ISHARES TR

Ticker: IEI CUSIP: 464288661 Class: Fixed Income ETF

Arrow Investment Advisors, LLC's Holding History (CIK: 0001378410)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 181,306 Value ($000) $22,836 Avg Close — Range —

Q3 2015

Shares 159,163 Value ($000) $19,840 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	181,306	$22,836	—	—
Q3 2015	159,163	$19,840	—	—