Community Financial System Inc. (CBU)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Blackrock, Inc.	7,541,520	$433,184,919	0.01%
2.	Vanguard Group Inc	6,275,222	$360,448,751	0.01%
3.	Neuberger Berman Group Llc	3,812,445	$218,986,831	0.16%
4.	State Street Corp	3,127,250	$181,121,360	0.01%
5.	Morgan Stanley	2,005,436	$115,192,398	0.01%