Fidelity Bond Filed Pursuant to Rule 17g-1(g)(1) of the Investment Company Act of 1940 (40-17g)

Resolutions from Board Meeting held on December 7, 2012

WHEREAS , the Trustees of Arrow Investments Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, have reviewed the form of and coverage of Federal Insurance Company Policy No. ZBN-14P2071A-12-N2 (the "Fidelity Bond"), effective March 1, 2013, the type and amount of securities held by Arrow Alternative Solutions Fund, Arrow DWA Balanced Fund, Arrow DWA Tactical Fund, Arrow Managed Futures Strategy Fund and Arrow Commodity Strategy Fund (each, a “Fund” and collectively, the “Funds”); and

WHEREAS , the custody and safekeeping of each Fund's securities are exclusively the obligation of Union Bank, N.A. as Custodian for the Arrow Investments Trust; and

WHEREAS , no employee of Arrow Investments Trust or employee of the investment adviser has access to the Funds’ portfolio securities.

WHEREAS , the amount of the coverage under such Fidelity Bond satisfies the amount required by Rule 17g-1(d)(1) promulgated under the Investment Company Act of 1940, as amended.

IT IS THEREFORE RESOLVED , that the amount, type, form and coverage of the Fidelity Bond as described above are reasonable and the Fidelity Bond is authorized and approved; and

FURTHER RESOLVED , that any officer of Arrow Investments Trust is designated as the person who shall make the filings and give the notices required by Paragraph (h) of Rule 17g-1.