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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 (2015Q1)
Portfolio Summary: 387 holdings with a total value of $371,711,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 ORACLE CORP 57,489 2,481,000 0.67%
52 STARBUCKS CORP 26,073 2,469,000 0.66%
53 BRISTOL MYERS SQUIBB CO 37,806 2,438,000 0.66%
54 AMERICAN EXPRESS CO 31,133 2,431,000 0.65%
55 CONOCOPHILLIPS 38,004 2,366,000 0.64%
56 MASCO CORP 85,306 2,278,000 0.61%
57 CERNER CORP 30,801 2,256,000 0.61%
58 3M CO 13,638 2,250,000 0.61%
59 INTERNATIONAL FLAVORS&FRAGRA 19,127 2,246,000 0.60%
60 DU PONT E I DE NEMOURS & CO 30,738 2,197,000 0.59%
61 DANAHER CORP DEL 25,441 2,160,000 0.58%
62 AT&T INC 64,420 2,104,000 0.57%
63 AmerisourceBergen Corp 17,995 2,045,000 0.55%
64 NEXTERA ENERGY INC 19,457 2,025,000 0.54%
65 WAL-MART STORES INC 23,668 1,947,000 0.52%
66 MARRIOTT INTL INC NEW 24,192 1,943,000 0.52%
67 TRAVELERS COMPANIES INC 17,582 1,901,000 0.51%
68 TJX COS INC NEW 27,137 1,901,000 0.51%
69 US BANCORP DEL 43,229 1,888,000 0.51%
70 CATERPILLAR INC 23,023 1,842,000 0.50%
71 V F CORP 24,440 1,841,000 0.50%
72 COCA COLA CO 45,274 1,836,000 0.49%
73 PRICELINE GRP INC 1,547 1,801,000 0.48%
74 BANK NEW YORK MELLON CORP 42,473 1,708,000 0.46%
75 MCDONALDS CORP 17,519 1,707,000 0.46%
76 PHILLIPS 66 21,653 1,702,000 0.46%
77 GENERAL MLS INC 29,829 1,688,000 0.45%
78 UNITEDHEALTH GROUP INC 14,059 1,663,000 0.45%
79 CUMMINS INC 11,897 1,649,000 0.44%
80 UNITED PARCEL SERVICE INC 16,402 1,590,000 0.43%
81 FEDEX CORP 9,570 1,584,000 0.43%
82 QUALCOMM INC 22,575 1,566,000 0.42%
83 SEMPRA ENERGY 13,612 1,484,000 0.40%
84 EOG RES INC 16,011 1,469,000 0.40%
85 BAKER HUGHES INC 22,312 1,419,000 0.38%
86 TWITTER INC 26,903 1,347,000 0.36%
87 PPG INDS INC 5,602 1,264,000 0.34%
88 FORD MTR CO DEL 78,007 1,260,000 0.34%
89 EBAY INC 21,496 1,241,000 0.33%
90 MYLAN N V 20,530 1,219,000 0.33%
91 HERSHEY CO 11,681 1,179,000 0.32%
92 STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 13,898 1,160,000 0.31%
93 HELMERICH & PAYNE INC 16,250 1,106,000 0.30%
94 MEDTRONIC PLC 14,115 1,101,000 0.30%
95 PRICE T ROWE GROUP INC 13,431 1,087,000 0.29%
96 AETNA INC NEW 10,149 1,082,000 0.29%
97 ISHARES TR 26,776 1,074,000 0.29%
98 EXPRESS SCRIPTS HLDG CO 11,762 1,020,000 0.27%
99 LOWES COS INC 13,404 997,000 0.27%
100 NATIONAL OILWELL VARCO INC 19,340 967,000 0.26%
Page 2 of 8

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0000717538-15-000045, filed 2015.04.30).

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.