Instuitional Investor - Arrow Financial Corp

Filing Period:
No. Security Ticker Shares Value % Port
1.
Vanguard S&P 500 Etf
211,261 $92,278,805 9.57%
2. IEF 513,637 $55,601,206 5.76%
3.
Spdr Series Trust
1,141,918 $53,247,637 5.52%
4. IEF 189,159 $52,425,417 5.43%
5. AROW 1,726,525 $48,239,109 5%