Instuitional Investor - Arrow Financial Corp

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard S&P 500 Etf		202,122	$120,778,425	12.15%
2.	Invesco Qqq Trust Series 1		139,402	$80,460,047	8.09%
3.	Arrow Financial Corp	AROW	1,878,839	$63,072,625	6.35%
4.	Ishares Trust	IEF	924,486	$62,430,484	6.28%
5.	Ishares Trust	IEF	385,520	$47,923,792	4.82%