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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 (2015Q4)
Portfolio Summary: 176 holdings with a total value of $599,307,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 WAL-MART STORES INC 565 35,000 0.01%
152 LIBERTY ALL STAR EQUITY FD 6,182 33,000 0.01%
153 ISHARES TR CONSER ALLOC ETF 1,000 32,000 0.01%
154 WISDOMTREE TR 785 28,000 0.00%
155 ABB LTD 1,360 24,000 0.00%
156 PACIRA PHARMACEUTICALS INC 292 22,000 0.00%
157 WISDOMTREE TR 658 21,000 0.00%
158 ISHARES 730 20,000 0.00%
159 ONEOK PARTNERS LP 444 13,000 0.00%
160 ISHARES MSCI EUROPE SMALL-CAP ETF 282 13,000 0.00%
161 POWERSHARES QQQ TRUST 100 11,000 0.00%
162 BIRMINGHAM BLOOMFIELD BANCSHARES INC COM 1,250 11,000 0.00%
163 SPDR SERIES TRUST 294 10,000 0.00%
164 ISHARES TR 86 9,000 0.00%
165 Adams Express Co 564 7,000 0.00%
166 ISHARES TR 71 7,000 0.00%
167 ISHARES TR 234 6,000 0.00%
168 VANGUARD INTL EQUITY INDEX F 136 6,000 0.00%
169 John Hancock Premium Dividend Fund 405 6,000 0.00%
170 JOHN HANCOCK HDG EQ & INC FD 325 5,000 0.00%
171 SPARTAN MTRS INC 742 2,000 0.00%
172 CBRE CLARION GLOBAL REAL EST 6 0 0.00%
173 BIO-KEY INTERNATIONAL INC 1,300 0 0.00%
174 Alcatel Lucent Adr 19 0 0.00%
175 ISHARES TR 4 0 0.00%
176 ISHARES TR 3 0 0.00%
Page 4 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001541895-16-000005, filed 2016.02.10).

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.