Arrow Investment Advisers, LLC, and Arrow Funds Trust; Notice of Application

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Summary of Application: Applicants request an order that would permit (a) certain open-end management investment companies and their series to issue shares ("Shares") redeemable in large aggregations ("Creation Unit Aggregations") only; (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Unit Aggregations; and (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares. Applicants: Arrow Investment Advisers, LLC ("Adviser") and Arrow Funds Trust ("Trust").