Performance Through 1/6/2009

Average Annual Returns

NAV

NAV Daily Change

% Daily Change (1)

% YTD Return

One Month

Three Months

One Year

Inception (2)

One Year Through 12/31/2008

Three Years Through 12/31/2008

Five Years Through 12/31/2008

Inception Through 12/31/2008(2)

Arrow DWA Balanced Fund - A Class

$9.14

$0.04

0.44%

0.66%

6.12%

-3.86%

N/A

N/A

-25.57%

N/A

N/A

-2.73%

Arrow DWA Balanced Fund - C Class

$9.08

$0.04

0.44%

0.55%

6.13%

-4.06%

N/A

N/A

-26.00%

N/A

N/A

-3.42%

Arrow Alternative Solutions Fund - A Class

$8.56

($0.01)

-0.12%

-2.17%

-2.44%

-7.09%

N/A

N/A

-12.10%

N/A

N/A

-8.68%

Arrow Alternative Solutions Fund - C Class

$8.55

($0.01)

-0.12%

-2.17%

-2.52%

-7.29%

N/A

N/A

-12.75%

N/A

N/A

-9.23%

Arrow DWA Tactical Fund - A Class

$6.58

$0.03

0.46%

0.92%

6.12%

-6.75%

N/A

N/A

N/A

N/A

N/A

-34.49%

Arrow DWA Tactical Fund - C Class

$6.56

$0.02

0.31%

0.77%

6.04%

-7.01%

N/A

N/A

N/A

N/A

N/A

-34.76%