VANGUARD SPECIALIZED FUNDS

Ticker: VIG CUSIP: 921908844 Class: DIV APP ETF

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

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

Q2 2020
Shares 76,478 Value ($000) $8,962 Avg Close — Range —
Q1 2020
Shares 84,003 Value ($000) $8,685 Avg Close — Range —
Q4 2019
Shares 97,441 Value ($000) $12,147 Avg Close — Range —
Q4 2018
Shares 130,512 Value ($000) $12,784 Avg Close — Range —