| Arrow Financial Corp | 1,871,735 | $58,772 |
| BlackRock, Inc. | 1,251,086 | $39,284 |
| VANGUARD GROUP INC | 876,807 | $27,532 |
| Rhino Investment Partners, Inc | 789,305 | $20,332 |
| DIMENSIONAL FUND ADVISORS LP | 728,534 | $22,876 |
| STATE STREET CORP | 369,085 | $11,589 |
| GEODE CAPITAL MANAGEMENT, LLC | 363,724 | $11,423 |
| AMERICAN CENTURY COMPANIES INC | 322,964 | $10,141 |
| RENAISSANCE TECHNOLOGIES LLC | 252,205 | $7,919 |
| MORGAN STANLEY | 187,897 | $5,900 |
| ACADIAN ASSET MANAGEMENT LLC | 143,019 | $4 |
| NORTHERN TRUST CORP | 128,012 | $4,020 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 127,525 | $4,004 |
| Rockefeller Capital Management L.P. | 119,842 | $3,763 |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 116,889 | $3,670 |
| Voya Investment Management LLC | 101,905 | $3,200 |
| Bank of New York Mellon Corp | 86,676 | $2,722 |
| TWO SIGMA INVESTMENTS, LP | 80,374 | $2,524 |
| Connor, Clark & Lunn Investment Management Ltd. | 74,328 | $2,334 |
| SEGALL BRYANT & HAMILL, LLC | 69,263 | $2,175 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 66,697 | $2,094 |
| GOLDMAN SACHS GROUP INC | 64,079 | $2,012 |
| JOHNSON INVESTMENT COUNSEL INC | 61,882 | $1,943 |
| TRUST CO OF VERMONT | 56,365 | $1,770 |
| TWO SIGMA ADVISERS, LP | 50,419 | $1,583 |
| MARSHALL WACE, LLP | 50,387 | $1,582 |
| MARTINGALE ASSET MANAGEMENT L P | 48,909 | $1,536 |
| Nuveen, LLC | 48,699 | $1,529 |
| AQR CAPITAL MANAGEMENT LLC | 45,987 | $1,444 |
| JANE STREET GROUP, LLC | 42,543 | $1,336 |
| PRICE T ROWE ASSOCIATES INC /MD/ | 39,598 | $1 |
| MILLENNIUM MANAGEMENT LLC | 31,001 | $973 |
| SummerHaven Investment Management, LLC | 30,767 | $966 |
| Gallagher Fiduciary Advisors, LLC | 28,420 | $892 |
| Atria Investments, Inc | 28,337 | $890 |
| BANK OF AMERICA CORP /DE/ | 28,055 | $881 |
| CITADEL ADVISORS LLC | 27,603 | $867 |
| Quantinno Capital Management LP | 26,479 | $831 |
| BARCLAYS PLC | 25,339 | $796 |
| Private Advisor Group, LLC | 24,396 | $766 |
| Invesco Ltd. | 23,964 | $752 |
| COMMONWEALTH EQUITY SERVICES, LLC | 22,858 | $718 |
| RHUMBLINE ADVISERS | 22,131 | $695 |
| WELLS FARGO & COMPANY/MN | 20,867 | $655 |
| US BANCORP \DE\ | 20,447 | $642 |
| Integrated Quantitative Investments LLC | 20,329 | $638 |
| HighTower Advisors, LLC | 20,131 | $632 |
| LPL Financial LLC | 19,523 | $613 |
| LOS ANGELES CAPITAL MANAGEMENT LLC | 18,800 | $510 |
| Midwest Trust Co | 16,854 | $529 |
| AMERIPRISE FINANCIAL INC | 15,690 | $493 |
| ALLIANCEBERNSTEIN L.P. | 15,638 | $491 |
| STATE OF WISCONSIN INVESTMENT BOARD | 15,499 | $487 |
| Legato Capital Management LLC | 15,082 | $474 |
| EDMP, INC. | 14,237 | $447 |
| JPMORGAN CHASE & CO | 13,954 | $438 |
| CITIZENS FINANCIAL GROUP INC/RI | 11,110 | $349 |
| Washington Trust Advisors, Inc. | 11,110 | $349 |
| Angel Oak Capital Advisors, LLC | 11,000 | $345 |
| PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC | 11,000 | $345 |
| Waldron Private Wealth LLC | 10,955 | $344 |
| FRANKLIN RESOURCES INC | 10,764 | $338 |
| Brandywine Global Investment Management, LLC | 10,100 | $317 |
| MetLife Investment Management, LLC | 9,861 | $310 |
| Trexquant Investment LP | 9,563 | $300 |
| PharVision Advisers, LLC | 9,559 | $300 |
| IEQ CAPITAL, LLC | 9,358 | $294 |
| Janney Montgomery Scott LLC | 9,198 | $0 |
| OCCUDO QUANTITATIVE STRATEGIES LP | 9,129 | $287 |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | 8,347 | $262 |
| RAYMOND JAMES FINANCIAL INC | 8,043 | $253 |
| IFG Advisory, LLC | 7,937 | $249 |
| XTX Topco Ltd | 7,642 | $240 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 7,596 | $239 |
| INTECH INVESTMENT MANAGEMENT LLC | 7,196 | $226 |
| Mariner, LLC | 7,021 | $221 |
| DEUTSCHE BANK AG\ | 6,835 | $215 |
| NEW YORK STATE COMMON RETIREMENT FUND | 6,651 | $209 |
| FIRST TRUST ADVISORS LP | 6,511 | $204 |
| NBT BANK N A /NY | 6,315 | $198 |
| ROYAL BANK OF CANADA | 6,003 | $188 |
| FMR LLC | 5,355 | $168 |
| BNP PARIBAS ARBITRAGE, SA | 5,259 | $165 |
| UBS Group AG | 5,098 | $160 |
| Plante Moran Financial Advisors, LLC | 4,905 | $154 |
| Police & Firemen's Retirement System of New Jersey | 4,600 | $144 |
| SG Americas Securities, LLC | 4,521 | $0 |
| Pinnacle Wealth Planning Services, Inc. | 4,045 | $127 |
| CANADA PENSION PLAN INVESTMENT BOARD | 3,200 | $100 |
| CWM, LLC | 2,561 | $0 |
| OSAIC HOLDINGS, INC. | 2,521 | $79 |
| CITIGROUP INC | 2,489 | $78 |
| ADIRONDACK TRUST CO | 2,456 | $77 |
| LSV ASSET MANAGEMENT | 2,400 | $0 |
| GREAT WEST LIFE ASSURANCE CO /CAN/ | 1,557 | $0 |
| Russell Investments Group, Ltd. | 1,523 | $48 |
| Legal & General Group Plc | 1,500 | $47 |
| Clean Yield Group | 1,458 | $46 |
| Ameritas Investment Partners, Inc. | 1,323 | $42 |
| BROWN, LISLE/CUMMINGS, INC. | 1,310 | $41 |
| 34 other institutions | 9,941 | $275 |