Arrow Financial Corp (AROW)

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Institutional Investors' Holdings

Filing Period:

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.	Dimensional Fund Advisors Lp	743,370	$19,543,333	0%
5.	State Street Corp	384,672	$10,113,027	0%