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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
151 F5 NETWORKS INC 31,838 3,687,000 0.65%
152 NORFOLK SOUTHERN CORP 48,783 3,727,000 0.66%
153 E M C CORP MASS COM 162,037 3,915,000 0.69%
154 EXPRESS SCRIPTS HLDG CO 48,727 3,945,000 0.70%
155 PROCTER AND GAMBLE CO 55,820 4,016,000 0.71%
156 COCA COLA CO 101,220 4,061,000 0.72%
157 DISNEY WALT CO 40,509 4,140,000 0.73%
158 CISCO SYS INC 165,474 4,344,000 0.77%
159 AT&T INC 134,341 4,377,000 0.77%
160 CVS HEALTH CORP 46,584 4,494,000 0.80%
161 BOEING CO 35,117 4,599,000 0.81%
162 WELLS FARGO & CO NEW 91,923 4,720,000 0.84%
163 PHILIP MORRIS INTL INC 59,622 4,730,000 0.84%
164 LOWES COS INC 68,857 4,745,000 0.84%
165 ORACLE CORP 132,075 4,770,000 0.84%
166 PFIZER INC 156,506 4,915,000 0.87%
167 EXXON MOBIL CORP 67,812 5,042,000 0.89%
168 VERIZON COMMUNICATIONS INC 116,509 5,069,000 0.90%
169 BLACKROCK INC 17,275 5,139,000 0.91%
170 HONEYWELL INTL INC 55,487 5,254,000 0.93%
171 BERKSHIRE HATHAWAY INC DE CL B NEW 42,022 5,480,000 0.97%
172 COGNIZANT TECHNOLOGY SOLUTIO 89,943 5,631,000 1.00%
173 PEPSICO INC 60,289 5,685,000 1.01%
174 MEDTRONIC PLC 85,043 5,693,000 1.01%
175 COMCAST CORP NEW 111,953 6,368,000 1.13%
176 JPMORGAN CHASE & CO 111,396 6,792,000 1.20%
177 GENERAL ELECTRIC CO 291,654 7,356,000 1.30%
178 PRICELINE GRP INC 6,202 7,670,000 1.36%
179 ISHARES TR 26,131 7,926,000 1.40%
180 SELECT SECTOR SPDR TR 187,168 8,102,000 1.43%
181 VANGUARD SCOTTSDALE FDS 94,878 8,388,000 1.48%
182 MICROSOFT CORP 200,752 8,885,000 1.57%
183 JOHNSON & JOHNSON 95,706 8,934,000 1.58%
184 ISHARES NASDAQ BIOTECHNOLOGY ETF 14,856 9,484,000 1.68%
185 ISHARES TR 62,423 9,711,000 1.72%
186 VANGUARD INDEX FDS 95,505 11,142,000 1.97%
187 SPDR S&P 500 ETF TR 60,873 11,666,000 2.07%
188 VANGUARD INDEX FDS 192,142 14,514,000 2.57%
189 APPLE COMPUTER INC 137,225 15,137,000 2.68%
190 ISHARES 7-10 YEAR TREASURY BOND ETF 159,473 17,202,000 3.05%
191 ISHARES TR 269,948 29,478,000 5.22%
192 VANGUARD INDEX FDS 376,542 66,162,000 11.71%
193 ISHARES TR 642,708 70,428,000 12.47%
Page 4 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.