Arrow Funds: Fund Performance

Fund Name	NAV	NAV Daily Change	% Daily Change⁽¹⁾	% YTD Return⁽²⁾	One Month	Three Months	One Year	Three Year	Five Year	Inception⁽³⁾	One Year Through 12/31/2011	Three Year Through 12/31/2011	Five Year Through 12/31/2011	Inception Through 12/31/2011⁽³⁾
Performance Through 2/3/2012											Average Annual Returns
Arrow DWA Balanced Fund Class A	$12.34	$0.06	0.49%	5.29%	4.58%	3.20%	1.01%	12.73%	2.96%	4.77%	-3.75%	9.45%	2.38%	3.86%
Arrow DWA Balanced Fund Class C	$12.11	$0.06	0.50%	5.21%	4.49%	3.06%	0.25%	11.88%	2.20%	3.99%	-4.40%	8.60%	1.61%	3.08%
Arrow Alternative Solutions Fund Class A	$8.34	$0.00	0.00%	1.09%	1.09%	1.57%	-0.69%	-0.08%	N/A	-2.94%	-0.84%	-1.05%	N/A	-3.25%
Arrow Alternative Solutions Fund Class C	$8.22	$0.01	0.12%	1.11%	1.11%	1.45%	-1.33%	-0.80%	N/A	-3.62%	-1.59%	-1.81%	N/A	-3.95%
Arrow DWA Tactical Fund Class A	$8.01	$0.04	0.50%	1.78%	1.78%	0.24%	-4.77%	11.54%	N/A	-3.92%	-6.95%	8.98%	N/A	-4.49%
Arrow DWA Tactical Fund Class C	$7.80	$0.03	0.39%	1.56%	1.69%	-0.01%	-5.54%	10.70%	N/A	-4.66%	-7.62%	8.17%	N/A	-5.19%
Arrow Managed Futures Trend Fund Class A	$9.35	($0.02)	-0.21%	-3.01%	-2.20%	-2.50%	-9.99%	N/A	N/A	-2.51%	-6.57%	N/A	N/A	-0.85%
Arrow Managed Futures Trend Fund Class C	$9.27	($0.03)	-0.32%	-3.13%	-2.22%	-2.73%	-10.69%	N/A	N/A	-3.21%	-7.27%	N/A	N/A	-1.52%
Arrow Commodity Strategy Fund Class A	$9.73	$0.06	0.62%	7.28%	4.40%	0.13%	-0.56%	N/A	N/A	1.76%	-4.99%	N/A	N/A	-4.99%
Arrow Commodity Strategy Fund Class C	$9.67	$0.05	0.52%	7.09%	4.32%	-0.18%	-1.35%	N/A	N/A	1.02%	-5.57%	N/A	N/A	-5.57%

(1)	Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2)	Performance for periods less than one year is not annualized.
(3)	The Inception date of the Arrow DWA Balanced Fund is 8/7/2006. The Inception date of the Arrow Alternative Solutions Fund is 10/31/2007. The inception date of the Arrow DWA Tactical Fund is 5/30/2008. The inception date of the Arrow Managed Futures Trend Fund is 4/30/2010. The inception date of the Arrow Commodity Strategy Fund is 12/31/2010.
	The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. A fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. To obtain performance information current to the most recent month-end, please call toll-free 1-877-277-6933. The maximum sales charge for A-Shares is 5.75% and may be eligible for a reduction in sales charges. The funds charges a fee of 1.00% on redemptions of shares held less than 30 days. The total fund expenses for the Arrow DWA Balanced Fund are 1.95% for A-Shares and 2.70% for C-Shares. The total fund expenses for the Arrow Alternative Solutions Fund are 1.77% for A-Shares and 2.52% for C-Shares. The total fund expenses for the Arrow DWA Tactical Fund are 2.12% for A-Shares and 2.87% for C-Shares. The total fund expenses for the Arrow Managed Futures Trend Fund are 1.57% for A-Shares and 2.32% for C-Shares. The total fund expenses for the Arrow Commodity Strategy Fund are 1.49% for A-Shares and 2.24% for C-Shares.