| ARROW FINANCIAL CORP |
| 6.83% | 6.35% | #2 | $76.2M | 1.9M | $63.1M | 1.9M | -18,876-1.00% | Reduce |
| BlackRock, Inc. |
| <0.01% | <0.01% | #64 | $57.4M | 1.4M | $42.0M | 1.3M | +148,528+11.87% | Add |
| DIMENSIONAL FUND ADVISORS LP |
| 0.01% | 0.01% | #37 | $29.7M | 725,492 | $24.5M | 730,471 | -4,979-0.68% | Reduce |
| Rhino Investment Partners, Inc |
| 7.89% | — | #1 | $26.1M | 847,563 | $0 | 0 | +847,563 | New Buy |
| VANGUARD CAPITAL MANAGEMENT LLC |
| <0.01% | <0.01% | #74 | $25.6M | 623,719 | $21.4M | 637,527 | -13,808-2.17% | Reduce |
| STATE STREET CORP |
| <0.01% | <0.01% | #73 | $20.1M | 490,098 | $11.4M | 338,155 | +151,943+44.93% | Add |
| AMERICAN CENTURY COMPANIES INC |
| 0.01% | 0.01% | #32 | $17.7M | 432,990 | $11.5M | 343,256 | +89,734+26.14% | Add |
| GEODE CAPITAL MANAGEMENT, LLC |
| <0.01% | <0.01% | #61 | $16.8M | 409,589 | $12.5M | 370,791 | +38,798+10.46% | Add |
| ACADIAN ASSET MANAGEMENT LLC |
| 0.02% | 0.01% | #20 | $14.1M | 345,161 | $8.5M | 252,552 | +92,609+36.67% | Add |
| MORGAN STANLEY |
| <0.01% | <0.01% | #78 | $9.2M | 224,482 | $5.6M | 199,396 | +25,086+12.58% | Add |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC |
| 0.02% | 0.02% | #18 | $7.8M | 189,939 | $6.3M | 186,239 | +3,700+1.99% | Add |
| RENAISSANCE TECHNOLOGIES LLC |
| 0.01% | 0.01% | #25 | $7.7M | 186,721 | $7.7M | 230,284 | -43,563-18.92% | Reduce |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP |
| <0.01% | <0.01% | #42 | $6.1M | 149,239 | $3.8M | 114,449 | +34,790+30.40% | Add |
| TWO SIGMA INVESTMENTS, LP |
| <0.01% | <0.01% | #39 | $5.9M | 144,861 | $2.9M | 86,517 | +58,344+67.44% | Add |
| NORTHERN TRUST CORP |
| <0.01% | <0.01% | #69 | $5.8M | 141,937 | $4.5M | 133,471 | +8,466+6.34% | Add |
| VANGUARD PORTFOLIO MANAGEMENT LLC |
| <0.01% | <0.01% | #92 | $5.6M | 136,862 | $4.1M | 121,575 | +15,287+12.57% | Add |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC |
| <0.01% | <0.01% | #67 | $5.2M | 125,799 | $4.1M | 122,261 | +3,538+2.89% | Add |
| Connor, Clark & Lunn Investment Management Ltd. |
| 0.01% | 0.01% | #28 | $5.0M | 121,870 | $3.5M | 103,260 | +18,610+18.02% | Add |
| Rockefeller Capital Management L.P. |
| 0.01% | 0.01% | #34 | $4.9M | 120,712 | $4.0M | 120,305 | +407+0.34% | Add |
| AQR CAPITAL MANAGEMENT LLC |
| <0.01% | <0.01% | #49 | $4.8M | 116,804 | $3.3M | 97,027 | +19,777+20.38% | Add |
| GOLDMAN SACHS GROUP INC |
| <0.01% | <0.01% | #85 | $4.1M | 99,248 | $3.2M | 95,413 | +3,835+4.02% | Add |
| VANGUARD FIDUCIARY TRUST CO |
| <0.01% | <0.01% | #63 | $3.9M | 96,076 | $3.1M | 91,916 | +4,160+4.53% | Add |
| Bank of New York Mellon Corp |
| <0.01% | <0.01% | #72 | $3.7M | 89,370 | $2.8M | 84,812 | +4,558+5.37% | Add |
| VOYA INVESTMENT MANAGEMENT LLC |
| <0.01% | <0.01% | #41 | $3.4M | 82,267 | $3.0M | 90,626 | -8,359-9.22% | Reduce |
| MARTINGALE ASSET MANAGEMENT L P |
| 0.07% | 0.06% | #9 | $3.1M | 75,510 | $2.4M | 72,308 | +3,202+4.43% | Add |
| FMR LLC |
| <0.01% | <0.01% | #110 | $2.7M | 65,192 | $608,700 | 18,132 | +47,060+259.54% | Add |
| SEGALL BRYANT & HAMILL, LLC |
| 0.03% | 0.03% | #12 | $2.7M | 64,794 | $2.3M | 69,103 | -4,309-6.24% | Reduce |
| JOHNSON INVESTMENT COUNSEL INC |
| 0.02% | 0.02% | #19 | $2.5M | 62,192 | $2.1M | 62,192 | 00.00% | Unchanged |
| CITADEL ADVISORS LLC |
| <0.01% | <0.01% | #89 | $2.4M | 59,188 | $639,072 | 19,037 | +40,151+210.91% | Add |
| PRICE T ROWE ASSOCIATES INC /MD/ |
| <0.01% | <0.01% | #96 | $2.3M | 55,668 | $1.6M | 47,986 | +7,682+16.01% | Add |
| TRUST CO OF VERMONT |
| 0.08% | — | #8 | $2.2M | 54,365 | $0 | 0 | +54,365 | New Buy |
| LOS ANGELES CAPITAL MANAGEMENT LLC |
| 0.01% | 0.01% | #31 | $2.2M | 52,908 | $1.4M | 41,078 | +11,830+28.80% | Add |
| Nuveen, LLC |
| <0.01% | <0.01% | #77 | $2.1M | 50,718 | $1.7M | 49,167 | +1,551+3.15% | Add |
| Quantinno Capital Management LP |
| <0.01% | <0.01% | #43 | $1.7M | 41,833 | $1.0M | 30,989 | +10,844+34.99% | Add |
| HighTower Advisors, LLC |
| <0.01% | <0.01% | #54 | $1.4M | 35,260 | $1.2M | 35,491 | -231-0.65% | Reduce |
| BANK OF AMERICA CORP /DE/ |
| <0.01% | <0.01% | #117 | $1.3M | 31,929 | $1.1M | 32,696 | -767-2.35% | Reduce |
| Integrated Quantitative Investments LLC |
| 0.21% | 0.15% | #7 | $1.3M | 31,124 | $804,774 | 23,973 | +7,151+29.83% | Add |
| LAZARD ASSET MANAGEMENT LLC |
| <0.01% | <0.01% | #48 | $1.2M | 30,157 | $994,612 | 29,628 | +529+1.79% | Add |
| AMERIPRISE FINANCIAL INC |
| <0.01% | <0.01% | #94 | $1.2M | 28,217 | $501,905 | 14,951 | +13,266+88.73% | Add |
| SummerHaven Investment Management, LLC |
| 0.61% | 0.57% | #4 | $1.1M | 27,574 | $925,659 | 27,574 | 00.00% | Unchanged |
| Forty-three Eighteen Advisors, LLC |
| 0.74% | — | #3 | $1.1M | 26,826 | $0 | 0 | +26,826 | New Buy |
| Gallagher Fiduciary Advisors, LLC |
| 0.03% | 0.01% | #14 | $1.0M | 25,106 | $862,570 | 25,695 | -589-2.29% | Reduce |
| Atria Investments, Inc |
| 0.01% | 0.01% | #27 | $1.0M | 24,999 | $859,761 | 25,611 | -612-2.39% | Reduce |
| CITIZENS FINANCIAL GROUP INC/RI |
| 0.01% | 0.01% | #24 | $1.0M | 24,471 | $372,963 | 11,110 | +13,361+120.26% | Add |
| Private Advisor Group, LLC |
| <0.01% | <0.01% | #38 | $999,993 | 24,396 | $818,974 | 24,396 | 00.00% | Unchanged |
| Creative Planning |
| <0.01% | <0.01% | #75 | $905,994 | 22,103 | $504,987 | 15,043 | +7,060+46.93% | Add |
| COMMONWEALTH EQUITY SERVICES, LLC |
| <0.01% | <0.01% | #58 | $857,690 | 20,924 | $755,090 | 22,493 | -1,569-6.98% | Reduce |
| RHUMBLINE ADVISERS |
| <0.01% | <0.01% | #70 | $854,797 | 20,853 | $708,687 | 21,110 | -257-1.22% | Reduce |
| US BANCORP \DE\ |
| <0.01% | <0.01% | #60 | $822,547 | 20,067 | $673,784 | 20,071 | -4-0.02% | Reduce |
| Legato Capital Management LLC |
| 0.07% | 0.11% | #10 | $818,816 | 19,976 | $628,632 | 18,726 | +1,250+6.68% | Add |
