VANGUARD BD INDEX FDS

Ticker: BSV CUSIP: 921937827 Class: SHORT TRM BOND

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

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

Q1 2017
Shares 153,273 Value ($000) $12,219 Avg Close — Range —
Q4 2016
Shares 257,296 Value ($000) $20,442 Avg Close — Range —
Q3 2016
Shares 285,995 Value ($000) $23,117 Avg Close — Range —
Q2 2016
Shares 325,491 Value ($000) $26,384 Avg Close — Range —
Q1 2016
Shares 391,356 Value ($000) $31,555 Avg Close — Range —
Q4 2015
Shares 335,264 Value ($000) $26,677 Avg Close — Range —
Q3 2015
Shares 361,903 Value ($000) $29,093 Avg Close — Range —
Q2 2015
Shares 377,286 Value ($000) $30,255 Avg Close — Range —
Q1 2015
Shares 403,596 Value ($000) $32,498 Avg Close — Range —
Q4 2014
Shares 429,097 Value ($000) $34,306 Avg Close — Range —
Q3 2014
Shares 445,884 Value ($000) $35,702 Avg Close — Range —
Q2 2014
Shares 465,984 Value ($000) $37,437 Avg Close — Range —
Q1 2014
Shares 468,984 Value ($000) $37,566 Avg Close — Range —
Q4 2013
Shares 480,134 Value ($000) $38,377 Avg Close — Range —
Q3 2013
Shares 452,484 Value ($000) $36,366 Avg Close — Range —
Q2 2013
Shares 441,784 Value ($000) $35,374 Avg Close — Range —