Performance Through 7/2/2009

Average Annual Returns

NAV

NAV Daily Change

% Daily Change (1)

% YTD Return

One Month

Three Months

One Year

Inception (2)

One Year Through 6/30/2009

Three Years Through 6/30/2009

Five Years Through 6/30/2009

Inception Through 6/30/2009(2)

Arrow DWA Balanced Fund - A Class

$9.32

($0.15)

-1.58%

2.64%

-2.41%

5.31%

-22.46%

-1.38%

-22.36%

N/A

N/A

-1.05%

Arrow DWA Balanced Fund - C Class

$9.23

($0.14)

-1.49%

2.21%

-2.43%

5.25%

-22.98%

-2.10%

-22.87%

N/A

N/A

-1.78%

Arrow Alternative Solutions Fund - A Class

$8.54

($0.15)

-1.73%

-1.49%

-1.04%

-0.58%

-15.96%

-6.99%

-15.17%

N/A

N/A

-6.75%

Arrow Alternative Solutions Fund - C Class

$8.48

($0.17)

-1.97%

-1.82%

-1.03%

-0.68%

-16.54%

-7.56%

-15.76%

N/A

N/A

-7.34%

Arrow DWA Tactical Fund - A Class

$6.56

($0.14)

-2.09%

0.61%

-3.39%

6.67%

-32.33%

-31.70%

-32.27%

N/A

N/A

-30.88%

Arrow DWA Tactical Fund - C Class

$6.52

($0.14)

-2.10%

0.15%

-3.41%

6.54%

-32.91%

-32.24%

-32.85%

N/A

N/A

-31.42%