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Institutional Investment Manager
Alerus Investment Advisors Corp
Alerus Investment Advisors Corp (CIK: 0001541895) incorporated in Iowa, located at 10900 Wayzata Blvd., Wayzata, MN. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q1)
Portfolio Summary: 157 holdings with a total value of $601,572,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 CHEVRON CORP NEW 36,432 3,818,000 0.63%
52 UNITED TECHNOLOGIES CORP 32,120 3,757,000 0.62%
53 VISA INC 54,500 3,557,000 0.59%
54 SCHLUMBERGER LTD 42,210 3,513,000 0.58%
55 DICKS SPORTING GOODS INC 59,593 3,389,000 0.56%
56 DANAHER CORP DEL 39,473 3,344,000 0.56%
57 UNITEDHEALTH GROUP INC 28,006 3,305,000 0.55%
58 STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 38,640 3,220,000 0.54%
59 PRAXAIR INC 26,720 3,219,000 0.54%
60 ISHARES TR 18,382 3,182,000 0.53%
61 US BANCORP DEL 71,446 3,113,000 0.52%
62 METLIFE INC 61,171 3,085,000 0.51%
63 CITIGROUPINC 59,864 3,074,000 0.51%
64 VANGUARD WHITEHALL FDS 44,694 3,053,000 0.51%
65 STATE STR CORP 40,954 3,004,000 0.50%
66 GOOGLE INC 5,446 2,978,000 0.50%
67 ISHARES TR 13,941 2,897,000 0.48%
68 BECTON DICKINSON & CO 19,934 2,850,000 0.47%
69 CME GROUP INC 29,902 2,823,000 0.47%
70 ISHARES U.S. OIL & GAS EXPLORATION & PRODUCTION ETF 32,121 2,347,000 0.39%
71 QUALCOMM INC 32,915 2,270,000 0.38%
72 ISHARES TR 21,146 2,232,000 0.37%
73 CELGENE CORP 18,712 2,148,000 0.36%
74 SELECT SECTOR SPDR TR 23,660 1,836,000 0.31%
75 MONSANTO CO NEW 15,990 1,791,000 0.30%
76 LOWES COS INC 22,846 1,693,000 0.28%
77 NORDSTROM INC 21,055 1,682,000 0.28%
78 MCDONALDS CORP 17,228 1,679,000 0.28%
79 NIKE INC 16,495 1,648,000 0.27%
80 HOME DEPOT INC 13,707 1,557,000 0.26%
81 GENERAL MLS INC 21,750 1,231,000 0.20%
82 EMERSON ELEC CO 21,650 1,194,000 0.20%
83 CONSOLIDATED EDISON INC 19,153 1,168,000 0.19%
84 ISHARES TR 18,000 1,155,000 0.19%
85 ROYAL BK CDA MONTREAL QUE 18,156 1,096,000 0.18%
86 INTEL CORP 33,667 1,048,000 0.17%
87 ISHARES TR 6,836 1,039,000 0.17%
88 TOTAL S A 20,879 1,037,000 0.17%
89 MERCK & CO INC 17,890 1,029,000 0.17%
90 ROYAL DUTCH SHELL PLC 17,040 1,016,000 0.17%
91 KRAFT HEINZ CO COM 10,561 954,000 0.16%
92 DUKE ENERGY CORP NEW 11,868 912,000 0.15%
93 CONOCOPHILLIPS 14,076 876,000 0.15%
94 SOUTHERN CO 18,402 814,000 0.14%
95 ECOLAB INC 6,600 755,000 0.13%
96 ISHARES TR 9,475 738,000 0.12%
97 VANGUARD INDEX FDS 6,692 732,000 0.12%
98 INTERNATIONAL BUSINESS MACHS 4,493 721,000 0.12%
99 VANGUARD INDEX FDS 5,464 720,000 0.12%
100 CARDINAL HEALTH INC 7,402 668,000 0.11%
Page 2 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001541895-15-000002, filed 2015.05.14).

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.