Instuitional Investor - Arrow Financial Corp

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard S&P 500 Etf		216,555	$116,679,844	11.07%
2.	Invesco Qqq Trust Series 1		156,458	$79,986,023	7.59%
3.	Arrow Financial Corp	AROW	1,899,569	$54,536,627	5.17%
4.	Ishares Trust	IEF	866,369	$53,983,390	5.12%
5.	Ishares Trust	IEF	384,741	$44,329,627	4.2%