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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 (2015Q2)
Portfolio Summary: 177 holdings with a total value of $602,172,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 PFIZER INC 158,764 5,518,000 0.92%
152 WELLS FARGO & CO NEW 102,288 5,568,000 0.92%
153 ORACLE CORP 132,149 5,697,000 0.95%
154 EXXON MOBIL CORP 70,395 5,982,000 0.99%
155 BERKSHIRE HATHAWAY INC DE CL B NEW 41,828 6,017,000 1.00%
156 PROCTER AND GAMBLE CO 76,154 6,236,000 1.04%
157 COMCAST CORP NEW 113,490 6,413,000 1.06%
158 MEDTRONIC PLC 84,745 6,609,000 1.10%
159 EXPRESS SCRIPTS HLDG CO 78,135 6,782,000 1.13%
160 VANGUARD INDEX FDS 81,396 6,850,000 1.14%
161 GENERAL ELECTRIC CO 288,963 7,182,000 1.19%
162 COGNIZANT TECHNOLOGY SOLUTIO 115,551 7,208,000 1.20%
163 STARBUCKS CORP 76,664 7,222,000 1.20%
164 JPMORGAN CHASE & CO 119,151 7,232,000 1.20%
165 PRICELINE GRP INC 6,581 7,661,000 1.27%
166 SELECT SECTOR SPDR TR 191,732 8,512,000 1.41%
167 JOHNSON & JOHNSON 87,986 8,845,000 1.47%
168 VANGUARD SCOTTSDALE FDS 94,313 9,030,000 1.50%
169 ISHARES NASDAQ BIOTECHNOLOGY ETF 18,241 10,116,000 1.68%
170 MICROSOFT CORP 274,017 11,146,000 1.85%
171 ISHARES TR 33,343 11,459,000 1.90%
172 VANGUARD INDEX FDS 97,679 12,959,000 2.15%
173 APPLE COMPUTER INC 126,289 15,716,000 2.61%
174 SPDR S&P 500 ETF TR 102,782 21,217,000 3.52%
175 ISHARES TR 291,255 36,230,000 6.02%
176 ISHARES TR 566,473 63,122,000 10.48%
177 VANGUARD INDEX FDS 408,275 77,241,000 12.83%
Page 4 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001541895-15-000003, filed 2015.08.14).

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.