Instuitional Investor - Alerus Investment Advisors Corp

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Index Fds		319,580	$60,260,000	10.47%
2.	Ishares Trust	IEF	412,934	$45,763,000	7.95%
3.	Ishares Trust	IEF	209,447	$23,171,000	4.02%
4.	Vanguard Scottsdale Funds		204,864	$19,317,000	3.35%
5.	Spdr S & P 500 Etf Trust	SPY	80,788	$16,604,000	2.88%