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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 (2016Q1)
Portfolio Summary: 352 holdings with a total value of $376,863,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 NIKE INC 11,605 714,000 0.19%
102 WHITEWAVE FOODS CO 17,562 713,000 0.19%
103 CORNING INC 33,972 710,000 0.19%
104 SELECT SECTOR SPDR TR 10,398 705,000 0.19%
105 AETNA INC NEW 5,960 670,000 0.18%
106 ABBVIE INC 11,681 667,000 0.18%
107 DOLLAR TREE INC 8,030 662,000 0.18%
108 PRICE T ROWE GROUP INC 8,902 653,000 0.17%
109 PUBLIC STORAGE 2,215 611,000 0.16%
110 STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 7,304 609,000 0.16%
111 ALTRIA GROUP INC 9,699 607,000 0.16%
112 MEDTRONIC PLC 7,876 591,000 0.16%
113 ISHARES TR 6,854 583,000 0.15%
114 EQUITY RESIDENTIAL 7,605 571,000 0.15%
115 DU PONT E I DE NEMOURS & CO 8,274 524,000 0.14%
116 SKECHERS U S A INC 17,000 518,000 0.14%
117 SELECT SECTOR SPDR TR 9,074 503,000 0.13%
118 SPDR S&P MIDCAP 400 ETF TR 1,830 481,000 0.13%
119 ABBOTT LABS 11,401 477,000 0.13%
120 EMERSON ELEC CO 8,618 469,000 0.12%
121 DOW CHEM CO 9,070 461,000 0.12%
122 DOMINION ENERGY INC 5,891 443,000 0.12%
123 TORONTO DOMINION BK ONT 10,176 439,000 0.12%
124 CISCO SYS INC 15,178 432,000 0.11%
125 LILLY ELI & CO 5,827 419,000 0.11%
126 CATERPILLAR INC 5,408 414,000 0.11%
127 TIME WARNER INC 5,686 412,000 0.11%
128 SELECT SECTOR SPDR TR 7,369 391,000 0.10%
129 DANAHER CORP DEL 4,085 388,000 0.10%
130 ISHARES TR 3,431 386,000 0.10%
131 ACCENTURE PLC IRELAND 3,173 367,000 0.10%
132 SPDR SERIES TRUST 3,766 367,000 0.10%
133 PAYCHEX INC 6,735 364,000 0.10%
134 PRUDENTIAL FINL INC 4,869 351,000 0.09%
135 SELECT SECTOR SPDR TR 5,536 343,000 0.09%
136 EXPRESS SCRIPTS HLDG CO 4,982 342,000 0.09%
137 SEMPRA ENERGY 3,170 330,000 0.09%
138 ISHARES TR 5,692 325,000 0.09%
139 ISHARES TR 1,995 325,000 0.09%
140 ISHARES TR 1,530 317,000 0.08%
141 SIMON PPTY GROUP INC NEW 1,455 301,000 0.08%
142 HERSHEY CO 3,253 300,000 0.08%
143 FISERV INC 2,810 288,000 0.08%
144 KRAFT HEINZ CO 3,336 263,000 0.07%
145 ZIMMER BIOMET HLDGS INC 2,425 259,000 0.07%
146 V F CORP 3,882 251,000 0.07%
147 COMMUNITY BK SYS INC COM 6,484 248,000 0.07%
148 BOEING CO 1,825 231,000 0.06%
149 GENERAL DYNAMICS CORP 1,733 227,000 0.06%
150 PRAXAIR INC 1,987 227,000 0.06%
Page 3 of 8

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0000717538-16-000246, filed 2016.05.04).

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.