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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 (2016Q1)
Portfolio Summary: 287 holdings with a total value of $575,182,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 VANGUARD INDEX FDS 319,580 60,260,000 10.48%
2 ISHARES TR 412,934 45,763,000 7.96%
3 ISHARES TR 209,447 23,171,000 4.03%
4 VANGUARD SCOTTSDALE FDS 204,864 19,317,000 3.36%
5 SPDR S&P 500 ETF TR 80,788 16,604,000 2.89%
6 APPLE COMPUTER INC 147,041 16,027,000 2.79%
7 VANGUARD INDEX FDS 146,550 12,281,000 2.14%
8 GENERAL ELECTRIC CO 336,433 10,696,000 1.86%
9 ISHARES TR 65,321 10,642,000 1.85%
10 ALPHABET INC 13,763 10,500,000 1.83%
11 JOHNSON & JOHNSON 94,051 10,176,000 1.77%
12 VANGUARD INDEX FDS 82,659 10,021,000 1.74%
13 SELECT SECTOR SPDR TR 183,961 9,129,000 1.59%
14 MICROSOFT CORP 162,371 8,968,000 1.56%
15 VANGUARD SCOTTSDALE FDS 92,682 8,056,000 1.40%
16 CVS HEALTH CORP 70,455 7,308,000 1.27%
17 ISHARES TR 27,921 7,282,000 1.27%
18 HONEYWELL INTL INC 62,983 7,058,000 1.23%
19 JPMORGAN CHASE & CO 119,156 7,056,000 1.23%
20 ISHARES 7-10 YEAR TREASURY BOND ETF 63,623 7,020,000 1.22%
21 PRICELINE GRP INC 5,356 6,904,000 1.20%
22 LOWES COS INC 90,966 6,891,000 1.20%
23 VERIZON COMMUNICATIONS INC 126,532 6,843,000 1.19%
24 COGNIZANT TECHNOLOGY SOLUTIO 106,482 6,677,000 1.16%
25 BERKSHIRE HATHAWAY INC DE CL B NEW 46,043 6,532,000 1.14%
26 EXXON MOBIL CORP 76,423 6,388,000 1.11%
27 MEDTRONIC PLC 84,548 6,341,000 1.10%
28 PEPSICO INC 61,556 6,309,000 1.10%
29 UNITEDHEALTH GROUP INC 46,044 5,936,000 1.03%
30 PFIZER INC 196,049 5,811,000 1.01%
31 AT&T INC 145,764 5,709,000 0.99%
32 BLACKROCK INC 16,534 5,631,000 0.98%
33 CISCO SYS INC 186,742 5,317,000 0.92%
34 COMCAST CORP NEW 83,820 5,119,000 0.89%
35 COCA COLA CO 107,841 5,002,000 0.87%
36 PROCTER AND GAMBLE CO 60,206 4,956,000 0.86%
37 FACEBOOK INC 41,671 4,754,000 0.83%
38 ORACLE CORP 115,403 4,722,000 0.82%
39 PHILIP MORRIS INTL INC 48,057 4,715,000 0.82%
40 BOEING CO 36,132 4,587,000 0.80%
41 QUALCOMM INC 89,214 4,562,000 0.79%
42 DANAHER CORP DEL 47,320 4,489,000 0.78%
43 CARDINAL HEALTH INC 52,350 4,290,000 0.75%
44 EMC 155,208 4,136,000 0.72%
45 CHEVRON CORP NEW 42,555 4,059,000 0.71%
46 MYLAN N V 86,874 4,026,000 0.70%
47 ACCENTURE PLC IRELAND 34,497 3,981,000 0.69%
48 PRUDENTIAL FINL INC 54,563 3,940,000 0.69%
49 VISA INC 51,253 3,861,000 0.67%
50 Becton Dickinson & C 25,322 3,844,000 0.67%
Page 1 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001541895-16-000006, filed 2016.05.04).

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.