Instuitional Investor - Arrow Financial Corp

13F Holdings

Filing Period:

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