# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-23-000572
**Filing Date:** 2023-1
**Character Count:** 32293
**Document Hash:** 3c74efc64872f1016c18dc8110ff1003
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000572.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001580642-23-000572

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow Investments Trust
- **CENTRAL INDEX KEY:** 0001527428
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-178164
- **FILM NUMBER:** 23573379

**BUSINESS ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707
- **BUSINESS PHONE:** 301-260-0162

**MAIL ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707

## Series and Classes Contracts Data

### Arrow DWA Tactical: Macro Fund (Series ID: S000035949)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000110179 | Arrow DWA Tactical: Macro Fund Class A Shares             | DWTFX           |
| C000110180 | Arrow DWA Tactical: Macro Fund Class C Shares             | DWTTX           |
| C000110181 | Arrow DWA Tactical: Macro Fund Institutional Class Shares | DWTNX           |

**ARROW DWA TACTICAL: MACRO FUND**<br> CLASS A SHARES: DWTFX<br> CLASS C SHARES: DWTTX<br> INSTITUTIONAL CLASS SHARES: DWTNX<br> **1-877-277-6933**<br> **(1-877-ARROW-FD)**<br> www.ArrowFunds.com<br>

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| | |
|:---|:---|
| **Summary Prospectus** | **December 1, 2022** |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information dated December 1, 2022, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.ArrowFunds.com. You can also obtain these documents at no cost by calling 1-877-277-6933 or by sending an email request to Info@arrowfunds.com.

**<u>Investment Objective</u>**

The Arrow DWA Tactical: Macro Fund (the "Fund") seeks to achieve long-term capital appreciation with capital preservation as a secondary objective.

**<u>Fees and Expenses of the Fund</u>**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in **Information About Shares** on page 31 and Appendix A of the Fund's Prospectus.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees**<br> **(fees paid directly from your investment)** | **Class<br> A** | **Class<br> C** | **Institutional<br> Class** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a % of redemption proceeds) | 1.00% |  |  |
| Redemption Fee (as a % of amount redeemed, if shares are held less than 30 days) | 1.00% | 1.00% | 1.00% |
| **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fees | 0.90% | 0.90% | 0.90% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.54% | 0.54% | 0.54% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.31% | 0.31% | 0.31% |
| Total Annual Fund Operating Expenses | 2.00% | 2.75% | 1.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies.
 The operating expenses in this fee table will not correlate to the expense ratio in the Fund's
 financial highlights because the financial statements include only the direct operating expenses
 incurred by the Fund, not the indirect costs of investing in other investment companies.

**<u>Example</u>**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. This Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

**If the shares are redeemed at the end of each period:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | $866 | $1166 | $1591 | $2768 |
| Class C | $277 | $852 | $1454 | $3079 |
| Institutional Class | $178 | $551 | $949 | $2062 |

---

**If the shares are not redeemed:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | $766 | $1166 | $1591 | $2768 |
| Class C | $277 | $852 | $1454 | $3079 |
| Institutional Class | $178 | $551 | $949 | $2062 |

---

**<u>Portfolio Turnover</u>**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 150% of the average value of its portfolio.

**<u>Principal Investment Strategies</u>**

The Fund primarily invests, either directly or indirectly through investments in exchange traded funds ("ETFs") and other investment companies (including affiliated funds), in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets.

The Fund defines equity securities to include common and preferred stocks; and defines fixed income securities to include bonds, notes and debentures; and defines alternative assets to include currency, options on currency, equity and commodity futures, commodities, master limited partnerships ("MLPs") and real estate-related securities. When appropriate, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF. The Fund may invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "DWA Tactical Subsidiary"). The DWA Tactical Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Tactical Subsidiary's derivative positions.

When viewed on a consolidated basis, the DWA Tactical Subsidiary is subject to the same investment restrictions as the Fund. The Fund will consolidate the DWA Tactical Subsidiary for purposes of financial statements, leverage and concentration.

Under normal circumstances, the Fund will invest:

&nbsp;&nbsp;&nbsp;&nbsp;· From 0% to 100% of its assets in domestic and international (including emerging markets) equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;· From 0% to 100% of its assets in fixed income securities of any maturity and credit quality; and

&nbsp;&nbsp;&nbsp;&nbsp;· From 0% up to 90% of its assets in alternative assets, including through the DWA Tactical Subsidiary.

The Advisor allocates the Fund's portfolio using research from Dorsey Wright & Associates ("DWA"), which comes from the DWA Global Macro investment model (the "DWA Global Macro model"), as well as the Advisor's proprietary methodology. The DWA Global Macro model is based on a technical analysis of historical price and return forecasts. Technical analysis is the method of evaluating securities by analyzing statistics generated by market activity, such as past prices and trading volume, in an effort to determine probable future prices. The Advisor buys securities and derivatives that it believes will produce returns that are highly correlated to the returns of the components of the DWA Global Macro model. The Advisor sells securities and derivatives to purchase other securities and derivatives that it believes will have higher returns or more closely correlate to the returns of the components of the DWA Global Macro model. The Fund invests in securities without restriction as to capitalization, credit quality or country.

The Fund will invest within specific market segments when the research indicates a high probability that the applicable market segments are likely to outperform the applicable universe. The Fund will sell interests or reduce investment exposure among a market segment when the research indicates that such markets are likely to underperform the applicable universe. The Fund may invest heavily in fixed-income securities, cash positions and similar securities when the research indicates these assets should significantly outperform the equity and/or alternative market segments. The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization ("NRSRO")), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the Advisor to be of comparable quality. The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities, MLPs or real estate. In order to gain inverse exposure to the equity markets, the Fund may use the derivatives and futures described above. The Fund also may use currency futures.

In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of the Fund's investment objectives. At times, the Fund invests in fixed income securities in order to achieve the capital preservation component of the Fund's investment objectives. The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns. The Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objectives.

**<u>Principal Investment Risks</u>**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The following describes the risks the Fund bears with respect to its investments. The risks apply to the Fund through its direct investments in securities as well as indirectly through investments in ETFs and the DWA Tactical Subsidiary. As with any fund, there is no guarantee that the Fund will achieve its objective.

&nbsp;&nbsp;&nbsp;&nbsp;· *Affiliated Investment Company Risk:* The Fund invests in affiliated underlying funds (the "Arrow
Advised Funds"), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest
in allocating the Fund's assets among the underlying funds. The Advisor will receive more revenue to the extent it selects an Arrow
Advised Fund rather than an unaffiliated fund for inclusion in the Fund's portfolio. In addition, the Advisor may have an incentive
to allocate the Fund's assets to those Arrow Advised Funds for which the net advisory fees payable to the Advisor are higher than
the fees payable by other Arrow Advised Funds. The Arrow Advised Funds in which the Fund may invest are not money market funds and are
more risky than a money market fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Commodity Risk:* ETFs investing in the commodities markets and investments in the DWA Tactical Subsidiary
may subject the Fund to greater volatility than investments in traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities
and other investments held by the Fund directly or through an ETF, resulting in losses to the Fund. In addition, the credit quality of
securities held by the Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater
volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult
for the Fund to sell the security. The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative
investments that carry greater risks than higher quality debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Emerging Markets Risk:* Investing in emerging market securities imposes risks different from, or
greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets,
which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation
of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or
political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation
of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and
devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have
had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF Risk:* ETFs are subject to investment advisory and other expenses, which will be indirectly
paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be
higher than other mutual funds that invest directly in stocks and bonds. The ETFs in which the Fund invests will not be able to replicate
exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value. Each ETF is
subject to specific risks, depending on the nature of the ETF and ETFs that invest in the "Alternative Asset" market segment
may be more volatile than other Fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Risk:* When the Fund invests in ETFs that own bonds, or in this type of security directly,
the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline
in the value of bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases.
Your investment will decline in value if the value of the Fund's investments decreases.

&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign Investment Risk:* Although the Fund will not invest in the securities of foreign companies
directly other than the DWA Tactical Subsidiary, it may invest in ETFs that invest in foreign international equity securities. Foreign
investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse
political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political
instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks
of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;· *Futures Risk:* The Fund's use of futures involves risks different from, or possibly greater
than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk
(ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate
perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures
can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.
Futures contracts may become mispriced or improperly valued when compared to the Advisor's expectation and may not produce the desired
investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index
because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon
which they are based.

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuer-Specific Risk:* The value of a specific security or ETF can be more volatile than the market
as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more
volatile than that of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse
issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Junk Bond Risk:* Lower-quality bonds, known as "high yield" or "junk" bonds,
present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest
rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market
for these bonds could decrease the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Leverage Risk:* Using derivatives to increase the Fund's exposure creates leverage, which
can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share
price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk:* The Advisor's investment decisions about individual securities and derivatives
as well as ETFs impact the Fund's ability to achieve its investment objective. The Advisor's judgments about the attractiveness
and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that
the Advisor's investment strategy will produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial
markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different
country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation<br>
(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change
and climate related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The
occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the
U.S. and global financial markets. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many
governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or
similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has
had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future
impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown,
which may impact your Fund investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *MLP Risk:* Investments in MLPs and MLP-related securities involve risks different from those of
investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related
security, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution
risks and risks related to the general partner's limited call right. MLPs and MLP-related securities are generally considered interest-rate
sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on
the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *MLP Tax Risk:* MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead,
each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law
or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes,
which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a
corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the
MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in
a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.

&nbsp;&nbsp;&nbsp;&nbsp;· *Options Risk:* There are risks associated with the sale and purchase of options. As a seller (writer)
of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the
seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike
price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise
the option.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk:* Portfolio turnover refers to the rate at which the securities held by
the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce
the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. Active trading of
securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;· *Real Estate Risk:* ETFs that invest in real estate are subject to the risks associated with investing in real estate. The
value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property
and changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;· *Regulatory Risk:* Regulatory authorities in the United States or other countries may restrict the ability of the Fund to
fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund's
ability to fully implement its investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Sector Risk:* The Fund may focus its investments in securities of a particular sector or in ETFs
that focus investments in securities of a particular sector. Economic, legislative or regulatory developments may occur, which significantly
affect the entire sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in
a particular sector.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small and Medium Capitalization Stock Risk:* The value of small or medium capitalization company
stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements
than those of larger, more established companies or the market averages in general.

&nbsp;&nbsp;&nbsp;&nbsp;· *Taxation Risk:* By investing in commodities indirectly through the DWA Tactical Subsidiary, the
Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the
DWA Tactical Subsidiary is a controlled foreign corporation, any income received from the DWA Tactical Subsidiary will be passed through
to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;· *Wholly-Owned Subsidiary Risk:* The DWA Tactical Subsidiary will not be registered under the Investment
Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor
protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Tactical
Subsidiary, respectively, are organized, could result in the inability of the Fund and/or DWA Tactical Subsidiary to operate as described
in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because
you indirectly bear the expenses of the DWA Tactical Subsidiary.

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for the past ten calendar years. The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the "Predecessor Fund") to a series of Arrow Investments Trust, a Delaware statutory trust (the "Reorganization"). The Fund is a continuation of the Predecessor Fund and, therefore, the performance of the Fund prior to March 1, 2012, represents the performance of the Predecessor Fund. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares. Updated performance information and daily net asset value per share information is available at no cost by visiting www.ArrowFunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

**Class A Annual Total Return**

(Years ended December 31)**:**

Returns do not reflect sales charges and would be lower if they did.

![](image_002.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter | 6/30/2020 | 14.49% |
| Worst Quarter | 3/31/2020 | (19.59)% |

---

The year-to-date return as of the most recent calendar quarter, which ended September 30, 2022, was (3.44)%

**Average Annual Total Returns**

(as of December 31, 2021)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Inception** <br> **Date** | **One** <br> **Year** | **Five** <br> **Years** | **Ten**<br> **Years** | **Since** <br> **Inception** |
| Class A Return Before Taxes | 5/30/08 | 5.90% | 6.61% | 6.83% | 3.72% |
| Return after Taxes on Distributions |  | (0.24)% | 3.71% | 5.07% | 2.31% |
| Return after Taxes on Distributions <br> and Sale of Fund Shares |  | 5.41% | 4.35% | 4.99% | 2.53% |
| Class C Return Before Taxes | 5/30/08 | 11.29% | 7.04% | 6.64% | 3.38% |
| Institutional Class Shares Return Before Taxes | 3/21/12 | 12.45% | 8.13% |  | 7.51% |
|  PCM Global Macro Index\*<br> (reflects no deduction for fees, expenses or taxes) |  | (3.57)% | 1.83% | 0.25% | 3.80%<sup>1</sup> 0.01%<sup>2</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Since 5/30/08

&nbsp;&nbsp;&nbsp;&nbsp;(2) Since 3/21/12

\* The objective of the PCM Global Macro Index is total return through broad asset classes including global equities, fixed income, major currencies, precious metals, and commodity ETFs. By using inverse ETFs, PCM's Risk Management Overlay may allow the capture of positive returns in periods of falling markets. The index may hold long and inverse (short) positions simultaneously. This creates a multi - directional strategy, making it possible to have gains when markets decline. This index may rotate on a monthly basis. Investors cannot invest directly in an index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns for Class C and Institutional Class shares will differ from those of Class A shares. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

**<u>Management of the Fund</u>**

 

*Investment Advisor:* Arrow Investment Advisors, LLC

**Portfolio Managers:** The Fund is team managed by the following individuals:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Advisor** | **When Began Managing Fund** |
| Joseph Barrato | Chief Executive Officer | 2014 |
| Jonathan Guyer | Portfolio Manager | 2014 |
| Amit Gutt | Portfolio Manager | 2020 |

---

**<u>Purchase and Sale of Fund Shares</u>**

The minimum initial investment in Class A and Class C shares of the Fund is $5,000 ($2,000 for retirement accounts) and the minimum subsequent investment is $250. The minimum subsequent investment in Class A and Class C shares may be waived upon request. The minimum initial investment in Institutional Class shares of the Fund is $1,000,000. Subsequent investments in Institutional Class shares may be made in any amount. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone, online at www.ArrowFunds.com, or through a financial intermediary and will be paid by check or wire transfer.

**<u>Tax Information</u>**

Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-free plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.