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Effective after the close of business on February 29, 2012, all Arrow Funds’ CUSIPS will change.

All Arrow Funds transactions with a trade date of March 1, 2012 and thereafter should use the new CUSIPs. Note: Only the CUSIP numbers are changing, but all ticker symbols will remain the same.

Arrow Funds will be changing Trusts from the Northern Lights Fund Trust (“NLFT”) to the Arrow Investments Trust (“AIT”). Therefore, the CUSIP numbers need to be revised accordingly to reflect the correct Trust affiliation.

The new CUSIP information for each fund and share class is listed in the table below:

Fund Name Share Class Ticker NEW CUSIP
Arrow Alternative Solutions Fund A-Shares ASFFX 042765107
C-Shares ASFTX 042765206
Arrow Commodity Strategy Fund A-Shares CSFFX 042765842
C-Shares CSFTX 042765834
Arrow DWA Balanced Fund A-Shares DWAFX 042765404
C-Shares DWATX 042765503
Arrow DWA Tactical Fund A-Shares DWTFX 042765701
C-Shares DWTTX 042765800
Arrow Managed Futures Trend Fund A-Shares MFTFX 042765875
C-Shares MFTTX 042765867

This information has been relayed by our fund services team to the appropriate operational groups throughout the industry.

If you have any questions, please feel free to give us a call at (887) 277-6933, Opt. 1.


Arrow Funds

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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 Archer Distributors, LLC (member FINRA).

Arrow Funds may not be suitable for all investors. The funds' use of short selling involves increased risks and additional costs. The funds may invest in commodity- and currency-related securities, which may be subject to greater volatility than investments in traditional securities. The funds may invest in fixed income securities, which are subject to risks including interest rate, credit, inflation and counterparty risks. The use of derivatives such as futures, options and swap agreements may expose the funds to additional risks that it would not be subject to if it invested directly in the underlying securities. The funds may invest in international and emerging market securities which may be subject to special risks including currency fluctuation, government regulation, differences in accounting standards and liquidity. Investing in leveraged instruments will magnify any gains or losses on those instruments. The funds' potential use of short selling involves increased risks and additional costs. The funds may not replicate the exact performance of their benchmarks because of fees, expenses, transaction costs and portfolio tracking error of the underlying investments. The maximum sales charge for Class A is 5.75% and 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