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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 (2015Q3)
Portfolio Summary: 193 holdings with a total value of $564,875,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 ISHARES TR 3 0 0.00%
2 ISHARES TR 4 0 0.00%
3 BIO-KEY INTERNATIONAL INC 1,300 0 0.00%
4 CBRE CLARION GLOBAL REAL EST 6 0 0.00%
5 Alcatel Lucent Adr 19 0 0.00%
6 GENESEE AND WYOMING INC INC CL A 22 1,000 0.00%
7 VANGUARD WHITEHALL FDS 10 1,000 0.00%
8 RAND LOGISTICS INC 378 1,000 0.00%
9 ISHARES TR 9 1,000 0.00%
10 INTERCONTINENTAL EXCHANGE IN 3 1,000 0.00%
11 ISHARES TR 18 2,000 0.00%
12 VANGUARD TAX-MANAGED FDS 65 2,000 0.00%
13 ISHARES TR 75 2,000 0.00%
14 ISHARES MSCI EUROPE SMALL-CAP ETF 38 2,000 0.00%
15 VANGUARD INTL EQUITY INDEX F 50 2,000 0.00%
16 VANGUARD INTL EQUITY INDEX F 57 2,000 0.00%
17 ISHARES TR 23 2,000 0.00%
18 ISHARES TR 15 2,000 0.00%
19 SPARTAN MTRS INC 742 3,000 0.00%
20 VANGUARD INDEX FDS 33 3,000 0.00%
21 ISHARES TR 27 3,000 0.00%
22 WISDOMTREE TR 98 3,000 0.00%
23 ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF 31 3,000 0.00%
24 VANGUARD INDEX FDS 31 4,000 0.00%
25 VANGUARD INDEX FDS 35 4,000 0.00%
26 WISDOMTREE TR 105 4,000 0.00%
27 MANITOWOC INC COM 289 4,000 0.00%
28 MARTEN TRANS LTD COM 277 4,000 0.00%
29 ISHARES TR 67 4,000 0.00%
30 WISDOMTREE TR 106 4,000 0.00%
31 John Hancock Premium Dividend Fund 405 5,000 0.00%
32 JOHN HANCOCK HDG EQ & INC FD 325 5,000 0.00%
33 SWIFT TRANSN CO 334 5,000 0.00%
34 MOBILE MINI INC 173 5,000 0.00%
35 THOR INDS INC 109 6,000 0.00%
36 ISHARES TR 234 6,000 0.00%
37 ISHARES MSCI EAFE SMALL CAP IDX FD 116 6,000 0.00%
38 SPDR DOW JONES REIT ETF 64 6,000 0.00%
39 WERNER ENTERPRISES INC 226 6,000 0.00%
40 LIBERTY ALL STAR EQUITY FD 1,331 7,000 0.00%
41 CLEAN HARBORS INC 161 7,000 0.00%
42 Adams Express Co 564 7,000 0.00%
43 MID AMER APT CMNTYS INC 91 7,000 0.00%
44 CENTERSTATE BANKS COMMON STK USD0.01 520 8,000 0.00%
45 ISHARES TR 87 8,000 0.00%
46 ISHARES TR 42 8,000 0.00%
47 ADVANCE AUTO PARTS INC 45 9,000 0.00%
48 DYCOM INDS INC 136 10,000 0.00%
49 POWERSHARES QQQ TRUST 100 10,000 0.00%
50 ISHARES TR CONSER ALLOC ETF 335 11,000 0.00%
Page 1 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001541895-15-000004, filed 2015.10.30).

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.