Alerus Investment Advisors Corp

Q4 2013 13F Holdings Report, Stock Holdings

Signature - Title
Bryan Grimm - Chief Compliance Officer
Location
Wayzata, MN
Holdings as of
December 31, 2013
Value $
$454M
Num holdings
159
Date filed
2/10/2014, 01:39 PM
Form type
13F-HR
Description
All US holdings of this investor are reported in this report. Top holdings included SPY, AAPL, IVV, MSFT, and VOO.
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name Title City, State Date
Bryan Grimm Chief Compliance Officer Minnetonka, Minnesota 2/10/2014