Arrow DWA Tactical A Load Waived

DWTFX.lw

Benchmark	Morningstar Category
MSCI World NR USD MSCI World NR USD MPT Benchmark Morningstar Moderate Target Risk Primary Prospectus Benchmark S&P 500 TR USD Secondary Prospectus Benchmark N/A Analyst Assigned Benchmark MSCI World NR USD Create Custom Benchmark Apply	World Allocation World Allocation Aggressive Allocation Bank Loan Bear Market China Region Commodities Agriculture Commodities Broad Basket Commodities Energy Commodities Industrial Metals Commodities Miscellaneous Commodities Precious Metals Communications Conservative Allocation Consumer Cyclical Consumer Defensive Convertibles Diversified Emerging Mkts Diversified Pacific/Asia Emerging Markets Bond Equity Energy Equity Precious Metals Europe Stock Financial Foreign Large Blend Foreign Large Growth Foreign Large Value Foreign Small/Mid Blend Foreign Small/Mid Growth Foreign Small/Mid Value Global Real Estate Health High Yield Bond High Yield Muni India Equity Industrials Inflation-Protected Bond Intermediate Government Intermediate-Term Bond Japan Stock Large Blend Large Growth Large Value Latin America Stock Leveraged Net Long Long Government Long-Term Bond Long/Short Equity Managed Futures Market Neutral Mid-Cap Blend Mid-Cap Growth Mid-Cap Value Miscellaneous Region Miscellaneous Sector Moderate Allocation Multialternative Multicurrency Multisector Bond Muni California Intermediate Muni California Long Muni Florida Muni Massachusetts Muni Minnesota Muni National Interm Muni National Long Muni National Short Muni New Jersey Muni New York Intermediate Muni New York Long Muni Ohio Muni Pennsylvania Muni Single State Interm Muni Single State Long Muni Single State Short Natural Res Nontraditional Bond Pacific/Asia ex-Japan Stk Real Estate Retirement Income Short Government Short-Term Bond Single Currency Small Blend Small Growth Small Value Stable Value Static Aggressive Allocation Static Conservative Allocation Static Intermediate Bond Static Large Blend Static Large Growth Static Large Value Static Mid-Cap Equity Static Moderate Allocation Static Money Market Static Non US Equity Static Short-Term Bond Static Small-Cap Equity Static US Government Target Date 2000-2010 Target Date 2011-2015 Target Date 2016-2020 Target Date 2021-2025 Target Date 2026-2030 Target Date 2031-2035 Target Date 2036-2040 Target Date 2041-2045 Target Date 2046-2050 Target Date 2051+ Technology Trading-Inverse Commodities Trading-Inverse Debt Trading-Inverse Equity Trading-Leveraged Commodities Trading-Leveraged Debt Trading-Leveraged Equity Trading-Miscellaneous Ultrashort Bond Utilities Volatility World Allocation World Bond World Stock

Benchmark

Morningstar Category

MSCI World NR USD

World Allocation

Asset Allocation

DWTFX.LW

Asset Distribution

	Type	% Net	% Short	% Long	Bench- mark	Cat Avg
As of 05/31/2013

	Cash	1.54	2.02	3.56	0.00	13.94

	US Stock	81.13	0.00	81.13	53.63	26.14

	Non US Stock	17.12	0.00	17.12	46.34	33.68

	Bond	0.01	0.00	0.01	0.00	21.16

	Other	0.21	0.00	0.21	0.03	5.08

Style Details

Avg Market Cap USD
16,852 mil

Benchmark Market Cap USD
43,227 mil

Category Avg Market Cap USD
34,218 mil

Market Capitalization
Size	% of Portfolio	Benchmark	Category Avg

Giant	30.09	52.04	52.53

Large	27.84	34.76	29.87

Medium	29.76	13.13	13.94

Small	10.57	0.07	3.03

Micro	1.75	0.00	0.63

Value & Growth Measures
	Stock Portfolio	Benchmark	Category Avg
As of 05/31/2013 *Forward-looking based on historical data Style and Market Cap Breakdown and Value and Growth Measures are calculated only using the long position holdings of the portfolio.

Price/Prospective Earnings*	14.77	14.42	13.79

Price/Book*	1.64	1.79	1.66

Price/Sales*	1.08	1.13	1.06

Price/Cash Flow*	6.58	5.73	5.56

Dividend Yield %*	2.26	2.55	2.62

Long-Term Earnings %	8.53	9.63	10.07

Historical Earnings %	-0.48	3.43	2.81

Sales Growth %	-3.81	-13.03	-9.42

Cash-Flow Growth %	-9.38	-16.49	-21.49

Book-Value Growth %	3.28	2.52	-25.52

Ownership Zone

Weighted Average of holdings

75% of fund's stock holdings

Holdings Style

Portfolio Weight%

> 50% 25–50% 10–25% 0–10%

Investment Style History
Year	Style	% Equity
*As of 05/31/2013 Style Box Detail calculations do not include the fund's short positions (if any).

2013*		98.25

2012		89.71

2011		19.86

2010		68.43

2009		86.44

Fixed-Income Style

Fixed-Income Style History
Year	Style	% Bonds
As of 10/31/2012

2013	—	0.01

2012		9.87

2011		46.15

2010		—

2009	—	—

Bond Statistics
Detail	Value
As of 10/31/2012, *As of 05/31/2013

Average Effective Duration (Years)*	—

Average Effective Maturity (Years)*	—

Average Credit Quality	Not Rated

Average Weighted Coupon*	7.74

Average Weighted Price*	—

Credit Quality
Type	% Bonds	Benchmark	Category Avg

AAA	2.56	—	47.09

AA	2.52	—	12.84

A	5.65	—	9.56

BBB	33.26	—	16.35

BB	6.25	—	5.69

B	8.61	—	4.46

Below B	0.00	—	0.81

Not Rated	41.15	—	3.20

As of 10/31/2012 Credit Quality is calculated only using the long position holdings of the portfolio.

Sector Weightings

DWTFX.LW

Equity Sector
Bond Sector

		% Stocks	Benchmark	Category Avg

	Cyclical

	Basic Materials	3.57	6.16	5.16

	Consumer Cyclical	17.29	11.22	12.19

	Financial Services	19.49	18.16	16.40

	Real Estate	13.21	3.02	4.00


	Sensitive

	Communication Services	2.80	4.61	5.13

	Energy	3.96	9.75	10.20

	Industrials	8.50	10.49	9.00

	Technology	5.85	11.65	12.47


	Defensive

	Consumer Defensive	5.47	10.56	10.93

	Healthcare	16.00	11.10	11.77

	Utilities	3.85	3.28	2.75

As of 05/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Fixed-Income Sectors
Type		% Bonds	Benchmark	Category Avg

	Government	0.01	0.00	32.20

Government		0.01	0.00	16.96

Government-Related		0.00	0.00	15.24


	Corporate	0.01	0.00	13.22


	Securitized	0.16	0.00	5.09

Agency Mortgage-Backed		0.00	0.00	2.93

Non-Agency Residential MBS		0.00	0.00	0.96

Commercial MBS		0.00	0.00	0.18

Asset-Backed		0.16	0.00	1.02

Covered Bond		0.00	0.00	0.00


	Municipal	0.00	0.00	0.15


	Cash & Equivalents	99.32	100.00	41.92


	Other	0.50	0.00	7.43

As of 05/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Coupon Range
Type	% Bonds	Benchmark	Category Avg

0% PIK	0.00	—	17.18

0% to 4%	2.21	0.00	49.69

4% to 6%	4.27	0.00	13.14

6% to 8%	91.79	0.00	10.16

8% to 10%	1.74	0.00	6.41

10% to 12%	0.00	0.00	1.15

More than 12%	0.00	0.00	2.27

As of 05/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Top 10 Country Breakdown

DWTFX.LW

	% Bonds	Benchmark	Category Avg

United States	90.22	—	63.83

Spain	4.50	—	1.06

United Kingdom	3.42	—	4.42

France	1.86	—	2.48


As of 05/31/2013 Country breakdown data is calculated only using the long position holdings of the portfolio.

Bond Maturity Breakdown

DWTFX.LW

	% Bonds	Benchmark	Category Avg

1 to 3 Years	7.60	—	11.99

3 to 5 Years	0.00	—	11.78

5 to 7 Years	2.33	—	7.19

7 to 10 Years	90.08	—	35.66

10 to 15 Years	0.00	—	2.58

15 to 20 Years	0.00	—	1.43

20 to 30 Years	0.00	—	12.31

Over 30 Years	0.00	—	2.28


As of 05/31/2013

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	% Stocks	Benchmark	Category Avg
As of 05/31/2013 Region breakdown data is calculated by using the long position holdings of the portfolio equity part only.

Americas	82.86	57.99	49.89

North America	82.82	57.98	48.03

Latin America	0.04	0.01	1.85

Greater Europe	2.57	27.67	30.44

United Kingdom	0.85	9.17	9.50

Europe Developed	1.66	18.29	18.75

Europe Emerging	0.00	0.00	1.28

Africa/Middle East	0.06	0.21	0.91

Greater Asia	14.57	14.34	19.68

Japan	11.07	8.85	8.13

Australasia	1.25	3.46	1.79

Asia Developed	2.17	1.97	5.05

Asia Emerging	0.09	0.06	4.71


Market Classification

% Developed Markets	99.91	99.93	91.45

% Emerging Markets	0.09	0.07	8.55

Certain information included herein is derived by Morningstar in part from MSCI’s Index Constituents (the “Index Data”). However, MSCI has not reviewed any information contained herein and does not endorse or express any opinion such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the Index Data makes any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information. None of the Index Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. All Index Data and any information derived therefrom is for your internal use only and may not be further redistributed or used to create any financial instruments or products or indices.

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Arrow DWA Tactical A Load Waived

Summary

Holdings

Premium Details

Create Custom Benchmark

Asset Allocation

DWTFX.LW

Style Details

DWTFX.LW

Sector Weightings

DWTFX.LW

Top 10 Country Breakdown

DWTFX.LW

Bond Maturity Breakdown

DWTFX.LW

World Regions

DWTFX.LW