0000910472-14-004400 Sample Contracts

CUSTODIAN AND TRANSFER AGENT AGREEMENT
Custodian and Transfer Agent Agreement • September 29th, 2014 • Arrow Investments Trust • New York

THIS AGREEMENT, dated as of October1, 2014, between Arrow Investments Trust (the Fund, including its separate series, the Portfolios), an open-end management investment company organized under the laws of the State of Delaware and registered with the Commission under the Investment Company Act of 1940 (the 1940 Act), and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York (BBH&Co. or, when referring to BBH&Co. in its capacity as custodian, the Custodian, and when referring to BBH&Co. in its capacity as transfer agent, TA).

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ARROW INVESTMENTS TRUST OPERATING EXPENSES LIMITATION AGREEMENT ARROW INVESTMENT ADVISORS, LLC
Arrow Investments Trust Operating Expenses Limitation Agreement • September 29th, 2014 • Arrow Investments Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 25TH day of September, 2014, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”), on behalf of the series listed on Appendix A hereto, (the “Funds”), each a series of the Trust, and the Advisor of the Fund, Arrow Investment Advisors, LLC (the “Advisor”).

ARROW INVESTMENTS TRUST INVESTMENT ADVISORY AGREEMENT APPENDIX A FUNDS OF THE TRUST
Investment Advisory Agreement • September 29th, 2014 • Arrow Investments Trust

IN WITNESS WHEREOF, the parties have caused this Appendix A to be signed by their respective officers thereunto duly authorized as of September 25, 2013.

FUND SERVICES AGREEMENT
Fund Services Agreement • September 29th, 2014 • Arrow Investments Trust • New York

THIS FUND SERVICES AGREEMENT (this “Agreement”) made as of the 29TH day of September, 2014, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust having its principal office and place of business at 6100 Chevy Chase Drive, Suite 100, Laurel, MD 20707 (the "Trust") and GEMINI FUND SERVICES, LLC, a Nebraska limited liability company having its principal office and place of business at 17605 Wright Street, Omaha, Nebraska 68130 (“GFS”). This Agreement replaces and supersedes all prior understandings and agreements between the parties hereto for the services described below.

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