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Arrow Funds in the News       June 23, 2008  The Wall Street Transcript: Arrow Funds & Alternative Investment Solutions       June 2, 2008  Arrow Funds Launches DWA Tactical Fund; Firm Reaches $350 Million AUM         Mar 7, 2008  Brave New World of Alternative Investing        Mar 7, 2008  Academic White Paper on Portfolio Creation Using Alternative Asset Allocations        Nov 19, 2007  The Wall Street Transcript: Investing Strategies Report on Absolute Return Strategies      Oct 31, 2007  Arrow Launches New Alternative Core Product    Sept 11, 2007  Arrow DWA Balanced Fund (DWAFX) Hits $100 Million in Assets    April 23, 2007  Former Rydex Team Carves Out New Niche      Feb 21 2007 Fund of ETFs Leads the Way for Moderate Allocation Mutual Fund Performance     Nov 14 2006 Arrow Fund's Executive Interviewed by The Wall Street Transcript     Oct 18 2006 New Fund of ETFS Garners $25 Million Since Its August Launch     Jul 25 2006 Dorsey Wright & Associates (DWA) Partners With Arrow Funds       Printer Friendly Format    Send to a Friend   1005-AFD-10/9/2007

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Before investing, please read the Fund's prospectus and shareholder reports to learn about its investment strategy and potential risks. Mutual Fund investing involves risk including loss of principal.  An investor should also consider the Fund's investment objective, charges, expenses, and risk carefully before investing. This and other information about the Fund is contained in the fund's prospectus, which can be obtained by calling 1-877-277-6933. Please read the prospectus carefully before investing. Distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.

Arrow Funds may invest in commodity related securities, which may be subject to greater volatility than investments in traditional securities. The Funds 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 Funds 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 Funds may invest in real estate related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The Funds may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation. The Arrow DWA Funds are nondiversified as there are a limited number of underlying funds available and each holding has the potential for a greater impact on the Fund's return. However, the underlying funds have access to a large number of different investments providing the additional diversification benefits discussed in the website. Diversification does not assure a profit or protect against loss in a declining market. The maximum sales charge for A-shares is 5.75%. A-share investors 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.  1149-NLD-11/6/2008