Arrow Financial Corp (AROW)

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Institutional Investors' Holdings

Filing Period: Filing is Ongoing

No.	Name	Shares	Value	% Port
1.	Arrow Financial Corp	1,887,250	$49,615,802	5.55%
2.	Blackrock, Inc.	1,341,548	$35,269,291	0%
3.	Vanguard Group Inc	833,728	$21,918,709	0%
4.	Schwab Charles Investment Management Inc	124,279	$3,267,295	0%
5.	Bank Of New York Mellon Corp	86,137	$2,264,545	0%