https://www.sec.gov/Archives/edgar/data/1527428/000158064217003629/arrowcommodity_497e.htm
497 1 arrowcommodity_497e.htm 497
ARROW COMMODITY STRATEGY FUND
CLASS A SHARES: CSFFX
CLASS C SHARES: CSFTX
INSTITUTIONAL CLASS SHARES: CSFNX
(a series of Arrow Investments Trust)
Supplement dated June 27, 2017 to
the Summary Prospectus, Prospectus and Statement of Additional Information dated December 1, 2016
The Board of Trustees of Arrow Investments Trust (the “Board”) has determined, based on the recommendation of the Fund’s adviser, that, with respect to the Arrow Commodity Strategy Fund (the “Fund”), a series of the Arrow Investments Trust, it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on July 28, 2017.
Effective June 28, 2017, the Fund will not accept any purchases and will no longer pursue its stated investment objective. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
After June 28, 2017 and prior to July 28, 2017, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. No redemption fee or contingent deferred sales load will be charged on any redemption or exchange. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
Arrow Investment Advisors, LLC, the Fund’s investment adviser, serves as investment adviser to several other mutual funds in the Trust. As discussed in the Fund’s prospectus, you may exchange your Fund shares for shares of the same Class of another fund in the fund complex advised by Arrow Investment Advisors, LLC (an “Arrow Fund”). Exchanges are made at net asset value. Except as stated herein, exchanges are subject to the terms applicable to purchases of an Arrow Fund’s shares as set forth in the applicable fund’s prospectus. An exchange of Fund shares to another Arrow Fund will be treated as a sale for federal income tax purposes.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO JULY 28, 2017 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUNDS AT 1-877-277-6933.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Summary Prospectus, Prospectus, and Statement of Additional Information dated December 1, 2016, provide relevant information for all shareholders and should be retained for future reference. The Summary Prospectus, Prospectus, and Statement of Additional Information dated December 1, 2016, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-277-6933.

New Century Capital Portfolio
New Century Balanced Portfolio
New Century International Portfolio
New Century Alternative Strategies Portfolio
https://www.sec.gov/Archives/edgar/data/838802/000139834417007945/fp0026390_497.htm
497 1 fp0026390_497.htm NEW CENTURY PORTFOLIOS - 497E
Filed Pursuant to Rule 497(e)
1933 Act File No. 33-24041
1940 Act File No. 811-5646
NEW CENTURY PORTFOLIOS
(the “Trust”)
Supplement dated June 26, 2017 to the Trust’s
Prospectus and Statement of Additional Information, each dated March 1, 2017
On June 15, 2017, the Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Weston Financial Group, Inc. (the “Adviser”), the investment adviser to the Trust, and having considered the interests of the shareholders of the Trust, voted to recommend that the shareholders adopt an Agreement and Plan of Liquidation (the “Plan”) to close and liquidate the Trust. The Board concluded that it would be in the best interest of the Trust and its shareholders that the Trust be closed and liquidated effective as of the close of business on September 29, 2017. The Trust has called a special meeting of shareholders to be held in the offices of the Trust at 10:00 a.m. EST on Tuesday, August 22, 2017, to vote on the proposed Plan.
The Board recommends approval of the proposed Plan, which determines the manner in which the Trust will be liquidated. Pursuant to the Plan and in anticipation of the Trust’s liquidation, the Trust will be closed to new purchases effective as of the close of business on June 30, 2017. However, (i) any dividends or distributions declared to shareholders of the Trust after June 30, 2017, and until the close of trading on the New York Stock Exchange on September 29, 2017 will be automatically reinvested in additional shares of the Trust unless a shareholder has requested that such distributions be paid in cash, and (ii) investments received from existing Automatic Investment Programs (an “AIP”) will be accepted by the Trust through September 1, 2017. If the Plan is approved at the special shareholders meeting, shareholders with an AIP should arrange to direct their contributions to another investment alternative of their choosing. Results of the special meeting of shareholders will be posted on the Trust’s website on August 23, 2017 at www.newcenturyportfolios.com.
Although the Trust will be closed to new purchases as of June 30, 2017, you may redeem your shares of the Trust at any time as provided in the Prospectus. Please note, however, that if the Plan is approved, the Trust will be liquidating and distributing its assets no later than the close of business on September 29, 2017. Redemption requests received immediately preceding the September 29th liquidation may be honored by the delivery of the liquidation proceeds to the shareholder.
Pursuant to the Plan, if the Trust has not received your redemption request or other instruction prior to the close of business on September 29, 2017, the effective time of the liquidation, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Trust as of September 29, 2017, subject to any required withholdings. As is the case with any redemption of Trust shares, liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
All routine expenses incurred in connection with the usual and customary operations of the Trust (including brokerage commissions associated with the sale of portfolio securities) will be charged to the Trust, however, expenses incurred in connection with the consideration and approval of the proposed Plan and expenses outstanding on and after the time of liquidation will be paid by the Adviser.
Please retain this supplement with your Prospectus and Statement of Additional Information.

Well, there are so many global machines doing all sorts of stuff, all of the time; but you may find something of value with the write, whether you agree with any of the words or data.
http://www.businessinsider.com/next-recession-likely-caused-by-financial-crisis-says-bis-2017-6

Brown's analysis ignores the role human capital or job security play into one's portfolio. A young person who has no job security and little saved should actually be more conservative investment-wise than someone older to maintain for instance an emergency fund in case of job loss. Jobs are much less stable today than in the past in general, so some conservative behavior may be warranted. Young people also may want to invest in their human capital by getting an advanced professional degree instead of investing in their financial portfolio. Would you tell for instance a young future medical student to invest more in stocks or pay their tuition and invest the remainder conservatively?

@Sven

I simply don't see how an actor have anything to do with financial advising.

And what do women in bikinis have to do with eating burgers at Carl's Jr. or drinking Budweiser?

I remember him well and my wife thought he was cute. I hope my comment was mis-constured as answering to your comment. I simply don't see how an actor have anything to do with financial advising.

@Crash
You asked: "What might people advise me, then, if my chief consideration is for monthly dividend income? PONDX pays .05 cents, PTIAX pays .10 cents to .11 cents."
>>>The question is: Is the monthly dividend income something you want now or are these monies inside an IRA from which you do not currently have any distribution to you?
Lastly, for the 2 funds in question; these are the current 30 day SEC yields:
PONDX = 3.91%
PTIAX = 5.38%
Both of these yields are subject to change, yes?

***30 day SEC yield calculation method
The monetary performance value of the 2 funds here, from my previous post beginning at Aug. 31, 2010 for $3,000 invested is:
PTIAX becomes $4,434
PONDX becomes $5,235
The above $ numbers are reinvestment of all distributions and price appreciation.
Regards,
Catch

FYI: This is backwards. It’s also the reason God sent financial advisors into the world.
Regards,
Ted
http://thereformedbroker.com/2017/06/23/opposite-day/

FYI: Investors have been warned about overvalued markets basically since the start of this stock market recovery. Some people are scared of above average valuations. Others simply choose to ignore them. And still others use them as scare tactics to sell financial product or newsletters. While you can’t control what the current market valuations are you can control what you will do about them. Here’s a piece I wrote for Bloomberg on your options as an investor in an overvalued market.
Regards,
Ted
http://awealthofcommonsense.com/2017/06/how-to-invest-in-an-overvalued-market/

@Chinfist: you did not ask me, but you could not do any better than FNMIX. I've been in EM bonds since 2010. I missed the party in '09, when EM bonds zoomed upward in value as the world's "leaders" implemented steps to ameliorate the effects of the Financial Crash which they were responsible for, by not leading.

FYI: While much of the financial services industry has been fretting for the past few years over how to compete in the age of digital-advice platforms, The Vanguard Group Inc. appears to have cracked the code in a steady climb to more than $65 billion under management on its two-year-old robo.
Regards,
Ted
http://www.investmentnews.com/article/20170620/FREE/170629993/vanguard-rides-robo-advice-wave-to-65b-in-assets

FYI: (This is a follow-up to this morning's article.)
China’s domestic equities will join MSCI Inc.’s benchmark indexes, a landmark step in the nation’s integration with the global financial system.
The decision, announced by the New York-based index compiler on Tuesday, will give China’s $6.9 trillion stock market a bigger role in everything from exchange-traded funds to 401(k) retirement plans. It also advances President Xi Jinping’s ambitions to make the yuan a global currency.
Regards,
Ted
https://www.bloomberg.com//news/articles/2017-06-20/china-stocks-win-msci-entry-as-6-9-trillion-market-goes-global

FYI: (When Jim Rogers talks, the Linkster doesn't listen !)
When Jim Rogers talks, investors listen. One of the world's most famous investors, Rogers is known for his no-nonsense style and investment wisdom. He is the author of several best-selling books, including his latest, "Street Smarts: Adventures on the Road and in the Markets." ETF.com recently spoke with Rogers for his take on the latest financial market developments
Regards,
Ted
http://www.etf.com/sections/features-and-news/jim-rogers-bracing-crash?nopaging=1

Don't feel bad - while I didn't get burned by them directly, given the GFC and the sector's refusal to learn from its mistakes, because I don't trust them or their math, I refuse to own nearly anything from the banks or financial sector!

It may be surprising to a few on this board, but I never owned a tech fund throughout the current run up, so I missed out on that rally. I got burned by Janus Global Technology in the early 2000s and never went back to that sector. Gun shy, I believe.

Whoa! The author noted that Mortgage Backed Securities funds can be as volatile as gold funds........ya, ok; dude, you're on my list of smart folks. Perhaps I misread the article about this. Please correct me on this, as needed.

I just alluded to this concern in my post here, but I don't think the article is saying that MBS funds can be as volatile as gold funds.
The financial community typically "measures" volatility as standard deviation, which represents the fluctuations of a security over time.
That's what distinguishes the effect the article was conveying from volatility. Most of the time, MBS funds are well behaved and return slightly more than vanilla bond funds of comparable duration and quality. So they are not especially volatile. But under the right (wrong?) conditions, they can become unstable; prices can fall fast and hard. It's largely because of their negative convexity.
There's a built in expectation that a certain number of people will redeem the mortgages early - either because they're selling their homes or because they can refinance at a lower rate. As interest rates rise, there's less propensity to refinance, and you wind up stuck with lower paying bonds that people aren't redeeming as fast as you expected. That makes them longer term and thus further depresses their prices.
There can be economic conditions (e.g. a shrinking job market) that might dissuade people from moving (and thus paying off their mortgages). This too means that the bonds effectively become longer term, which causes their price to drop.
Or people may not refinance when interest rates drop because they're underwater and are unable to. That would be positive for bond prices, as you get to hold onto bonds with above market yields.
Then there are behavioral factors as well. Just because it makes economic sense for someone to refinance doesn't mean they will. People are not entirely rational.
Add it all up and there are lots of factors that can trigger a rapid movement of MBS prices. You don't see this effect often (hence the funds aren't extremely volatile), but the risk is always there.

Hi Guys,
According to the millionaire teacher, Andrew Hallam, the proper number for a diversified portfolio is a mere 3.
His simplistic 3 includes all low cost index funds: a US equity index position, an international index product, and a short term bond index holding. These are consistent with Hallam's 9 rules for wealth. Here is a summary of those 9 rules that I lifted from one of his book reviewer's assessment:
Hallam’s 9 Rules of Wealth
Rule 1 is to spend like you want to grow rich, which means cultivating frugality whether buying homes, cars or daily items.
Rule 2 is to take advantage of compound interest by starting investing as early in life as possible — but only after high-interest debt is eliminated. (I agree!)
Rule 3 recaps the negative impact of high fees and thus the case for indexing: “Small percentages pack big punches.” Here he takes a skeptical view of the motivations of the financial services industry generally.
Rule 4 is to “Conquer the enemy in the mirror.” It looks at the problems of stock-picking and market timing, fear, greed and other emotions that can sabotage investing.
Rule 5 is to build a “responsible portfolio” that includes both stocks and bonds. Here Hallam introduces what he terms the Couch Potato Portfolio.
Rule 6 looks at indexing in the U.S, Canada, Australia and Singapore.
Rule 7 is entitled “Peek inside a pilferer’s playbook.” It looks at common sales practices of financial advisors and brokers. He starts by suggesting that those planning to own their own indexed account at a discount brokerage may want to find a fee-only adviser who can set it up for you.
Rule 8 is “Avoid Seduction,” and looks at the various distractions that some term “financial pornography” — investment newsletters and magazines, junk bonds, gold and hedge funds, which Hallam describes as “the rich stealing from the rich.”
Rule 9 is for those who love to pick their own stocks if “they can’t help themselves.” Hallam’s solution is to stay 90% indexed but to allocate 10% to individual stocks if you find it enjoyable.
He wisely allows a 10% deviation from his most efficient portfolio to allow for individual flexibility and initiative. We are not robots. I wish you all good luck, successful investing, and a long prosperous life for you and your family.
Best Regards

Opinions on investing are just that. Opinions and nothing else. They can be right or wrong or somewhere in between but everyone is entitled to them. No one should have to justify how many funds they own or how they manage their portfolio. No one should be denigrated or ostracized for what they do with their financial assets. I own over 30 fund/ etf's, each with a good reason for its placement in the portfolio and each analyzed before purchase and sale including the need for the ability to tax harvest in the right amounts with easy bookkeeping but also for many other reasons. I sleep well at night happy with what I am doing and that is all that matters. I hope everyone on the board sleeps as well as I do. Enough said.

Oh boy, I hope Ted doesn't read this post. Otherwise, it's the gallows for you !!

Opinions on investing are just that. Opinions and nothing else. They can be right or wrong or somewhere in between but everyone is entitled to them. No one should have to justify how many funds they own or how they manage their portfolio. No one should be denigrated or ostracized for what they do with their financial assets. I own over 30 fund/ etf's, each with a good reason for its placement in the portfolio and each analyzed before purchase and sale including the need for the ability to tax harvest in the right amounts with easy bookkeeping but also for many other reasons. I sleep well at night happy with what I am doing and that is all that matters. I hope everyone on the board sleeps as well as I do. Enough said.

FYI:(The Linkster will accept eight, but I prefer 4 to 6 !)
Time to take an inventory of your mutual funds. How many are there? What are their investment styles? Is your portfolio of mutual funds cluttered just like your closet? Have you owned some mutual funds so long that you have forgotten why you bought them? Are there some mutual funds on the top shelf, way in the back of your financial closet you haven't even looked at in a while?
Adding new mutual funds to your portfolio is far easier than reorganizing your fund portfolio and discarding inappropriate, redundant, or simply poor-performing mutual funds. The answer to the question of how many mutual funds you should have in your portfolio is not just a number. But if you have many more than eight mutual funds in your closet, chances are you need to do some serious portfolio cleaning. Here's why.
Regards,
Ted
http://www.aaii.com/investing/article/2-how-many-mutual-funds-should-you-have-in-your-investment-portfolio

Ted, you have expressed your opinion about my portfolio on a number of occasions. Duly noted repeatedly. With all due respect, you have no clue about my specific holdings or financial situation. My question is by no means "cause for worry," and no, I do not intend on owning a fund in every category. My portfolio is my business and what I do with my money is my business. Thanks for your opinion about emerging markets bond funds.