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Institutional Investment Manager
Bell Bank
Bell Bank (CIK: 0001002672) incorporated in North Dakota, located at 520 Main Avenue, Fargo, ND. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q3)
Portfolio Summary: 140 holdings with a total value of $125,996,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 SCANA 18,189 1,023,000 0.81%
102 EMERSON ELEC CO 23,235 1,026,000 0.81%
103 DOW CHEM CO 24,265 1,029,000 0.82%
104 LILLY ELI & CO 12,342 1,033,000 0.82%
105 XCEL ENERGY INC 30,640 1,085,000 0.86%
106 HAWAIIAN ELEC INDUSTRIES COM 38,123 1,094,000 0.87%
107 GLOBAL X FDS 56,580 1,112,000 0.88%
108 REYNOLDS AMERICAN INC 25,372 1,123,000 0.89%
109 TOTAL S A 25,191 1,126,000 0.89%
110 AFLAC INC 19,396 1,127,000 0.89%
111 CONOCOPHILLIPS 23,752 1,139,000 0.90%
112 REALTY INCOME CORP 24,474 1,160,000 0.92%
113 SOUTHERN CO 26,216 1,172,000 0.93%
114 LIFE STORAGE 12,600 1,188,000 0.94%
115 MERCK & CO INC 24,680 1,219,000 0.97%
116 GLAXOSMITHKLINE PLC 31,785 1,222,000 0.97%
117 PEOPLES UNITED FINANCIAL INC 78,154 1,229,000 0.98%
118 PROCTER AND GAMBLE CO 17,371 1,250,000 0.99%
119 TECO ENERGY INC COM 47,651 1,251,000 0.99%
120 VERIZON COMMUNICATIONS INC 28,812 1,254,000 1.00%
121 SUN LIFE FINL INC 39,729 1,282,000 1.02%
122 DU PONT E I DE NEMOURS & CO 27,652 1,333,000 1.06%
123 UNITED PARCEL SERVICE INC 13,773 1,359,000 1.08%
124 JOHNSON & JOHNSON 16,099 1,503,000 1.19%
125 PUBLIC STORAGE 7,400 1,566,000 1.24%
126 3M CO 12,255 1,737,000 1.38%
127 BRISTOL MYERS SQUIBB CO 33,800 2,001,000 1.59%
128 VANGUARD SCOTTSDALE FDS 23,550 2,012,000 1.60%
129 ISHARES TR 16,300 2,032,000 1.61%
130 INTEL CORP 68,406 2,062,000 1.64%
131 EXTRA SPACE STORAGE INC 30,382 2,344,000 1.86%
132 WISDOMTREE TR 44,933 2,456,000 1.95%
133 BCE INC 61,477 2,518,000 2.00%
134 AT&T INC 77,627 2,529,000 2.01%
135 WASTE MGMT INC DEL 53,468 2,663,000 2.11%
136 GENERAL ELECTRIC CO 107,079 2,701,000 2.14%
137 SPDR S&P 500 ETF TR 14,680 2,813,000 2.23%
138 ALPS ETF TR 235,517 2,939,000 2.33%
139 MCDONALDS CORP 30,383 2,994,000 2.38%
140 ISHARES TR 28,235 3,094,000 2.46%
Page 3 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001062993-15-005944, filed 2015.11.12).

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.