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Institutional Investment Manager
ARROW FINANCIAL CORP
ARROW FINANCIAL CORP (CIK: 0000717538) incorporated in New York, registered under National Commercial Banks, located at 250 Glen St, Glens Falls, NY. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q2)
Portfolio Summary: 349 holdings with a total value of $369,955,000.
#
Name
Shares
Value ($)
%
Options
Notes
251 SPDR SERIES TRUST 420 27,000 0.01%
252 POWERSHARES ETF WILDER HILL CLEAN ENERGY PORTFOLIO 3,950 27,000 0.01%
253 ADOBE INC 350 26,000 0.01%
254 BUFFALO WILD WINGS INC 150 25,000 0.01%
255 ISHARES TR 735 25,000 0.01%
256 Market Vectors Biotech 250 24,000 0.01%
257 FORTUNE BRANDS HOME & SEC IN 600 24,000 0.01%
258 EQT CORP 226 24,000 0.01%
259 OCEANEERING INTL INC 300 23,000 0.01%
260 TRANSOCEAN LTD 500 23,000 0.01%
261 NBT BANCORP INC COM 965 23,000 0.01%
262 WindStream Corp (win) 2,326 23,000 0.01%
263 ALLIANZGI DIVIDEND INT PRM 1,128 21,000 0.01%
264 Walgreens 280 21,000 0.01%
265 BLACKSTONE GROUP L P 600 20,000 0.01%
266 3-D SYS CORP DEL 325 19,000 0.01%
267 HESS CORP 195 19,000 0.01%
268 HATTERAS FINL CORP 950 19,000 0.01%
269 NUVEEN QUALITY MUNCP INCOME 1,167 17,000 0.00%
270 DEVON ENERGY CORP NEW 200 16,000 0.00%
271 CAPITAL ONE FINL CORP 190 16,000 0.00%
272 PUBLIC SVC ENTERPRISE GRP IN 400 16,000 0.00%
273 ROYAL DUTCH SHELL PLC 191 16,000 0.00%
274 ALLSCRIPTS HEALTHCARE SOLUTN 1,000 16,000 0.00%
275 TIME WARNER INC NEW 100 15,000 0.00%
276 MONSANTO CO NEW 115 14,000 0.00%
277 HOSPIRA INC. 260 13,000 0.00%
278 ANNALY CAP MGMT INC 1,024 12,000 0.00%
279 ENTERPRISE PRODS PARTNERS L 150 12,000 0.00%
280 INGERSOLL-RAND PLC 195 12,000 0.00%
281 CHEMUNG FINL CORP COM 400 12,000 0.00%
282 RETAIL OPPORTUNITY INVTS COR 700 11,000 0.00%
283 NOW INC 308 11,000 0.00%
284 STAPLES INC 1,000 11,000 0.00%
285 AMERIPRISE FINL INC 80 10,000 0.00%
286 GLAXOSMITHKLINE PLC 200 10,000 0.00%
287 EDISON INTL 150 9,000 0.00%
288 PALL CORP 100 9,000 0.00%
289 UNITED THERAPEUTICS CORP DEL 100 9,000 0.00%
290 GENUINE PARTS CO 100 9,000 0.00%
291 NORTHROP GRUMMAN CORP 75 9,000 0.00%
292 NORTHEASTUTILITI 200 9,000 0.00%
293 SUNCOR ENERGY INC NEW 200 9,000 0.00%
294 Adt Corp 250 9,000 0.00%
295 CIENA CORP 425 9,000 0.00%
296 RAYTHEON CO 90 8,000 0.00%
297 Spectra Energy Corp Com 180 8,000 0.00%
298 OLIN CORP 300 8,000 0.00%
299 MARATHON PETE CORP 100 8,000 0.00%
300 NORTHERN TRUST 125 8,000 0.00%
Page 6 of 7

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0000717538-14-000081, filed 2014.07.30).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.