Baker Ellis Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3m Company	COMMON STOCK	88579Y101	347	3,175	SH		SOLE	NONE	3,175	0	0
Abbott Laboratories	COMMON STOCK	002824100	1,575	45,144	SH		SOLE	NONE	45,144	0	0
AbbVie Inc.	COMMON STOCK	00287Y109	1,695	40,990	SH		SOLE	NONE	40,990	0	0
Aberdeen Asia-Pacific Income F	ETF/ETN	003009107	461	74,337	SH		SOLE	NONE	74,337	0	0
ABM Industries	COMMON STOCK	000957100	123	5,000	SH		SOLE	NONE	5,000	0	0
Accenture	COMMON STOCK	G1151C101	166	2,313	SH		SOLE	NONE	2,313	0	0
Aetna Inc	COMMON STOCK	00817Y108	299	4,700	SH		SOLE	NONE	4,700	0	0
AGL Resources New	COMMON STOCK	654086107	829	19,334	SH		SOLE	NONE	19,334	0	0
Alaska Air Group	COMMON STOCK	011659109	322	6,200	SH		SOLE	NONE	6,200	0	0
Alexander & Baldwin	COMMON STOCK	014491104	743	18,689	SH		SOLE	NONE	18,689	0	0
Altria Group	COMMON STOCK	718154107	135	3,858	SH		SOLE	NONE	3,858	0	0
American Express	COMMON STOCK	025816109	1,051	14,053	SH		SOLE	NONE	14,053	0	0
AmerisourceBergen Corp	COMMON STOCK	03073E105	3,254	58,280	SH		SOLE	NONE	58,280	0	0
Amgen Inc	COMMON STOCK	031162100	118	1,200	SH		SOLE	NONE	1,200	0	0
Anadarko Pete Corp	COMMON STOCK	032511107	329	3,825	SH		SOLE	NONE	3,825	0	0
Anheuser Busch Cos	COMMON STOCK	035229103	104	1,150	SH		SOLE	NONE	1,150	0	0
Annaly Cap Mgmt Preferred C	PREFERRED STOCK	035710706	102	4,100	SH		SOLE	NONE	4,100	0	0
Apollo Commercial Real Estate	REIT	03762U105	823	51,850	SH		SOLE	NONE	51,850	0	0
Archer Daniels Midland	COMMON STOCK	039483102	354	10,425	SH		SOLE	NONE	10,425	0	0
Ares Cap Corp 7%	PREFERRED STOCK	04010L509	190	7,300	SH		SOLE	NONE	7,300	0	0
AT&T	COMMON STOCK	00206R102	321	9,063	SH		SOLE	NONE	9,063	0	0
Automatic Data Processing	COMMON STOCK	053015103	974	14,150	SH		SOLE	NONE	14,150	0	0
Ball Corp	COMMON STOCK	058498106	1,592	38,329	SH		SOLE	NONE	38,329	0	0
Bank of America	COMMON STOCK	060505104	158	12,318	SH		SOLE	NONE	12,318	0	0
Bank of New York Mellon	COMMON STOCK	064058100	1,159	41,306	SH		SOLE	NONE	41,306	0	0
Bank of Nova Scotia	COMMON STOCK	064149107	1,165	21,758	SH		SOLE	NONE	21,758	0	0
Baxter International	COMMON STOCK	071813109	125	1,800	SH		SOLE	NONE	1,800	0	0
BCE	COMMON STOCK	05534B760	189	4,600	SH		SOLE	NONE	4,600	0	0
Berkshire Hathaway Cl A	COMMON STOCK	084670108	3,035	18	SH		SOLE	NONE	18	0	0
Berkshire Hathaway Cl B	COMMON STOCK	084670702	6,295	56,246	SH		SOLE	NONE	56,246	0	0
Boeing	COMMON STOCK	097023105	306	2,987	SH		SOLE	NONE	2,987	0	0
BP p.l.c.	COMMON STOCK	055622104	452	10,840	SH		SOLE	NONE	10,840	0	0
Bristol Myers Squibb	COMMON STOCK	110122108	1,494	33,427	SH		SOLE	NONE	33,427	0	0
Broadridge Financial Solutions	COMMON STOCK	11133T103	173	6,500	SH		SOLE	NONE	6,500	0	0
Campbell Soup Company	COMMON STOCK	134429109	411	9,182	SH		SOLE	NONE	9,182	0	0
Canadian Currency Tst	ETF/ETN	23129X105	241	2,550	SH		SOLE	NONE	2,550	0	0
Canadian Natl Ry Co	COMMON STOCK	136375102	269	2,766	SH		SOLE	NONE	2,766	0	0
Canadian Pacific Railway	COMMON STOCK	13645T100	186	1,529	SH		SOLE	NONE	1,529	0	0
Carriage Services Inc	COMMON STOCK	143905107	156	9,200	SH		SOLE	NONE	9,200	0	0
Caterpillar	COMMON STOCK	149123101	249	3,015	SH		SOLE	NONE	3,015	0	0
CBL & Associates Pptys.	COMMON STOCK	124830100	313	14,600	SH		SOLE	NONE	14,600	0	0
Cenovus Energy Inc Com Npv	COMMON STOCK	15135U109	484	16,987	SH		SOLE	NONE	16,987	0	0
Central Fund of Canada Ltd.	ETF/ETN	153501101	279	20,500	SH		SOLE	NONE	20,500	0	0
ChevronTexaco	COMMON STOCK	166764100	1,978	16,713	SH		SOLE	NONE	16,713	0	0
Clorox Co Del	COMMON STOCK	189054109	752	9,051	SH		SOLE	NONE	9,051	0	0
Coca Cola Enterprises Inc	COMMON STOCK	191219104	332	9,450	SH		SOLE	NONE	9,450	0	0
Coca-Cola Bottling	COMMON STOCK	191098102	188	3,075	SH		SOLE	NONE	3,075	0	0
Coca-Cola Company	COMMON STOCK	191216100	1,015	25,307	SH		SOLE	NONE	25,307	0	0
Comcast Corporation	COMMON STOCK	20030N101	673	16,131	SH		SOLE	NONE	16,131	0	0
Conoco Phillips	COMMON STOCK	718507106	160	2,640	SH		SOLE	NONE	2,640	0	0
Cooper International Corp.	COMMON STOCK	216640102	369	6,031	SH		SOLE	NONE	6,031	0	0
Corning Inc	COMMON STOCK	219350105	229	16,100	SH		SOLE	NONE	16,100	0	0
Costco Wholesale	COMMON STOCK	22160K105	813	7,357	SH		SOLE	NONE	7,357	0	0
CST Brands, Inc	COMMON STOCK	12646R105	562	18,250	SH		SOLE	NONE	18,250	0	0
Deere & Company	COMMON STOCK	244199105	664	8,176	SH		SOLE	NONE	8,176	0	0
Devon Energy Corp	COMMON STOCK	25179M103	117	2,250	SH		SOLE	NONE	2,250	0	0
Diageo Plc	COMMON STOCK	25243Q205	148	1,285	SH		SOLE	NONE	1,285	0	0
Dominion Resources	COMMON STOCK	25746U109	663	11,662	SH		SOLE	NONE	11,662	0	0
Dover Corp	COMMON STOCK	260003108	408	5,250	SH		SOLE	NONE	5,250	0	0
Du Pont	COMMON STOCK	263534109	1,807	34,420	SH		SOLE	NONE	34,420	0	0
Duke Energy	COMMON STOCK	264399106	190	2,814	SH		SOLE	NONE	2,814	0	0
Einstein Noah Restaurant	COMMON STOCK	28257U104	287	20,198	SH		SOLE	NONE	20,198	0	0
Enbridge Inc	COMMON STOCK	29250N105	181	4,300	SH		SOLE	NONE	4,300	0	0
Encana	COMMON STOCK	292505104	248	14,662	SH		SOLE	NONE	14,662	0	0
Ensco PLC	COMMON STOCK	G3157S106	2,607	44,854	SH		SOLE	NONE	44,854	0	0
Era Group Inc.	COMMON STOCK	26885G109	303	11,571	SH		SOLE	NONE	11,571	0	0
ETFS Physical Platinum Shares	ETF/ETN	26922V101	301	2,300	SH		SOLE	NONE	2,300	0	0
Exelis Inc	COMMON STOCK	30162A108	354	25,658	SH		SOLE	NONE	25,658	0	0
Exxon Mobil	COMMON STOCK	30231G102	1,703	18,848	SH		SOLE	NONE	18,848	0	0
Fedex Corp	COMMON STOCK	31428X106	468	4,752	SH		SOLE	NONE	4,752	0	0
Fiserv Inc	COMMON STOCK	337733108	175	2,000	SH		SOLE	NONE	2,000	0	0
Fomento Economico Mexicano	COMMON STOCK	344419106	2,764	26,785	SH		SOLE	NONE	26,785	0	0
Ford Motor	COMMON STOCK	345370860	303	19,586	SH		SOLE	NONE	19,586	0	0
Fourstar Group	COMMON STOCK	346233109	303	15,100	SH		SOLE	NONE	15,100	0	0
Fresh Del Monte Produce	COMMON STOCK	G36738105	2,160	77,471	SH		SOLE	NONE	77,471	0	0
General Electric	COMMON STOCK	369604103	342	14,750	SH		SOLE	NONE	14,750	0	0
General Mills	COMMON STOCK	370334104	6,270	129,206	SH		SOLE	NONE	129,206	0	0
General Motors	COMMON STOCK	37045V100	950	28,533	SH		SOLE	NONE	28,533	0	0
Genuine Parts	COMMON STOCK	372460105	1,346	17,242	SH		SOLE	NONE	17,242	0	0
GlaxoSmithKline Plc Adr	COMMON STOCK	37733W105	150	3,000	SH		SOLE	NONE	3,000	0	0
Gold Miners ETF	ETF/ETN	57060U100	199	8,115	SH		SOLE	NONE	8,115	0	0
Google Inc	COMMON STOCK	38259P508	466	529	SH		SOLE	NONE	529	0	0
Hasbro	COMMON STOCK	418056107	187	4,162	SH		SOLE	NONE	4,162	0	0
Hawkins	COMMON STOCK	420261109	191	4,850	SH		SOLE	NONE	4,850	0	0
Health Care Property	COMMON STOCK	40414L109	179	3,947	SH		SOLE	NONE	3,947	0	0
Helmerich & Payne	COMMON STOCK	423452101	540	8,650	SH		SOLE	NONE	8,650	0	0
Hershey Co	COMMON STOCK	427866108	268	3,000	SH		SOLE	NONE	3,000	0	0
Home Depot	COMMON STOCK	437076102	647	8,346	SH		SOLE	NONE	8,346	0	0
Honda Motors	COMMON STOCK	438128308	1,036	27,810	SH		SOLE	NONE	27,810	0	0
Honeywell Intl.	COMMON STOCK	438516106	882	11,120	SH		SOLE	NONE	11,120	0	0
Hospira Inc	COMMON STOCK	441060100	130	3,400	SH		SOLE	NONE	3,400	0	0
Hubbell Inc Cl A	COMMON STOCK	443510102	360	4,000	SH		SOLE	NONE	4,000	0	0
Humana Inc.	COMMON STOCK	444859102	459	5,440	SH		SOLE	NONE	5,440	0	0
Imperial Oil Ltd.	COMMON STOCK	453038408	1,669	43,680	SH		SOLE	NONE	43,680	0	0
Ingersoll-Rand Plc Shs	COMMON STOCK	G47791101	286	5,150	SH		SOLE	NONE	5,150	0	0
Ingles Mkts Inc Cl A	COMMON STOCK	457030104	1,788	70,795	SH		SOLE	NONE	70,795	0	0
Ingram Micro Inc	COMMON STOCK	457153104	300	15,800	SH		SOLE	NONE	15,800	0	0
International Business Machine	COMMON STOCK	459200101	643	3,365	SH		SOLE	NONE	3,365	0	0
Intl Paper Co	COMMON STOCK	460146103	3,222	72,726	SH		SOLE	NONE	72,726	0	0
Investors Title	COMMON STOCK	461804106	716	10,100	SH		SOLE	NONE	10,100	0	0
iShares DJ US Oil Equip & Svcs	ETF/ETN	464288844	437	7,700	SH		SOLE	NONE	7,700	0	0
Ishares Global Telecom Fd	ETF/ETN	464287275	1,540	25,925	SH		SOLE	NONE	25,925	0	0
iShares Gold Trust	ETF/ETN	464285105	240	20,000	SH		SOLE	NONE	20,000	0	0
Ishares Hong Kong Index Fd	ETF/ETN	464286871	376	20,543	SH		SOLE	NONE	20,543	0	0
Ishares Inc Msci Switzerland I	ETF/ETN	464286749	123	4,300	SH		SOLE	NONE	4,300	0	0
Ishares Msci Germany Index Fd	ETF/ETN	464286806	226	9,136	SH		SOLE	NONE	9,136	0	0
iShares MSCI South Korea Index	ETF/ETN	464286772	295	5,551	SH		SOLE	NONE	5,551	0	0
Ishares Singapore Index Fd	ETF/ETN	464286673	5,686	444,568	SH		SOLE	NONE	444,568	0	0
Ishares Taiwan Index Fd	ETF/ETN	464286731	237	17,851	SH		SOLE	NONE	17,851	0	0
ITT Corporation	COMMON STOCK	450911102	1,445	49,120	SH		SOLE	NONE	49,120	0	0
J P Morgan Chase	COMMON STOCK	46625H100	400	7,584	SH		SOLE	NONE	7,584	0	0
JM Smucker	COMMON STOCK	832696405	1,895	18,367	SH		SOLE	NONE	18,367	0	0
John Bean Technologies	COMMON STOCK	477839104	1,558	74,139	SH		SOLE	NONE	74,139	0	0
Johnson & Johnson	COMMON STOCK	478160104	2,221	25,863	SH		SOLE	NONE	25,863	0	0
Kellogg	COMMON STOCK	487836108	289	4,500	SH		SOLE	NONE	4,500	0	0
Kimberly Clark	COMMON STOCK	494368103	1,557	16,027	SH		SOLE	NONE	16,027	0	0
Kraft Foods Group	COMMON STOCK	50076Q106	188	3,367	SH		SOLE	NONE	3,367	0	0
Kroger	COMMON STOCK	501044101	5,905	170,951	SH		SOLE	NONE	170,951	0	0
Laboratory Corp of America Hol	COMMON STOCK	50540R409	370	3,700	SH		SOLE	NONE	3,700	0	0
Liberty Global Inc.	COMMON STOCK	G5480U104	327	4,450	SH		SOLE	NONE	4,450	0	0
Macy's Inc	COMMON STOCK	55616P104	144	3,000	SH		SOLE	NONE	3,000	0	0
Marathon Oil Corp	COMMON STOCK	565849106	467	13,500	SH		SOLE	NONE	13,500	0	0
Marathon Petroleum Corp	COMMON STOCK	56585A102	604	8,500	SH		SOLE	NONE	8,500	0	0
Marcus Corp	COMMON STOCK	566330106	364	28,600	SH		SOLE	NONE	28,600	0	0
MartenTransport Ltd.	COMMON STOCK	573075108	345	22,010	SH		SOLE	NONE	22,010	0	0
Matson Navigation Co.	COMMON STOCK	57686G105	892	35,677	SH		SOLE	NONE	35,677	0	0
McDonalds	COMMON STOCK	580135101	132	1,334	SH		SOLE	NONE	1,334	0	0
MDU Resources Group Inc.	COMMON STOCK	552690109	440	16,978	SH		SOLE	NONE	16,978	0	0
Merck & Co Inc	COMMON STOCK	58933Y105	1,614	34,755	SH		SOLE	NONE	34,755	0	0
Met-Pro Corp.	COMMON STOCK	590876306	130	9,687	SH		SOLE	NONE	9,687	0	0
MFRI Inc.	COMMON STOCK	552721102	582	51,168	SH		SOLE	NONE	51,168	0	0
Microsoft	COMMON STOCK	594918104	2,785	80,625	SH		SOLE	NONE	80,625	0	0
Mine Safety Appliances	COMMON STOCK	602720104	333	7,150	SH		SOLE	NONE	7,150	0	0
Molson Coors Co Cl B	COMMON STOCK	60871R209	755	15,776	SH		SOLE	NONE	15,776	0	0
Mondelez International Inc.	COMMON STOCK	609207105	317	11,108	SH		SOLE	NONE	11,108	0	0
Multi Color Corp.	COMMON STOCK	625383104	988	32,562	SH		SOLE	NONE	32,562	0	0
Nash Finch Co	COMMON STOCK	631158102	451	20,480	SH		SOLE	NONE	20,480	0	0
National Health Investors	COMMON STOCK	63633D104	120	2,000	SH		SOLE	NONE	2,000	0	0
National Oilwell	COMMON STOCK	637071101	393	5,700	SH		SOLE	NONE	5,700	0	0
NBT Bancorp Inc	COMMON STOCK	628778102	296	14,000	SH		SOLE	NONE	14,000	0	0
NCR	COMMON STOCK	62886E112	180	5,450	SH		SOLE	NONE	5,450	0	0
New Residential Investment Cor	REIT	64828T102	121	18,000	SH		SOLE	NONE	18,000	0	0
New York Times	COMMON STOCK	650111107	512	46,330	SH		SOLE	NONE	46,330	0	0
NewsCorp Class B	COMMON STOCK	62548E207	765	23,300	SH		SOLE	NONE	23,300	0	0
NextEra Energy Inc New	COMMON STOCK	65339F101	179	2,200	SH		SOLE	NONE	2,200	0	0
Nike Cl B	COMMON STOCK	654106103	1,240	19,465	SH		SOLE	NONE	19,465	0	0
Noble Romans Inc.	COMMON STOCK	655107100	26	22,000	SH		SOLE	NONE	22,000	0	0
Norfolk Southern Crp	COMMON STOCK	655844108	289	3,980	SH		SOLE	NONE	3,980	0	0
Northeast Utilities	COMMON STOCK	664397106	1,137	27,055	SH		SOLE	NONE	27,055	0	0
Northrop Grumman Corp.	COMMON STOCK	666807102	2,383	28,784	SH		SOLE	NONE	28,784	0	0
Northwest Natural Gas	COMMON STOCK	667655104	482	11,357	SH		SOLE	NONE	11,357	0	0
Northwest Pipe	COMMON STOCK	667746101	620	22,240	SH		SOLE	NONE	22,240	0	0
Novartis AG Adr	COMMON STOCK	66987V109	3,515	49,713	SH		SOLE	NONE	49,713	0	0
NTT Docomo Inc. ADR	COMMON STOCK	62942M201	116	7,400	SH		SOLE	NONE	7,400	0	0
Oneok Inc	COMMON STOCK	682680103	186	4,500	SH		SOLE	NONE	4,500	0	0
Paccar Inc	COMMON STOCK	693718108	161	3,000	SH		SOLE	NONE	3,000	0	0
Park City Group Inc Com New	COMMON STOCK	700215304	140	18,450	SH		SOLE	NONE	18,450	0	0
Parkervision Inc	COMMON STOCK	701354102	140	30,800	SH		SOLE	NONE	30,800	0	0
Pebblebrook Hotel Pfd Ser B	PREFERRED STOCK	70509V308	364	13,950	SH		SOLE	NONE	13,950	0	0
Pepco Holdings	COMMON STOCK	713291102	244	12,119	SH		SOLE	NONE	12,119	0	0
Pepsico	COMMON STOCK	713448108	3,356	41,027	SH		SOLE	NONE	41,027	0	0
Petroleo Brasileiro	COMMON STOCK	71654V408	127	9,500	SH		SOLE	NONE	9,500	0	0
Petroleo Brasileiro Cl A	COMMON STOCK	71654V101	115	7,866	SH		SOLE	NONE	7,866	0	0
Pfizer	COMMON STOCK	717081103	1,196	42,707	SH		SOLE	NONE	42,707	0	0
Philip Morris Intl	COMMON STOCK	718172109	164	1,899	SH		SOLE	NONE	1,899	0	0
Pimco ETF Short Maturity Str	ETF/ETN	72201R833	3,164	31,243	SH		SOLE	NONE	31,243	0	0
Pimco Total Return ETF	ETF/ETN	72201R775	1,008	9,561	SH		SOLE	NONE	9,561	0	0
Portland Gen Elec Co	COMMON STOCK	736508847	398	13,000	SH		SOLE	NONE	13,000	0	0
Potlatch Corp	COMMON STOCK	737630103	400	9,901	SH		SOLE	NONE	9,901	0	0
Powershares Ftse Rafi US1000	ETF/ETN	73935X583	2,061	28,625	SH		SOLE	NONE	28,625	0	0
Powershares High Yld Corp Bond	ETF/ETN	73936T557	728	39,071	SH		SOLE	NONE	39,071	0	0
PPL Corp	COMMON STOCK	69351T106	1,165	38,506	SH		SOLE	NONE	38,506	0	0
Precision Castparts	COMMON STOCK	740189105	398	1,762	SH		SOLE	NONE	1,762	0	0
Procter & Gamble	COMMON STOCK	742718109	932	12,108	SH		SOLE	NONE	12,108	0	0
Quest Diagnostics Inc	COMMON STOCK	74834L100	164	2,700	SH		SOLE	NONE	2,700	0	0
Rayonier	COMMON STOCK	754907103	4,082	73,697	SH		SOLE	NONE	73,697	0	0
Raytheon	COMMON STOCK	755111507	450	6,808	SH		SOLE	NONE	6,808	0	0
Republic Services	COMMON STOCK	760759100	1,315	38,750	SH		SOLE	NONE	38,750	0	0
Royal Dutch Shell Cl A	COMMON STOCK	780259206	125	1,963	SH		SOLE	NONE	1,963	0	0
Royal Dutch Shell Cl B	COMMON STOCK	780259107	1,395	21,055	SH		SOLE	NONE	21,055	0	0
Rush Enterprises Cl B	COMMON STOCK	781846308	301	13,999	SH		SOLE	NONE	13,999	0	0
S & P 500 Index Fund	ETF/ETN	78462F103	798	4,972	SH		SOLE	NONE	4,972	0	0
Scana Corp New	COMMON STOCK	80589M102	706	14,385	SH		SOLE	NONE	14,385	0	0
Schlumberger Limited	COMMON STOCK	806857108	201	2,803	SH		SOLE	NONE	2,803	0	0
Seaboard Corp	COMMON STOCK	811543107	403	149	SH		SOLE	NONE	149	0	0
Seacorp Hldgs Inc	COMMON STOCK	811904101	932	11,221	SH		SOLE	NONE	11,221	0	0
SM Energy Corp	COMMON STOCK	792228108	177	2,950	SH		SOLE	NONE	2,950	0	0
Sonoco Products	COMMON STOCK	835495102	1,270	36,729	SH		SOLE	NONE	36,729	0	0
Southern Co	COMMON STOCK	842587107	305	6,912	SH		SOLE	NONE	6,912	0	0
Starbucks	COMMON STOCK	855244109	782	11,930	SH		SOLE	NONE	11,930	0	0
Statoil Hydro Asa Adr	COMMON STOCK	85771P102	289	13,963	SH		SOLE	NONE	13,963	0	0
Streettracks Gold Shrs	COMMON STOCK	78463V107	2,297	19,287	SH		SOLE	NONE	19,287	0	0
Stryker Corp	COMMON STOCK	863667101	1,464	22,641	SH		SOLE	NONE	22,641	0	0
Syngenta AG	COMMON STOCK	87160A100	4,542	58,340	SH		SOLE	NONE	58,340	0	0
Texas Instruments	COMMON STOCK	882508104	209	6,000	SH		SOLE	NONE	6,000	0	0
Timken Co	COMMON STOCK	887389104	372	6,603	SH		SOLE	NONE	6,603	0	0
Travelers Cos Inc	COMMON STOCK	89417E109	179	2,245	SH		SOLE	NONE	2,245	0	0
Trustco Bk Corp Ny	COMMON STOCK	898349105	136	25,000	SH		SOLE	NONE	25,000	0	0
UGI Corp	COMMON STOCK	902681105	1,290	32,977	SH		SOLE	NONE	32,977	0	0
Unilever PLC	COMMON STOCK	904767704	696	17,204	SH		SOLE	NONE	17,204	0	0
Union Pacific	COMMON STOCK	907818108	4,807	31,161	SH		SOLE	NONE	31,161	0	0
United Parcel Svc	COMMON STOCK	911312106	1,313	15,186	SH		SOLE	NONE	15,186	0	0
United Technologies	COMMON STOCK	913017109	1,996	21,474	SH		SOLE	NONE	21,474	0	0
Unitedhealth Group	COMMON STOCK	91324P102	151	2,300	SH		SOLE	NONE	2,300	0	0
URS Corporation	COMMON STOCK	903236107	679	14,385	SH		SOLE	NONE	14,385	0	0
Urstadt Biddle Ppty Pfd D	PREFERRED STOCK	917286502	283	11,135	SH		SOLE	NONE	11,135	0	0
Urstadt Biddle Pptys	REIT	917286106	1,214	66,665	SH		SOLE	NONE	66,665	0	0
Urstadt Biddle Pptys Inc Cl A	REIT	917286205	1,487	73,744	SH		SOLE	NONE	73,744	0	0
Urstadt Biddle Pptys Inc Pfd S	PREFERRED STOCK	917286700	505	19,500	SH		SOLE	NONE	19,500	0	0
US Bancorp	COMMON STOCK	902973304	3,511	97,114	SH		SOLE	NONE	97,114	0	0
V F Corp	COMMON STOCK	918204108	309	1,600	SH		SOLE	NONE	1,600	0	0
Valero Energy Corp	COMMON STOCK	91913Y100	548	15,750	SH		SOLE	NONE	15,750	0	0
Vanguard Energy ETF	ETF/ETN	92204A306	8,209	73,011	SH		SOLE	NONE	73,011	0	0
Vanguard European ETF	ETF/ETN	922042874	101	2,100	SH		SOLE	NONE	2,100	0	0
Vanguard Extended Mkt ETF	ETF/ETN	922908652	2,646	37,895	SH		SOLE	NONE	37,895	0	0
Vanguard FTSE Allworld ETF ex-	ETF/ETN	922042775	197	4,458	SH		SOLE	NONE	4,458	0	0
Vanguard Health Care ETF	ETF/ETN	92204A504	873	10,111	SH		SOLE	NONE	10,111	0	0
Vanguard Sector Info Tech ETF	ETF/ETN	92204A702	4,986	67,392	SH		SOLE	NONE	67,392	0	0
Vanguard Short Term Bond ETF	ETF/ETN	921937827	336	4,200	SH		SOLE	NONE	4,200	0	0
Vanguard Small Cap Value ETF	ETF/ETN	922908611	257	3,068	SH		SOLE	NONE	3,068	0	0
Vanguard Total Stk Mkt ETF	ETF/ETN	922908769	15,459	186,996	SH		SOLE	NONE	186,996	0	0
Vanguard Total World ETF	ETF/ETN	922042742	1,726	33,500	SH		SOLE	NONE	33,500	0	0
Vanguard Utilities ETF	ETF/ETN	92204A876	1,878	22,847	SH		SOLE	NONE	22,847	0	0
Vanguard Whitehall Fds High D	ETF/ETN	921946406	11,550	204,895	SH		SOLE	NONE	204,895	0	0
Vectren Corp	COMMON STOCK	92240G101	974	28,788	SH		SOLE	NONE	28,788	0	0
Verizon Communications	COMMON STOCK	92343V104	1,490	29,601	SH		SOLE	NONE	29,601	0	0
Visa Inc	COMMON STOCK	92826C839	128	698	SH		SOLE	NONE	698	0	0
Vodafone Group PLC	COMMON STOCK	92857W100	3,181	110,676	SH		SOLE	NONE	110,676	0	0
Wal-Mart Stores	COMMON STOCK	931142103	1,740	23,360	SH		SOLE	NONE	23,360	0	0
Walt Disney Co	COMMON STOCK	254687106	730	11,567	SH		SOLE	NONE	11,567	0	0
Washington Real Estate Inv Tru	REIT	939653101	349	12,985	SH		SOLE	NONE	12,985	0	0
Waste Management	COMMON STOCK	94106L109	683	16,938	SH		SOLE	NONE	16,938	0	0
Wells Fargo & Co	COMMON STOCK	949746101	436	10,560	SH		SOLE	NONE	10,560	0	0
Wendy's International	COMMON STOCK	950590109	143	24,450	SH		SOLE	NONE	24,450	0	0
Whirlpool Corp	COMMON STOCK	963320106	423	3,700	SH		SOLE	NONE	3,700	0	0
Whitestone Reit	REIT	966084204	621	39,416	SH		SOLE	NONE	39,416	0	0
Wisdomtree Japan Hedged Equity	COMMON STOCK	97717W851	1,060	23,250	SH		SOLE	NONE	23,250	0	0
Wisdomtree Tree Emerging Mkts	COMMON STOCK	97717W281	2,237	48,598	SH		SOLE	NONE	48,598	0	0
Xylem Inc	COMMON STOCK	98419M100	549	20,378	SH		SOLE	NONE	20,378	0	0
Yahoo Inc	COMMON STOCK	984332106	1,278	50,850	SH		SOLE	NONE	50,850	0	0
Yum! Brands	COMMON STOCK	988498101	731	10,548	SH		SOLE	NONE	10,548	0	0
Zimmer Holdings	COMMON STOCK	98956P102	103	1,380	SH		SOLE	NONE	1,380	0	0