ALERUS FINANCIAL NA Q4 2017 Filing

Filed February 14, 2018

Portfolio Value

$705.7B

Holdings

132

Report Date

Q4 2017

Filing Type

13F-HR

All Holdings (132 positions)

#	Stock	Shares	Value	% Portfolio
1	VOOVANGUARD INDEX FDS	299,268	$73.4B	10.40%
2	AGGISHARES TRUST	520,171	$56.9B	8.06%
3	IWMISHARES TRUST	243,538	$37.1B	5.26%
4	IWRISHARES RUSSELL MIDCAP	112,947	$23.5B	3.33%
5	VONEVANGUARD SCOTTSDALE FDS	163,809	$20.1B	2.84%
6	MSFTMICROSOFT INC	219,281	$18.8B	2.66%
7	AAPLAPPLE COMPUTER	104,258	$17.6B	2.50%
8	GOOGLALPHABET INC	13,008	$13.7B	1.94%
9	SPYSPDR S &P 500 ETF TR	50,675	$13.5B	1.92%
10	VCITVANGUARD SCOTTSDALE FDS	150,004	$13.1B	1.86%
11	JPMJP MORGAN CHASE & CO	112,895	$12.1B	1.71%
12	WFCWELLS FARGO & CO NEW CO	192,877	$11.7B	1.66%
13	JNJJOHNSON AND JOHNSON	83,381	$11.7B	1.65%
14	METAFACEBOOK INC	61,787	$10.9B	1.54%
15	BRK/BBERKSHIRE HATHAWAY	47,074	$9.3B	1.32%
16	XLUSELECT SECTOR SPDR TR	174,451	$9.2B	1.30%
17	XHBSPDR SERIES TRUST	207,513	$9.2B	1.30%
18	XLBSELECT SECTOR SPDR TR	142,525	$8.6B	1.22%
19	IBBISHARES TRUST	79,688	$8.5B	1.21%
20	PEPPEPSICO INC	69,388	$8.3B	1.18%
21	VVISA INC	69,017	$7.9B	1.12%
22	CSCOCISCO SYSTEMS	203,873	$7.8B	1.11%
23	VNQVANGUARD INDEX FDS	94,002	$7.8B	1.11%
24	4I1PHILIP MORRIS	70,876	$7.5B	1.06%
25	IEFISHARES TRUST	69,813	$7.4B	1.04%
26	XOMEXXON MOBIL CORP	87,379	$7.3B	1.04%
27	PRUPRUDENTIAL FINANCIAL IN	63,206	$7.3B	1.03%
28	PFEPFIZER INC	194,933	$7.1B	1.00%
29	BACVERIZON COMMUNICATION	132,852	$7.0B	1.00%
30	XLISELECT SECTOR SPDR TR	91,430	$6.9B	0.98%
31	CMCSACOMCAST CORP	168,380	$6.7B	0.96%
32	TAT&T INC	167,293	$6.5B	0.92%
33	ORCLORACLE SYSTEMS INC	135,719	$6.4B	0.91%
34	UNHUNITEDHEALTH GROUP INC	29,062	$6.4B	0.91%
35	LOWLOWES COMPANIES INC	67,994	$6.3B	0.90%
36	HONHONEYWELL INTL INC	39,735	$6.1B	0.86%
37	CTSHCOGNIZANT TECH SOLUTION	85,739	$6.1B	0.86%
38	TRVCCITIGROUP INC	75,526	$5.6B	0.80%
39	XLFISELECT SECTOR SPDR TR	97,789	$5.6B	0.79%
40	MARMARRIOTT INTERNATIONAL INC	40,986	$5.6B	0.79%
41	MDTMEDTRONIC HLDG PLC	66,449	$5.4B	0.76%
42	CVXCHEVRON TEXACO	41,965	$5.3B	0.74%
43	BKNGPRICELINE COM INC	2,976	$5.2B	0.73%
44	AQLTISHARES TRUST	79,458	$5.2B	0.73%
45	VOVANGUARD INDEX FDS	31,817	$4.9B	0.70%
46	DISDISNEY	45,023	$4.8B	0.69%
47	—INTERCONTINENTAL EXCHAN	68,140	$4.8B	0.68%
48	ACNACCENTURE PLC IRELAND	31,245	$4.8B	0.68%
49	MDLZMONDELEZ INTL INC	107,852	$4.6B	0.65%
50	XLYSELECT SECTOR SPDR TR	45,821	$4.5B	0.64%
51	AXPAMERICAN EXPRESS CO	44,877	$4.5B	0.63%
52	FTVFORTIVE CORP	61,258	$4.4B	0.63%
53	MASMASCO CORP	98,045	$4.3B	0.61%
54	BDXBECTON DICKINSON & COMP	19,452	$4.2B	0.59%
55	ZBHZIMMER BIOMET HLDGS INC	32,130	$3.9B	0.55%
56	TLTISHARES TRUST	29,389	$3.7B	0.53%
57	JCIJOHNSON CONTROLS INC	96,388	$3.7B	0.52%
58	USBUS BANCORP DEL	65,601	$3.5B	0.50%
59	EAELECTRONIC ARTS INC DEL	32,630	$3.4B	0.49%
60	MCDMCDONALDS CORP	19,744	$3.4B	0.48%
61	ABBVABBVIE INC	34,900	$3.4B	0.48%
62	—SHIRE PLC	21,317	$3.3B	0.47%
63	RYROYAL BANK CANADA	39,893	$3.3B	0.46%
64	INTCINTEL INC	69,651	$3.2B	0.46%
65	CELGCELGENE CORP	30,434	$3.2B	0.45%
66	DUKDUKE ENERGY CORP NEW	37,220	$3.1B	0.44%
67	SOSOUTHERN COMPANY	63,575	$3.1B	0.43%
68	EMREMERSON ELECTIC CO	42,961	$3.0B	0.42%
69	IVVISHARES TRUST	10,772	$2.9B	0.41%
70	RDS/AROYAL DUTCH SHELL PLC	43,112	$2.9B	0.41%
71	—DOWDUPONT INC	37,323	$2.7B	0.38%
72	ETNEATON CORP PLC	33,118	$2.6B	0.37%
73	TTENTOTAL S A	46,318	$2.6B	0.36%
74	KHCKRAFT HEINZ CO	32,194	$2.5B	0.35%
75	MRKMERCK & CO INC	43,130	$2.4B	0.34%
76	ELLAUDER ESTEE COS INC	18,886	$2.4B	0.34%
77	PGPROCTER AND GAMBLE COMP	25,496	$2.3B	0.33%
78	AMLPUSDALPS ETF TR	216,001	$2.3B	0.33%
79	HDHOME DEPOT INC	11,912	$2.3B	0.32%
80	DHRDANAHER CORPORATION	24,286	$2.3B	0.32%
81	VYMVANGUARD HIGH DIVIDEND	25,832	$2.2B	0.31%
82	—MYLAN NV	48,281	$2.0B	0.29%
83	PYPLPAYPAL HLDGS INC	25,625	$1.9B	0.27%
84	—ALLERGAN PLC	11,473	$1.9B	0.27%
85	QCOMQUALCOMM INC	26,476	$1.7B	0.24%
86	IYTISHARES TRUST	8,635	$1.7B	0.23%
87	UPSUNITED PARCEL SERVICE	13,635	$1.6B	0.23%
88	LUVSOUTHWEST AIRLINES	24,089	$1.6B	0.22%
89	GISGENERAL MILLS INC	23,416	$1.4B	0.20%
90	IJHISHARES TRUST	6,941	$1.3B	0.19%
91	SLBSCHLUMBERGER LTD	18,367	$1.2B	0.18%
92	IGSBISHARES 1-3YR CREDIT BO	11,430	$1.2B	0.17%
93	IVWISHARES S&P 500 GROWTH	7,262	$1.1B	0.16%
94	AQLTISHARES TRUST	10,934	$1.1B	0.15%
95	DYHTARGET CORP	14,905	$973.0M	0.14%
96	ECLECOLAB INC	6,548	$879.0M	0.12%
97	EFAISHARES TRUST	12,220	$860.0M	0.12%
98	OSVEURVANECK VECTORS ETF TR	32,527	$847.0M	0.12%
99	VVVANGUARD INDEX FDS	5,705	$699.0M	0.10%
100	—ISHARES TR BONDS SEP	27,300	$691.0M	0.10%

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