Alerus Investment Advisors

Alerus Investment Advisors as of Sept. 30, 2013

Portfolio Holdings for Alerus Investment Advisors

Alerus Investment Advisors holds 165 positions in its portfolio as reported in the September 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 7.6 $38M 227k 168.01
Apple Computer 3.2 $16M 34k 476.76
Microsoft Corporation (MSFT) 2.1 $10M 313k 33.28
JPMorgan Chase & Co. (JPM) 1.9 $9.8M 190k 51.69
Wells Fargo & Company (WFC) 1.9 $9.8M 237k 41.32
General Electric Company 1.9 $9.5M 398k 23.89
iShares S&P 500 Index (IVV) 1.8 $8.8M 52k 168.93
Chevron Corporation (CVX) 1.7 $8.7M 72k 121.50
Google 1.5 $7.7M 8.8k 875.89
Prudential Financial (PRU) 1.5 $7.7M 98k 77.99
Target Corporation (TGT) 1.5 $7.6M 119k 63.98
iShares NASDAQ Biotechnology Index (IBB) 1.5 $7.6M 36k 209.60
Johnson & Johnson (JNJ) 1.5 $7.5M 86k 86.70
Vanguard REIT ETF (VNQ) 1.5 $7.3M 111k 66.13
Walt Disney Company (DIS) 1.4 $7.3M 113k 64.49
Eaton (ETN) 1.4 $7.2M 105k 68.84
Berkshire Hath-cl B 1.4 $7.1M 63k 113.52
Utilities SPDR (XLU) 1.4 $7.1M 189k 37.37
Exxon Mobil Corporation (XOM) 1.4 $7.0M 81k 86.04
Procter & Gamble Company (PG) 1.4 $7.0M 92k 75.59
EMC Corporation 1.4 $6.9M 272k 25.56
Express Scripts Holding 1.4 $6.9M 112k 61.80
Mondelez Int (MDLZ) 1.4 $6.9M 218k 31.42
McDonald's Corporation (MCD) 1.3 $6.7M 70k 96.21
Cognizant Technology Solutions (CTSH) 1.3 $6.7M 81k 82.12
Comcast Corporation (CMCSA) 1.3 $6.7M 148k 45.12
Vanguard S&p 500 1.3 $6.6M 86k 77.00
Pfizer (PFE) 1.2 $6.2M 217k 28.72
Starwood Hotels & Resorts Worldwide 1.2 $6.0M 91k 66.46
Halliburton Company (HAL) 1.2 $5.9M 123k 48.15
Nike (NKE) 1.2 $5.8M 80k 72.65
American Express 1.1 $5.8M 76k 75.53
Cisco Systems (CSCO) 1.1 $5.6M 239k 23.43
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.1 $5.5M 48k 113.53
E.I. du Pont de Nemours & Company 1.1 $5.4M 93k 58.57
United Technologies Corporation 1.1 $5.4M 50k 107.83
iShares MSCI EAFE Index Fund (EFA) 1.1 $5.3M 84k 63.79
Philip Morris International (PM) 1.0 $5.2M 60k 86.60
CVS Caremark Corporation (CVS) 1.0 $5.2M 91k 56.75
Apache Corp Com Stk 1.0 $5.0M 59k 85.15
Honeywell International (HON) 1.0 $4.9M 60k 83.05
Pepsi (PEP) 1.0 $5.0M 62k 79.51
Oracle Corporation (ORCL) 1.0 $4.9M 147k 33.17
BlackRock (BLK) 1.0 $4.8M 18k 270.63
Wal-Mart Stores (WMT) 1.0 $4.8M 65k 73.96
Schlumberger (SLB) 0.9 $4.7M 54k 88.36
State Street Corporation (STT) 0.9 $4.7M 72k 65.75
Boeing 0.9 $4.7M 40k 117.51
Norfolk Southern (NSC) 0.9 $4.6M 60k 77.35
Cardinal Health (CAH) 0.9 $4.5M 87k 52.15
U.S. Bancorp (USB) 0.9 $4.5M 122k 36.58
National-Oilwell Var 0.9 $4.5M 57k 78.11
UnitedHealth (UNH) 0.9 $4.5M 63k 71.60
Verizon Communications (VZ) 0.9 $4.4M 95k 46.68
Qualcomm (QCOM) 0.9 $4.4M 66k 67.32
TJX Companies (TJX) 0.9 $4.4M 78k 56.39
At&t (T) 0.9 $4.3M 166k 25.85
Coca-Cola Company (KO) 0.8 $4.2M 111k 37.88
Abbott Laboratories 0.8 $4.1M 125k 33.19
Visa (V) 0.8 $4.2M 22k 191.10
Covidien 0.8 $4.1M 68k 60.93
Danaher Corporation (DHR) 0.8 $4.1M 59k 69.32
Praxair 0.8 $4.1M 34k 120.22
Accenture (ACN) 0.8 $4.0M 55k 73.64
iShares Dow Jones Select Dividend (DVY) 0.8 $4.0M 60k 66.33
Monsanto Company 0.8 $3.9M 37k 104.38
iShares Russell 2000 Index (IWM) 0.8 $3.8M 36k 106.64
BECTON DICKINSON & CO Com Stk 0.8 $3.8M 38k 100.02
iShares Lehman Aggregate Bond (AGG) 0.8 $3.7M 35k 107.19
Suncor Energy (SU) 0.7 $3.6M 101k 35.78
F5 Networks (FFIV) 0.7 $3.4M 40k 85.79
Cme (CME) 0.7 $3.4M 46k 73.88
Broadcom Corporation 0.6 $3.1M 119k 26.02
Teva Pharmaceutical Industries (TEVA) 0.5 $2.7M 71k 37.78
Vanguard Small-Cap ETF (VB) 0.5 $2.7M 27k 102.49
Vanguard Europe Pacific ETF (VEA) 0.5 $2.6M 67k 39.58
iShares S&P MidCap 400 Index (IJH) 0.4 $2.0M 16k 124.12
iShares iBoxx $ High Yid Corp Bond (HYG) 0.3 $1.6M 18k 91.58
Vanguard High Dividend Yield ETF (VYM) 0.3 $1.6M 28k 57.48
iShares MSCI Emerging Markets Indx (EEM) 0.3 $1.5M 36k 40.75
Altria (MO) 0.3 $1.4M 42k 34.35
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.3 $1.4M 13k 105.30
Vanguard Mid-Cap ETF (VO) 0.3 $1.3M 13k 102.52
iShares Barclays TIPS Bond Fund (TIP) 0.2 $1.3M 11k 112.51
CurrencyShares Japanese Yen Trust 0.2 $1.3M 13k 99.45
Ultrapro Short S&p 500 Proshar 0.2 $1.2M 58k 20.75
iShares 2015 S&P AMT-Free Mun Ser ETF 0.2 $1.0M 20k 53.20
First Advantage Ban (FABK) 0.2 $984k 79k 12.51
ConocoPhillips (COP) 0.2 $807k 12k 69.57
General Mills (GIS) 0.2 $795k 17k 47.91
Vanguard Small-Cap Growth ETF (VBK) 0.1 $703k 6.1k 114.50
Ecolab (ECL) 0.1 $652k 6.6k 98.79
Intel Corporation (INTC) 0.1 $660k 29k 22.92
Merck & Co (MRK) 0.1 $635k 13k 47.62
iShares S&P 500 Growth Index (IVW) 0.1 $628k 7.0k 89.36
SPDR S&P International Small Cap (GWX) 0.1 $628k 19k 32.68
iShares FTSE Developed Small Cap ex-Nor (IEUS) 0.1 $643k 15k 42.28
Emerson Electric (EMR) 0.1 $589k 9.1k 64.62
Rbc Cad (RY) 0.1 $579k 9.0k 64.25
Vanguard Small-Cap Value ETF (VBR) 0.1 $627k 6.9k 90.23
iShares Cohen & Steers Realty Maj. (ICF) 0.1 $598k 7.8k 76.89
Home Depot (HD) 0.1 $566k 7.5k 75.77
W.W. Grainger (GWW) 0.1 $566k 2.2k 261.55
Medtronic 0.1 $567k 11k 53.26
International Business Machines (IBM) 0.1 $569k 3.1k 185.22
Abb Ltd- 0.1 $517k 22k 23.62
iShares S&P SmallCap 600 Index (IJR) 0.1 $377k 3.8k 99.89
Abbvie (ABBV) 0.1 $406k 9.0k 45.00
Total (TTE) 0.1 $364k 6.3k 57.84
CF Industries Holdings (CF) 0.1 $332k 1.6k 210.79
SIFCO Industries (SIF) 0.1 $360k 20k 18.41
Gilead Sciences (GILD) 0.1 $292k 4.6k 62.93
IntercontinentalEx.. 0.1 $280k 1.5k 181.23
BLACK HILLS CORP COM Stk 0.1 $326k 6.5k 49.88
Consolidated Edison (ED) 0.1 $246k 4.5k 55.18
Nucor Corporation (NUE) 0.1 $240k 4.9k 48.99
MDU Resources (MDU) 0.1 $227k 8.1k 27.97
Colgate-Palmolive Company (CL) 0.1 $255k 4.3k 59.30
Nextera Energy (NEE) 0.1 $271k 3.4k 80.18
Southern Company (SO) 0.1 $235k 5.7k 41.09
Vanguard Total Stock Market ETF (VTI) 0.1 $237k 2.7k 87.58
Vanguard Total Bond Market ETF (BND) 0.1 $275k 3.4k 81.00
ProShares UltraShort Euro (EUO) 0.1 $270k 15k 17.73
iShares S&P 500 Value Index (IVE) 0.0 $185k 2.4k 78.42
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.0 $201k 1.9k 104.63
Vanguard Emerging Markets ETF (VWO) 0.0 $198k 4.9k 40.16
Ishares Tr 2017 s^p amtfr 0.0 $130k 2.4k 54.99
Boardwalk Pipeline 0.0 $76k 2.5k 30.52
NuStar Energy (NS) 0.0 $46k 1.1k 40.17
Spectra Energy Partners 0.0 $74k 1.7k 43.68
WisdomTree Emerging Mkts Small Cp Div (DGS) 0.0 $62k 1.3k 46.79
Vanguard Growth ETF (VUG) 0.0 $40k 476.00 84.03
Vanguard Dividend Appreciation ETF (VIG) 0.0 $48k 694.00 69.16
Liberty All-Star Equity Fund (USA) 0.0 $30k 5.6k 5.36
SPDR DJ Wilshire REIT (RWR) 0.0 $34k 463.00 73.43
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 0.0 $75k 685.00 109.49
iShares S&P/Citi Intl Treasury Bond (IGOV) 0.0 $30k 300.00 100.00
WisdomTree Emerging Markets Eq (DEM) 0.0 $50k 970.00 51.55
Wisdomtree Tr em lcl debt (ELD) 0.0 $26k 542.00 47.97
iShares S&P Conservative Allocatn Fd ETF (AOK) 0.0 $31k 1.0k 31.00
Pacira Pharmaceuticals (PCRX) 0.0 $70k 1.5k 48.04
Spectra Energy 0.0 $9.0k 270.00 33.33
Commercial Metals Company (CMC) 0.0 $1.0k 50.00 20.00
Royal Dutch Shell 0.0 $10k 158.00 63.29
Ford Motor Company (F) 0.0 $7.0k 400.00 17.50
Spartan Motors 0.0 $5.0k 742.00 6.74
Oneok Partners 0.0 $24k 444.00 54.05
PowerShares QQQ Trust, Series 1 0.0 $17k 425.00 40.00
iShares Russell 1000 Growth Index (IWF) 0.0 $8.0k 102.00 78.43
iShares S&P 100 Index (OEF) 0.0 $12k 160.00 75.00
iShares Russell Midcap Index Fund (IWR) 0.0 $3.0k 24.00 125.00
iShares Russell 2000 Value Index (IWN) 0.0 $2.0k 27.00 74.07
iShares Russell 2000 Growth Index (IWO) 0.0 $2.0k 19.00 105.26
Vanguard FTSE All-World ex-US ETF (VEU) 0.0 $4.0k 86.00 46.51
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.0 $12k 200.00 60.00
Vanguard Information Technology ETF (VGT) 0.0 $11k 140.00 78.57
iShares MSCI BRIC Index Fund (BKF) 0.0 $4.0k 100.00 40.00
John Hancock Patriot Premium Div Fund II (PDT) 0.0 $5.0k 405.00 12.35
Nuveen Tax-Advantaged Dividend Growth 0.0 $12k 800.00 15.00
Western Asset Municipal Hgh Incm Fnd (MHF) 0.0 $4.0k 600.00 6.67
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $4.0k 300.00 13.33
Adams Express 0.0 $6.0k 501.00 11.98
John Hancock Hdg Eq & Inc (HEQ) 0.0 $5.0k 325.00 15.38
Duke Energy (DUK) 0.0 $9.0k 132.00 68.18
Directv 0.0 $9.0k 148.00 60.81