Arrow Managed Futures Strategy A (Arrow Managed Futures Strategy ) Fonds

The fund pursues its investment objective by implementing a fixed income strategy and a managed futures strategy. 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.