Educational Material

	The Arrow Quarterly Bullseye - Quarterly newsletter providing manager commentary, fund holdings and performance statistics for the Arrow Funds.
	Endowment Allocation - This educational piece discusses the asset allocation strategy of sophisticated endowment funds like Harvard and Yale.
	Investor Behavior - Shows how asset allocation strategies can be used to help limit losses caused by fear-based selling.
	Alternative Assets - Discusses why integrating alternatives into a traditional portfolio should help reduce portfolio volatility and improve the odds of preserving capital over the long term.
	Absolute Returns - Illustrates how employing absolute return strategies may provide investors with an inflationary hedge and reduce or avoid the negative compounding effect.
	Tactical Beta - Discusses the potential benefits of tactical investment strategies by increasing and reducing exposure to various asset classes at different times in an attempt to enhance potential returns and reduce the impact of short-term fluctuations.
	Panic P/Es - Looks at P/E ratios of stocks during market panic periods as a possible of analyzing historical market turning points. By studying history, perhaps we can learn how the market adjust prices during times of crisis and prepares for potential rebounds.
	Betas On The Cusp - Studies the increasing beta of various asset classes relative to the stock market on the cusp of a credit crisis. And considers taking a Minsky Approach to Modern Portfolio Theory through the use of alternative investments.
	Three Legged Stool - This Dorsey Wright Insights illustrates a portfolio management strategy known as The Three Legged Stool which combines a core portfolio of tactical and alternative mutual funds with three active management strategies.
	Risk Management - This piece explains Standard Deviation, a commonly used statisitcal measurement for risk. It also provides some perspective on the historical price movements of stocks and bonds relative to investors' risk tolerance.
	Relative Strength - An introduction to Relative Strength investing which includes information about the basic premise supporting the theroy, as well as the actual practice of portfolio construction.
	Managed Futures - An introduction to Managed Futures, including a history of the global futures markets and the potential diversification benefits of adding managed futures strategies to a portfolio of traditional assets.
	Correlation - This piece explains Correlation and why it is such an important element for diversification. It also provides some perspective on historical correaltions, specifically the difference between long-term and short-term averages.
	Arrow Insights: Market Turns - A historical look at how markets have acted during dramatic market upturns and downturns, and the resulting performance in the years that followed.
	Investing Strategies Report on Tactical Asset Allocation - Joseph Barrato discusses the periodic challenges of managing equity and bond portfolios in different market environments, the need for investors to have exposure to tactical asset allocation strategies, and the Arrow DWA Balanced Fund's technically based investment discipline and the backtest of the strategy.
	Investing Strategies Report on Absolute Return Strategies - Bill Flaig discusses the benefits of hedge fund strategies within a mutual fund structure, the need for investors to have exposure to absolute return strategies, the Arrow Alternative Solution Fund's targeted risk objective and the backtest of the strategy.