Instuitional Investor - Arrow Financial Corp

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard S&P 500 Etf		199,441	$136,978,108	12.27%
2.	Invesco Qqq Trust Series 1		143,023	$105,322,846	9.43%
3.	Arrow Financial Corp	AROW	1,859,963	$76,239,883	6.83%
4.	Ishares Trust	IEF	905,594	$69,830,347	6.25%
5.	Ishares Trust	IEF	361,187	$53,567,491	4.8%