Share Class Ticker Class A Shares DWAFX Advisor Class DWATXSource: Morningstar - 3 months ended January 31, 2007 About Arrow Arrow Investment Advisors, LLC, the advisor to Arrow Funds, is an investment management firm dedicated to providing education, research and product solutions to the financial intermediary community. Arrow Funds identifies and develops investment products that seek to enhance returns and mitigate risk. The firm is committed to delivering superior performance while providing the highest level of customer service. To learn more about Arrow Funds, please visit www.arrowfunds.com. About Dorsey Wright & Associates DWA is an independent and privately owned registered investment advisory firm whose business includes two areas: professional management and investment research services for numerous broker-dealers and large institutions around the world. The corner stone of their investment strategy is technical analysis. The firm has provided technical research for over 20 years. To learn more about DWA please visit www.dorseywright.com. An investor should consider the Fund's investment objective, risks, charges, and expenses carefully before investing. This and other information about Arrow Funds is contained in the fund's prospectus, which can be obtained by calling 1-877-ARROW-FD (877-277-6933). Please read the prospectus carefully before investing. Distributed by Aquarius Fund Distributors, LLC. The Fund may invest in international and emerging market securities which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity.The Fund may invest in small-cap securities which may have special risks associated including wider variations in earnings and business prospects than larger, more established companies.The Fund may invest in the shares of other mutual and exchange traded funds.These underlying funds may be subject to their own operating fees and expenses.The Fund may invest in fixed income securities which are subject to risks including interest rate, credit and inflation risk. 0187-AFD-2/20/2007
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