0001527428
2013-01-31
2013-01-31
0001527428
ait:S000035950Member
2013-01-31
2013-01-31
0001527428
ait:S000035950Member
ait:C000110182Member
2013-01-31
2013-01-31
0001527428
ait:S000035950Member
ait:C000110183Member
2013-01-31
2013-01-31
0001527428
ait:S000035950Member
ait:C000110184Member
2013-01-31
2013-01-31
iso4217:USD
Other
2011-12-31
Arrow Investments Trust
0001527428
false
ait
MFTFX
MFTTX
MFTNX
2013-01-31
2013-01-31
2012-12-01
<p style="text-align: left"><b>ARROW MANAGED FUTURES STRATEGY FUND</b></p>
<p style="margin: 0px"><br /></p>
<p style="margin-top: 6.66px; margin-bottom: 6.66px; font: 12pt Arial,Times New Roman; text-align: center"><b>ARROW MANAGED FUTURES STRATEGY FUND</b></p>
<p style="margin-top: 6.66px; margin-bottom: 6.66px; font: 12pt Arial,Times New Roman; text-align: center"><b>a series of Arrow Investments Trust</b></p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center">CLASS A SHARES:  MFTFX</p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center">CLASS C SHARES:  MFTTX</p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center">INSTITUTIONAL CLASS SHARES:  MFTNX</p>
<p style="margin: 0px; text-align: center"><br /></p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center"><b>Supplement dated January 31, 2013</b></p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center"><b>to the Summary Prospectus, dated December 1, 2012</b></p>
<p style="margin: 0px; font: 11pt Arial,Times New Roman; text-align: center"><b>______________________________________________________________________</b></p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify"><i>The following replaces the first two paragraphs and chart in the section “Principal Investment Strategies” in the Summary Prospectus, dated December 1, 2012:   </i></p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify"><b>Principal Investment Strategies: </b>The Fund’s advisor, Arrow Investment Advisors, LLC (the “Advisor”), seeks to achieve the Fund’s investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track those of the benchmark. The Fund’s benchmark is a blend of Trader Vic Index<sup> </sup>(50%) and AI Managed Futures Volatility Index (50%) (the “benchmark”).</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The benchmark is constructed to capture both up and down price trends in physical commodities and financial futures markets. The current components of the benchmark consist of approximately 17 sectors (7 commodities, 10 financial) with a total of 28 components, allocated 38% to financial futures, e.g., interest rates, and currencies, and 62% to physical commodities, e.g., energy, metals and agriculture. The components are positioned either long, flat or short based on their prices relative to their moving averages.</p>
<table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt; width: 663px">
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<td style="width: 61.26px"></td>
<td style="width: 11.4px"></td>
<td style="width: 72px"></td>
<td style="width: 70.2px"></td>
<td style="width: 52px"></td>
<td style="width: 63px"></td>
<td style="width: 62.46px"></td>
<td style="width: 80.66px"></td>
<td style="width: 91px"></td>
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<tr><td style="margin-top: 0px; background-color: #000000; border: #000000 1.33px solid; vertical-align: top; width: 61.26px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b> </b></p>
</td><td colspan="7" style="margin-top: 0px; background-color: #000000; border-top: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 411.73px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b>Benchmark Market, Sectors and Component </b></p>
</td>
<td colspan="2" style="margin-top: 0px; background-color: #000000; border-top: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 173px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b> Scheme</b></p>
</td></tr>
<tr><td colspan="8" style="margin-top: 0px; background-color: #595959; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 473px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial"> Commodity Market: Sectors & Components</p>
</td>
<td colspan="2" style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 173px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial">Financial Markets: Sector</p>
</td></tr>
<tr><td colspan="2" style="margin-top: 0px; background-color: #595959; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72.66px"><p style="margin: 0px; font: 8pt Arial">Energy+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 8pt Arial">Livestock+       </p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 70.2px"><p style="margin: 0px; font: 8pt Arial">Grains+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 52px"><p style="margin: 0px; font: 8pt Arial">Softs+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 63px"><p style="margin: 0px; font: 8pt Arial">Precious Metals+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 62.46px"><p style="margin: 0px; font: 8pt Arial">Industrial</p>
<p style="margin: 0px; font: 8pt Arial">Metals</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 80.66px"><p style="margin: 0px; font: 8pt Arial">Infrastructure</p>
</td>
<td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 90px"><p style="margin: 0px; font: 8pt Arial">Currencies*</p>
</td>
<td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 82px"><p style="margin: 0px; font: 8pt Arial">Other*</p>
</td></tr>
<tr><td colspan="2" style="margin-top: 0px; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72.66px"><p style="margin: 0px; font: 8pt Arial">Heating Oil</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Crude Oil</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Natural Gas</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Gasoline</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 8pt Arial">Hogs             </p>
<p style="margin: 0px; font: 8pt Arial">Cattle          </p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 70.2px"><p style="margin: 0px; font: 8pt Arial">Corn</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Soybeans</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Wheat</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 52px"><p style="margin: 0px; font: 8pt Arial">Cocoa</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Coffee</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Cotton</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Sugar</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 63px"><p style="margin: 0px; font: 8pt Arial">Gold</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Silver</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Platinum</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 62.46px"><p style="margin: 0px; font: 8pt Arial">Copper</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 80.66px"><p style="margin: 0px; font: 8pt Arial">Lumber</p>
</td>
<td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 90px"><p style="margin: 0px; font: 8pt Arial">Australian Dollar</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">British Pound</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Canadian Dollar</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Euro</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Japanese Yen</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Swiss Franc</p>
</td>
<td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 82px"><p style="margin: 0px; font: 8pt Arial">Volatility</p>
<p style="margin: 0px; font: 8pt Arial">US 2-Year Note</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">US 10-Year Note</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">US 30-Year Bond</p>
</td></tr>
</table>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: justify">Definition: + represents the commodity sectors; * represents the financial sectors, which are also the financial components.</p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: center"><b>*    *    *    *    *    *</b></p>
<p><b>You should read this Supplement in conjunction with the Prospectus,dated December 1, 2012, as amended January 31, 2013 and Summary Prospectus and Statement of Additional Information, each dated December 1, 2012, which provide information that you should know about the Fund before investing.</b></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The Fund’s advisor, Arrow Investment Advisors, LLC (the “Advisor”), seeks to achieve the Fund’s investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track those of the benchmark. The Fund’s benchmark is a blend of Trader Vic Index<sup> </sup>(50%) and AI Managed Futures Volatility Index (50%) (the “benchmark”).</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The benchmark is constructed to capture both up and down price trends in physical commodities and financial futures markets. The current components of the benchmark consist of approximately 17 sectors (7 commodities, 10 financial) with a total of 28 components, allocated 38% to financial futures, e.g., interest rates, and currencies, and 62% to physical commodities, e.g., energy, metals and agriculture. The components are positioned either long, flat or short based on their prices relative to their moving averages.</p>
<table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt; width: 663px">
<tr style="height: 0px; font-size: 0">
<td style="width: 61.26px"></td>
<td style="width: 11.4px"></td>
<td style="width: 72px"></td>
<td style="width: 70.2px"></td>
<td style="width: 52px"></td>
<td style="width: 63px"></td>
<td style="width: 62.46px"></td>
<td style="width: 80.66px"></td>
<td style="width: 91px"></td>
<td style="width: 83px"></td></tr>
<tr><td style="margin-top: 0px; background-color: #000000; border: #000000 1.33px solid; vertical-align: top; width: 61.26px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b> </b></p>
</td><td colspan="7" style="margin-top: 0px; background-color: #000000; border-top: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 411.73px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b>Benchmark Market, Sectors and Component </b></p>
</td>
<td colspan="2" style="margin-top: 0px; background-color: #000000; border-top: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 173px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial,Times New Roman; text-align: justify"><b> Scheme</b></p>
</td></tr>
<tr><td colspan="8" style="margin-top: 0px; background-color: #595959; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 473px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial"> Commodity Market: Sectors & Components</p>
</td>
<td colspan="2" style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 173px"><p style="margin-top: 4.46px; margin-bottom: 4.46px; font: 8pt Arial">Financial Markets: Sector</p>
</td></tr>
<tr><td colspan="2" style="margin-top: 0px; background-color: #595959; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72.66px"><p style="margin: 0px; font: 8pt Arial">Energy+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 8pt Arial">Livestock+       </p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 70.2px"><p style="margin: 0px; font: 8pt Arial">Grains+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 52px"><p style="margin: 0px; font: 8pt Arial">Softs+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 63px"><p style="margin: 0px; font: 8pt Arial">Precious Metals+</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 62.46px"><p style="margin: 0px; font: 8pt Arial">Industrial</p>
<p style="margin: 0px; font: 8pt Arial">Metals</p>
</td><td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 80.66px"><p style="margin: 0px; font: 8pt Arial">Infrastructure</p>
</td>
<td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 90px"><p style="margin: 0px; font: 8pt Arial">Currencies*</p>
</td>
<td style="margin-top: 0px; background-color: #595959; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 82px"><p style="margin: 0px; font: 8pt Arial">Other*</p>
</td></tr>
<tr><td colspan="2" style="margin-top: 0px; border-left: #000000 1.33px solid; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72.66px"><p style="margin: 0px; font: 8pt Arial">Heating Oil</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Crude Oil</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Natural Gas</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Gasoline</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 8pt Arial">Hogs             </p>
<p style="margin: 0px; font: 8pt Arial">Cattle          </p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 70.2px"><p style="margin: 0px; font: 8pt Arial">Corn</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Soybeans</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Wheat</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 52px"><p style="margin: 0px; font: 8pt Arial">Cocoa</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Coffee</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Cotton</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Sugar</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 63px"><p style="margin: 0px; font: 8pt Arial">Gold</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Silver</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Platinum</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 62.46px"><p style="margin: 0px; font: 8pt Arial">Copper</p>
</td><td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 80.66px"><p style="margin: 0px; font: 8pt Arial">Lumber</p>
</td>
<td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 90px"><p style="margin: 0px; font: 8pt Arial">Australian Dollar</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">British Pound</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Canadian Dollar</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Euro</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Japanese Yen</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">Swiss Franc</p>
</td>
<td style="margin-top: 0px; border-right: #000000 1.33px solid; border-bottom: #000000 1.33px solid; vertical-align: top; width: 82px"><p style="margin: 0px; font: 8pt Arial">Volatility</p>
<p style="margin: 0px; font: 8pt Arial">US 2-Year Note</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">US 10-Year Note</p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font: 8pt Arial">US 30-Year Bond</p>
</td></tr>
</table>
<p style="margin: 0px; font-family: Arial,Times New Roman; text-align: justify">Definition: + represents the commodity sectors; * represents the financial sectors, which are also the financial components.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The securities in the Fund’s portfolio consist primarily of commodity, currency, and financial-linked structured notes; exchange-traded notes; exchange-traded funds and other investment companies (including mutual funds) that provide exposure to the managed commodities and financial futures markets.  The derivatives in the Fund’s portfolio consist primarily of commodity, currency, and financial-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and equity securities.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The Advisor also intends to enter into short positions and other similar transactions to track the benchmark.  On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark.  On a day-to-day basis, the Fund may hold 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 to collateralize its derivative positions.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Arrow MFT Subsidiary”). The Arrow MFT Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Arrow MFT Subsidiary’s derivative positions.  When viewed on a consolidated basis, the Arrow MFT Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the Arrow MFT Subsidiary for purposes of financial statements, leverage and concentration.  The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The Fund’s Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objective.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.</p>
<p style="margin-top: 5.53px; margin-bottom: 5.53px; font-family: Arial,Times New Roman; text-align: justify">The benchmark is constructed to capture both up and down price trends in physical commodities and financial futures markets. The current components of the benchmark consist of approximately 17 sectors (7 commodities, 10 financial) with a total of 28 components, allocated 38% to financial futures, e.g., interest rates, and currencies, and 62% to physical commodities, e.g., energy, metals and agriculture.</p>