Alerus Financial Corp (ALRS)

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Institutional Investors' Holdings

Filing Period: Filing is Ongoing

No.	Name	Shares	Value	% Port
1.	Grace & White Inc	256,233	$5,672,999	1%
2.	Sippican Capital Advisors	111,866	$2,476,713	1.64%
3.	Los Angeles Capital Management & Equity Research Inc	95,436	$2,112,953	0.01%
4.	Cwm Advisors, Llc	20,623	$456,593	0.04%
5.	Aviance Capital Partners, Llc	13,111	$290,274	0.03%