Arrow Managed Futures Strategy Fund Institutional Class (MFTNX) Diversifiers

The investment seeks long-term capital appreciation and to achieve absolute returns. The fund pursues its investment objective by implementing fixed-income and managed futures strategies. It executes its managed futures strategy primarily by investing up to 25% of its total assets in a wholly-owned and controlled subsidiary. It executes its fixed-income strategy primarily by investing directly or indirectly through other funds in U.S. government securities, short-term, high-quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less.