible Securities ETF	4.6%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.3%
Galaxy Plus Financial Call Option	3.3%
First American Government Obligations Fund, Class X	3.2%
Vanguard Morningstar Value ETF	2.7%

重大基金变动

在截至2026年7月31日的财年中没有发生重大变动。

$\"Image\"$

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

年度股东报告 - 2026年7月31日

我在哪里可以找到有关该基金的更多信息？

有关该基金的更多信息可在该基金的网站 https://arrowfunds.com/default.aspx?menuitemid=494 上找到，包括：

募股说明书
财务信息
持仓
代理投票信息

TSR-AR 073126-DWAFX

Arrow DWA战术：平衡基金

C类份额 (DWATX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

本年度股东报告包含有关 Arrow DWA战术：平衡基金在 2025年8月1日至 2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关该基金的更多信息。您也可以通过致电1-877-277-6933与我们联系来获取此信息。

该基金上一年的费用是多少？

（基于假设的10,000美元投资）

表格摘要
基金名称	10,000美元投资的费用	10,000美元投资的费用百分比
C类份额	$295	2.70%

在报告期间该基金的表现如何？

Arrow DWA战术：平衡基金（“基金”）使投资者能够接触到类似于机构和捐赠基金使用的复杂资产配置策略。通过基于相对强度的配置流程，该基金在多种市场细分领域中保持对市场状况的响应，主要通过结合交易型开放式指数基金（“ETF”）和基于DWA平衡投资模型的个股。该基金还通过衍生品（如掉期协议）提供对管理期货的敞口，这会增加额外费用，从而降低整体表现。该基金还可能使用衍生品和期货来获得对某些市场的敞口，例如商品和货币。当交易效率和成本效益对基金有潜在的净积极影响，通过减少持有ETF的收购基金费用时，就会这样做。随着条件的变化，该基金的战术性质使其能够寻求新的市场领导。截至2026年7月底，该基金的净资产超过2600万美元。在截至2026年7月的1年期间，该基金的五个模型均实现了正收益。国际股票轮换模型上涨了40.99%，另类轮换模型上涨了38.65%，行业轮换模型上涨了27.30%，风格轮换模型上涨了14.14%，固定收益轮换模型上涨了4.85%。

影响该基金在该期间表现的因素包括：

• 美国股市在该期间上涨，而领导力已超越大型成长股。小盘和中盘股票特别强劲。

• 国际股市也取得了强劲的回报，在美国以外提供了额外的市场领导。

• 美联储在该期间将联邦基金目标区间下调了三次，累计下调了0.75%，然后在2026年7月保持在3.50%–3.75%。通胀率仍高于美联储2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。10年期美国国债收益率在该期间从4.37%上升至4.75%，而30年期国债收益率结束时高于5%。

• 商品市场经历了显著的趋势和波动，尤其是在贵金属和能源领域。黄金在大幅回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

过去十年中，基金的表现如何？

基于10,000美元投资的总回报

$\"Chart$

表格摘要
	Arrow DWA战术：平衡基金	Wilshire液态另类多策略总回报指数	Barclay多策略指数	Bloomberg美国综合债券指数
07/31/16	$10,000	$10,000	$10,000	$10,000
07/31/17	$10,041	$10,415	$10,510	$9,949
07/31/18	$10,538	$10,660	$10,760	$9,869
07/31/19	$10,583	$10,725	$10,684	$10,666
07/31/20	$11,628	$10,467	$10,642	$11,746
07/31/21	$13,260	$11,592	$12,182	$11,664
07/31/22	$12,403	$10,984	$12,054	$10,600
07/31/23	$12,478	$11,271	$12,226	$10,243
07/31/24	$13,203	$12,303	$12,926	$10,766
07/31/25	$13,419	$12,448	$13,751	$11,130
07/31/26	$15,879	$13,775	$15,542	$11,431

平均年总回报

表格摘要
	1年	5年	10年
Arrow DWA战术：平衡基金	18.33%	3.67%	4.73%
Wilshire液态另类多策略总回报指数	10.66%	3.51%	3.25%
Barclay多策略指数\n	13.02%	4.99%	4.51%
Bloomberg美国综合债券指数\n	2.71%	-0.40%	1.35%

基金的过往表现并不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需缴纳的税款。如需获取更新的业绩信息，请致电 1-877-277-6933。基金更改了主要策略基准，因为Morningstar全球灵活配置 EW 指数已停用。Wilshire液态另类多策略总回报指数是基金的新主要策略基准。

基金统计数据

净资产26,625,599美元
投资组合持仓数量141
管理费（扣除减免后）243,056美元
投资组合周转率110%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
普通股票	22.6%
交易所交易基金	62.9%
货币市场基金	3.2%
购买期权	9.4%
房地产投资信托	1.9%
权利	-%

基金投资了什么？

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的部分	1.6%
能源	1.0%
材料	1.1%
消费品必需品	1.8%
医疗保健	1.8%
房地产	1.9%
消费品可选品	1.9%
金融	2.8%
货币市场基金	3.2%
科技	5.0%
商品	6.0%
混合配置	6.7%
工业	6.8%
股权期权	9.2%
股权	23.3%
固定收益	25.9%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	占净资产百分比
iShares 1-3年国债ETF	8.4%
Arrow Valtoro ETF	6.7%
Invesco DB商品指数追踪基金	6.0%
Galaxy Plus商品看涨期权	5.9%
iShares TIPS债券ETF	4.7%
State Street SPDR Bloomberg可转换证券ETF	4.6%
iShares iBoxx $投资级公司债券ETF	4.3%
Galaxy Plus金融看涨期权	3.3%
First American政府义务基金，X类	3.2%
Vanguard Morningstar价值ETF	2.7%

材料基金变动

截至2026年7月31日的财年中未发生重大变动。

$\"Image\"$

Arrow DWA战术：平衡基金 - C类份额 (DWATX)

年度股东报告 - 2026年7月31日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招募说明书
财务信息
持仓
投票信息

TSR-AR 073126-DWATX

Arrow DWA战术：平衡基金

机构类份额 (DWANX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

这份年度股东报告包含关于Arrow DWA Tactical: Balanced Fund在2025年8月1日至2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关该基金的更多信息。您也可以通过致电1-877-277-6933与我们联系来获取此信息。

该基金上一年的费用是多少？

（基于假设的10,000美元投资）

表格摘要
基金类别	10,000美元投资的费用	10,000美元投资费用占比例
机构类份额	$187	1.70%

该基金在报告期间的表现如何？

Arrow DWA Tactical: Balanced Fund（“基金”）使投资者能够接触到类似于机构和捐赠基金使用的复杂资产配置策略。该基金通过基于相对强度的配置流程，在多种市场细分领域中保持对市场状况的响应，主要通过结合交易型产品（“ETP”）和基于DWA平衡投资模型的个股。该基金还通过衍生品（如掉期协议）提供对管理期货的敞口，这会带来额外费用，从而降低整体表现。该基金也可能使用衍生品和期货来获得对某些市场的敞口，例如商品和货币。当交易效率和成本效益对基金有潜在的净积极影响，通过减少持有ETP的收购基金费用时，就会这样做。随着条件的变化，该基金的战术性质使其能够寻求新的市场领导。截至2026年7月底，该基金的净资产超过2600万美元。在截至2026年7月的1年期间，该基金的五个模型均实现了正收益。国际股票轮动模型上涨了40.99%，另类轮动模型上涨了38.65%，行业轮动模型上涨了27.30%，风格轮动模型上涨了14.14%，固定收益轮动模型上涨了4.85%。

影响该基金在该期间表现的因素包括：

• 美国股市在该期间上涨，而领导力超越了大型成长股。小盘和中盘股票尤其强劲。

• 国际股市也取得了强劲回报，在美国以外提供了额外的市场领导。

• 美联储在该期间三次下调联邦基金目标区间，累计下调0.75%，之后将该区间维持在3.50%–3.75%直至2026年7月。通胀率仍高于美联储2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。在该期间，10年期美国国债收益率从4.37%上升至4.75%，而30年期国债收益率结束时高于5%。

• 商品市场在该期间经历了显著的趋势和波动，尤其是贵金属和能源。黄金在回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

该基金在过去十年的表现如何？

基于100万美元投资的总回报

$\"Chart$

表格摘要
	Arrow DWA Tactical: Balanced Fund	Barclay Multi Strategy Index	Bloomberg U.S. Aggregate Bond Index	Wilshire Liquid Alternative Multi-Strategy Total Return Index
2016年7月	$1,000,000	$1,000,000	$1,000,000	$1,000,000
2017年7月	$1,014,638	$1,050,987	$994,854	$1,041,466
2018年7月	$1,074,919	$1,075,986	$986,891	$1,066,034
2019年7月	$1,090,448	$1,068,426	$1,066,640	$1,072,468
2020年7月	$1,210,584	$1,064,233	$1,174,599	$1,046,731
2021年7月	$1,393,876	$1,218,242	$1,166,355	$1,159,171
2022年7月	$1,317,313	$1,205,379	$1,060,024	$1,098,401
2023年7月	$1,338,803	$1,222,556	$1,024,327	$1,127,064
2024年7月	$1,430,494	$1,292,635	$1,076,579	$1,230,274
2025年7月	$1,468,745	$1,375,134	$1,112,982	$1,244,833
2026年7月	$1,754,772	$1,554,162	$1,143,141	$1,377,486

平均年总回报

表格摘要
	1年	5年	10年
Arrow DWA战术：平衡基金	19.47%	4.71%	5.78%
Wilshire流动性另类多策略总回报指数	10.66%	3.51%	3.25%
Barclay多策略指数\n	13.02%	4.99%	4.51%
Bloomberg美国综合债券指数\n	2.71%	-0.40%	1.35%

基金的历史表现不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。如需更新的表现信息，请拨打1-877-277-6933。基金更改了主要策略基准，因为Morningstar全球灵活配置EW指数已停用。Wilshire流动性另类多策略总回报指数是基金的新主要策略基准。

基金统计

净资产26,625,599美元
投资组合持仓数量141
管理费（扣除减免后）243,056美元
投资组合周转率110%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
普通股票	22.6%
交易所交易基金	62.9%
货币市场基金	3.2%
购买期权	9.4%
房地产投资信托	1.9%
权利	-%

基金投资了什么？

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的部分	1.6%
能源	1.0%
材料	1.1%
消费品必需品	1.8%
医疗保健	1.8%
房地产	1.9%
消费品可选品	1.9%
金融	2.8%
货币市场基金	3.2%
科技	5.0%
商品	6.0%
混合配置	6.7%
工业	6.8%
股权期权	9.2%
股权	23.3%
固定收益	25.9%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	净资产百分比
iShares 1-3年国债ETF	8.4%
Arrow Valtoro ETF	6.7%
Invesco DB商品指数追踪基金	6.0%
Galaxy Plus商品看涨期权	5.9%
iShares TIPS债券ETF	4.7%
State Street SPDR Bloomberg可转换证券ETF	4.6%
iShares iBoxx $投资级公司债券ETF	4.3%
Galaxy Plus金融看涨期权	3.3%
First American政府义务基金，X类	3.2%
Vanguard Morningstar价值ETF	2.7%

重大基金变动

截至2026年7月31日的财年中没有发生重大变动。

$\"Image\"$

Arrow DWA战术：平衡基金 - 机构类份额 (DWANX)

年度股东报告 - 2026年7月31日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招募说明书
财务信息
持仓
投票信息

TSR-AR 073126-DWANX

Arrow DWA战术：宏观基金

A类份额 (DWTFX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

本年度股东报告包含有关 Arrow DWA战术：宏观基金在 2025年8月1日至 2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关基金的更多信息。您也可以通过致电1-877-277-6933联系我们获取此信息。

基金上一年的费用是多少？

（基于假设的10,000美元投资）

表格摘要
类别名称	10,000美元投资的费用	10,000美元投资的费用百分比
A类份额	$195	1.73%

基金在报告期间的表现如何？

Arrow DWA战术：宏观基金（“基金”）通过基于相对强度的配置流程，对集中投资组合中的主要交易产品（基于DWA全球宏观投资模型）保持对市场状况的响应。基金还可能使用衍生品和期货来获取某些市场的敞口，例如商品和货币。当交易效率和成本效益对基金有潜力产生净积极影响，通过减少持有ETP的基金费用时，就会这样做。截至2026年7月底，基金的净资产约为4800万美元。波动的市场和频繁的市场领导权变化往往会阻碍基于相对强度的策略，尤其是那些集中持仓敞口的策略。基金部署的六种策略在该期间均实现了正收益。全球阿尔法策略上涨了37.91%，商品轮动策略上涨了36.67%，全球股票策略上涨了23.7%，美国行业轮动策略上涨了20.26%，美国风格轮动策略上涨了17.31%，全球股息策略上涨了6.08%。

影响基金在该期间表现的因素包括：

• 期间美国股市上涨，而领导权扩展到了大型成长股之外。小盘和中盘股票特别强劲。

• 国际股市也取得了强劲回报，为美国以外的市场提供了额外的领导权。

• 联邦储备在2026年7月之前将联邦基金目标区间下调了三次，累计0.75%，之后将利率维持在3.50%–3.75%。通胀仍高于美联储2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。期间10年期美国国债收益率从4.37%上升至4.75%，而30年期国债收益率结束时高于5%。

• 商品市场在该期间经历了显著的趋势和波动，尤其是贵金属和能源。黄金在回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

基金在过去十年的表现如何？

基于10,000美元投资的总回报

$\"Chart$

表格摘要
	Arrow DWA战术：宏观基金	Wilshire液态另类全球宏观指数	Barclay全球宏观指数	Bloomberg美国综合债券指数
07/31/16	$9,421	$10,000	$10,000	$10,000
07/31/17	$9,979	$9,667	$10,202	$9,949
07/31/18	$10,999	$9,657	$10,367	$9,869
07/31/19	$10,567	$9,931	$10,634	$10,666
07/31/20	$10,781	$9,987	$11,144	$11,746
07/31/21	$12,880	$10,700	$12,655	$11,664
07/31/22	$14,280	$11,358	$13,467	$10,600
07/31/23	$14,081	$11,389	$13,774	$10,243
07/31/24	$14,871	$11,779	$15,055	$10,766
07/31/25	$16,545	$11,191	$16,262	$11,130
07/31/26	$20,775	$12,797	$18,480	$11,431

平均年总回报

表格摘要
	1年	5年	10年
Arrow DWA战术：宏观基金
无费用	25.57%	10.03%	8.23%
有费用	18.36%	8.73%	7.59%
Wilshire液态另类全球宏观指数\n	14.35%	3.64%	2.50%
Barclay全球宏观指数	13.64%	7.87%	6.33%
Bloomberg美国综合债券指数	2.71%	-0.40%	1.35%

基金的过去表现并不能很好地预测基金未来的表现。图表和表格并未反映股东在基金分配或赎回基金股份时需支付的税款。如需获取更新的业绩信息，请拨打 1-877-277-6933。

基金统计

净资产47,413,215美元
投资组合持仓数量12
咨询费（扣除减免后）409,043美元
投资组合周转率83%

资产权重（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
交易所交易基金	99.0%
货币市场基金	1.0%

基金投资了什么？

行业权重（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
负债超过的其他资产	0.5%
货币市场	1.0%
混合配置	10.8%
股票	87.7%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	净资产百分比
iShares MSCI 美国价值因子 ETF	12.9%
iShares MSCI 新兴市场 ETF	10.7%
State Street 工业精选行业 SPDR ETF	10.2%
iShares MSCI 欧元区 ETF	10.0%
First Trust 小盘核心 AlphaDEX 基金	9.7%
iShares 标普 500 增长 ETF	9.4%
iShares MSCI 美国动量因子 ETF	8.9%
Arrow 沃尔街全球收益 ETF	8.7%
Vanguard 小盘价值 ETF	8.0%
iShares 标普小盘 600 增长 ETF	7.9%

基金重大变动

在截至 2026 年 7 月 31 日的财年中没有发生重大变动。

$\"Image\"$

Arrow DWA 战术：宏观基金 - A 类份额 (DWTFX)

年度股东报告 - 2026 年 7 月 31 日

在哪里可以找到有关该基金的更多信息？

更多信息\n可在该基金的网站上找到 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招股说明书
财务信息
持仓
投票信息

TSR-AR 073126-DWTFX

Arrow DWA 战术：宏观基金

C 类份额 (DWTTX)

年度股东报告 - 2026 年 7 月 31 日

$\"Image\"$

基金概览

本年度股东报告包含有关 Arrow DWA 战术：宏观基金在 2025 年 8 月 1 日至 2026 年 7 月 31 日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到该基金的更多信息。您也可以通过致电 1-877-277-6933 与我们联系以获取此信息。

基金在上一年的费用是多少？

（基于假设的 10,000 美元投资）

表格摘要
类别名称	10,000 美元投资的费用	作为 10,000 美元投资的百分比费用
C 类份额	$279	2.48%

在报告期间基金的表现如何？

Arrow DWA 战术：宏观基金（“基金”）通过基于相对强度的配置流程对市场状况做出响应，其投资组合主要由基于 DWA 全球宏观投资模型的交易型开放式指数基金（ETP）组成。当交易效率和成本效益对基金有潜在的净积极影响，通过减少持有 ETP 的获取基金费用时，基金也可能使用衍生品和期货来获得对某些市场的敞口，例如商品和货币。截至 2026 年 7 月，基金的净资产约为 4800 万美元。波动的市场和市场领导权的频繁变化往往会阻碍基于相对强度的策略，特别是那些具有集中持仓敞口的策略。基金部署的六种策略在该期间均实现了正收益。全球阿尔法策略上涨了 37.91%，商品轮动策略上涨了 36.67%，全球股票策略上涨了 23.7%，美国行业轮动策略上涨了 20.26%，美国风格轮动策略上涨了 17.31%，全球股息策略上涨了 6.08%。

在该期间影响基金表现的因素包括：

• 美国股市在该期间上涨，而领导权扩展到了大型成长股之外。小盘和中盘股票尤其强劲。

• 国际股票也取得了强劲回报，在美国以外的市场提供了额外的领导作用。

• 联邦储备在2026年7月之前三次下调联邦基金目标区间，累计下调0.75%，将利率维持在3.50%–3.75%。通货膨胀率仍高于联邦储备2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。在此期间，10年期美国国债收益率从4.37%上升至4.75%，而30年期国债收益率结束时高于5%。

• 商品市场经历了显著的趋势和波动，尤其是在贵金属和能源领域。黄金在大幅回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

过去十年基金的表现如何？

基于10,000美元投资的总回报

$\"Chart$

表格摘要
	Arrow DWA战术：宏观基金	Wilshire流动性另类全球宏观指数	Barclay全球宏观指数	Bloomberg美国综合债券指数
07/31/16	$10,000	$10,000	$10,000	$10,000
07/31/17	$10,515	$9,667	$10,202	$9,949
07/31/18	$11,509	$9,657	$10,367	$9,869
07/31/19	$10,967	$9,931	$10,634	$10,666
07/31/20	$11,103	$9,987	$11,144	$11,746
07/31/21	$13,158	$10,700	$12,655	$11,664
07/31/22	$14,475	$11,358	$13,467	$10,600
07/31/23	$14,166	$11,389	$13,774	$10,243
07/31/24	$14,832	$11,779	$15,055	$10,766
07/31/25	$16,389	$11,191	$16,262	$11,130
07/31/26	$20,421	$12,797	$18,480	$11,431

平均年总回报

表格摘要
	1年	5年	10年
Arrow DWA战术：宏观基金	24.60%	9.19%	7.40%
Wilshire流动性另类全球宏观指数	14.35%	3.64%	2.50%
Barclay全球宏观指数\n	13.64%	7.87%	6.33%
Bloomberg美国综合债券指数\n	2.71%	-0.40%	1.35%

基金过去的业绩并不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需缴纳的税款。如需了解更新的业绩，请拨打 1-877-277-6933。

基金统计数据

净资产47,413,215美元
投资组合持仓数量12
管理费（扣除减免后）409,043美元
投资组合换手率83%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
交易所交易基金	99.0%
货币市场基金	1.0%

What did the Fund invest in?

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的其他资产	0.5%
货币市场	1.0%
混合配置	10.8%
股票	87.7%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	占净资产的百分比
iShares MSCI USA Value Factor ETF	12.9%
iShares MSCI新兴市场ETF	10.7%
State Street工业精选行业SPDR ETF	10.2%
iShares MSCI欧元区ETF	10.0%
First Trust小型资本核心AlphaDEX基金	9.7%
iShares S&P 500增长ETF	9.4%
iShares MSCI USA动量因子ETF	8.9%
Arrow Dow Jones全球收益ETF	8.7%
Vanguard小型资本价值ETF	8.0%
iShares S&P小型资本600增长ETF	7.9%

重大基金变动

截至2026年7月31日的财年中没有发生重大变动。

$\"Image\"$

Arrow DWA战术：宏观基金 - 类C份额 (DWTTX)

年度股东报告 - 2026年7月31日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招募说明书
财务信息
持仓
投票信息

TSR-AR 073126-DWTTX

Arrow DWA战术：宏观基金

机构类份额 (DWTNX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

这份年度股东报告包含关于Arrow DWA Tactical: Macro Fund在2025年8月1日至2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关该基金的更多信息。您也可以通过致电1-877-277-6933联系我们获取此信息。

该基金上一年的费用是多少？

（基于假设的10,000美元投资）

表格摘要
基金类别	10,000美元投资的费用	10,000美元投资费用占比例
机构类份额	$167	1.48%

在报告期间基金的表现如何？

Arrow DWA Tactical: Macro Fund通过基于相对强度的配置流程，对主要由基于DWA全球宏观投资模型的交易所交易产品组成的集中投资组合保持市场敏感性。当交易效率和成本效益对基金有潜在的净积极影响，通过减少持有ETP的收购基金费用时，该基金也可能使用衍生品和期货来获得对某些市场的敞口，例如商品和货币。该基金在2026年7月底的净资产约为4800万美元。波动的市场和频繁的市场领导权变化往往阻碍基于相对强度的策略，特别是那些具有集中持仓敞口的策略。该基金部署的六种策略在该期间均实现了正收益。全球阿尔法策略上涨了37.91%，商品轮动策略上涨了36.67%，全球股票策略上涨了23.7%，美国行业轮动策略上涨了20.26%，美国风格轮动策略上涨了17.31%，全球股息策略上涨了6.08%。

影响基金表现的因素包括：

• 在此期间，美国股市上涨，而领导权扩展到了大型成长股之外。小型和中型股票尤其强劲。

• 国际股市也取得了强劲回报，在美国以外提供了额外的市场领导权。

• 美联储在此期间三次下调联邦基金目标范围，累计下调了0.75%，之后将利率维持在3.50%–3.75%直到2026年7月。通胀率仍高于美联储2%的目标。

• 尽管短期政策利率下降，长期利率仍保持高位。在此期间，10年期美国国债收益率从4.37%上升至4.75%，而30年期国债收益率结束时高于5%。

• 商品市场在此期间经历了显著的趋势和波动，尤其是贵金属和能源。黄金在回落前达到历史新高，而中东地缘政治发展导致能源价格大幅波动。

该基金在过去十年的表现如何？

基于1,000,000美元投资的总回报

$\"Chart$

表格摘要
	Arrow DWA Tactical: Macro Fund	Barclay全球宏观指数	Bloomberg美国综合债券指数	Wilshire液态另类全球宏观指数
Jul-2016	$1,000,000	$1,000,000	$1,000,000	$1,000,000
Jul-2017	$1,061,989	$1,020,218	$994,854	$966,655
Jul-2018	$1,173,196	$1,036,727	$986,891	$965,652
Jul-2019	$1,129,906	$1,063,370	$1,066,640	$993,076
Jul-2020	$1,155,105	$1,114,376	$1,174,599	$998,724
Jul-2021	$1,383,044	$1,265,455	$1,166,355	$1,069,971
Jul-2022	$1,537,978	$1,346,739	$1,060,024	$1,135,751
Jul-2023	$1,518,932	$1,377,382	$1,024,327	$1,138,939
Jul-2024	$1,607,701	$1,505,455	$1,076,579	$1,177,934
Jul-2025	$1,795,411	$1,626,158	$1,112,982	$1,119,078
Jul-2026	$2,258,143	$1,848,000	$1,143,141	$1,279,701

平均年总回报

表格摘要
	1年	5年	10年
Arrow DWA Tactical: Macro Fund	25.77%	10.30%	8.49%
Wilshire液态另类全球宏观指数	14.35%	3.64%	2.50%
Barclay全球宏观指数\n	13.64%	7.87%	6.33%
Bloomberg美国综合债券指数\n	2.71%	-0.40%	1.35%

该基金的历史业绩并不能很好地预测该基金未来的业绩。图表和表格未反映股东在基金分配或赎回基金股份时需缴纳的税款。如需了解更新的业绩情况，请致电 1-877-277-6933。

基金统计数据

净资产47,413,215美元
投资组合持仓数量12
咨询费（扣除减免后）409,043美元
投资组合周转率83%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
交易所交易基金	99.0%
货币市场基金	1.0%

该基金投资了什么？

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的部分	0.5%
货币市场	1.0%
混合配置	10.8%
股票	87.7%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	% of Net Assets
iShares MSCI USA Value Factor ETF	12.9%
iShares MSCI Emerging Markets ETF	10.7%
State Street Industrial Select Sector SPDR ETF	10.2%
iShares MSCI Eurozone ETF	10.0%
First Trust Small Cap Core AlphaDEX Fund	9.7%
iShares S&P 500 Growth ETF	9.4%
iShares MSCI USA Momentum Factor ETF	8.9%
Arrow Dow Jones Global Yield ETF	8.7%
Vanguard Small-Cap Value ETF	8.0%
iShares S&P Small-Cap 600 Growth ETF	7.9%

重大基金变动

截至2026年7月31日的财年中没有发生重大变动。

$\"Image\"$

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

年度股东报告 - 2026年7月31日

在哪里可以找到关于该基金的更多信息？

该基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

说明书
财务信息
持仓
投票信息

TSR-AR 073126-DWTNX

Arrow Managed Futures Strategy Fund

Class A Shares (MFTFX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

本年度股东报告包含关于 Arrow Managed Futures Strategy Fund 在 2025年8月1日至 2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到该基金的更多信息。您也可以通过致电 1-877-277-6933 与我们联系以获取此信息。

该基金上一年的费用是多少？

（基于假设的10,000美元投资）

表格摘要
基金名称	10,000美元投资的费用	作为10,000美元投资的百分比
Class A Shares	$173	1.48%

该基金在报告期间的表现如何？

Arrow 量化期货策略基金（“基金”）采用一种策略，旨在为广泛的全球期货市场提供敞口。该基金跟踪 DUNN Capital 世界货币与农产品（“WMA”）计划，这是一个由 DUNN Capital Management, LLC（“DUNN”）监督的系统性量化期货管理计划。期货管理的本质通常需要直接或间接地接触期货市场，而不是持有实物商品和金融工具。为了使共同基金能够接触到 DUNN WMA 计划，该基金必须使用衍生品，如期权以及有限合伙企业的投资，这将产生额外费用，从而降低整体表现。由于期货管理与许多其他资产类别的历史相关性较低，该基金旨在作为传统投资组合的补充。截至 2026 年 7 月底，该基金的净资产超过 2.14 亿美元。DUNN WMA 计划历史上所承受的波动性范围比 S&P 战略期货总回报指数所代表的期货管理策略更广。市场上的剧烈反转为许多技术趋势跟随管理者和计划带来了困难的环境。

影响该基金在该期间表现的因素包括：

• 期间全球股市普遍上涨，但 2026 年 3 月和 4 月出现了显著但短暂的中断；

• 贵金属在 2026 年初大幅上涨，随后从历史高点回落；

• 能源市场波动剧烈，中东地缘政治发展和供应预期的变化推动了原油价格的剧烈波动和逆转；

• 农业商品在 2026 年期间经历了持续的趋势和逆转，因为供应预期和生长条件发生了变化；以及

• 利率和货币市场反映了通胀和货币政策预期的变化，短期利率下降，长期收益率居高不下，货币趋势发生变化。

过去十年基金的表现如何？

基于 10,000 美元投资的总回报

$\"Chart$

表格摘要
	Arrow 量化期货策略基金	Wilshire 液态另类总回报 USD 指数	Barclay BTOP50 指数	Bloomberg 美国综合债券指数
07/31/16	$9,423	$10,000	$10,000	$10,000
07/31/17	$7,707	$10,303	$8,984	$9,949
07/31/18	$8,307	$10,444	$8,903	$9,869
07/31/19	$9,370	$10,608	$9,627	$10,666
07/31/20	$8,295	$10,594	$9,475	$11,746
07/31/21	$8,840	$11,603	$10,664	$11,664
07/31/22	$11,724	$11,148	$12,316	$10,600
07/31/23	$14,183	$11,353	$12,560	$10,243
07/31/24	$13,111	$12,193	$13,000	$10,766
07/31/25	$11,139	$12,527	$12,454	$11,130
07/31/26	$14,927	$13,510	$14,458	$11,431

平均年总回报率

表格摘要
	1 年	5 年	10 年
Arrow 量化期货策略基金
无费用	34.00%	11.05%	4.71%
有费用	26.38%	9.73%	4.09%
Wilshire 液态另类总回报 USD 指数\n	7.85%	3.09%	3.05%
Barclay BTOP50 指数	16.09%	6.28%	3.76%
Bloomberg 美国综合债券指数	2.71%	-0.40%	1.35%

该基金的历史表现并不能很好地预测该基金未来的表现。图表和表格不反映股东在基金分红或赎回基金股份时需缴纳的税款。如需获取更新的业绩信息，请拨打 1-877-277-6933。 Wilshire 液态另类总回报 USD 指数取代了 Credit Suisse 期货管理液态指数，成为该基金的主要广泛市场指数。该基金将其广泛市场指数从 S&P 500 指数更改为 Bloomberg 美国综合债券指数。

基金统计

净资产214,000,065 美元
投资组合持仓数量4
咨询费（扣除减免后）$1,867,252
投资组合换手率0%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
交易所交易基金	19.0%
货币市场基金	15.7%
私募投资基金	47.7%
购买的期权	17.6%

基金投资了什么？

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的部分	0.1%
货币市场基金	15.6%
股权期权	17.6%
混合配置	19.0%
私募投资基金	47.7%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	% of Net Assets
Galaxy Plus Fund LLC– Dunn Financials Feeder Fund	47.7%
Arrow Reserve Capital Management ETF	19.0%
Galaxy Plus Commodity Call Option	17.6%
First American Government Obligations Fund, Class X	15.6%

Material Fund Changes

在截至2026年7月31日的财年中没有发生重大变化。

$\"Image\"$

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

年度股东报告 - 2026年7月31日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招募说明书
财务信息
持仓
投票信息

TSR-AR 073126-MFTFX

Arrow Managed Futures Strategy Fund

Class C Shares (MFTTX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

本年度股东报告包含关于 Arrow Managed Futures Strategy Fund 在 2025年8月1日至 2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关该基金的更多信息。您也可以通过致电 1-877-277-6933 与我们联系以获取此信息。

基金上一年的费用是多少？

(基于假设的 $10,000 投资)

表格摘要
基金名称	$10,000 投资的费用	占 $10,000 投资的费用百分比
Class C Shares	$260	2.23%

在报告期间基金的表现如何？

Arrow Managed Futures Strategy Fund（“基金”）采用一种策略，旨在提供对全球期货市场的广泛敞口。该基金跟踪 DUNN Capital World Monetary & Agricultural（“WMA”）计划，这是一个由 DUNN Capital Management, LLC（“DUNN”）监督的系统性量化期货管理计划。期货管理的本质通常需要直接或间接地接触期货市场，而不是持有实物商品和金融工具。为了使共同基金能够接触到 DUNN WMA 计划，该基金必须使用衍生品，如期权以及对有限合伙企业的投资，这将产生额外费用，从而降低整体表现。由于期货管理与许多其他资产类别的历史相关性较低，该基金旨在补充传统投资组合。截至 2026 年 7 月，该基金的净资产超过 2.14 亿美元。DUNN WMA 计划历史上比代表标准普尔战略期货总回报指数的期货管理策略具有更广泛的波动性。市场上的剧烈逆转导致许多技术趋势跟随经理和计划面临困难的环境。

影响基金表现的因素包括：

• 在此期间，全球股市总体呈上升趋势，但在2026年3月和4月出现显著但短暂的中断；

• 贵金属在2026年初大幅上涨，随后从历史高点回落；

• 能源市场波动剧烈，中东地缘政治发展和供应预期的变化推动了原油价格的剧烈波动和逆转；

• 农业商品在2026年期间经历了持续的趋势和逆转，随着供应预期和生长条件的变化；以及

• 利率和货币市场反映了通胀和货币政策预期的变化，短期利率下降，长期收益率居高不下，货币趋势发生变化。

基金在过去十年的表现如何？

基于10,000美元投资的总回报

$\"Chart$

表摘要
	Arrow管理期货策略基金	Wilshire液态另类总回报美元指数	Barclay BTOP50指数	Bloomberg美国综合债券指数
07/31/16	$10,000	$10,000	$10,000	$10,000
07/31/17	$8,196	$10,303	$8,984	$9,949
07/31/18	$8,688	$10,444	$8,903	$9,869
07/31/19	$9,728	$10,608	$9,627	$10,666
07/31/20	$8,553	$10,594	$9,475	$11,746
07/31/21	$9,041	$11,603	$10,664	$11,664
07/31/22	$11,914	$11,148	$12,316	$10,600
07/31/23	$14,282	$11,353	$12,560	$10,243
07/31/24	$13,082	$12,193	$13,000	$10,766
07/31/25	$11,043	$12,527	$12,454	$11,130
07/31/26	$14,674	$13,510	$14,458	$11,431

平均年度总回报

表摘要
	1年	5年	10年
Arrow管理期货策略基金	32.88%	10.17%	3.91%
Wilshire液态另类总回报美元指数	7.85%	3.09%	3.05%
Barclay BTOP50指数\n	16.09%	6.28%	3.76%
Bloomberg美国综合债券指数\n	2.71%	-0.40%	1.35%

基金的过去表现并不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。如需更新的表现信息，请致电1-877-277-6933。 Wilshire液态另类总回报美元指数取代了Credit Suisse管理期货液态指数，成为基金的主要广泛基准证券市场指数。基金将其广泛基准证券市场指数从S&P 500指数更改为Bloomberg美国综合债券指数。

基金统计

净资产214,000,065美元
投资组合持仓数量4
管理费（扣除减免后）1,867,252美元
投资组合换手率0%

资产权重（占总投资的百分比）

$\"Group$

表摘要
价值	价值
交易所交易基金	19.0%
货币市场基金	15.7%
私募投资基金	47.7%
购买的期权	17.6%

基金投资了什么？

行业权重（占净资产的百分比）

$\"Group$

表摘要
价值	价值
超过负债的其他资产	0.1%
货币市场基金	15.6%
股权期权	17.6%
混合配置	19.0%
私募投资基金	47.7%

前十大持仓（占净资产的百分比）

表摘要
持仓名称	% of Net Assets
Galaxy Plus Fund LLC– Dunn Financials Feeder Fund	47.7%
Arrow Reserve Capital Management ETF	19.0%
Galaxy Plus Commodity Call Option	17.6%
First American Government Obligations Fund, Class X	15.6%

重大基金变动

在截至2026年7月31日的财年中没有发生重大变动。

$\"Image\"$

Arrow管理期货策略基金 - C类份额 (MFTTX)

年度股东报告 - 2026年7月31日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

招募说明书
财务信息
持仓
代理投票信息

TSR-AR 073126-MFTTX

箭头管理期货策略基金

机构类份额 (MFTNX)

年度股东报告 - 2026年7月31日

$\"Image\"$

基金概览

本年度股东报告包含有关 Arrow Managed Futures Strategy Fund 在 2025年8月1日至 2026年7月31日期间的重要信息。您可以在 https://arrowfunds.com/default.aspx?menuitemid=494找到有关该基金的更多信息。您也可以通过致电 1-877-277-6933 与我们联系以获取此信息。

基金上一年的费用是多少？

（基于假设的 10,000 美元投资）

表格摘要
类别名称	10,000 美元投资的费用	10,000 美元投资的费用百分比
机构类份额	$144	1.23%

在报告期间基金的表现如何？

Arrow Managed Futures Strategy Fund（“基金”）采用一种策略，旨在提供对全球期货市场的广泛敞口。该基金跟踪 DUNN Capital World Monetary & Agricultural（“WMA”）计划，这是一个由 DUNN Capital Management, LLC（“DUNN”）监督的系统性量化管理期货计划。管理期货的本质通常需要直接或间接地接触期货市场，而不是持有实物商品和金融工具。为了使共同基金能够接触到 DUNN WMA 计划，该基金必须使用衍生品，如期权以及对有限合伙企业的投资，这会带来额外的费用，从而降低整体表现。由于管理期货与许多其他资产类别相比具有历史上的低相关性，该基金旨在补充传统投资组合。截至 2026 年 7 月底，该基金的净值超过 2.14 亿美元。DUNN WMA 计划历史上比代表标准普尔战略期货总回报指数的管理期货策略具有更广泛的波动性。市场上的剧烈反转给许多技术趋势跟随经理和计划带来了困难的环境。

影响基金在该期间表现的因素包括：

• 期间全球股市普遍上涨，2026年3月和4月出现显著但短暂的中断；

• 贵金属在2026年初大幅上涨，随后从历史高点回落；

• 能源市场波动剧烈，中东地缘政治发展和供应预期的变化推动了原油价格的剧烈波动和反转；

• 农业商品在2026年期间经历了持续的趋势和反转，随着供应预期和生长条件的变化；以及

• 利率和货币市场反映了通胀和货币政策预期的变化，短期利率下降，长期收益率高企，货币趋势发生变化。

基金在过去十年中的表现如何？

基于 1,000,000 美元投资的总回报

$\"Chart$

表格摘要
	箭头管理期货策略基金	Barclay BTOP50 指数	Bloomberg 美国综合债券指数	Wilshire 液态另类总回报 USD 指数
2016年7月	$1,000,000	$1,000,000	$1,000,000	$1,000,000
2017年7月	$821,490	$898,445	$994,854	$1,030,261
2018年7月	$886,244	$890,285	$986,891	$1,044,412
2019年7月	$1,002,524	$962,657	$1,066,640	$1,060,838
2020年7月	$889,941	$947,509	$1,174,599	$1,059,448
2021年7月	$950,652	$1,066,444	$1,166,355	$1,160,275
2022年7月	$1,264,127	$1,231,604	$1,060,024	$1,114,789
2023年7月	$1,530,280	$1,256,043	$1,024,327	$1,135,258
2024年7月	$1,416,443	$1,300,034	$1,076,579	$1,219,281
2025年7月	$1,207,654	$1,245,372	$1,112,982	$1,252,701
2026年7月	$1,620,486	$1,445,775	$1,143,141	$1,351,001

平均年总回报

表格摘要
	1年	5年	10 Years
Arrow 管理期货策略基金	34.18%	11.26%	4.95%
Wilshire 流动另类总回报美元指数	7.85%	3.09%	3.05%
Barclay BTOP50 指数\n	16.09%	6.28%	3.76%
Bloomberg 美国综合债券指数\n	2.71%	-0.40%	1.35%

基金的历史表现不能很好地预测基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。如需了解更新的业绩情况，请致电 1-877-277-6933。 Wilshire 流动另类总回报美元指数取代了 Credit Suisse 管理期货流动指数，成为基金的主要广泛市场指数。基金将其广泛市场指数从 S&P 500 指数更改为 Bloomberg 美国综合债券指数。

基金统计

净资产214,000,065 美元
投资组合持仓数量4
咨询费（扣除减免后）1,867,252 美元
投资组合周转率0%

资产配置（占总投资的百分比）

$\"Group$

表格摘要
价值	价值
交易所交易基金	19.0%
货币市场基金	15.7%
私人投资基金	47.7%
购买的期权	17.6%

基金投资了什么？

行业配置（占净资产的百分比）

$\"Group$

表格摘要
价值	价值
资产超过负债的其他资产	0.1%
货币市场基金	15.6%
股权期权	17.6%
混合配置	19.0%
私人投资基金	47.7%

前十大持仓（占净资产的百分比）

表格摘要
持仓名称	% of Net Assets
Galaxy Plus Fund LLC– Dunn Financials Feeder Fund	47.7%
Arrow Reserve Capital Management ETF	19.0%
Galaxy Plus 商品看涨期权	17.6%
First American Government Obligations Fund, Class X	15.6%

基金重大变更

在截至 2026 年 7 月 31 日的财年中没有发生重大变更。

$\"Image\"$

Arrow 管理期货策略基金 - 机构类份额 (MFTNX)

年度股东报告 - 2026 年 7 月 31 日

在哪里可以找到关于基金的更多信息？

基金网站上可以找到更多信息 https://arrowfunds.com/default.aspx?menuitemid=494 ，包括：

说明书
财务信息
持仓
投票信息

TSR-AR 073126-MFTNX

(b) 不适用

项目\n2. 道德准则。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(a)	截至本报告所涵盖期间结束时，注册人已制定一项适用于注册人主要执行官、主要财务官和主要会计官或类似职能人员的道德准则，无论这些人员是注册人还是第三方的雇员。

(b)	不适用

(c)	在本报告所涵盖期间，道德准则的任何条款均未进行修订。

(d)	在本报告所涵盖期间，道德准则的任何条款均未被豁免或默示豁免。
(e)	不适用
(f)	参见项目 19(a)(1)

项目\n3. 审计委员会财务专家。

(a)(1)\n注册人董事会已确定Mark H. Taylor是审计委员会财务专家，如Form N-CSR第3项所定义。Mr. Taylor在本项中是独立的。

(a)(2)\n不适用。

(a)(3)\n不适用。

项目\n4. 主要会计师费用和业务。

\n \n \n \n

(a)

审计\n 费用。注册人最近两个财政年度向其主要会计师支付的专业服务费用总额，用于审计注册人的年度财务报表或会计师在与这些财政年度的法定和监管文件或交易相关的常规服务，如下所示：

\n \n \n \n \n \n \n

	2026 - $ 52,500
	2025 - $ 52,500

\n \n \n \n

(b)

与审计相关的\n 费用。在最近两个财政年度中，主要会计师提供的保证和相关服务费用为零，这些服务与注册人财务报表的审计执行合理相关，并且未在本项的(a)段中报告。

\n \n \n \n

(c)

税务\n 费用。最近两个财政年度中，主要会计师提供的税务合规专业服务费用总额如下：

\n \n \n \n \n \n \n

	2026 – $ 12,000
	2025 – $ 12,000

\n \n \n \n

准备联邦及州所得税申报表，协助计算所需收入、资本利得和消费税分配，并准备联邦消费税申报表。

\n \n \n \n

(d)

其他\n 费用。在最近两个财政年度中，注册人主要会计师提供的除本项(a)至(c)段所述服务外的产品和服务的总费用分别为0美元和0美元，分别对应截至2025年7月30日和2026年的财政年度。\t

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(e)(1)	审计委员会没有事先批准政策和程序。相反，审计委员会或审计委员会主席在注册人聘请主要会计师之前，根据具体情况批准每项审计或非审计服务。

(e)(2)	在本项的(b)至(d)段中描述的服务中，没有一项是根据《S-X条例》第2-01条第(c)(7)(i)(C)款的规定由审计委员会批准的。

(f)	不适用。在最近一个财政年度中，主要会计师审计注册人财务报表的业务中，由主要会计师的全职、永久雇员以外的人完成的工作量百分比为零（0%）。

(g)	注册人主要会计师为注册人于2025年7月31日和2026年分别结束的财政年度提供的所有非审计费用均在上述(b)-(d)中披露。注册人主要会计师未为注册人的顾问提供任何审计或非审计服务。

(h)\n	不适用。\n

(i)\n	不适用。\n

(j)\n	不适用。

项目\n5. 上市公司的审计委员会。 不适用于开放式投资公司。

项目\n6. 投资安排。 注册人的对非关联发行人的投资安排包含在本表格第7项下的财务报表中。

项目\n7. 开放式管理投资公司的财务报表和财务亮点。

(a) 长期财务报表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

$\"(LOGO)\"$

Arrow\n DWA战术：平衡基金

Arrow\n DWA战术：宏观基金

Arrow\n 管理期货策略基金

年度\n 财务报表

和\n 附加信息

7月\n 31日，2026年

1-877-277-6933

1-877-ARROW-FD

www.ArrowFunds.com

\n \n \n \n \n \n \n

ARROW\n DWA 战术：平衡基金

合并\n 投资安排

2026年7月31日

份额			公允价值
		普通股 — 24.1%
		航空航天与国防 - 0.9%
	41	Axon Enterprise, Inc.^(a)		$	21,638
	87	波音公司 (The)^(a)			18,804
	58	通用动力公司			22,238
	54	通用电气公司			19,444
	88	霍尼韦尔航空航天公司 Inc.^(a)			18,193
	72	Howmet航空航天公司, Inc.			20,323
	49	Huntington Ingalls Industries, Inc.			15,996
	57	L3Harris Technologies, Inc.			15,792
	36	洛克希德·马丁公司			20,979
	29	诺斯罗普·格鲁曼公司			15,732
	89	RTX公司			19,155
	223	特许公司			19,013
	16	TransDigm集团, Inc.			20,070
					247,377
		资产管理 - 0.4%
	396	查尔斯·施瓦布公司 (The)			41,675
	236	雷蒙德·詹姆斯金融公司, Inc.			41,531
	425	Robinhood Markets,\n Inc., A类股^(a)			36,788
					119,994
		银行 - 1.9%
	503	美国银行公司			31,161
	222	花旗公司, Inc.			29,404
	716	公民金融集团, Inc.			51,301
	559	第五第三银行公司			31,584
	2,832	Huntington Bancshares, Inc.			48,257
	99	摩根大通公司 & 公司			34,827
	1,372	KeyCorporation			30,993
	212	M&T银行公司			52,214
	129	PNC金融服务集团, Inc. (The)			32,233
	1,676	地区金融公司			51,873
	998	Truist金融公司			51,736
	493	美国银行公司			31,064
	346	富国银行 & 公司			29,912
					506,559

参见附注中的合并财务报表。

\n \n \n \n \n \n \n

ARROW\n DWA 战术：平衡基金

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 24.1% (Continued)
		BIOTECH & PHARMA - 0.9%
	547	Bristol-Myers Squibb Company		$	35,725
	31	Eli Lilly & Company			35,614
	139	Johnson & Johnson			35,633
	273	Merck & Company, Inc.			35,545
	1,423	Pfizer, Inc.			35,589
	1,996	Viatris, Inc.			35,050
	466	Zoetis, Inc.			36,016
					249,172
		CHEMICALS - 0.2%
	380	Qnity Electronics, Inc.			49,848

		ELECTRICAL EQUIPMENT - 0.3%
	251	Keysight Technologies,\n Inc.^(a)			80,089

		HEALTH CARE FACILITIES & SERVICES - 0.9%
	958	Centene Corporation^(a)			59,607
	159	Elevance Health, Inc.			59,759
	164	Humana, Inc.			59,673
	147	UnitedHealth Group, Inc.			60,916
					239,955
		HEALTH CARE REIT - 0.9%
	1,141	Alexandria Real Estate Equities, Inc.			58,704
	2,923	Healthpeak Properties, Inc.			63,809
	675	Ventas, Inc.			63,119
	263	Welltower, Inc.			61,658
					247,290
		HOTEL REIT - 0.9%
	9,891	Host Hotels & Resorts, Inc.			248,561

		INDUSTRIAL SUPPORT SERVICES - 1.0%
	1,773	Fastenal Company			84,591
	78	United Rentals, Inc.			84,182
	61	WW Grainger, Inc.			84,315
					253,088

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 24.1% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 0.5%
	41	Goldman Sachs Group, Inc. (The)		$	41,754
	457	Interactive Brokers Group, Inc., Class A			40,211
	198	Morgan Stanley			41,663
					123,628
		MACHINERY - 1.2%
	77	Caterpillar, Inc.			62,740
	414	Deere & Company			245,366
					308,106
		OIL & GAS PRODUCERS - 0.9%
	263	Marathon Petroleum Corporation			83,232
	393	Phillips 66			83,190
	265	Valero Energy Corporation			82,919
					249,341
		RENEWABLE ENERGY - 0.1%
	72	First Solar, Inc.^(a)			15,194

		RETAIL - DISCRETIONARY - 1.8%
	2,826	Best Buy Company, Inc.			243,771
	491	Ross Stores, Inc.			123,275
	779	TJX Companies, Inc. (The)			122,568
					489,614
		SEMICONDUCTORS - 1.6%
	36	Advanced Micro Devices, Inc.^(a)			17,141
	51	Analog Devices, Inc.			18,738
	99	Applied Materials, Inc.			50,259
	45	Broadcom, Inc.			17,518
	153	Intel Corporation^(a)			13,801
	275	KLA Corporation			50,275
	167	Lam Research Corporation			48,934
	63	Marvell Technology, Inc.			11,816
	192	Microchip Technology, Inc.			14,264
	20	Micron Technology, Inc.			16,461
	11	Monolithic Power Systems, Inc.			15,686
	94	NVIDIA Corporation			18,871

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 24.1% (Continued)
		SEMICONDUCTORS - 1.6% (Continued)
	56	NXP Semiconductors N.V.		$	12,833
	149	ON Semiconductor Corporation^(a)			12,160
	76	Qualcomm, Inc.			11,218
	293	Skyworks Solutions, Inc.			18,248
	136	Teradyne, Inc.			50,006
	58	Texas Instruments, Inc.			15,993
					414,222
		STEEL - 0.9%
	483	Nucor Corporation			124,271
	495	Steel Dynamics, Inc.			124,374
					248,645
		TECHNOLOGY HARDWARE - 3.5%
	92	Apple, Inc.			28,420
	252	Arista Networks, Inc.^(a)			45,448
	111	Ciena Corporation^(a)			41,853
	363	Cisco Systems, Inc.			42,104
	70	Dell Technologies, Inc., Class C			28,376
	112	F5, Inc.^(a)			45,088
	834	Garmin Ltd.			245,012
	585	Hewlett Packard Enterprise Company			28,022
	1,148	HP, Inc.			31,306
	53	Lumentum Holdings, Inc.^(a)			37,839
	96	Motorola Solutions, Inc.			41,832
	150	NetApp, Inc.			26,775
	22	Sandisk Corporation^(a)			26,726
	33	Seagate Technology Holdings PLC			28,252
	914	Super Micro Computer, Inc.^(a)			25,958
	130	Teledyne Technologies, Inc.^(a)			85,224
	54	Western Digital Corporation			29,421
	287	Zebra Technologies\n Corporation, Class A^(a)			84,326
					921,982
		TOBACCO & CANNABIS - 0.9%
	1,795	Altria Group, Inc.			122,652

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 24.1% (Continued)
		TOBACCO & CANNABIS - 0.9% (Continued)
	646	Philip Morris International, Inc.		$	123,270
					245,922
		TRANSPORTATION & LOGISTICS - 2.8%
	1,648	CSX Corporation			83,059
	907	Delta Air Lines, Inc.			79,308
	601	Fedex Freight Holding Company, Inc.^(a)			84,458
	300	JB Hunt Transport Services, Inc.			81,525
	248	Norfolk Southern Corporation			83,199
	384	Old Dominion Freight Line, Inc.			81,462
	1,814	Southwest Airlines Company			81,576
	286	Union Pacific Corporation			83,549
	617	United Airlines\n Holdings, Inc.^(a)			74,861
					732,997
		TRANSPORTATION EQUIPMENT - 0.7%
	97	Cummins, Inc.			61,517
	464	PACCAR, Inc.			61,564
	212	Westinghouse Air Brake Technologies Corporation			61,662
					184,743
		WHOLESALE - CONSUMER STAPLES - 0.9%
	1,539	Archer-Daniels-Midland Company			121,997
	1,140	Bunge Global S.A.			121,102
					243,099

		TOTAL COMMON STOCKS (Cost $5,754,362)			6,419,426

		EXCHANGE-TRADED FUNDS — 61.9%
		COMMODITY - 6.0%
	53,831	Invesco DB Commodity Index Tracking Fund			1,585,323

		EQUITY - 23.3%
	5,539	Global X MSCI Greece ETF			444,283
	14,616	iShares MSCI Austria ETF			620,888
	4,258	iShares MSCI Israel ETF			508,192

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Shares							Fair Value
		EXCHANGE-TRADED FUNDS — 61.9%\n (Continued)
		EQUITY - 23.3% (Continued)
	7,129	iShares MSCI Italy ETF	$	439,146
	5,593	iShares MSCI Netherlands ETF		373,724
	6,274	iShares MSCI Peru and Global Exposure ETF		539,439
	11,133	iShares MSCI Poland ETF		476,826
	14,498	iShares MSCI Singapore ETF		467,995
	7,406	iShares MSCI Spain ETF		455,321
	4,509	iShares MSCI Taiwan ETF		435,344
	2,119	Vanguard Small-Cap Growth ETF		721,435
	3,306	Vanguard Value ETF		727,155
				6,209,748
		FIXED INCOME - 25.9%
	3,126	Arrow\n Reserve Capital Management ETF ^(g)		312,756
	27,311	iShares 1-3 Year Treasury Bond ETF		2,239,502
	8,806	iShares iBoxx $ High Yield Corporate Bond ETF		699,901
	10,860	iShares iBoxx $ Investment Grade Corporate Bond ETF		1,153,875
	11,631	iShares TIPS Bond ETF		1,251,845
	12,123	State Street SPDR Bloomberg Convertible\n Securities ETF		1,234,728
				6,892,607
		MIXED ALLOCATION - 6.7%
	100,000	Arrow\n Valtoro ETF ^(a)(f)(g)		1,796,940

		TOTAL EXCHANGE-TRADED\n FUNDS (Cost $15,413,183)		16,484,618

			Expiration\n Date			Exercise\n Price
		RIGHT —\n 0.0%^(b)
		ASSET\n MANAGEMENT - 0.0% ^(b)
	25,422	Sycamore\n Partners, LLC^(a) (Cost $0)	8/28/2029		$	3		—

		SHORT-TERM INVESTMENT — 3.2%
		MONEY MARKET FUND - 3.2%
	840,009	First\n American Government Obligations Fund, Class X, 3.58%^(c)(e)(Cost $840,009)		840,009

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

Contracts			Broker/Counterparty		Expiration Date	Exercise Price		Notional Value			Fair Value
		EQUITY OPTIONS PURCHASED - 9.2%
		CALL OPTIONS PURCHASED - 9.2%
	840	Galaxy Plus Commodity Call\n Option^(e)(h)		Nomura		01/15/2027\n	$	0.0001			$	850,500	$	1,563,593
	1,160	Galaxy Plus Financial\n Call Option⁽ⁱ⁾		Nomura		01/15/2027		0.0001				1,174,500		887,655
		TOTAL CALL OPTIONS PURCHASED (Cost - $2,025,000)								2,451,248


		TOTAL INVESTMENTS - 98.4% (Cost $24,032,554)							$	26,195,301
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%								430,298
		NET ASSETS - 100.0%							$	26,625,599

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

OPEN\n FUTURES CONTRACTS
Number\n of Contracts		Open\n Long Futures Contracts		Expiration		Notional \n Amount^(d)			Value\n and Unrealized Depreciation
	19		NYMEX\n Light Sweet Crude Oil Future^(e)		08/20/2026		$	1,608,730		$	(44,163	)

			TOTAL FUTURES CONTRACTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

ETF	-\n Exchange-Traded Fund

LLC	- Limited Liability\n Company

LTD	- Limited Company

MSCI	- Morgan Stanley\n Capital International

N.V.	- Naamloze Vennootschap

PLC	- Public Limited\n Company

REIT	- Real Estate\n Investment Trust

S/A	- Société\n Anonyme

SPDR	- Standard &\n Poor’s Depositary Receipt

\n \n \n \n \n

^(a)

Non-income producing security.

\n \n \n \n \n

^(b)

Percentage rounds to less than 0.1%.

\n \n \n \n

^(c)

Rate disclosed is the seven day effective\n yield as of July 31, 2026.

\n \n \n \n

^(d)

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

\n \n \n \n

^(e)

All or a portion of this investment\n is a holding of the ADWAB Fund. See note 2.

\n \n \n \n \n

^(f)

Affiliated Company - The Arrow DWA\n Tactical: Balanced Fund holds in excess of 5% of the outstanding voting securities of the exchange traded fund. See note 8.

\n \n \n \n

^(g)

Affiliated Exchange-Traded Fund. See\n note 9.

\n \n \n \n

^(h)

These securities provide exposure\n to daily returns of the reference asset that are not publicly available; the holdings of the Galaxy Plus Commodity Call option are shown\n on the subsequent pages.

\n \n \n \n

⁽ⁱ⁾

These securities provide exposure\n to daily returns of the reference asset that are not publicly available; the holdings of the Galaxy Plus Financial Call option are shown\n on the subsequent pages.

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Additional\n Information — Galaxy Plus Commodity Call Option \n \n The\n following table represents the top 50 positions based on the absolute notional values and related values within the commodity feeder option\n as of July 31, 2026. \n
Quantity			Description		Expiration		Notional\n Amount			Weight	Market\n Value
	10			LME Zinc U.S.		Sep-26		$	903,049		13.89%	$	27,150
	4			CMX Copper		Sep-26			623,074		9.59%		21,729
	(13	)		CME Lean Hogs		Oct-26			(447,791	)	6.89%		(1,065	)
	4			LME Aluminum U.S.		Sep-26			345,276		5.31%		(88,561	)
	1			CMX Gold		Dec-26			310,102		4.77%		762
	3			LME Zinc U.S.		Dec-26			285,170		4.39%		5,411
	3			CME Live Cattle		Oct-26			252,864		3.89%		5,010
	(2	)		LME Nickel U.S.		Sep-26			(229,282	)	3.53%		(7,180	)
	6			CBT Bean Oil		Dec-26			221,727		3.41%		(1,461	)
	2			NYM RBOB Gas		Oct-26			184,456		2.84%		(7,889	)
	1			ICE LS GasOil		Oct-26			165,810		2.55%		2,955
	1			CMX Silver		Sep-26			160,748		2.47%		(6,247	)
	(9	)		CSC Sugar		Oct-26			(151,379	)	2.33%		(887	)
	2			NYM Platinum		Oct-26			128,537		1.98%		1,524
	1			Heating Oil		Oct-26			125,511		1.93%		(65	)
	11			ICEUS Canola		Nov-26			114,346		1.76%		1,561
	2			CBOT Soybeans CSO		Nov-26			101,461		1.56%		1,722
	91,640			U.S. Treasury Bill		Sep-26			91,173		1.40%		91,173
	(3	)		NYM Natural Gas		Oct-26			(81,959	)	1.26%		3,073
	75,891			U.S. Treasury Bill		Aug-26			75,762		1.17%		75,762
	1			IPE Brent Crude		Oct-26			69,886		1.08%		8,844
	2			ICE US Cotton		Dec-26			69,882		1.08%		806
	67,955			U.S. Treasury Bill		Aug-26			67,901		1.04%		67,901
	1			TTF Natural Gas		Sep-26			64,349		0.99%		623
	6			SGX Iron Ore 62%		Sep-26			60,964		0.94%		(3,660	)
	57,186			U.S. Treasury Note		Aug-27			56,862		0.87%		56,862
	52,190			U.S. Treasury Bill		Sep-26			52,002		0.80%		52,002
	1			Crude Oil		Oct-26			51,814		0.80%		2,246
	47,112			U.S. Treasury Bill		Sep-26			46,974		0.72%		46,974
	(1	)		ICEUS Cocoa		Sep-26			(45,040	)	0.69%		(3,310	)
	44,449			U.S. Treasury Bill		Sep-26			44,279		0.68%		44,279
	43,567			U.S. Treasury Bill		Aug-26			43,501		0.67%		43,501
	2			CBT Corn		Dec-26			43,332		0.67%		2,583
	35,845			Becton Dickinson & Co.		Jun-27			35,642		0.55%		35,642
	(1	)		CBT Bean Meal		Dec-26			(34,464	)	0.53%		(876	)
	(1	)		CBT Wheat		Dec-26			(32,661	)	0.50%		(1,467	)
	30,997			U.S. Treasury Bill		Oct-26			30,789		0.47%		30,789
	29,765			Nextera Energy Capital Holdings		Sep-27			29,807		0.46%		29,807
	27,214			U.S. Treasury Bill		Aug-26			27,206		0.42%		27,206
	24,082			Entergy Corp.		Sep-26			24,060		0.37%		24,060
	22,413			Realty Income Corp.		Aug-27			22,339		0.34%		22,339
	20,943			U.S. Treasury Note		Oct-26			20,947		0.32%		20,947
	20,665			Northrop Grumman Corp.		Feb-27			20,542		0.32%		20,542
	20,188			Verizon Inc.		Mar-27			20,167		0.31%		20,167
	19,830			Parker-Hannifin Corp.		Sep-27			19,779		0.30%		19,779
	19,902			U.S. Treasury Bill		Oct-26			19,759		0.30%		19,759
	19,552			Dominion Energy Inc.		Aug-26			19,539		0.30%		19,539
	19,274			U.S. Treasury Note		Oct-26			19,281		0.30%		19,281
	19,075			Amazon Inc.		Mar-28			18,897		0.29%		18,897
	17,962			AT&T Inc.		Mar-27			17,953		0.28%		17,953
	352,726			Other Underlying Index Components					332,273		5.69%		349,839
												$	1,138,331

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: BALANCED FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

\n Additional\n Information — Galaxy Plus Financial Call Option \n \n The\n following table represents the top 50 positions based on the absolute notional values and related values within the financial feeder option\n as of July 31, 2026. \n \n
Quantity			Description		Expiration		Notional\n Amount			Weight	Market\n Value
	(19	)		3-Month SOFR		Dec-26		$	(4,443,445	)	22.62%	$	317
	(10	)		U.S. 2-Year T-Note		Sep-26			(2,124,642	)	10.82%		2,831
	(7	)		Lif 3-Month Euribor		Dec-26			(1,885,777	)	9.60%		(105	)
	(2	)		OSE 10-Year Japan Government Bond		Sep-26			(1,325,965	)	6.75%		2,839
	(10	)		CBT 5-Year T-Note		Sep-26			(1,056,862	)	5.38%		7,785
	(7	)		Eurex E-Schatz		Sep-26			(858,765	)	4.37%		1,148
	(4	)		IMM Euro FX		Sep-26			(634,418	)	3.23%		(5,325	)
	(6	)		CBT 10-Year T-Note		Sep-26			(619,448	)	3.15%		6,938
	2			3-Month Sonia		Dec-26			613,098		3.12%		275
	20			IMM Mexican Peso		Sep-26			569,299		2.90%		2,605
	(7	)		IMM Canadian Dollar		Sep-26			(521,627	)	2.66%		(5,737	)
	2			ME S&P Canadian 60		Sep-26			481,458		2.45%		3,454
	(3	)		CME Swiss Franc		Sep-26			(445,587	)	2.27%		472
	(6	)		SFE 3-Year Ausi Bond		Sep-26			(443,150	)	2.26%		881
	(5	)		CME Japanese Yen		Sep-26			(408,909	)	2.08%		(8,314	)
	4			ME Canadian Government Bond		Sep-26			363,705		1.85%		(4,756	)
	1			CBT Mini DOW		Sep-26			258,072		1.31%		(2,122	)
	2			New FTSE 100		Sep-26			237,258		1.21%		6,839
	3			Eurex E-STXX 50		Sep-26			229,222		1.17%		2,233
	2			Lif Long Gilt		Sep-26			225,562		1.15%		(3,214	)
	1			OSE Topix		Sep-26			170,602		0.87%		(3,422	)
	(1	)		Euex Euro-Bobl		Sep-26			(168,885	)	0.86%		301
	(2	)		SFE 10-Year Ausi Bond		Sep-26			(147,181	)	0.75%		168
	0	*		IMM E-Mini S&P 500		Sep-26			114,775		0.58%		(569	)
	2			Australian Dollar		Sep-26			109,289		0.56%		407
	(1	)		CBT 30-Year T-Bonds		Sep-26			(100,200	)	0.51%		1,723
	(0	) *		Hang Seng IDX Future		Aug-26			(67,320	)	0.34%		(1,906	)
	62,694			U.S. Treasury Bill		Sep-26			62,375		0.32%		62,375
	0	*		OSE Nikkei SA		Sep-26			59,767		0.31%		(6,171	)
	0	*		Eurex Euro-BTP		Sep-26			49,616		0.25%		(1,292	)
	0	*		IMM E-Mini Nasdaq		Sep-26			42,043		0.21%		(3,043	)
	(1	)		New Zealand Dollar		Sep-26			(39,282	)	0.20%		(1,171	)
	37,929			U.S. Treasury Note		Aug-26			37,927		0.19%		37,927
	36,643			U.S. Treasury Bill		Oct-26			36,371		0.19%		36,371
	(0	) *		Pound Sterling		Sep-26			(35,858	)	0.18%		(164	)
	0	*		Eurex Dax Index		Sep-26			34,300		0.18%		548
	31,342			U.S. Treasury Bill		Aug-26			31,317		0.16%		31,317
	0	*		Eurex Oat		Sep-26			31,253		0.16%		(166	)
	26,827			U.S. Treasury Bill		Aug-26			26,787		0.14%		26,787
	26,141			U.S. Treasury Bill		Oct-26			25,953		0.13%		25,953
	(0	) *		Eurex Euro-Bund		Sep-26			(22,564	)	0.11%		8
	(0	) *		SFE SPI 200		Sep-26			(21,843	)	0.11%		(518	)
	20,269			U.S. Treasury Note		Aug-27			20,154		0.10%		20,154
	19,853			U.S. Treasury Bill		Sep-26			19,795		0.10%		19,795
	17,442			U.S. Treasury Bill		Sep-26			17,379		0.09%		17,379
	0	*		Mon Cac40 Index		Aug-26			17,279		0.09%		159
	16,607			U.S. Treasury Bill		Sep-26			16,544		0.08%		16,544
	16,129			U.S. Treasury Bill		Aug-26			16,102		0.08%		16,102
	13,803			Duke Energy Corp		Sep-26			13,786		0.07%		13,786
	13,645			Amgen Inc. FXD		Aug-26			13,635		0.07%		13,635
	327,754			Other Underlying Index Components					326,662		1.66%		326,657
												$	658,718

\n \n \n \n

Less than 1 contract

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n DWA TACTICAL: MACRO FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS

July 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.5%
		EQUITY - 87.7%
	32,447	First Trust Small Cap Core AlphaDEX Fund		$	4,602,218
	78,931	iShares MSCI Emerging Markets ETF			5,058,687
	68,419	iShares MSCI Eurozone ETF			4,759,910
	14,150	iShares MSCI USA Momentum Factor ETF			4,239,199
	31,947	iShares MSCI USA Value Factor ETF			6,106,349
	32,929	iShares S&P 500 Growth ETF			4,453,647
	21,763	iShares S&P Small-Cap 600 Growth ETF			3,758,470
	26,996	State Street Industrial Select Sector SPDR ETF			4,854,961
	15,439	Vanguard Small-Cap Value ETF			3,776,843
					41,610,284
		MIXED ALLOCATION - 10.8%
	285,605	Arrow Dow Jones Global Yield ETF ^{(d)\n (e)}			4,120,566
	55,000	Arrow Valtoro ETF^{(a)\n (d) (e)}			988,317
					5,108,883

		TOTAL EXCHANGE-TRADED FUNDS (Cost $41,560,514)			46,719,167

		SHORT-TERM INVESTMENT — 1.0%
		MONEY MARKET FUND - 1.0%
	474,322	First American\n Government Obligations Fund, Class X, 3.58%^(b)(c)(Cost $474,322)			474,322

		TOTAL INVESTMENTS - 99.5% (Cost $42,034,836)		$	47,193,489
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%			219,726
		NET ASSETS - 100.0%		$	47,413,215

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

ETF	-\n Exchange-Traded Fund

MSCI	- Morgan Stanley\n Capital International

SPDR	- Standard &\n Poor’s Depositary Receipt

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

^(a)	Non-income\n producing security.

^(b)	Rate disclosed\n is the seven day effective yield as of July 31, 2026.

^(c)	All or a portion\n of this investment is a holding of the ADWAT Fund. See note 2.

^(d)	Affiliated Company\n - The Arrow DWA Tactical: Macro Fund holds in excess of 5% of the outstanding voting securities of the exchange traded fund. See note\n 8.

^(e)	Affiliated Exchange-Traded\n Fund. See note 9.

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n MANAGED FUTURES STRATEGY FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS

July 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUND — 19.0%
		MIXED ALLOCATION - 19.0%
	405,877	Arrow\n Reserve Capital Management ETF^(c)(d)(Cost $40,605,368)		$	40,607,994

		PRIVATE INVESTMENT FUND — 47.7%
		FINANCIAL POOL - 47.7%
	N/A	Galaxy Plus Fund\n LLC– Dunn Financials Feeder Fund^(a)(g)(Cost $103,583,498)			102,047,481

		SHORT-TERM INVESTMENT — 15.6%
		MONEY MARKET FUND - 15.6%
	33,473,782	First American Government\n Obligations Fund, Class X, 3.58%^(b)(e)(Cost $33,473,782)			33,473,782

Contracts			Broker/Counterparty		Expiration Date		Exercise Price		Notional Value	Fair Value
		EQUITY OPTIONS PURCHASED - 17.6%
		CALL OPTIONS PURCHASED - 17.6%
	17,777	Galaxy\n Plus Commodity Call Option^(e)(f)		Nomura			12/20/2026	$	0.0001	$	18,055,868	$	37,683,078
		TOTAL CALL OPTIONS PURCHASED (Cost - $18,055,868)

		TOTAL INVESTMENTS - 99.9% (Cost $195,718,516)			$	213,812,335
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				187,730
		NET ASSETS - 100.0%			$	214,000,065

\n \n \n \n \n \n \n \n \n \n

ETF	-\n Exchange-Traded Fund

LLC	- Limited Liability\n Company

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

^(a)	Non-income\n producing security.

^(b)	Rate disclosed\n is the seven day effective yield as of July 31, 2026.

^(c)	Affiliated\n Company - The Arrow Managed Futures Strategy Fund holds in excess of 5% of the outstanding voting securities of the Exchange-Traded Fund.\n See note 8.

^(d)	Affiliated Exchange-Traded\n Fund. See note 9.

^(e)	All or a portion\n of this investment is a holding of the Arrow MFT Fund Limited. See note 2.

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

^(g)	Galaxy\n Plus Fund LLC – Dunn Financials Feeder Fund (589) LLC (the “Onshore Feeder”) effectuates its trading strategy through\n the Galaxy Plus Fund – Dunn Financials Master Fund (589) LLC (the “Onshore Master Fund”). The strategy’s objective\n is to generate absolute returns through long or short positions in accordance with estimated strength or weakness of a particular market’s\n trending. Arrow Managed Futures Strategy Fund invests into the Onshore Feeder and the Onshore Feeder invests in the Onshore Master Fund.\n As of July 31, 2026, Arrow Managed Futures Strategy Fund owns 99.13% of the Galaxy Plus Fund LLC – Dunn Financials Feeder Fund (589)\n LLC.

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

ARROW\n MANAGED FUTURES STRATEGY FUND

CONSOLIDATED\n SCHEDULE OF INVESTMENTS (Continued)

July 31, 2026

\n Additional\n Information — Galaxy Plus Commodity Call Option \n \n The\n following table represents the top 50 positions based on the absolute notional values and related values within the commodity feeder option\n as of July 31, 2026. \n
Quantity			Description		Expiration		Notional Amount			Weight	Market Value
	238			LME Zinc U.S.		Sep-26		$	21,819,751		13.89%	$	655,999
	93			CMX Copper		Sep-26			15,054,899		9.59%		525,028
	(319	)		CME Lean Hogs		Oct-26			(10,819,667	)	6.89%		(25,733	)
	105			LME Aluminum U.S.		Sep-26			8,342,662		5.31%		(2,139,843	)
	18			CMX Gold		Dec-26			7,492,768		4.77%		18,407
	76			LME Zinc U.S.		Dec-26			6,890,360		4.39%		130,742
	67			CME Live Cattle		Oct-26			6,109,785		3.89%		121,053
	(54	)		LME Nickel U.S.		Sep-26			(5,539,990	)	3.53%		(173,482	)
	133			CBT Bean Oil		Dec-26			5,357,426		3.41%		(35,311	)
	37			NYM RBOB Gas		Oct-26			4,456,888		2.84%		(190,617	)
	35			ICE LS GasOil		Oct-26			4,006,360		2.55%		71,391
	13			CMX Silver		Sep-26			3,884,049		2.47%		(150,939	)
	(223	)		CSC Sugar		Oct-26			(3,657,665	)	2.33%		(21,423	)
	37			NYM Platinum		Oct-26			3,105,750		1.98%		36,819
	18			Heating Oil		Oct-26			3,032,639		1.93%		(1,573	)
	255			ICEUS Canola		Nov-26			2,762,853		1.76%		37,729
	41			CBOT Soybeans CSO		Nov-26			2,451,524		1.56%		41,613
	2,214,233			U.S. Treasury Bill		Sep-26			2,202,961		1.40%		2,202,961
	(71	)		NYM Natural Gas		Oct-26			(1,980,308	)	1.26%		74,243
	1,833,704			U.S. Treasury Bill		Aug-26			1,830,586		1.17%		1,830,586
	19			IPE Brent Crude		Oct-26			1,688,617		1.08%		213,694
	41			ICE US Cotton		Dec-26			1,688,506		1.08%		19,468
	1,641,951			U.S. Treasury Bill		Aug-26			1,640,641		1.04%		1,640,641
	32			TTF Natural Gas		Sep-26			1,554,811		0.99%		15,045
	154			SGX Iron Ore 62%		Sep-26			1,473,031		0.94%		(88,425	)
	1,381,735			U.S. Treasury Note		Aug-27			1,373,926		0.87%		1,373,926
	1,261,037			U.S. Treasury Bill		Sep-26			1,256,485		0.80%		1,256,485
	15			Crude Oil		Oct-26			1,251,954		0.80%		54,261
	1,138,323			U.S. Treasury Bill		Sep-26			1,135,001		0.72%		1,135,001
	(20	)		ICEUS Cocoa		Sep-26			(1,088,268	)	0.69%		(79,966	)
	1,073,989			U.S. Treasury Bill		Sep-26			1,069,888		0.68%		1,069,888
	1,052,673			U.S. Treasury Bill		Aug-26			1,051,096		0.67%		1,051,096
	45			CBT Corn		Dec-26			1,047,008		0.67%		62,413
	866,105			Becton Dickinson & Co.		Jun-27			861,196		0.55%		861,196
	(26	)		CBT Bean Meal		Dec-26			(832,728	)	0.53%		(21,163	)
	(24	)		CBT Wheat		Dec-26			(789,169	)	0.50%		(35,456	)
	748,960			U.S. Treasury Bill		Oct-26			743,941		0.47%		743,941
	719,194			Nextera Energy Capital Holdings		Sep-27			720,203		0.46%		720,203
	657,548			U.S. Treasury Bill		Aug-26			657,351		0.42%		657,351
	581,884			Entergy Corp.		Sep-26			581,335		0.37%		581,335
	541,556			Realty Income Corp.		Aug-27			539,763		0.34%		539,763
	506,028			U.S. Treasury Note		Oct-26			506,138		0.32%		506,138
	499,307			Northrop Grumman Corp.		Feb-27			496,348		0.32%		496,348
	487,784			Verizon Inc.		Mar-27			487,280		0.31%		487,280
	479,142			Parker-Hannifin Corp.		Sep-27			477,898		0.30%		477,898
	480,871			U.S. Treasury Bill		Oct-26			477,413		0.30%		477,413
	472,421			Dominion Energy Inc.		Aug-26			472,104		0.30%		472,104
	465,699			U.S. Treasury Note		Oct-26			465,862		0.30%		465,862
	460,898			Amazon Inc.		Mar-28			456,593		0.29%		456,593
	434,013			AT&T Inc.		Mar-27			433,781		0.28%		433,781
	8,522,773			Other Underlying Index Components					8,028,449		5.69%		8,452,921
												$	27,504,685

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

The\n Arrow Funds

CONSOLIDATED\n STATEMENTS OF ASSETS AND LIABILITIES

July\n 31, 2026

	Arrow DWA		Arrow DWA			Arrow Managed
	Tactical:		Tactical:			Futures Strategy
	Balanced Fund		Macro Fund			Fund
ASSETS
Investment securities:
Unaffiliated companies, At cost	$	21,724,009		$	36,945,375		$	155,113,148
Affiliated companies, At cost		2,308,545			5,089,461			40,605,368
Investments, At cost	$	24,032,554		$	42,034,836		$	195,718,516
Unaffiliated companies, At value	$	24,085,605		$	42,084,606		$	173,204,341
Affiliated companies, At value		2,109,696			5,108,883			40,607,994
Investments, At value	$	26,195,301		$	47,193,489		$	213,812,335
Deposits with brokers:
Futures - Goldman Sachs & Co. LLC		518,988			233,660			—
Options - Goldman Sachs & Co. LLC		173,148			92,761			—
Receivable for securities sold		1,961,351			—			—
Receivable for Fund shares sold		—			107			277,147
Dividends and interest receivable		6,177			11,587			224,123
Prepaid expenses and other assets		47,421			59,185			88,434
TOTAL ASSETS		28,902,386			47,590,789			214,402,039

LIABILITIES
Payable for investments purchased		2,152,998			—			—
Unrealized depreciation on futures contracts		44,163			—			—
Investment advisory fees payable		18,296			33,270			146,363
Payable for fund shares repurchased		11,234			89,629			105,293
Payable to related parties		17,885			16,076			76,813
Payable for third party administrative servicing fees		—			6,992			—
Distribution (12b-1) fees payable		—			2,999			5,829
Accrued expenses and other liabilities		32,211			28,608			67,676
TOTAL LIABILITIES		2,276,787			177,574			401,974
NET ASSETS	$	26,625,599		$	47,413,215		$	214,000,065

Net Assets Consist Of:

Paid in capital	$	22,484,386		$	33,815,117		$	181,361,962
Accumulated earnings		4,141,213			13,598,098			32,638,103
NET ASSETS	$	26,625,599		$	47,413,215		$	214,000,065

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

The\n Arrow Funds

CONSOLIDATED\n STATEMENTS OF ASSETS AND LIABILITIES (Continued)

July\n 31, 2026

	Arrow DWA		Arrow DWA			Arrow Managed
	Tactical:		Tactical:			Futures Strategy
	Balanced Fund		Macro Fund			Fund
Net Asset Value Per Share:
Class A Shares:
Net Assets	$	21,994,971		$	26,660,529		$	19,276,467
Shares of beneficial interest outstanding ($0 par value, unlimited\n shares authorized)		1,744,834			2,300,502			2,893,661
Net asset value (Net assets ÷ Shares\n outstanding), and redemption price per share (a)	$	12.61		$	11.59		$	6.66	(c)
Maximum offering price per share (maximum sales charges of 5.75%)\n (b)	$	13.38		$	12.30		$	7.07	(c)

Class C Shares:
Net Assets	$	689,555		$	752,461		$	1,172,245
Shares of beneficial interest outstanding ($0 par value, unlimited\n shares authorized)		62,477			74,843			198,746
Net asset value (Net assets ÷ Shares\n outstanding), offering price and redemption price per share (a)	$	11.04		$	10.05		$	5.90

Institutional Class Shares:
Net Assets	$	3,941,073		$	20,000,225		$	193,551,353
Shares of beneficial interest outstanding ($0 par value, unlimited\n shares authorized)		303,941			1,698,800			28,334,214
Net asset value (Net assets ÷ Shares\n outstanding), offering price and redemption price per share (a)	$	12.97		$	11.77		$	6.83	(c)

\n \n \n \n

(a)

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

\n \n \n \n

(b)

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

\n \n \n \n

(c)

The NAV shown above differs from\n the traded NAV on July 31, 2026 due to financial statement rounding and/or financial statement adjustments.

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

The\n Arrow Funds

CONSOLIDATED\n STATEMENTS OF OPERATIONS

For\n the Year Ended July 31, 2026

	Arrow DWA			Arrow DWA			Arrow Managed
	Tactical:			Tactical:			Futures Strategy
	Balanced Fund			Macro Fund			Fund
INVESTMENT INCOME
Dividends from unaffiliated companies	$	550,487			$	445,441		$	—
Dividends from affiliated companies		11,326				252,296			1,470,573
Interest		92,334				477,917			1,607,995
Less: Withholding tax		(7,235	)			(37,033	)		—
TOTAL INVESTMENT INCOME		646,912				1,138,621			3,078,568

EXPENSES
Investment advisory fees		246,468				412,133			1,889,555
Distribution (12b-1) fees, Class A		55,309				65,929			49,773
Distribution (12b-1) fees, Class C		12,932				13,332			11,613
Administrative services fees		57,613				60,671			230,356
Registration fees		42,910				47,381			77,184
Professional fees		36,637				39,977			97,340
Transfer agent fees		24,365				28,851			121,595
Third party administrative servicing fees		22,322				34,631			162,238
Accounting services fees		12,602				20,958			104,000
Trustees’ fees and expenses		9,094				9,094			9,094
Custodian fees		5,300				5,901			6,528
Printing and postage expenses		5,289				5,289			19,954
Insurance expense		1,400				6,870			31,000
Compliance officer fees		1,236				1,500			11,001
Other expenses		2,822				7,043			2,657
TOTAL EXPENSES		536,299				759,560			2,823,888
Less: Fees waived		(3,412	)			(3,090	)		(22,303	)
NET EXPENSES		532,887				756,470			2,801,585

NET INVESTMENT INCOME		114,025				382,151			276,983

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain/(loss) from:
Securities, unaffiliated companies		2,573,973				4,558,354			15,971,088
Securities, affiliated companies		—				56,555			—
Distributions of capital gains from affiliated companies		8				—			974
Futures contracts		399,473				4,700,881			—
		2,973,454				9,315,790			15,972,062
Net change in unrealized appreciation/(depreciation) of:
Securities, unaffiliated companies		1,978,347				723,047			47,484,606
Securities, affiliated companies		(198,248	)			(111,145	)		(24,353	)
Futures contracts		(67,820	)			(375,935	)		—
		1,712,279				235,967			47,460,253

NET REALIZED AND UNREALIZED\n GAIN		4,685,733				9,551,757			63,432,315

NET INCREASE IN NET ASSETS\n RESULTING FROM OPERATIONS	$	4,799,758			$	9,933,908		$	63,709,298

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n DWA Tactical: Balanced Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
FROM OPERATIONS
Net investment income	$	114,025			$	132,394
Net realized gain from securities, futures contracts, written options\n and swap contracts		2,973,446				3,068,280
Distributions of capital gains from affiliated companies		8				—
Net change in unrealized appreciation (depreciation)\n of securities, futures contracts, written options and swap contracts		1,712,279				(2,599,119	)
Net increase in net assets resulting from operations		4,799,758				601,555

DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid:
Class A		(2,423,440	)			(29,429	)
Class C		(160,819	)			—
Institutional Class		(444,826	)			(16,021	)
Net decrease in net assets from distributions\n to shareholders		(3,029,085	)			(45,450	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		934,195				292,511
Class C		940				60,934
Institutional Class		527,481				826,070
Net asset value of shares issued in reinvestment of distributions:
Class A		2,271,083				27,578
Class C		158,365				—
Institutional Class		410,627				14,336
Payments for shares redeemed:
Class A		(3,945,980	)			(4,269,441	)
Class C		(990,148	)			(1,360,980	)
Institutional Class		(935,549	)			(1,518,836	)
Net decrease in net assets from shares of beneficial\n interest		(1,568,986	)			(5,927,828	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		201,687				(5,371,723	)

NET ASSETS
Beginning of Year		26,423,912				31,795,635
End of Year	$	26,625,599			$	26,423,912

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n DWA Tactical: Balanced Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
SHARE ACTIVITY - Class A
Shares Sold		73,806			25,357
Shares Reinvested		189,415			2,377
Shares Redeemed		(311,598	)		(367,807	)
Net decrease in shares of beneficial interest\n outstanding		(48,377	)		(340,073	)

SHARE ACTIVITY - Class C
Shares Sold		85			5,826
Shares Reinvested		15,025			—
Shares Redeemed		(88,606	)		(131,812	)
Net decrease in shares of beneficial interest\n outstanding		(73,496	)		(125,986	)

SHARE ACTIVITY - Institutional Class
Shares Sold		40,673			68,921
Shares Reinvested		33,357			1,207
Shares Redeemed		(72,444	)		(127,382	)
Net increase (decrease) in shares of beneficial\n interest outstanding		1,586			(57,254	)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n DWA Tactical: Macro Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
FROM OPERATIONS
Net investment income	$	382,151			$	180,749
Net realized gain from securities, futures contracts and written\n options		9,315,790				5,850,986
Net change in unrealized appreciation (depreciation)\n of securities, futures contracts and written options		235,967				(1,719,082	)
Net increase in net assets resulting from operations		9,933,908				4,312,653

DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid:
Class A		(2,566,661	)			—
Class C		(159,169	)			—
Institutional Class		(1,680,014	)			—
Net decrease in net assets from distributions\n to shareholders		(4,405,844	)			—

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		1,561,882				889,620
Class C		27,236				23,243
Institutional Class		5,616,450				1,553,738
Net asset value of shares issued in reinvestment of distributions:
Class A		2,360,833				—
Class C		155,971				—
Institutional Class		1,483,611				—
Redemption fee proceeds:
Class A		988				28
Institutional Class		933				6
Payments for shares redeemed:
Class A		(4,166,244	)			(4,578,184	)
Class C		(1,192,037	)			(894,971	)
Institutional Class		(3,913,169	)			(2,540,566	)
Net increase (decrease) in net assets from shares\n of beneficial interest		1,936,454				(5,547,086	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		7,464,518				(1,234,433	)

NET ASSETS
Beginning of Year		39,948,697				41,183,130
End of Year	$	47,413,215			$	39,948,697

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n DWA Tactical: Macro Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
SHARE ACTIVITY - Class A
Shares Sold		134,423			93,021
Shares Reinvested		208,732			—
Shares Redeemed		(363,066	)		(477,369	)
Net decrease in shares of beneficial interest\n outstanding		(19,911	)		(384,348	)

SHARE ACTIVITY - Class C
Shares Sold		2,647			2,753
Shares Reinvested		15,835			—
Shares Redeemed		(119,443	)		(105,175	)
Net decrease in shares of beneficial interest\n outstanding		(100,961	)		(102,422	)

SHARE ACTIVITY - Institutional Class
Shares Sold		477,588			159,487
Shares Reinvested		129,347			—
Shares Redeemed		(336,784	)		(264,909	)
Net increase (decrease) in shares of beneficial\n interest outstanding		270,151			(105,422	)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n Managed Futures Strategy Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
FROM OPERATIONS
Net investment income	$	276,983			$	4,431,006
Net realized gain (loss) from securities and swap contracts		15,971,088				(7,315,019	)
Distributions of capital gains from affiliated companies		974				—
Net change in unrealized appreciation (depreciation)\n of securities and swap contracts		47,460,253				(29,679,833	)
Net increase (decrease) in net assets resulting\n from operations		63,709,298				(32,563,846	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		4,405,231				7,318,789
Class C		273,934				292,390
Institutional Class		63,507,008				61,335,095
Redemption fee proceeds:
Class A		100				1,900
Class C		—				48
Institutional Class		3,325				2,633
Payments for shares redeemed:
Class A		(10,928,239	)			(11,729,880	)
Class C		(567,391	)			(1,307,322	)
Institutional Class		(108,936,494	)			(30,343,629	)
Net increase (decrease) in net assets from shares\n of beneficial interest		(52,242,526	)			25,570,024

TOTAL INCREASE (DECREASE) IN NET ASSETS		11,466,772				(6,993,822	)

NET ASSETS
Beginning of Year		202,533,293				209,527,115
End of Year	$	214,000,065			$	202,533,293

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n

Arrow\n Managed Futures Strategy Fund

CONSOLIDATED\n STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025
SHARE ACTIVITY - Class A
Shares Sold		697,013			1,359,765
Shares Redeemed		(1,815,066	)		(2,194,219	)
Net decrease in shares of beneficial interest\n outstanding		(1,118,053	)		(834,454	)

SHARE ACTIVITY - Class C
Shares Sold		47,791			58,778
Shares Redeemed		(106,177	)		(275,121	)
Net decrease in shares of beneficial interest\n outstanding		(58,386	)		(216,343	)

SHARE ACTIVITY - Institutional Class
Shares Sold		9,647,311			11,150,994
Shares Redeemed		(16,980,391	)		(5,418,246	)
Net increase (decrease) in shares of beneficial\n interest outstanding		(7,333,080	)		5,732,748

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Balanced Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class A Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	11.88			$	11.62		$	11.38		$	11.90		$	13.25
Activity from investment operations:
Net investment income (loss) (1)		0.05				0.06			0.14			0.09			(0.00	) (7)
Net realized and unrealized gain (loss) on investments		2.16				0.22			0.58			0.07			(0.73	)
Total from investment operations		2.21				0.28			0.72			0.16			(0.73	)
Paid-in-capital from redemption fees		—				—			0.00	(3)		0.00	(3)		0.00	(3)
Less distributions from:
Net investment income		(0.23	)			(0.02	)		(0.48	)		(0.31	)		—
Net realized gains		(1.25	)			—			—			(0.37	)		(0.62	)
Total distributions		(1.48	)			(0.02	)		(0.48	)		(0.68	)		(0.62	)
Net asset value, end of year	$	12.61			$	11.88		$	11.62		$	11.38		$	11.90
Total return (2)		19.24	%			2.37	%		6.64	%		1.37	%		(5.76	)%
Net assets, end of year (000s)	$	21,995			$	21,305		$	24,790		$	26,386		$	28,725
Ratio of gross expenses to average net assets (4)(6)		1.96	%			1.99	%		1.93	%		1.85	%		1.85	%
Ratio of net expenses to average net assets (4)		1.95	%			1.98	%		1.92	%		1.84	%		1.84	%
Ratio of net investment income (loss) to average net assets (4)(5)		0.42	%			0.48	%		1.25	%		0.89	%		(0.03	)%
Portfolio Turnover Rate		110	%			106	%		135	%		149	%		122	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n

(7)

Amount represents greater than $(0.01)\n per share.

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Balanced Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class C Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	10.55			$	10.38		$	10.15		$	10.64		$	12.01
Activity from investment operations:
Net investment income (loss) (1)		(0.04	) (8)			(0.02	) (8)		0.05			0.01			(0.09	)
Net realized and unrealized gain (loss) on investments		1.91				0.19			0.52			0.07			(0.66	)
Total from investment operations		1.87				0.17			0.57			0.08			(0.75	)
Paid-in-capital from redemption fees		—				—			—			—			0.00	(3)
Less distributions from:
Net investment income		(0.13	)			—			(0.34	)		(0.20	)		—
Net realized gains		(1.25	)			—			—			(0.37	)		(0.62	)
Total distributions		(1.38	)			—			(0.34	)		(0.57	)		(0.62	)
Net asset value, end of year	$	11.04			$	10.55		$	10.38		$	10.15		$	10.64
Total return (2)		18.33	%			1.64	%		5.81	%		0.69	% (7)		(6.55	)% (7)
Net assets, end of year (000s)	$	690			$	1,434		$	2,719		$	4,354		$	5,650
Ratio of gross expenses to average net assets (4)(6)		2.71	%			2.74	%		2.68	%		2.60	%		2.60	%
Ratio of net expenses to average net assets (4)		2.70	%			2.73	%		2.67	%		2.59	%		2.59	%
Ratio of net investment income (loss) to average net assets (4)(5)		(0.33	)%			(0.26	)%		0.50	%		0.14	%		(0.80	)%
Portfolio Turnover Rate		110	%			106	%		135	%		149	%		122	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n \n

(7)

Includes adjustments in accordance\n with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes\n and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

\n \n \n \n

(8)

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

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Balanced Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Institutional Class Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	12.19			$	11.92		$	11.66		$	12.18		$	13.52
Activity from investment operations:
Net investment income (loss) (1)		0.09				0.09			0.17			0.13			0.03
Net realized and unrealized gain (loss) on investments		2.20				0.23			0.60			0.07			(0.75	)
Total from investment operations		2.29				0.32			0.77			0.20			(0.72	)
Paid-in-capital from redemption fees		—				—			—			0.00	(3)		—
Less distributions from:
Net investment income		(0.26	)			(0.05	)		(0.51	)		(0.35	)		—
Net realized gains		(1.25	)			—			—			(0.37	)		(0.62	)
Total distributions		(1.51	)			(0.05	)		(0.51	)		(0.72	)		(0.62	)
Net asset value, end of year	$	12.97			$	12.19		$	11.92		$	11.66		$	12.18
Total return (2)		19.47	% (7)			2.67	% (7)		6.94	% (7)		1.63	% (7)		(5.57	)% (7)
Net assets, end of year (000s)	$	3,941			$	3,684		$	4,286		$	7,565		$	8,932
Ratio of gross expenses to average net assets (4)(6)		1.71	%			1.74	%		1.68	%		1.60	%		1.61	%
Ratio of net expenses to average net assets (4)		1.70	%			1.73	%		1.67	%		1.59	%		1.59	%
Ratio of net investment income (loss) to average net assets (4)(5)		0.67	%			0.74	%		1.50	%		1.15	%		0.20	%
Portfolio Turnover Rate		110	%			106	%		135	%		149	%		122	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n \n

(7)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Macro Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class A Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	10.18			$	9.15		$	8.78		$	9.55		$	10.59
Activity from investment operations:
Net investment income (loss) (1)		0.09				0.04			(0.03	)		0.13			(0.03	)
Net realized and unrealized gain (loss) on investments		2.48				0.99			0.51			(0.28	)		1.05
Total from investment operations		2.57				1.03			0.48			(0.15	)		1.02
Paid-in-capital from redemption fees		0.00	(3)			0.00	(3)		—			0.00	(3)		0.00	(3)
Less distributions from:
Net investment income		(0.58	)			—			(0.11	)		(0.53	)		—
Net realized gains		(0.58	)			—			—			(0.09	)		(2.06	)
Total distributions		(1.16	)			—			(0.11	)		(0.62	)		(2.06	)
Net asset value, end of year	$	11.59			$	10.18		$	9.15		$	8.78		$	9.55
Total return (2)		25.57	%			11.26	%		5.61	%		(1.39	)%		10.87	%
Net assets, end of year (000s)	$	26,661			$	23,624		$	24,736		$	29,536		$	31,558
Ratio of gross expenses to average net assets (4)(6)		1.74	%			1.79	%		1.84	%		1.65	%		1.69	%
Ratio of net expenses to average net assets (4)		1.73	%			1.79	%		1.84	%		1.65	%		1.69	%
Ratio of net investment income (loss) to average net assets (4)(5)		0.76	%			0.39	%		(0.30	)%		1.46	%		(0.25	)%
Portfolio Turnover Rate		83	%			58	%		76	%		159	%		150	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Macro Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class\n C Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	8.95			$	8.10		$	7.75		$	8.49		$	9.70
Activity from investment operations:
Net investment income (loss) (1)		(0.01	) (7)			(0.04	) (7)		(0.08	)		0.05			(0.10	)
Net realized and unrealized gain (loss) on investments		2.19				0.89			0.44			(0.24	)		0.95
Total from investment operations		2.18				0.85			0.36			(0.19	)		0.85
Paid-in-capital from redemption fees		—				—			—			—			0.00	(3)
Less distributions from:
Net investment income		(0.50	)			—			(0.01	)		(0.46	)		—
Net realized gains		(0.58	)			—			—			(0.09	)		(2.06	)
Total distributions		(1.08	)			—			(0.01	)		(0.55	)		(2.06	)
Net asset value, end of year	$	10.05			$	8.95		$	8.10		$	7.75		$	8.49
Total return (2)		24.60	%			10.49	%		4.70	%		(2.13	)%		10.00	%
Net assets, end of year (000s)	$	752			$	1,574		$	2,254		$	4,121		$	6,676
Ratio of gross expenses to average net assets (4)(6)		2.49	%			2.54	%		2.59	%		2.40	%		2.44	%
Ratio of net expenses to average net assets (4)		2.48	%			2.54	%		2.59	%		2.40	%		2.43	%
Ratio of net investment income (loss) to average net assets (4)(5)		(0.07	)%			(0.36	)%		(1.05	)%		0.71	%		(1.06	)%
Portfolio Turnover Rate		83	%			58	%		76	%		159	%		150	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

Recognition of investment loss by\n the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

\n \n \n \n

(6)

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

\n \n \n \n

(7)

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

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n DWA Tactical: Macro Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Institutional Class Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	10.33			$	9.25		$	8.88		$	9.66		$	10.66
Activity from investment operations:
Net investment income (loss) (1)		0.12				0.07			(0.01	)		0.15			0.01
Net realized and unrealized gain (loss) on investments		2.51				1.01			0.52			(0.28	)		1.05
Total from investment operations		2.63				1.08			0.51			(0.13	)		1.06
Paid-in-capital from redemption fees (3)		0.00				0.00			0.00			0.00			0.00
Less distributions from:
Net investment income		(0.61	)			—			(0.14	)		(0.56	)		—
Net realized gains		(0.58	)			—			—			(0.09	)		(2.06	)
Total distributions		(1.19	)			—			(0.14	)		(0.65	)		(2.06	)
Net asset value, end of year	$	11.77			$	10.33		$	9.25		$	8.88		$	9.66
Total return (2)		25.77	%			11.68	%		5.84	%		(1.24	)%		11.20	%
Net assets, end of year (000s)	$	20,000			$	14,751		$	14,193		$	28,224		$	43,333
Ratio of gross expenses to average net assets (4)(6)		1.49	%			1.54	%		1.59	%		1.40	%		1.44	%
Ratio of net expenses to average net assets (4)		1.48	%			1.54	%		1.59	%		1.40	%		1.44	%
Ratio of net investment income (loss) to average net assets (4)(5)		1.01	%			0.64	%		(0.05	)%		1.71	%		0.09	%
Portfolio Turnover Rate		83	%			58	%		76	%		159	%		150	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n Managed Futures Strategy Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class A Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	4.97			$	5.85		$	6.99		$	8.17		$	6.33
Activity from investment operations:
Net investment income (loss) (1)		(0.01	) (8)			0.11			0.24			0.16			(0.09	)
Net realized and unrealized gain (loss) on investments		1.70				(0.99	)		(0.76	)		1.41			2.07
Total from investment operations		1.69				(0.88	)		(0.52	)		1.57			1.98
Paid-in-capital from redemption fees (3)		0.00				0.00			0.00			0.00			0.00
Less distributions from:
Net investment income		—				—			(0.62	)		(2.75	)		(0.14	)
Total distributions		—				—			(0.62	)		(2.75	)		(0.14	)
Net asset value, end of year	$	6.66			$	4.97		$	5.85		$	6.99		$	8.17
Total return (2)		34.00	% (7)			(15.04	)%		(7.56	)%		21.57	% (7)		31.98	% (7)
Net assets, end of year (000s)	$	19,276			$	19,946		$	28,341		$	36,498		$	20,271
Ratio of gross expenses to average net assets (4)(6)		1.49	%			1.53	%		1.49	%		1.46	%		1.55	%
Ratio of net expenses to average net assets (4)		1.48	%			1.52	%		1.47	%		1.45	%		1.54	%
Ratio of net investment income (loss) to average net assets (4)(5)		(0.10	)%			1.92	%		3.77	%		2.24	%		(1.18	)%
Portfolio Turnover Rate		0	%			0	%		12	%		0	%		0	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n \n

(7)

\n \n \n \n

(8)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n Managed Futures Strategy Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Class C Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	4.44			$	5.26		$	6.37		$	7.66		$	5.93
Activity from investment operations:
Net investment income (loss) (1)		(0.05	) (8)			0.06			0.17			0.09			(0.14	)
Net realized and unrealized gain (loss) on investments		1.51				(0.88	)		(0.69	)		1.30			1.96
Total from investment operations		1.46				(0.82	)		(0.52	)		1.39			1.82
Paid-in-capital from redemption fees (3)		0.00				0.00			0.00			0.00			0.00
Less distributions from:
Net investment income		—				—			(0.59	)		(2.68	)		(0.09	)
Total distributions		—				—			(0.59	)		(2.68	)		(0.09	)
Net asset value, end of year	$	5.90			$	4.44		$	5.26		$	6.37		$	7.66
Total return (2)		32.88	%			(15.59	)%		(8.26	)%		20.31	% (7)		31.09	% (7)
Net assets, end of year (000s)	$	1,172			$	1,141		$	2,491		$	3,646		$	3,231
Ratio of gross expenses to average net assets (4)(6)		2.24	%			2.28	%		2.24	%		2.21	%		2.29	%
Ratio of net expenses to average net assets (4)		2.23	%			2.27	%		2.22	%		2.20	%		2.28	%
Ratio of net investment income (loss) to average net assets (4)(5)		(0.85	)%			1.17	%		3.02	%		1.49	%		(1.95	)%
Portfolio Turnover Rate		0	%			0	%		12	%		0	%		0	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n \n

(7)

\n \n \n \n

(8)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n \n \n

Arrow\n Managed Futures Strategy Fund

CONSOLIDATED\n FINANCIAL HIGHLIGHTS

Per\n Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

	Year			Year			Year		Year		Year
	Ended			Ended			Ended		Ended		Ended
	July 31,			July 31,			July 31,		July 31,		July 31,
Institutional Class Shares	2026			2025			2024		2023		2022
Net asset value, beginning of year	$	5.09			$	5.97		$	7.12		$	8.29		$	6.42
Activity from investment operations:
Net investment income (loss) (1)		0.01				0.12			0.25			0.18			(0.07	)
Net realized and unrealized gain (loss) on investments		1.73				(1.00	)		(0.78	)		1.41			2.09
Total from investment operations		1.74				(0.88	)		(0.53	)		1.59			2.02
Paid-in-capital from redemption fees (3)		0.00				0.00			0.00			0.00			0.00
Less distributions from:
Net investment income		—				—			(0.62	)		(2.76	)		(0.15	)
Total distributions		—				—			(0.62	)		(2.76	)		(0.15	)
Net asset value, end of year	$	6.83			$	5.09		$	5.97		$	7.12		$	8.29
Total return (2)		34.18	% (7)			(14.74	)%		(7.44	)%		21.64	% (7)		32.34	% (7)
Net assets, end of year (000s)	$	193,551			$	181,446		$	178,695		$	149,738		$	108,933
Ratio of gross expenses to average net assets (4)(6)		1.24	%			1.28	%		1.24	%		1.21	%		1.29	%
Ratio of net expenses to average net assets (4)		1.23	%			1.27	%		1.22	%		1.20	%		1.27	%
Ratio of net investment income (loss) to average net assets (4)(5)		0.15	%			2.17	%		4.02	%		2.49	%		(1.01	)%
Portfolio Turnover Rate		0	%			0	%		12	%		0	%		0	%

\n \n \n \n

(1)

Per share amounts calculated using\n the average shares method.

\n \n \n \n

(2)

Total returns shown exclude the effect\n of applicable sales loads/redemption fees.

\n \n \n \n

(3)

Amount represents less than $0.01\n per share.

\n \n \n \n

(4)

Does not include the expenses of other\n investment companies in which the Fund invests.

\n \n \n \n \n

(5)

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

\n \n \n \n

(6)

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

\n \n \n \n \n

(7)

See\naccompanying notes to consolidated financial statements.

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS

July\n 31, 2026

\n \n \n \n \n

ORGANIZATION

The\nArrow DWA Tactical: Balanced Fund (“ADTBF”), the Arrow DWA Tactical: Macro Fund (“ADTMF”), and the Arrow Managed Futures\nStrategy Fund (“AMFSF”) (each a “Fund” and collectively, the “Funds”) are each a series of shares of beneficial\ninterest of Arrow Investments Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on August\n2, 2011, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment\ncompany. The Funds are diversified funds. ADTBF seeks to achieve an appropriate balance between long-term capital appreciation and capital\npreservation. ADTMF seeks to achieve long-term capital appreciation with capital preservation as a secondary objective. AMFSF seeks long-term\ncapital appreciation and to achieve absolute returns. ADTMF and AMFSF are “fund of funds”, in that they will generally invest\nin other investment companies. ADTBF commenced operations on August 8, 2006. ADTMF commenced operations on May 30, 2008. AMFSF commenced\noperations on April 30, 2010.

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

\n \n \n \n

SIGNIFICANT\n ACCOUNTING POLICIES

The\nfollowing is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies\nare in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of\nfinancial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities\nand disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses\nfor the period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment\ncompany accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification\nTopic 946 “Financial Services – Investment Companies”.

Operating\nSegments – An operating segment is defined as a component of a public entity that engages in business activities from which\nit may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating\ndecision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has\ndiscrete financial information available. Each Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of\nthe Trust. Each Fund

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

operates\nas a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance\nare regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented\nin the financial statements and financial highlights.

Accounting\nPronouncement – The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements\nto Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates\ncertain existing disclosure provisions. ASU 2023-09 is intended to address investor requests for more transparency about income tax information\nand to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on\nany Fund’s financial statements.

Securities\nvaluation – Securities listed on an exchange (including exchange-traded funds (“ETFs”)) are valued at the last reported\nsale 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\nof securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the\nlast bid price on the day of valuation. Options and futures contracts listed on a securities exchange or board of trade for which market\nquotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the last reported bid\nprice on the valuation date. Index options and options not listed on a security exchange or board of trade shall be valued at the last\nreported mean price on the valuation date or are valued based on the daily price reported from the counterparty or pricing agent based\non the underlying reference asset. Swap transactions are valued through an independent pricing service or at fair value based on daily\nprice reporting from the swap counterparty based on a proprietary index. Debt securities (other than short-term obligations) are valued\neach day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which\ninclude consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from\ndealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies\nother than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations\nhaving 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

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

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Exchange-Traded\nFunds – An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange\nat market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset\nvalue. 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\ndepending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing\nin an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating\nexpenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective\nor execute its investment strategy effectively, which may adversely affect the Fund’s performance.

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

The\nFunds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes\ninputs to valuation methods. The three levels of input are:

Level\n1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level\n2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly\nor indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments,\ninterest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level\n3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the\nFunds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based\non the best information available.

The\navailability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,\nthe type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics\nparticular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the\nmarket, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value\nis greatest

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

for\ninstruments categorized in Level 3.

The\ninputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,\nthe level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest\nlevel input that is significant to the fair value measurement in its entirety.

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

Arrow\n DWA Tactical: Balanced Fund

Assets	Level\n 1		Level\n 2			Level\n 3		Total
Common\n Stocks	$	6,419,426		$	—		$	—	$	6,419,426
Exchange-Traded\n Funds		16,484,618			—			—		16,484,618
Short\n Term Investment		840,009			—			—		840,009
Call\n Options Purchased		—			2,451,248			—		2,451,248
Total	$	23,744,053		$	2,451,248		$	—	$	26,195,301

Liabilities	Level\n 1		Level\n 2			Level\n 3		Total
Open\n Long Futures Contracts *		44,163			—			—		44,163
Total	$	44,163		$	—		$	—	$	44,163

Arrow\n DWA Tactical: Macro Fund

Assets	Level\n 1		Level\n 2			Level\n 3		Total
Exchange-Traded\n Funds	$	46,719,167		$	—		$	—	$	46,719,167
Short\n Term Investment		474,322			—			—		474,322
Total	$	47,193,489		$	—		$	—	$	47,193,489

Arrow\n Managed Futures Strategy Fund

Assets	Level\n 1		Level\n 2			Level\n 3		Total
Exchange-Traded\n Fund	$	40,607,994		$	—		$	—	$	40,607,994
Private\n Investments **		—			—			—		102,047,481
Short\n Term Investment		33,473,782			—			—		33,473,782
Call\n Options Purchased		—			37,683,078			—		37,683,078
Total	$	74,081,776		$	37,683,078		$	—	$	213,812,335

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

\n \n \n \n

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

\n \n \n \n \n

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

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

Investments\nValued at NAV – ASC Topic 820 permits a reporting entity to measure the fair value of an Investment Fund that does not have\na readily determinable fair value based on the NAV per share, or its equivalent, of the Investment Fund as a practical expedient, without\nfurther adjustment, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical\nexpedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

that\nmay change the valuation. In using the NAV as a practical expedient, certain attributes of the investment that may impact its fair value\nare not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may\nalso include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and\nany unfunded commitments. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value\nand, as such, has elected to use the NAV as calculated on the reporting entity’s measurement date as the fair value of the investment.\nAdjustments to the NAV provided by the Adviser would be considered if the practical expedient NAV was not as of the Fund’s measurement\ndate; it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV; or\nit was determined by the Fund’s valuation procedures that the private equity is not being reported at fair value.

The\nfollowing are restricted securities measured at NAV per share or Level 3 investments:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Initial

Redemption

Commitments as

Notice

Gates/

Private Investment Fund

Acquisition Date

Cost

Fair Value

Frequency

of July 31, 2026

Period

Lock ups

Galaxy Plus Fund LLC – Dunn Financials Feeder Fund

12/20/2024

103,583,498

102,047,481

Daily

None

1 day

None

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

Each\nCFC utilizes commodity-based derivative products to facilitate the relevant Fund’s pursuit of its investment objectives. In accordance\nwith its investment objectives and through its exposure to the aforementioned commodity-based derivative products, a Fund may have increased\nor decreased exposure to one or more of the following risk factors defined below:

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

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Credit\nRisk – There is a risk that issuers and counterparties will not make payments on securities and other investments held by a\nFund, resulting in losses to the Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer’s\nfinancial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund.\nLower credit quality also may affect liquidity and make it difficult for a Fund to sell the security. The Funds may invest, directly or\nindirectly, in high yield fixed-income securities (also known as “junk bonds”), which are considered speculative with respect\nto the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations. This means that, compared\nto issuers of higher rated securities, issuers of medium and lower rated securities are less likely to have the capacity to pay interest\nand repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current\nin the payment of interest or principal. The market values of medium- and lower-rated securities tend to be more sensitive to company-specific\ndevelopments and changes in economic conditions than higher-rated securities. The companies that issue these securities often are highly\nleveraged, and their ability to service their debt obligations during an economic downturn or periods of rising interest rates may be\nimpaired. In addition, these companies may not have access to more traditional methods of financing, and may be unable to repay debt at\nmaturity by refinancing. The risk of loss due to default in payment of interest or principal by these issuers is significantly greater\nthan with higher-rated securities because medium- and lower-rated securities generally are unsecured and subordinated to senior debt.\nDefault, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of securities held\nby a Fund. In addition, default may cause a Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

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

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

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Market\nRisk – The net asset value of a Fund will fluctuate based on changes in the value of the individual securities and ETFs in which\nthe Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events\nor conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities\nin a Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular\nproducts or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events\nand governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market\nvolatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any\nfuture impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic\nslowdown, which may impact your Fund investment.

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

Swap\nCounterparty Credit Risk – Each Fund is subject to credit risk on the amount it expects to receive from swap agreement counterparties.\nWith certain exchange traded credit default swaps, there is minimal counterparty risk to a Fund in that the exchanges clearinghouse, as\ncounter party, guarantees against default.

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

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

A\nsummary of each Fund’s investments in its respective CFC are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

CFC Net Assets at

% of Total Net Assets at

Inception Date of CFC

July 31, 2026

ADB-CFC

12/5/2012

2,115,038

7.94%

ADT-CFC

12/12/2011

518,865

1.09%

AMFS-CFC

7/23/2010

37,784,014

17.66%

Security\nTransactions and Related Income – Security transactions are accounted for on

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

the\ntrade date. Interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective\nlives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the\nearliest call date. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined\nby comparing the identified cost of the security lot sold with the net sales proceeds.

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

Dividends\nand Distributions to Shareholders – ADTBF and ADTMF intend to distribute substantially all of their net investment income at\nleast annually and net capital gain annually. AMFSF intends to distribute substantially all of its investment income at least quarterly\nand net capital gain annually. Dividends from net investment income and distributions from net realized gains are determined in accordance\nwith federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary\n(e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified\nwithin the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.\nDividends and distributions to shareholders are recorded on the ex-dividend date.

Federal\nIncome Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies\nand to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds\nrecognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming\nexamination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized\ntax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years July 31, 2023 – July\n31, 2025, or expected to be taken in the Funds’ July 31, 2026 tax returns. The Funds identify their major tax jurisdictions as U.S.\nfederal and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related\nto unrecognized tax benefits as income tax expenses, in the Consolidated Statements of Operations. For the year ended July 31, 2026, the\nFunds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the\ntotal amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties,\nif any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations.

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

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

Forward\nCurrency Contracts – As foreign securities are purchased, a Fund generally enters into forward currency exchange contracts in\norder to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange\nrates. 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\nsecurities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference\nbetween 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\ntransactions are included as a component of net realized gains (losses) from foreign currency transactions in the Consolidated Statements\nof Operations. There were no forward currency contracts held during the year ended July 31, 2026, for any Fund.

Futures\nContracts – Each Fund is subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal\ncourse of pursuing its investment objectives. The Funds may purchase or sell futures contracts to gain exposure to, or hedge against,\nchanges in the value of equities, interest rates, foreign currencies, or commodities. Initial margin deposits required upon entering into\nfutures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Funds’\nagent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are\nrecognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts\nat the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses\nare incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from,\nor 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\nenter into an offsetting closing transaction, that Fund would continue to be subject to market risk with respect to the value of the contracts\nand continue to be required to maintain the margin deposits on the futures contracts. Each Fund segregates liquid securities having a\nvalue at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the\nConsolidated Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Fund since futures are\nexchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against\ndefault.

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Options\nTransactions – Each Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase\nor 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\nsecurity or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other\nsecurities held in its portfolio.

When\na Fund writes a call option, an amount equal to the premium received is included in the Consolidated Statements of Assets and Liabilities\nas a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an\noption expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized.\nIf 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\nare increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised\nand, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option. When a\nFund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the\ncurrent value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale\ntransaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium\npaid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds\nfrom such a sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. With\npurchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s\nclearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

ADTBF\nand AMFSF hold fully funded options with Nomura Securities (Bermuda), Ltd. The options provide exposure to the daily returns of a reference\nasset on a 1 to 1 basis. The reference assets for the options are Cayman commodity and financial pools engaged in the trading of futures\nand options on futures. According to the terms of the options, the Advisor may increase or decrease this exposure on a daily basis. ADTBF\nand AMFSF paid an initial fee equal to 1.25% of the reference asset value upon entering into the option contracts. Beginning after the\nfirst anniversary of the contracts, quarterly premium payments of 0.3125% of the reference asset value are paid to the counterparty. The\noption contracts were initially entered into as of December 20, 2024, and have a two year valuation period, which may be extended or reduced\nto zero at any time.

Swap\nAgreements – The Funds may enter into swap agreements to manage their exposure to various risks. A total rate of return swap\nagreement is a derivative contract in which one party (the receiver) receives the total return of a specific index or a specific security\non a notional amount of principal from a second party (the seller) in return for paying a funding cost, which is usually quoted in relation\nto the Secured Overnight Financing Rate (“SOFR”). During the life of the agreement, there are periodic exchanges of cash flows\nin which the index receiver pays the SOFR-based interest on the notional principal amount and receives (or pays if

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

the\ntotal return is negative or spreads widen) the index total return on the notional principal amount. A credit default swap is an agreement\nbetween a protection buyer and a protection seller whereby the buyer agrees to periodically pay the seller a premium, generally expressed\nin terms of interest on a notional principal amount, over a specified period in exchange for receiving compensation from the seller when\nan underlying reference debt obligation or index of reference debt obligations is subject to one or more specified adverse credit events\n(such as bankruptcy, failure to pay, acceleration of indebtedness, restructuring, or repudiation/ moratorium). A Fund will become a protection\nseller 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\nare 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\nbased upon quotations from market makers and the change, if any, along with an accrual for periodic payments due or owed is recorded as\nunrealized gain or loss in the Consolidated Statements of Operations. Net payments on swap agreements are included as part of realized\ngain/loss in the Consolidated Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit\nand market risk in excess of the amounts recognized in the Consolidated Statements of Assets and Liabilities. Such risks include the possibility\nthat there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform,\nthat there may be unfavorable changes in the fluctuation of interest rates or the occurrence of adverse credit events on reference debt\nobligations.

Derivatives\nDisclosure

Fair\nValues of Derivative Instruments in ADTBF as of July 31, 2026:

Asset\n Derivatives

Liability\n Derivatives

Contract Type/

Consolidated Statements of

Primary Risk\n Exposure

Assets and\n Liabilities

Value

Assets and\n Liabilities

Value

Call Options Purchased: Commodity\n Risk

Investment Securities: Unaffiliated\n companies at value

1,563,593

Investment Securities: Unaffiliated\n companies at value

—

Call Options Purchased: Interest Rate Risk

Investment Securities: Unaffiliated companies\n at value

887,655

Investment Securities: Unaffiliated companies\n at value

—

Futures: Commodity Risk

Unrealized appreciation\n on futures contracts

—

Unrealized depreciation\n on futures contracts

44,163

2,451,248

44,163

Fair Values of Derivative Instruments in AMFSF as\n of July 31, 2026:

Asset\n Derivatives

Liability\n Derivatives

Contract Type/

Consolidated Statements of

Primary Risk\n Exposure

Assets and\n Liabilities

Value

Assets and\n Liabilities

Value

Call Options Purchased:\n Commodity Risk

Investment Securities:\n Unaffiliated companies at value

37,683,078

Investment Securities:\n Unaffiliated companies at value

—

37,683,078

—

The\nArrow Funds

NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n31, 2026

The\naverage notional value of the derivative instruments for the year ended July 31, 2026 is disclosed below:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Average Notional Value
	Long		Short			Purchased Call
	Futures		Futures			Options
ADTBF	$	2,177,945		$	1,195,560		$	2,025,000
ADTMF		14,489,498			—			—
AMFSF		—			—			21,917,047

The\neffect of Derivative Instruments on the Consolidated Statements of Operations for the year ended July 31, 2026:

ADTBF
Location	Commodity Risk			Interest Rate Risk			Currency Risk		Total
Net realized gain (loss) from:
Futures contracts	$	425,851			$	—		$	(26,378	)	$	399,473
Securities, unaffiliated companies		(16,871	)			(8,017	)		—			(24,888	)
Total net realized gain\n (loss)	$	408,980			$	(8,017	)	$	(26,378	)	$	374,585
Net change in unrealized appreciation (depreciation)\n of:
Futures contracts	$	(67,820	)		$	—		$	—		$	(67,820	)
Securities, unaffiliated companies		657,057				296,020			—			953,077
Total net change in unrealized\n appreciation	$	589,237			$	296,020		$	—		$	885,257

ADTMF
Location	Commodity Risk			Interest Rate Risk			Equity Risk		Total
Net realized gain (loss) from:
Futures contracts	$	4,700,881			$	—		$	—		$	4,700,881
Total net realized gain	$	4,700,881			$	—		$	—		$	4,700,881
Net change in unrealized appreciation (depreciation)\n of:
Futures contracts	$	(375,935	)		$	—		$	—		$	(375,935	)
Total net change in unrealized\n depreciation	$	(375,935	)		$	—		$	—		$	(375,935	)

AMFSF
Location	Commodity Risk			Interest Rate Risk			Equity Risk		Total
Net realized gain (loss) from:
Securities, unaffiliated companies	$	16,145,235			$	—		$	—		$	16,145,235
Total net realized gain	$	16,145,235			$	—		$	—		$	16,145,235
Net change in unrealized appreciation (depreciation)\n of:
Securities, unaffiliated companies	$	14,056,402			$	—		$	—		$	14,056,402
Total net change in unrealized\n appreciation	$	14,056,402			$	—		$	—		$	14,056,402

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Expenses\n– Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not\nreadily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into\nconsideration the nature and type of expense and the relative sizes of the funds in the Trust.

Indemnification\n– The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties\nto the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations\nand warranties and which provide general indemnities. The Trust’s maximum exposure under these arrangements is unknown, as this would\ninvolve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the\nrisk of loss due to these warranties and indemnities to be remote.

\n \n \n \n

OFFSETTING OF FINANCIAL ASSETS\n AND DERIVATIVE ASSETS

Each\nFund’s policy is to recognize a net asset or liability in the Consolidated Statements of Assets and Liabilities equal to the unrealized\nappreciation or depreciation for futures contracts. During the year ended July 31, 2026, each Fund was subject to a master netting arrangement\nfor the futures and options. The following table shows additional information regarding the offsetting of assets and liabilities at July\n31, 2026.

									Gross Amounts Not Offset in the
									Consolidated Statements of Assets &
Assets:									Liabilities
				Gross Amounts Offset			Net Amounts of Assets
				in the Consolidated			Presented in the
	Gross Amounts of			Statements of Assets &			Consolidated Statements		Financial		Cash Collateral
	Recognized Assets			Liabilities			of Assets &\n Liabilities		Instruments		Received/(Pledged)		Net Amount
ADTBF
Call\n Options Purchased - Galaxy Plus	$	2,451,248			$	—		$	2,451,248		$	—		$	—	$	2,451,248
Total	$	2,451,248			$	—		$	2,451,248		$	—		$	—	$	2,451,248

AMFSF
Call Options Purchased\n - Galaxy Plus	$	37,683,078			$	—		$	37,683,078		$	—		$	—	$	37,683,078
Total	$	37,683,078			$	—		$	37,683,078		$	—		$	—	$	37,683,078

									Gross Amounts Not Offset in the
									Consolidated Statements of Assets &
Liabilities:									Liabilities
				Gross Amounts Offset			Net Amounts of Assets
				in the Consolidated			Presented in the
	Gross Amounts of			Statements of Assets &			Consolidated Statements		Financial		Cash Collateral
	Recognized Liabilities			Liabilities			of Assets &\n Liabilities		Instruments		Pledged		Net Amount
ADTBF
Futures Contracts\n - Goldman Sachs	$	(44,163	)		$	—		$	(44,163	)	$	—		$	44,163	$	—
Total	$	(44,163	)		$	—		$	(44,163	)	$	—		$	44,163	$	—

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

\n \n \n \n \n

INVESTMENT TRANSACTIONS

For\nthe year ended July 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term\ninvestments), were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Purchases		Sales
ADTBF	$	25,076,564		$	28,505,767
ADTMF		39,688,310			26,694,504
AMFSF		—			—

\n \n \n \n

INVESTMENT ADVISORY AGREEMENT\n AND TRANSACTIONS WITH RELATED PARTIES

The\nbusiness activities of the Funds are overseen by the Board, which is responsible for the overall management of the Funds. The Advisor\nserves as the Funds’ investment advisor.

Pursuant\nto an advisory agreement with the Trust, with respect to each Fund, the Advisor, under the oversight of the Board, directs the daily operations\nof the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services\nand the related expenses borne by the Advisor, the Funds pay the Advisor a fee, computed and accrued daily and paid monthly, at an annual\nrate of 0.90% of ADTBF and ADTMF average daily net assets and 0.85% of AMFSF average daily net assets.

Pursuant\nto 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\n31, 2026, ADTBF invested in Arrow Reserve Capital Management ETF (“ARCM”) and Arrow Valtoro ETF (“ORO”), ADTMF invested\nin Arrow Dow Jones Global Yield ETF (“GYLD”) and ORO, and AMFSF invested in ARCM, which are other funds managed by the Advisor.\nThe Advisor has agreed to waive 0.05% and 0.20% of its advisory fee on the portion of ADTBF’s assets that are invested in ARCM and\nORO, respectively. The Advisor has agreed to waive 0.05% and 0.20% of its advisory fee on the portion of ADTMF’s assets that are\ninvested in GYLD and ORO, respectively. The Advisor has agreed to waive 0.05% of its advisory fee on the portion of AMFSF’s assets\nthat are invested in ARCM. For the year ended July 31, 2026, the Advisor waived $3,412, $3,090, and $22,303, in fees for ADTBF, ADTMF\nand AMFSF, respectively, pursuant to its agreement. Fees waived pursuant to this waiver are not subject to recoupment in future periods.

The\nBoard has adopted a Distribution Plan and Agreement (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the\nFunds. 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\ndaily 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,\nLLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services\nand-or maintenance of the Funds’ shareholder accounts, not otherwise required to be provided by the Advisor. The Plan is a compensation\nplan, which means that compensation is provided regardless of 12b-1 expenses incurred.

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

The\nDistributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ Class A and Class C shares.\nThe Distributor is an affiliate of the Advisor. For the year ended July 31, 2026, the Distributor received $21,205, of which $3,005 was\nretained in commissions.

Ultimus\nFund Solutions, LLC (“UFS”) – UFS provides administration, fund accounting, and transfer agent services to\nthe Trust. Pursuant to separate servicing agreements with UFS, each Fund pays UFS customary fees for providing administration, fund accounting\nand transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by\nthe Trust for serving in such capacities.

Blu\nGiant, LLC (“Blu Giant”) – Blu Giant, an affiliate\nof UFS, provides EDGAR conversion and filing services as well as print management services for each Fund on an ad-hoc basis. For the provision\nof these services, Blu Giant receives customary fees from the Funds.

\n \n \n \n \n

REDEMPTION FEES

Each\nFund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding\nthem for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For\nthe year ended July 31, 2026, ADTBF, ADTMF and AMFSF assessed $0, $1,921, and $3,425 respectively, in redemption fees as disclosed on\nthe Consolidated Statements of Changes in Net Assets.

\n \n \n \n \n

CONTROL OWNERSHIP

The\nbeneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the\ncontrol of the portfolio, under section 2(a)(9) of the 1940 Act. As of July 31, 2026, Charles Schwab owned 59.7% of AMFSF.

\n \n \n \n

UNDERLYING INVESTMENT IN OTHER\n INVESTMENT COMPANIES

ADTBF\nand AMFSF each invests a portion of its assets in Arrow Reserve Capital Management ETF (“ARCM”), a series of the Trust that\nis advised by the Advisor. ARCM seeks to preserve capital while maximizing current income. ARCM’s securities valuation policies are\nsimilar to the Funds’ policies. Each Fund may sell or redeem its investment in ARCM at any time if the Advisor determines that it\nis 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\nof ARCM. The financial statements of ARCM, including the portfolio of investments, can be found at ARCM’s website, www.arrowfunds.com,\nor the SEC’s website, www.sec.gov, and should be read in conjunction with the Funds’ financial statements. As of July 31, 2026,\nADTBF and AMFSF owned 0.6% and 79.6% of ARCM, respectively. As of July 31, 2026, the percentage of ADTBF and AMFSF’s net assets invested\nin ARCM was 1.2% and 19.0%, respectively.

ADTMF\ninvests a portion of its assets in Arrow Dow Jones Global Yield ETF (“GYLD”) a series of the Trust that is advised by the Advisor.\nGYLD seeks investment results that generally correspond (before fees and expenses) to the price and yield performance of the Dow Jones

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

Global\nYield Index (the “Index”). GYLD’s securities valuation policies are similar to the Funds’ policies. ADTMF may redeem\nits 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\nperformance of ADTMF is directly affected by the performance of GYLD. The financial statements of GYLD, including their portfolios of\ninvestments, can be found at the SEC’s website, www.sec.gov, and should be read in conjunction with GYLD’s financial statements.\nAs of July 31, 2026, ADTMF owned 10.9% of GYLD. As of July 31, 2026, the percentage of ADTMF net assets invested in GYLD was 8.7%.

ADTBF\nand ADTMF invests a portion of its assets in Arrow Valtoro ETF (“ORO”) a series of the Trust that is advised by the Advisor.\nORO seeks capital gains. ORO’s securities valuation policies are similar to the Funds’ policies. Each Fund may sell or redeem\nits investment in ORO at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.\nThe performance of ADTBF and ADTMF is directly affected by the performance of ORO. The financial statements of ORO, including their portfolios\nof investments, can be found at the SEC’s website, www.sec.gov, and should be read in conjunction with ORO’s financial statements.\nAs of July 31, 2026, ADTBF and ADTMF owned 57.1% and 31.4%, of ORO, respectively. As of July 31, 2026, the percentage of ADTBF and ADTMF\nnet assets invested in ORO was 6.7% and 2.1%, respectively.

AMFSF\ninvests a portion of its assets in Galaxy Plus Fund LLC– Dunn Financials Feeder Fund (“Galaxy Plus”). AMFSF may redeem\nits 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\nso. The performance of AMFSF is directly affected by the performance of Galaxy Plus. Upon request by an AMFSF shareholder, the Fund will\nseek to provide the financial statements of Galaxy Plus and these statements should be read in conjunction with AMFSF’s financial\nstatements. As of July 31, 2026, the percentage of AMFSF’s net assets invested in Galaxy Plus was 47.7%.

\n \n \n \n \n

INVESTMENTS IN AFFILIATED COMPANIES

An\naffiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common control. Companies\nwhich are affiliates of a Fund at July 31, 2026 are noted in the Funds’ Consolidated Schedules of Investments. Transactions during\nthe year ended July 31, 2026 with companies which are affiliates are as follows:

ADTBF
															Net Change in
		Value -								Dividends					Unrealized
		Beginning of					Sales		Realized	Credited to		Value - End			Appreciation/		Shares -
Tickers	Description	Year		Purchases			Proceeds		Gain\n (Loss)	Income		of\n Year			(Depreciation)		End\n of Year
ARCM	Arrow Reserve Capital Management\n ETF	$	312,944		$	—		$	—	$	—		$	11,326		$	312,756	$	(188	)		3,126
ORO	Arrow Valtoro ETF		—			1,995,000			—		—			—			1,796,940		(198,060	)		100,000
		$	312,944		$	1,995,000		$	—	$	—		$	11,326		$	2,109,696	$	(198,248	)	$	103,126

The\nArrow Funds

NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n31, 2026

ADTMF
																Net Change in
		Value -									Dividends					Unrealized
		Beginning of					Sales		Realized		Credited to		Value - End			Appreciation/		Shares -
Tickers	Description	Year		Purchases			Proceeds		Gain\n (Loss)		Income		of\n Year			(Depreciation)		End\n of Year
GYLD	Arrow Dow Jones Global Yield ETF	$	4,082,914		$	4,088,460		$	(4,047,654	)	$	56,555		$	252,296		$	4,120,566	$	(59,709	)		285,605
ORO	Arrow Valtoro ETF		—			1,039,753			—			—			—			988,317		(51,436	)		55,000
		$	4,082,914		$	5,128,213		$	(4,047,654	)	$	56,555		$	252,296		$	5,108,883	$	(111,145	)	$	340,605

AMFSF
																Net Change in
		Value -									Dividends					Unrealized
		Beginning of					Sales		Realized		Credited to		Value - End			Appreciation/		Shares -
Tickers	Description	Year		Purchases			Proceeds		Gain\n (Loss)		Income		of\n Year			(Depreciation)		End\n of Year
ARCM	Arrow Reserve Capital\n Management ETF	$	40,632,347		$	—		$	—		$	—		$	1,470,573		$	40,607,994	$	(24,353	)		405,877

\n \n \n \n

10.

DISTRIBUTIONS TO SHAREHOLDERS\n AND TAX COMPONENTS OF CAPITAL

The\ntax character of distributions paid for the years ended July 31, 2026, and July 31, 2025, was as follows:

For fiscal year ended	Ordinary		Long-Term			Return of
7/31/2026	Income		Capital Gains			Capital		Total
ADTBF	$	1,113,160		$	1,915,925		$	—	$	3,029,085
ADTMF		2,218,437			2,187,407			—		4,405,844
AMFSF		—			—			—		—

For fiscal year ended	Ordinary		Long-Term			Return of
7/31/2025	Income		Capital Gains			Capital		Total
ADTBF	$	45,450		$	—		$	—	$	45,450
ADTMF		—			—			—		—
AMFSF		—			—			—		—

As\nof July 31, 2026, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed			Post\n October Loss		Capital\n Loss		Other			Unrealized			Total
	Ordinary		Long-Term			and		Carry		Book/Tax			Appreciation/			Accumulated
	Income		Capital\n Gains			Late\n Year Loss		Forwards		Differences			(Depreciation)			Earnings/(Deficits)
ADTBF	$	1,230,800		$	787,418		$	—		$	—			$	—		$	2,122,995	$	4,141,213
ADTMF		4,923,673			3,515,772			—			—				—			5,158,653		13,598,098
AMFSF		21,620,959			—			(20,271,428	)		(1,699,955	)			—			32,988,527		32,638,103

The\ndifference between book basis and tax basis unrealized appreciation (depreciation), accumulated net investment income (loss) and accumulated\nnet realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, and adjustments for partnerships\nand return of capital distributions from investments.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Post October Losses
ADTBF	$	—
ADTMF		—
AMFSF		20,271,428

\n \n \n \n \n \n \n

The\n Arrow Funds

NOTES\n TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July\n 31, 2026

At\nJuly 31, 2026, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as\nfollows:

								CLCF
	Short-Term		Long-Term			Total		UTILIZED
ADTBF	$	—		$	—		$	—	$	—
ADTMF		—			—			—		—
AMFSF		1,499,453			200,502			1,699,955		—

During\nthe fiscal year ended July 31, 2026, permanent book and tax differences are primarily attributable to adjustments for the Funds’\nwholly owned subsidiaries, and the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends\npaid deduction for income tax purposes. The resulting reclassifications for the Funds are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Paid In		Accumulated
	Capital		Earnings (Losses)
ADTBF	$	326,769		$	(326,769	)
ADTMF		557,110			(557,110	)
AMFSF		—			—

\n \n \n \n

11.

AGGREGATE UNREALIZED APPRECIATION\n AND DEPRECIATION – TAX BASIS

			Gross Unrealized			Gross Unrealized		Tax Net Unrealized
	Tax Cost		Appreciation			Depreciation		Appreciation
ADTBF	$	24,072,306		$	2,821,333		$	(698,338	)	$	2,122,995
ADTMF		42,034,836			5,562,946			(404,293	)		5,158,653
AMFSF		180,823,808			34,537,200			(1,548,673	)		32,988,527

\n \n \n \n \n

12.

SUBSEQUENT EVENTS

Subsequent\nevents after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the financial statements\nwere issued.

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

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion\non the Financial Statements

We\nhave audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments,\nof Arrow DWA Tactical: Balanced Fund, Arrow DWA Tactical: Macro Fund, and Arrow Managed Futures Strategy Fund (the “Funds”),\neach a series of shares of beneficial interest of Arrow Investments Trust as of July 31, 2026, the related consolidated statements of\noperations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then\nended, the consolidated financial highlights for each of the four years in the period then ended, and the related notes (collectively\nreferred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,\nthe consolidated financial position of each of the Funds as of July 31, 2026, the results of their consolidated operations for the year\nthen ended, the consolidated changes in net assets for each of the two years in the period then ended, and the consolidated financial\nhighlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United\nStates of America.

The\nFunds’ consolidated financial highlights for the year ended July 31, 2022, were audited by other auditors whose report dated September\n29, 2022, expressed an unqualified opinion on those financial highlights.

Basis\nfor Opinion

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

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

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026,\nby correspondence with the custodian, counterparties, and brokers; when replies were not received from brokers, we performed other auditing\nprocedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as\nevaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We\nhave served as the auditor for one or more Arrow Investment Advisors, LLC investment companies since 2023.

$\"(SIGNATURE)\"$

COHEN &\nCOMPANY, LTD.
Cleveland, Ohio
September 29, 2026

\n \n \n \n \n \n \n

The\n Arrow Funds

Tax\n Information (Unaudited)

July\n 31, 2026

FOREIGN\nTAX CREDIT

The\nfollowing funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source\nincome and foreign tax expense per outstanding share as of fiscal year ended July 31, 2026 were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


For fiscal year ended
7/31/2026	Foreign Taxes Paid		Foreign Source Income
ADTBF	$	—		$	—
ADTMF		0.0070			0.0731
AMFSF		—			—

The Arrow Funds

Additional Information (Unaudited)

July 31, 2026

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during\nthe 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\nAgreement

Not applicable.

PROXY\nVOTING POLICY

Information\nregarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as\na description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request,\nby calling 1-877-277-6933, by visiting www.arrowfunds.com, or by referring to the Securities and Exchange Commission’s (“SEC”)\nwebsite at http://www.sec.gov.

PORTFOLIO\nHOLDINGS

The\nFunds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to\nits 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\nat www.sec.gov.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

INVESTMENT\n ADVISOR

Arrow Investment\n Advisors, LLC

6100 Chevy Chase\n Drive, Suite 100

Laurel, MD 20707

ADMINISTRATOR

Ultimus Fund\n Solutions, LLC

225 Pictoria\n Drive, Suite 450

Cincinnati, OH\n 45246

Item\n8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable

Item\n9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable

Item\n10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this\nForm.

Item\n11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included\nunder Item 7 of this Form.

Item\n12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not\napplicable.

Item\n13. Portfolio Managers of Closed-End Management Investment Companies.

Not\napplicable.

Item\n14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not\napplicable.

Item\n15. Submission of Matters to a Vote of Security Holders.

None.

Item\n16. Controls and Procedures.

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

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

Item\n17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not\napplicable.

Item\n18. Recovery of Erroneously Awarded Compensation.

(a) Not\napplicable.

(b) Not\napplicable.

Item\n19. Exhibits.

(a)(1)\tCode\nof Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(a)(2)\tNot\napplicable

(a)(3)\tA\nseparate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)\nunder the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT

(a)(4)\nNot applicable.

(b) Certifications\nrequired by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT

SIGNATURES

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

(Registrant)\nArrow Investments Trust

By\n(Signature and Title)

\n \n \n \n \n \n

/s/\n Joseph Barrato
Joseph\n Barrato, Principal Executive Officer/President

\n \n \n \n \n

Date

10/8/2026

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

By\n(Signature and Title)

\n \n \n \n \n \n

/s/\n Joseph Barrato
Joseph\n Barrato, Principal Executive Officer/President

\n \n \n \n \n

Date

10/8/2026

By\n(Signature and Title)

\n \n \n \n \n \n

/s/\n Sam Singh
Sam\n Singh, Principal Financial Officer/Treasurer

\n \n \n \n \n

Date

10/8/2026

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Arrow Investments Trust (0001527428) (Filer)