Arrow Financial Corp (AROW)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Arrow Financial Corp	1,726,525	$48,239,109	5%
2.	Blackrock Inc.	1,254,712	$35,056,653	0%
3.	Vanguard Group Inc	784,638	$21,922,785	0%
4.	Dimensional Fund Advisors Lp	633,877	$17,711,043	0%
5.	State Street Corp	374,346	$10,459,227	0%