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
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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	464	3,238	SH		SOLE	NONE	3,238	0	0
Abbott Laboratories	COMMON STOCK	002824100	1,735	42,424	SH		SOLE	NONE	42,424	0	0
AbbVie Inc.	COMMON STOCK	00287Y109	1,472	26,082	SH		SOLE	NONE	26,082	0	0
Aberdeen Asia-Pacific Income F	ETF/ETN	003009107	268	42,737	SH		SOLE	NONE	42,737	0	0
ABM Industries	COMMON STOCK	000957100	130	4,800	SH		SOLE	NONE	4,800	0	0
Accenture	COMMON STOCK	G1151C101	183	2,267	SH		SOLE	NONE	2,267	0	0
Aetna Inc	COMMON STOCK	00817Y108	162	2,000	SH		SOLE	NONE	2,000	0	0
AGL Resources	COMMON STOCK	654086107	1,068	19,409	SH		SOLE	NONE	19,409	0	0
Alaska Air Group	COMMON STOCK	011659109	238	2,500	SH		SOLE	NONE	2,500	0	0
Alexander & Baldwin	COMMON STOCK	014491104	644	15,539	SH		SOLE	NONE	15,539	0	0
Altria Group	COMMON STOCK	718154107	157	3,732	SH		SOLE	NONE	3,732	0	0
American Express	COMMON STOCK	025816109	1,337	14,095	SH		SOLE	NONE	14,095	0	0
AmerisourceBergen Corp	COMMON STOCK	03073E105	3,657	50,328	SH		SOLE	NONE	50,328	0	0
Amgen Inc	COMMON STOCK	031162100	152	1,287	SH		SOLE	NONE	1,287	0	0
AmREIT, Inc.	REIT	03216B208	192	10,500	SH		SOLE	NONE	10,500	0	0
Anadarko Pete Corp	COMMON STOCK	032511107	341	3,114	SH		SOLE	NONE	3,114	0	0
Anheuser-Busch InBev	COMMON STOCK	035229103	155	1,350	SH		SOLE	NONE	1,350	0	0
Apollo Commercial Real Estate	REIT	03762U105	697	42,250	SH		SOLE	NONE	42,250	0	0
Apple Computer	COMMON STOCK	037833100	593	6,381	SH		SOLE	NONE	6,381	0	0
AptarGroup Inc	COMMON STOCK	038336103	101	1,500	SH		SOLE	NONE	1,500	0	0
Archer Daniels Midland	COMMON STOCK	039483102	457	10,355	SH		SOLE	NONE	10,355	0	0
AT&T	COMMON STOCK	00206R102	342	9,674	SH		SOLE	NONE	9,674	0	0
Automatic Data Processing	COMMON STOCK	053015103	476	6,000	SH		SOLE	NONE	6,000	0	0
Avista Corp.	COMMON STOCK	05379B107	406	12,110	SH		SOLE	NONE	12,110	0	0
Ball Corp	COMMON STOCK	058498106	2,048	32,673	SH		SOLE	NONE	32,673	0	0
Bank of America	COMMON STOCK	060505104	185	12,018	SH		SOLE	NONE	12,018	0	0
Bank of New York Mellon	COMMON STOCK	064058100	1,822	48,606	SH		SOLE	NONE	48,606	0	0
Bank of Nova Scotia	COMMON STOCK	064149107	1,356	20,358	SH		SOLE	NONE	20,358	0	0
Baxter International	COMMON STOCK	071813109	177	2,455	SH		SOLE	NONE	2,455	0	0
BCE	COMMON STOCK	05534B760	254	5,600	SH		SOLE	NONE	5,600	0	0
Berkshire Hathaway Cl A	COMMON STOCK	084670108	3,608	19	SH		SOLE	NONE	19	0	0
Berkshire Hathaway Cl B	COMMON STOCK	084670702	8,271	65,352	SH		SOLE	NONE	65,352	0	0
Boeing	COMMON STOCK	097023105	444	3,487	SH		SOLE	NONE	3,487	0	0
BP p.l.c.	COMMON STOCK	055622104	559	10,600	SH		SOLE	NONE	10,600	0	0
Bristol Myers Squibb	COMMON STOCK	110122108	1,633	33,653	SH		SOLE	NONE	33,653	0	0
Brixmor Property Group Inc.	REIT	11120U105	730	31,825	SH		SOLE	NONE	31,825	0	0
Broadridge Financial Solutions	COMMON STOCK	11133T103	271	6,500	SH		SOLE	NONE	6,500	0	0
Campbell Soup Company	COMMON STOCK	134429109	338	7,382	SH		SOLE	NONE	7,382	0	0
Canadian Currency Tst	ETF/ETN	23129X105	144	1,550	SH		SOLE	NONE	1,550	0	0
Canadian Natl Ry Co	COMMON STOCK	136375102	473	7,282	SH		SOLE	NONE	7,282	0	0
Caterpillar	COMMON STOCK	149123101	105	965	SH		SOLE	NONE	965	0	0
Cenovus Energy Inc Com Npv	COMMON STOCK	15135U109	423	13,071	SH		SOLE	NONE	13,071	0	0
ChevronTexaco	COMMON STOCK	166764100	2,014	15,430	SH		SOLE	NONE	15,430	0	0
Clorox Company	COMMON STOCK	189054109	689	7,537	SH		SOLE	NONE	7,537	0	0
Coca Cola Enterprises Inc	COMMON STOCK	191219104	423	8,845	SH		SOLE	NONE	8,845	0	0
Coca-Cola Bottling	COMMON STOCK	191098102	116	1,575	SH		SOLE	NONE	1,575	0	0
Coca-Cola Company	COMMON STOCK	191216100	923	21,792	SH		SOLE	NONE	21,792	0	0
Comcast Corporation	COMMON STOCK	20030N101	1,182	22,017	SH		SOLE	NONE	22,017	0	0
Conoco Phillips	COMMON STOCK	718507106	234	2,730	SH		SOLE	NONE	2,730	0	0
Cooper International Corp.	COMMON STOCK	216640102	342	5,052	SH		SOLE	NONE	5,052	0	0
Corning Inc	COMMON STOCK	219350105	134	6,100	SH		SOLE	NONE	6,100	0	0
Costco Wholesale	COMMON STOCK	22160K105	792	6,880	SH		SOLE	NONE	6,880	0	0
Deere & Company	COMMON STOCK	244199105	657	7,258	SH		SOLE	NONE	7,258	0	0
Devon Energy Corp	COMMON STOCK	25179M103	206	2,600	SH		SOLE	NONE	2,600	0	0
Diageo PLC	COMMON STOCK	25243Q205	240	1,885	SH		SOLE	NONE	1,885	0	0
Dominion Resources	COMMON STOCK	25746U109	782	10,927	SH		SOLE	NONE	10,927	0	0
Dover Corp	COMMON STOCK	260003108	278	3,054	SH		SOLE	NONE	3,054	0	0
Dover Downs Gaming & Entmt Inc	COMMON STOCK	260095104	19	13,700	SH		SOLE	NONE	13,700	0	0
Du Pont	COMMON STOCK	263534109	2,441	37,300	SH		SOLE	NONE	37,300	0	0
Duke Energy	COMMON STOCK	264399106	192	2,588	SH		SOLE	NONE	2,588	0	0
Einstein Noah Restaurant	COMMON STOCK	28257U104	247	15,350	SH		SOLE	NONE	15,350	0	0
Enbridge Inc	COMMON STOCK	29250N105	109	2,300	SH		SOLE	NONE	2,300	0	0
Encana	COMMON STOCK	292505104	218	9,176	SH		SOLE	NONE	9,176	0	0
Ensco PLC	COMMON STOCK	G3157S106	2,273	40,908	SH		SOLE	NONE	40,908	0	0
EOG Resources	COMMON STOCK	26875P101	122	1,044	SH		SOLE	NONE	1,044	0	0
Equity Residential	REIT	29476L107	236	3,750	SH		SOLE	NONE	3,750	0	0
Era Group Inc.	COMMON STOCK	26885G109	287	10,006	SH		SOLE	NONE	10,006	0	0
ETFS Physical Platinum Shares	ETF/ETN	26922V101	159	1,100	SH		SOLE	NONE	1,100	0	0
Exelis Inc	COMMON STOCK	30162A108	270	15,873	SH		SOLE	NONE	15,873	0	0
Express Scripts Holding Co.	COMMON STOCK	302182100	118	1,705	SH		SOLE	NONE	1,705	0	0
Exxon Mobil	COMMON STOCK	30231G102	1,729	17,177	SH		SOLE	NONE	17,177	0	0
Facebook Inc	COMMON STOCK	30303M102	155	2,300	SH		SOLE	NONE	2,300	0	0
Fedex Corp	COMMON STOCK	31428X106	742	4,900	SH		SOLE	NONE	4,900	0	0
Firstenergy Corp	COMMON STOCK	337932107	111	3,200	SH		SOLE	NONE	3,200	0	0
Fiserv Inc	COMMON STOCK	337733108	241	4,000	SH		SOLE	NONE	4,000	0	0
Fomento Economico Mexicano	COMMON STOCK	344419106	2,091	22,327	SH		SOLE	NONE	22,327	0	0
Ford Motor	COMMON STOCK	345370860	744	43,131	SH		SOLE	NONE	43,131	0	0
Fourstar Group	COMMON STOCK	346233109	308	16,150	SH		SOLE	NONE	16,150	0	0
Fresh Del Monte Produce	COMMON STOCK	G36738105	2,371	77,369	SH		SOLE	NONE	77,369	0	0
General Electric	COMMON STOCK	369604103	409	15,568	SH		SOLE	NONE	15,568	0	0
General Mills	COMMON STOCK	370334104	5,760	109,640	SH		SOLE	NONE	109,640	0	0
General Motors	COMMON STOCK	37045V100	474	13,050	SH		SOLE	NONE	13,050	0	0
Genuine Parts	COMMON STOCK	372460105	1,404	15,992	SH		SOLE	NONE	15,992	0	0
GlaxoSmithKline Plc Adr	COMMON STOCK	37733W105	160	3,000	SH		SOLE	NONE	3,000	0	0
Google Inc Cl A	COMMON STOCK	38259P508	552	944	SH		SOLE	NONE	944	0	0
Google Inc Class C	COMMON STOCK	38259P706	487	846	SH		SOLE	NONE	846	0	0
Halliburton	COMMON STOCK	406216101	1,779	25,050	SH		SOLE	NONE	25,050	0	0
Hasbro	COMMON STOCK	418056107	164	3,100	SH		SOLE	NONE	3,100	0	0
Health Care Property	COMMON STOCK	40414L109	143	3,447	SH		SOLE	NONE	3,447	0	0
Helmerich & Payne	COMMON STOCK	423452101	894	7,700	SH		SOLE	NONE	7,700	0	0
Hersha Hospitality	COMMON STOCK	427825104	401	59,700	SH		SOLE	NONE	59,700	0	0
Hershey Co	COMMON STOCK	427866108	117	1,200	SH		SOLE	NONE	1,200	0	0
Home Depot	COMMON STOCK	437076102	554	6,846	SH		SOLE	NONE	6,846	0	0
Honda Motors	COMMON STOCK	438128308	888	25,380	SH		SOLE	NONE	25,380	0	0
Honeywell Intl.	COMMON STOCK	438516106	1,232	13,256	SH		SOLE	NONE	13,256	0	0
Hospira Inc	COMMON STOCK	441060100	175	3,400	SH		SOLE	NONE	3,400	0	0
Hubbell Inc Cl A	COMMON STOCK	443510102	374	3,000	SH		SOLE	NONE	3,000	0	0
Humana Inc.	COMMON STOCK	444859102	483	3,782	SH		SOLE	NONE	3,782	0	0
Imperial Oil Ltd.	COMMON STOCK	453038408	2,088	39,669	SH		SOLE	NONE	39,669	0	0
Ingersoll-Rand Plc Shs	COMMON STOCK	G47791101	159	2,550	SH		SOLE	NONE	2,550	0	0
Ingles Markets, Inc.	COMMON STOCK	457030104	1,956	74,237	SH		SOLE	NONE	74,237	0	0
Ingram Micro Inc	COMMON STOCK	457153104	394	13,500	SH		SOLE	NONE	13,500	0	0
International Business Machine	COMMON STOCK	459200101	520	2,868	SH		SOLE	NONE	2,868	0	0
Intl Paper Co.	COMMON STOCK	460146103	3,658	72,473	SH		SOLE	NONE	72,473	0	0
Investors Title	COMMON STOCK	461804106	586	8,700	SH		SOLE	NONE	8,700	0	0
iShares DJ US Oil Equip & Svcs	ETF/ETN	464288844	590	7,610	SH		SOLE	NONE	7,610	0	0
iShares Global Telecom Fd	ETF/ETN	464287275	1,345	21,329	SH		SOLE	NONE	21,329	0	0
iShares Hong Kong Index Fd	ETF/ETN	464286871	212	10,150	SH		SOLE	NONE	10,150	0	0
iShares Inc Msci Switzerland I	ETF/ETN	464286749	113	3,300	SH		SOLE	NONE	3,300	0	0
iShares MSCI All Country World	ETF/ETN	464286525	772	11,560	SH		SOLE	NONE	11,560	0	0
iShares Msci Germany Index Fd	ETF/ETN	464286806	273	8,736	SH		SOLE	NONE	8,736	0	0
iShares MSCI South Korea Index	ETF/ETN	464286772	374	5,750	SH		SOLE	NONE	5,750	0	0
iShares Russell 1000	ETF/ETN	464287622	121	1,096	SH		SOLE	NONE	1,096	0	0
iShares Russell 1000 Value Ind	ETF/ETN	464287598	172	1,694	SH		SOLE	NONE	1,694	0	0
iShares Russell Midcap Index	ETF/ETN	464287499	212	1,303	SH		SOLE	NONE	1,303	0	0
iShares Russell Midcap Value I	ETF/ETN	464287473	302	4,164	SH		SOLE	NONE	4,164	0	0
iShares Singapore Index Fd	ETF/ETN	464286673	5,053	373,731	SH		SOLE	NONE	373,731	0	0
iShares Taiwan Index Fd	ETF/ETN	464286731	250	15,851	SH		SOLE	NONE	15,851	0	0
ITT Corporation	COMMON STOCK	450911102	2,026	42,116	SH		SOLE	NONE	42,116	0	0
J P Morgan Chase	COMMON STOCK	46625H100	594	10,305	SH		SOLE	NONE	10,305	0	0
JM Smucker	COMMON STOCK	832696405	322	3,025	SH		SOLE	NONE	3,025	0	0
John Bean Technologies	COMMON STOCK	477839104	2,001	64,582	SH		SOLE	NONE	64,582	0	0
Johnson & Johnson	COMMON STOCK	478160104	2,980	28,481	SH		SOLE	NONE	28,481	0	0
Kellogg	COMMON STOCK	487836108	191	2,900	SH		SOLE	NONE	2,900	0	0
Kimberly Clark	COMMON STOCK	494368103	1,765	15,867	SH		SOLE	NONE	15,867	0	0
Kraft Foods Group	COMMON STOCK	50076Q106	202	3,367	SH		SOLE	NONE	3,367	0	0
Kroger	COMMON STOCK	501044101	7,944	160,720	SH		SOLE	NONE	160,720	0	0
Laboratory Corp of America Hol	COMMON STOCK	50540R409	420	4,100	SH		SOLE	NONE	4,100	0	0
Liberty Global Inc Com Ser C	COMMON STOCK	530555309	173	4,100	SH		SOLE	NONE	4,100	0	0
Liberty Global Inc.	COMMON STOCK	G5480U104	181	4,100	SH		SOLE	NONE	4,100	0	0
Macy's Inc	COMMON STOCK	55616P104	174	3,000	SH		SOLE	NONE	3,000	0	0
Marathon Oil Corp	COMMON STOCK	565849106	315	7,900	SH		SOLE	NONE	7,900	0	0
Marathon Petroleum Corp	COMMON STOCK	56585A102	363	4,650	SH		SOLE	NONE	4,650	0	0
Marcus Corp	COMMON STOCK	566330106	536	29,350	SH		SOLE	NONE	29,350	0	0
MartenTransport Ltd.	COMMON STOCK	573075108	471	21,090	SH		SOLE	NONE	21,090	0	0
Matson Navigation Co.	COMMON STOCK	57686G105	680	25,347	SH		SOLE	NONE	25,347	0	0
McDonalds	COMMON STOCK	580135101	150	1,491	SH		SOLE	NONE	1,491	0	0
MDU Resources Group Inc.	COMMON STOCK	552690109	583	16,615	SH		SOLE	NONE	16,615	0	0
Merck & Co Inc	COMMON STOCK	58933Y105	1,900	32,845	SH		SOLE	NONE	32,845	0	0
MFRI Inc.	COMMON STOCK	552721102	521	45,668	SH		SOLE	NONE	45,668	0	0
Microsoft	COMMON STOCK	594918104	3,265	78,307	SH		SOLE	NONE	78,307	0	0
Mine Safety Appliances	COMMON STOCK	602720104	287	5,000	SH		SOLE	NONE	5,000	0	0
Molson Coors Brewing Company	COMMON STOCK	60871R209	2,051	27,656	SH		SOLE	NONE	27,656	0	0
Mondelez International Inc.	COMMON STOCK	609207105	351	9,338	SH		SOLE	NONE	9,338	0	0
Multi Color Corp.	COMMON STOCK	625383104	1,164	29,101	SH		SOLE	NONE	29,101	0	0
National Oilwell	COMMON STOCK	637071101	445	5,400	SH		SOLE	NONE	5,400	0	0
NBT Bancorp Inc	COMMON STOCK	628778102	312	13,000	SH		SOLE	NONE	13,000	0	0
NCR	COMMON STOCK	62886E108	247	7,050	SH		SOLE	NONE	7,050	0	0
New Media Investment Group Inc	COMMON STOCK	64704V106	120	8,537	SH		SOLE	NONE	8,537	0	0
New York Times	COMMON STOCK	650111107	733	48,164	SH		SOLE	NONE	48,164	0	0
NextEra Energy Inc New	COMMON STOCK	65339F101	214	2,088	SH		SOLE	NONE	2,088	0	0
Nike, Inc.	COMMON STOCK	654106103	1,487	19,181	SH		SOLE	NONE	19,181	0	0
Norfolk Southern Crp	COMMON STOCK	655844108	410	3,980	SH		SOLE	NONE	3,980	0	0
Northeast Utilities	COMMON STOCK	664397106	942	19,935	SH		SOLE	NONE	19,935	0	0
Northrop Grumman Corp.	COMMON STOCK	666807102	3,116	26,047	SH		SOLE	NONE	26,047	0	0
Northwest Natural Gas	COMMON STOCK	667655104	1,062	22,532	SH		SOLE	NONE	22,532	0	0
Northwest Pipe	COMMON STOCK	667746101	885	21,932	SH		SOLE	NONE	21,932	0	0
Novartis AG Adr	COMMON STOCK	66987V109	4,061	44,856	SH		SOLE	NONE	44,856	0	0
NTT Docomo Inc. ADR	COMMON STOCK	62942M201	126	7,400	SH		SOLE	NONE	7,400	0	0
Occidental Petroleum	COMMON STOCK	674599105	146	1,425	SH		SOLE	NONE	1,425	0	0
Oneok Inc	COMMON STOCK	682680103	286	4,200	SH		SOLE	NONE	4,200	0	0
Park City Group Inc.	COMMON STOCK	700215304	201	18,450	SH		SOLE	NONE	18,450	0	0
Pebblebrook Hotel Pfd Ser B	PREFERRED STOCK	70509V308	359	13,500	SH		SOLE	NONE	13,500	0	0
Pepco Holdings	COMMON STOCK	713291102	285	10,375	SH		SOLE	NONE	10,375	0	0
Pepsico	COMMON STOCK	713448108	4,068	45,532	SH		SOLE	NONE	45,532	0	0
Pfizer	COMMON STOCK	717081103	1,274	42,915	SH		SOLE	NONE	42,915	0	0
Philip Morris Intl	COMMON STOCK	718172109	143	1,695	SH		SOLE	NONE	1,695	0	0
Phillips 66	COMMON STOCK	718546104	111	1,385	SH		SOLE	NONE	1,385	0	0
Pimco Dynamic Credit Income Fu	COMMON STOCK	72202D106	123	5,150	SH		SOLE	NONE	5,150	0	0
Pimco ETF Short Maturity Str	ETF/ETN	72201R833	2,541	25,060	SH		SOLE	NONE	25,060	0	0
Pimco Total Return ETF	ETF/ETN	72201R775	533	4,893	SH		SOLE	NONE	4,893	0	0
Plains GP Holdings, LP	COMMON STOCK	72651A108	128	4,000	SH		SOLE	NONE	4,000	0	0
Portland Gen Elec Co	COMMON STOCK	736508847	546	15,740	SH		SOLE	NONE	15,740	0	0
Potlatch Corp	COMMON STOCK	737630103	414	10,001	SH		SOLE	NONE	10,001	0	0
PowerShares FTSE RAFI US 1000	ETF/ETN	73935X583	3,707	41,915	SH		SOLE	NONE	41,915	0	0
Powershares High Yld Corp Bond	ETF/ETN	73936T557	1,880	95,896	SH		SOLE	NONE	95,896	0	0
PowerShares QQQ	ETF/ETN	631100104	105	1,121	SH		SOLE	NONE	1,121	0	0
PPL Corp.	COMMON STOCK	69351T106	1,222	34,383	SH		SOLE	NONE	34,383	0	0
Precision Castparts	COMMON STOCK	740189105	445	1,762	SH		SOLE	NONE	1,762	0	0
Procter & Gamble	COMMON STOCK	742718109	1,099	13,987	SH		SOLE	NONE	13,987	0	0
Rayonier	COMMON STOCK	754907103	2,199	61,861	SH		SOLE	NONE	61,861	0	0
Rayonier Advanced Materials In	COMMON STOCK	75508B104	798	20,586	SH		SOLE	NONE	20,586	0	0
Raytheon	COMMON STOCK	755111507	596	6,465	SH		SOLE	NONE	6,465	0	0
Republic Services	COMMON STOCK	760759100	1,584	41,708	SH		SOLE	NONE	41,708	0	0
Royal Dutch Shell Cl A	COMMON STOCK	780259206	145	1,759	SH		SOLE	NONE	1,759	0	0
Royal Dutch Shell Cl B	COMMON STOCK	780259107	917	10,540	SH		SOLE	NONE	10,540	0	0
Rush Enterprises Cl A	COMMON STOCK	781846209	103	2,975	SH		SOLE	NONE	2,975	0	0
Rush Enterprises Cl B	COMMON STOCK	781846308	326	10,374	SH		SOLE	NONE	10,374	0	0
S & P 500 Index Fund	ETF/ETN	78462F103	953	4,872	SH		SOLE	NONE	4,872	0	0
Sanofi-Aventis Sponsored Adr	COMMON STOCK	80105N105	800	15,040	SH		SOLE	NONE	15,040	0	0
Scana Corp New	COMMON STOCK	80589M102	404	7,505	SH		SOLE	NONE	7,505	0	0
Schlumberger Limited	COMMON STOCK	806857108	279	2,365	SH		SOLE	NONE	2,365	0	0
Seaboard Corp.	COMMON STOCK	811543107	683	226	SH		SOLE	NONE	226	0	0
Seacorp Hldgs Inc	COMMON STOCK	811904101	643	7,816	SH		SOLE	NONE	7,816	0	0
Shiloh Industries Inc.	COMMON STOCK	824543102	151	8,200	SH		SOLE	NONE	8,200	0	0
SM Energy Corp	COMMON STOCK	792228108	156	1,850	SH		SOLE	NONE	1,850	0	0
Sonoco Products	COMMON STOCK	835495102	1,473	33,529	SH		SOLE	NONE	33,529	0	0
Southern Co	COMMON STOCK	842587107	311	6,849	SH		SOLE	NONE	6,849	0	0
Southwest Air	COMMON STOCK	844741108	132	4,900	SH		SOLE	NONE	4,900	0	0
SpartanNash Co.	COMMON STOCK	847215100	183	8,690	SH		SOLE	NONE	8,690	0	0
SPDR S&P Dividend ETF	ETF/ETN	78464A763	112	1,460	SH		SOLE	NONE	1,460	0	0
SPDR S&P Transport ETF	ETF/ETN	78464A532	711	7,580	SH		SOLE	NONE	7,580	0	0
St Jude Medical Inc	COMMON STOCK	790849103	332	4,800	SH		SOLE	NONE	4,800	0	0
Starbucks	COMMON STOCK	855244109	747	9,657	SH		SOLE	NONE	9,657	0	0
Statoil Hydro Asa Adr	COMMON STOCK	85771P102	244	7,900	SH		SOLE	NONE	7,900	0	0
Streettracks Gold Shrs	COMMON STOCK	78463V107	1,699	13,267	SH		SOLE	NONE	13,267	0	0
Stryker Corp	COMMON STOCK	863667101	1,863	22,096	SH		SOLE	NONE	22,096	0	0
Syngenta AG	COMMON STOCK	87160A100	3,379	45,171	SH		SOLE	NONE	45,171	0	0
Texas Instruments	COMMON STOCK	882508104	172	3,600	SH		SOLE	NONE	3,600	0	0
Timken Co	COMMON STOCK	887389104	278	4,100	SH		SOLE	NONE	4,100	0	0
Travelers Cos Inc	COMMON STOCK	89417E109	211	2,245	SH		SOLE	NONE	2,245	0	0
Trustco Bk Corp Ny	COMMON STOCK	898349105	167	25,000	SH		SOLE	NONE	25,000	0	0
TRW Automotive Hldgs Corp.	COMMON STOCK	87264S106	1,310	14,630	SH		SOLE	NONE	14,630	0	0
Twenty-First Century Fox, Cl B	COMMON STOCK	90130A200	678	19,800	SH		SOLE	NONE	19,800	0	0
UGI Corp	COMMON STOCK	902681105	1,361	26,947	SH		SOLE	NONE	26,947	0	0
Unilever PLC	COMMON STOCK	904767704	573	12,654	SH		SOLE	NONE	12,654	0	0
Union Pacific	COMMON STOCK	907818108	6,018	60,332	SH		SOLE	NONE	60,332	0	0
United Parcel Svc	COMMON STOCK	911312106	1,528	14,889	SH		SOLE	NONE	14,889	0	0
United Technologies	COMMON STOCK	913017109	2,439	21,128	SH		SOLE	NONE	21,128	0	0
Unitedhealth Group	COMMON STOCK	91324P102	289	3,540	SH		SOLE	NONE	3,540	0	0
URS Corporation	COMMON STOCK	903236107	868	18,935	SH		SOLE	NONE	18,935	0	0
Urstadt Biddle Ppty Pfd D	PREFERRED STOCK	917286502	226	8,835	SH		SOLE	NONE	8,835	0	0
Urstadt Biddle Pptys	COMMON STOCK	917286106	1,001	56,064	SH		SOLE	NONE	56,064	0	0
Urstadt Biddle Pptys Inc Cl A	COMMON STOCK	917286205	1,377	65,939	SH		SOLE	NONE	65,939	0	0
Urstadt Biddle Pptys Inc Pfd S	PREFERRED STOCK	917286700	569	22,400	SH		SOLE	NONE	22,400	0	0
US Bancorp	COMMON STOCK	902973304	4,152	95,839	SH		SOLE	NONE	95,839	0	0
V F Corp	COMMON STOCK	918204108	391	6,200	SH		SOLE	NONE	6,200	0	0
Vanguard Energy ETF	ETF/ETN	92204A306	9,668	67,156	SH		SOLE	NONE	67,156	0	0
Vanguard European ETF	ETF/ETN	922042874	447	7,464	SH		SOLE	NONE	7,464	0	0
Vanguard Extended Mkt ETF	ETF/ETN	922908652	2,939	33,495	SH		SOLE	NONE	33,495	0	0
Vanguard FTSE All World exUS E	ETF/ETN	922042775	198	3,793	SH		SOLE	NONE	3,793	0	0
Vanguard Growth ETF	ETF/ETN	922908736	133	1,347	SH		SOLE	NONE	1,347	0	0
Vanguard Health Care ETF	ETF/ETN	92204A504	1,273	11,400	SH		SOLE	NONE	11,400	0	0
Vanguard High Dividend Yield I	ETF/ETN	921946406	14,246	214,819	SH		SOLE	NONE	214,819	0	0
Vanguard Industrials ETF	ETF/ETN	92204A603	120	1,150	SH		SOLE	NONE	1,150	0	0
Vanguard Information Technolog	ETF/ETN	92204A702	7,074	73,083	SH		SOLE	NONE	73,083	0	0
Vanguard Mega Cap ETF	ETF/ETN	921910873	2,998	44,794	SH		SOLE	NONE	44,794	0	0
Vanguard Short Term Bond ETF	ETF/ETN	921937827	281	3,500	SH		SOLE	NONE	3,500	0	0
Vanguard Small Cap Value ETF	ETF/ETN	922908611	828	7,846	SH		SOLE	NONE	7,846	0	0
Vanguard Total Stock Mkt ETF	ETF/ETN	922908769	21,297	209,270	SH		SOLE	NONE	209,270	0	0
Vanguard Total World Stk Index	ETF/ETN	922042742	3,113	50,022	SH		SOLE	NONE	50,022	0	0
Vanguard Utilities ETF	ETF/ETN	92204A876	1,884	19,483	SH		SOLE	NONE	19,483	0	0
Vectren Corp	COMMON STOCK	92240G101	1,306	30,723	SH		SOLE	NONE	30,723	0	0
Verizon Communications	COMMON STOCK	92343V104	2,332	47,663	SH		SOLE	NONE	47,663	0	0
Visa Inc	COMMON STOCK	92826C839	158	752	SH		SOLE	NONE	752	0	0
Vodafone Group PLC	COMMON STOCK	92857W100	1,516	45,415	SH		SOLE	NONE	45,415	0	0
Wal-Mart Stores	COMMON STOCK	931142103	1,266	16,868	SH		SOLE	NONE	16,868	0	0
Walt Disney Co.	COMMON STOCK	254687106	2,179	25,418	SH		SOLE	NONE	25,418	0	0
Washington Real Estate Inv Tru	REIT	939653101	134	5,150	SH		SOLE	NONE	5,150	0	0
Waste Management	COMMON STOCK	94106L109	641	14,329	SH		SOLE	NONE	14,329	0	0
Wells Fargo & Co	COMMON STOCK	949746101	577	10,973	SH		SOLE	NONE	10,973	0	0
Weyerhaeuser	COMMON STOCK	962166104	754	22,774	SH		SOLE	NONE	22,774	0	0
Whirlpool Corp	COMMON STOCK	963320106	617	4,430	SH		SOLE	NONE	4,430	0	0
Whitestone Reit	REIT	966084204	493	33,050	SH		SOLE	NONE	33,050	0	0
Williams Companies, Inc.	COMMON STOCK	969457100	194	3,336	SH		SOLE	NONE	3,336	0	0
WisdomTree Emerging Mkts Small	ETF/ETN	97717W281	2,628	54,783	SH		SOLE	NONE	54,783	0	0
WisdomTree Japan Hedged Equity	ETF/ETN	97717W851	1,162	23,550	SH		SOLE	NONE	23,550	0	0
Xylem Inc	COMMON STOCK	98419M100	366	9,378	SH		SOLE	NONE	9,378	0	0
Yahoo! Inc.	COMMON STOCK	984332106	1,034	29,445	SH		SOLE	NONE	29,445	0	0
Yum! Brands	COMMON STOCK	988498101	752	9,263	SH		SOLE	NONE	9,263	0	0
Zimmer Holdings	COMMON STOCK	98956P102	143	1,380	SH		SOLE	NONE	1,380	0	0