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	532	3,238	SH		SOLE	NONE	3,238	0	0
Abbott Laboratories	COMMON STOCK	002824100	1,808	40,164	SH		SOLE	NONE	40,164	0	0
AbbVie Inc.	COMMON STOCK	00287Y109	1,694	25,882	SH		SOLE	NONE	25,882	0	0
Aberdeen Asia-Pacific Income Fund	ETF/ETN	003009107	200	36,037	SH		SOLE	NONE	36,037	0	0
ABM Industries	COMMON STOCK	000957100	307	10,700	SH		SOLE	NONE	10,700	0	0
Accenture	COMMON STOCK	G1151C101	171	1,917	SH		SOLE	NONE	1,917	0	0
AGL Resources	COMMON STOCK	654086107	1,080	19,809	SH		SOLE	NONE	19,809	0	0
Alaska Air Group	COMMON STOCK	011659109	299	5,000	SH		SOLE	NONE	5,000	0	0
Alexander & Baldwin	COMMON STOCK	014491104	608	15,489	SH		SOLE	NONE	15,489	0	0
Altria Group	COMMON STOCK	718154107	174	3,534	SH		SOLE	NONE	3,534	0	0
American Express	COMMON STOCK	025816109	1,349	14,495	SH		SOLE	NONE	14,495	0	0
AmerisourceBergen Corp	COMMON STOCK	03073E105	4,650	51,579	SH		SOLE	NONE	51,579	0	0
Amgen Inc	COMMON STOCK	031162100	215	1,347	SH		SOLE	NONE	1,347	0	0
AmREIT, Inc.	REIT	03216B208	167	6,300	SH		SOLE	NONE	6,300	0	0
Anadarko Pete Corp	COMMON STOCK	032511107	291	3,525	SH		SOLE	NONE	3,525	0	0
Anheuser-Busch InBev	COMMON STOCK	035229103	152	1,350	SH		SOLE	NONE	1,350	0	0
Apollo Commercial Real Estate	COMMON STOCK	03762U105	676	41,350	SH		SOLE	NONE	41,350	0	0
Apple Computer	COMMON STOCK	037833100	788	7,141	SH		SOLE	NONE	7,141	0	0
AptarGroup Inc	COMMON STOCK	038336103	100	1,500	SH		SOLE	NONE	1,500	0	0
Archer Daniels Midland	COMMON STOCK	039483102	538	10,355	SH		SOLE	NONE	10,355	0	0
Ares Cap Corp 7% Pfd.	PREFERRED STOCK	04010L509	109	4,300	SH		SOLE	NONE	4,300	0	0
AT&T	COMMON STOCK	00206R102	301	8,973	SH		SOLE	NONE	8,973	0	0
Automatic Data Processing	COMMON STOCK	053015103	394	4,725	SH		SOLE	NONE	4,725	0	0
Avista Corp.	COMMON STOCK	05379B107	465	13,150	SH		SOLE	NONE	13,150	0	0
Ball Corp	COMMON STOCK	058498106	2,184	32,043	SH		SOLE	NONE	32,043	0	0
Bank of America	COMMON STOCK	060505104	217	12,118	SH		SOLE	NONE	12,118	0	0
Bank of New York Mellon	COMMON STOCK	064058100	1,952	48,106	SH		SOLE	NONE	48,106	0	0
Bank of Nova Scotia	COMMON STOCK	064149107	1,112	19,478	SH		SOLE	NONE	19,478	0	0
Baxter International	COMMON STOCK	071813109	195	2,655	SH		SOLE	NONE	2,655	0	0
BCE	COMMON STOCK	05534B760	257	5,600	SH		SOLE	NONE	5,600	0	0
Berkshire Hathaway Cl A	COMMON STOCK	084670108	4,294	19	SH		SOLE	NONE	19	0	0
Berkshire Hathaway Cl B	COMMON STOCK	084670702	9,989	66,525	SH		SOLE	NONE	66,525	0	0
Boeing	COMMON STOCK	097023105	479	3,687	SH		SOLE	NONE	3,687	0	0
BP p.l.c.	COMMON STOCK	055622104	339	8,900	SH		SOLE	NONE	8,900	0	0
Bristol Myers Squibb	COMMON STOCK	110122108	1,998	33,853	SH		SOLE	NONE	33,853	0	0
Brixmor Property Group Inc.	COMMON STOCK	11120U105	901	36,275	SH		SOLE	NONE	36,275	0	0
Broadridge Financial Solutions	COMMON STOCK	11133T103	300	6,500	SH		SOLE	NONE	6,500	0	0
Campbell Soup Company	COMMON STOCK	134429109	331	7,532	SH		SOLE	NONE	7,532	0	0
Canadian Currency Tst	ETF/ETN	23129X105	115	1,350	SH		SOLE	NONE	1,350	0	0
Canadian National Railway Co.	COMMON STOCK	136375102	502	7,282	SH		SOLE	NONE	7,282	0	0
Canadian Pacific Railway	COMMON STOCK	13645T100	102	529	SH		SOLE	NONE	529	0	0
Carriage Services	COMMON STOCK	143905107	114	5,450	SH		SOLE	NONE	5,450	0	0
Cenovus Energy Inc.	COMMON STOCK	15135U109	256	12,401	SH		SOLE	NONE	12,401	0	0
ChevronTexaco	COMMON STOCK	166764100	1,576	14,050	SH		SOLE	NONE	14,050	0	0
Clorox Company	COMMON STOCK	189054109	542	5,201	SH		SOLE	NONE	5,201	0	0
Coca Cola Enterprises Inc	COMMON STOCK	191219104	384	8,695	SH		SOLE	NONE	8,695	0	0
Coca-Cola Company	COMMON STOCK	191216100	874	20,692	SH		SOLE	NONE	20,692	0	0
Comcast Corporation	COMMON STOCK	20030N101	1,184	20,417	SH		SOLE	NONE	20,417	0	0
Conoco Phillips	COMMON STOCK	718507106	182	2,630	SH		SOLE	NONE	2,630	0	0
Cooper International Corp.	COMMON STOCK	216640102	239	4,778	SH		SOLE	NONE	4,778	0	0
Corning Inc	COMMON STOCK	219350105	117	5,100	SH		SOLE	NONE	5,100	0	0
Costco Wholesale	COMMON STOCK	22160K105	890	6,280	SH		SOLE	NONE	6,280	0	0
Deere & Company	COMMON STOCK	244199105	511	5,776	SH		SOLE	NONE	5,776	0	0
Dentsply Intl Inc	COMMON STOCK	249030107	107	2,000	SH		SOLE	NONE	2,000	0	0
Devon Energy Corp	COMMON STOCK	25179M103	129	2,100	SH		SOLE	NONE	2,100	0	0
Diageo PLC	COMMON STOCK	25243Q205	215	1,885	SH		SOLE	NONE	1,885	0	0
Dominion Resources	COMMON STOCK	25746U109	798	10,377	SH		SOLE	NONE	10,377	0	0
Dover Corp	COMMON STOCK	260003108	212	2,954	SH		SOLE	NONE	2,954	0	0
Du Pont	COMMON STOCK	263534109	2,689	36,370	SH		SOLE	NONE	36,370	0	0
Duke Energy	COMMON STOCK	264399106	216	2,588	SH		SOLE	NONE	2,588	0	0
Edwards Lifesciences	COMMON STOCK	28176E108	127	1,000	SH		SOLE	NONE	1,000	0	0
Enbridge Inc	COMMON STOCK	29250N105	118	2,300	SH		SOLE	NONE	2,300	0	0
Equity Residential	COMMON STOCK	29476L107	223	3,100	SH		SOLE	NONE	3,100	0	0
Era Group Inc.	COMMON STOCK	26885G109	163	7,691	SH		SOLE	NONE	7,691	0	0
Exelis Inc	COMMON STOCK	30162A108	271	15,473	SH		SOLE	NONE	15,473	0	0
Express Scripts Holding Co.	COMMON STOCK	302182100	144	1,705	SH		SOLE	NONE	1,705	0	0
Exxon Mobil	COMMON STOCK	30231G102	1,477	15,977	SH		SOLE	NONE	15,977	0	0
Facebook Inc	COMMON STOCK	30303M102	179	2,300	SH		SOLE	NONE	2,300	0	0
Fedex Corp	COMMON STOCK	31428X106	834	4,800	SH		SOLE	NONE	4,800	0	0
Fiat Chrysler Automobiles	COMMON STOCK	N31738102	897	77,500	SH		SOLE	NONE	77,500	0	0
Firstenergy Corp	COMMON STOCK	337932107	125	3,200	SH		SOLE	NONE	3,200	0	0
Fiserv Inc	COMMON STOCK	337733108	284	4,000	SH		SOLE	NONE	4,000	0	0
Fomento Economico Mexicano	COMMON STOCK	344419106	1,932	21,946	SH		SOLE	NONE	21,946	0	0
Ford Motor	COMMON STOCK	345370860	611	39,431	SH		SOLE	NONE	39,431	0	0
Fourstar Group	COMMON STOCK	346233109	241	15,650	SH		SOLE	NONE	15,650	0	0
Fresh Del Monte Produce	COMMON STOCK	G36738105	2,591	77,219	SH		SOLE	NONE	77,219	0	0
General Electric	COMMON STOCK	369604103	393	15,568	SH		SOLE	NONE	15,568	0	0
General Mills	COMMON STOCK	370334104	5,560	104,260	SH		SOLE	NONE	104,260	0	0
General Motors	COMMON STOCK	37045V100	344	9,850	SH		SOLE	NONE	9,850	0	0
Genuine Parts	COMMON STOCK	372460105	1,651	15,492	SH		SOLE	NONE	15,492	0	0
GlaxoSmithKline Plc Adr	COMMON STOCK	37733W105	128	3,000	SH		SOLE	NONE	3,000	0	0
Google Inc Cl A	COMMON STOCK	38259P508	628	1,184	SH		SOLE	NONE	1,184	0	0
Google Inc Class C	COMMON STOCK	38259P706	487	926	SH		SOLE	NONE	926	0	0
Hasbro	COMMON STOCK	418056107	170	3,100	SH		SOLE	NONE	3,100	0	0
Health Care Property	REIT	40414L109	152	3,447	SH		SOLE	NONE	3,447	0	0
Helmerich & Payne	COMMON STOCK	423452101	297	4,400	SH		SOLE	NONE	4,400	0	0
Hersha Hospitality	COMMON STOCK	427825104	453	64,500	SH		SOLE	NONE	64,500	0	0
Home Depot	COMMON STOCK	437076102	698	6,646	SH		SOLE	NONE	6,646	0	0
Honeywell Intl.	COMMON STOCK	438516106	1,622	16,231	SH		SOLE	NONE	16,231	0	0
Hospira Inc	COMMON STOCK	441060100	208	3,400	SH		SOLE	NONE	3,400	0	0
Humana Inc.	COMMON STOCK	444859102	543	3,782	SH		SOLE	NONE	3,782	0	0
Imperial Oil Ltd.	COMMON STOCK	453038408	1,508	35,044	SH		SOLE	NONE	35,044	0	0
Ingles Markets, Inc.	COMMON STOCK	457030104	2,800	75,482	SH		SOLE	NONE	75,482	0	0
Ingram Micro Inc	COMMON STOCK	457153104	337	12,200	SH		SOLE	NONE	12,200	0	0
Intl Paper Co.	COMMON STOCK	460146103	4,006	74,773	SH		SOLE	NONE	74,773	0	0
Investors Title	COMMON STOCK	461804106	558	7,650	SH		SOLE	NONE	7,650	0	0
iShares Currency Hedged MSCI G	ETF/ETN	46434V704	1,777	75,500	SH		SOLE	NONE	75,500	0	0
iShares DJ US Oil Equip & Svcs	ETF/ETN	464288844	356	7,120	SH		SOLE	NONE	7,120	0	0
iShares Global Telecom Fd	ETF/ETN	464287275	1,270	21,129	SH		SOLE	NONE	21,129	0	0
iShares Hong Kong Index Fd	ETF/ETN	464286871	196	9,525	SH		SOLE	NONE	9,525	0	0
iShares MSCI All Country World	ETF/ETN	464286525	1,757	25,520	SH		SOLE	NONE	25,520	0	0
iShares Msci Germany Index Fd	ETF/ETN	464286806	223	8,136	SH		SOLE	NONE	8,136	0	0
iShares MSCI South Korea Index	ETF/ETN	464286772	102	1,850	SH		SOLE	NONE	1,850	0	0
iShares Russell 1000	ETF/ETN	464287622	126	1,096	SH		SOLE	NONE	1,096	0	0
iShares Russell 1000 Growth In	ETF/ETN	464287614	105	1,096	SH		SOLE	NONE	1,096	0	0
iShares Russell 1000 Value Ind	ETF/ETN	464287598	214	2,045	SH		SOLE	NONE	2,045	0	0
iShares Russell Midcap Index	ETF/ETN	464287499	218	1,303	SH		SOLE	NONE	1,303	0	0
iShares Russell Midcap Value I	ETF/ETN	464287473	307	4,164	SH		SOLE	NONE	4,164	0	0
iShares Singapore Index Fd	ETF/ETN	464286673	4,139	316,473	SH		SOLE	NONE	316,473	0	0
iShares Taiwan Index Fd	ETF/ETN	464286731	198	13,126	SH		SOLE	NONE	13,126	0	0
ITT Corporation	COMMON STOCK	450911102	1,575	38,916	SH		SOLE	NONE	38,916	0	0
J P Morgan Chase	COMMON STOCK	46625H100	670	10,705	SH		SOLE	NONE	10,705	0	0
JM Smucker	COMMON STOCK	832696405	305	3,025	SH		SOLE	NONE	3,025	0	0
John Bean Technologies	COMMON STOCK	477839104	2,094	63,717	SH		SOLE	NONE	63,717	0	0
Johnson & Johnson	COMMON STOCK	478160104	3,187	30,473	SH		SOLE	NONE	30,473	0	0
Kimberly Clark	COMMON STOCK	494368103	1,847	15,987	SH		SOLE	NONE	15,987	0	0
Kraft Foods Group	COMMON STOCK	50076Q106	211	3,367	SH		SOLE	NONE	3,367	0	0
Kroger	COMMON STOCK	501044101	10,053	156,571	SH		SOLE	NONE	156,571	0	0
Laboratory Corp of America Hol	COMMON STOCK	50540R409	453	4,200	SH		SOLE	NONE	4,200	0	0
Liberty Global Inc Com Ser C	COMMON STOCK	530555309	188	3,900	SH		SOLE	NONE	3,900	0	0
Liberty Global Inc.	COMMON STOCK	G5480U104	196	3,900	SH		SOLE	NONE	3,900	0	0
Macy's Inc	COMMON STOCK	55616P104	197	3,000	SH		SOLE	NONE	3,000	0	0
Marathon Oil Corp	COMMON STOCK	565849106	156	5,500	SH		SOLE	NONE	5,500	0	0
Marathon Petroleum Corp	COMMON STOCK	56585A102	311	3,450	SH		SOLE	NONE	3,450	0	0
Marcus Corp	COMMON STOCK	566330106	549	29,650	SH		SOLE	NONE	29,650	0	0
MartenTransport Ltd.	COMMON STOCK	573075108	477	21,840	SH		SOLE	NONE	21,840	0	0
Matson Navigation Co.	COMMON STOCK	57686G105	868	25,130	SH		SOLE	NONE	25,130	0	0
Maxus Realty Trust	COMMON STOCK	57774B109	130	4,067	SH		SOLE	NONE	4,067	0	0
MDU Resources Group Inc.	COMMON STOCK	552690109	383	16,315	SH		SOLE	NONE	16,315	0	0
Merck & Co Inc	COMMON STOCK	58933Y105	1,661	29,245	SH		SOLE	NONE	29,245	0	0
MFRI Inc.	COMMON STOCK	552721102	267	38,118	SH		SOLE	NONE	38,118	0	0
Microsoft	COMMON STOCK	594918104	3,625	78,034	SH		SOLE	NONE	78,034	0	0
Mine Safety Appliances	COMMON STOCK	602720104	265	5,000	SH		SOLE	NONE	5,000	0	0
Molson Coors Brewing Company	COMMON STOCK	60871R209	2,115	28,376	SH		SOLE	NONE	28,376	0	0
Mondelez International Inc.	COMMON STOCK	609207105	339	9,338	SH		SOLE	NONE	9,338	0	0
Multi Color Corp.	COMMON STOCK	625383104	1,258	22,701	SH		SOLE	NONE	22,701	0	0
National Oilwell	COMMON STOCK	637071101	341	5,200	SH		SOLE	NONE	5,200	0	0
NBT Bancorp Inc	COMMON STOCK	628778102	342	13,000	SH		SOLE	NONE	13,000	0	0
NCR	COMMON STOCK	62886E108	197	6,750	SH		SOLE	NONE	6,750	0	0
New York Times	COMMON STOCK	650111107	623	47,114	SH		SOLE	NONE	47,114	0	0
NextEra Energy Inc New	COMMON STOCK	65339F101	222	2,088	SH		SOLE	NONE	2,088	0	0
Nike, Inc.	COMMON STOCK	654106103	1,714	17,831	SH		SOLE	NONE	17,831	0	0
Norfolk Southern Crp	COMMON STOCK	655844108	436	3,980	SH		SOLE	NONE	3,980	0	0
Northeast Utilities	COMMON STOCK	664397106	1,012	18,911	SH		SOLE	NONE	18,911	0	0
Northrop Grumman Corp.	COMMON STOCK	666807102	3,774	25,607	SH		SOLE	NONE	25,607	0	0
Northwest Natural Gas	COMMON STOCK	667655104	1,134	22,732	SH		SOLE	NONE	22,732	0	0
Northwest Pipe	COMMON STOCK	667746101	557	18,487	SH		SOLE	NONE	18,487	0	0
Novartis AG Adr	COMMON STOCK	66987V109	4,119	44,456	SH		SOLE	NONE	44,456	0	0
Nuveen CA Muni Advantage Fund	ETF/ETN	67066Y105	155	10,306	SH		SOLE	NONE	10,306	0	0
Oneok Inc	COMMON STOCK	682680103	184	3,700	SH		SOLE	NONE	3,700	0	0
Park City Group Inc.	COMMON STOCK	700215304	166	18,450	SH		SOLE	NONE	18,450	0	0
Pebblebrook Hotel Pfd Ser B	PREFERRED STOCK	70509V308	356	13,500	SH		SOLE	NONE	13,500	0	0
Pepsico	COMMON STOCK	713448108	4,347	45,970	SH		SOLE	NONE	45,970	0	0
Pfizer	COMMON STOCK	717081103	1,195	38,365	SH		SOLE	NONE	38,365	0	0
Philip Morris Intl	COMMON STOCK	718172109	138	1,695	SH		SOLE	NONE	1,695	0	0
Pimco Dynamic Credit Income Fu	ETF/ETN	72202D106	124	6,000	SH		SOLE	NONE	6,000	0	0
Pimco ETF Short Maturity Str	ETF/ETN	72201R833	2,476	24,497	SH		SOLE	NONE	24,497	0	0
Plains GP Holdings, LP	COMMON STOCK	72651A108	103	4,000	SH		SOLE	NONE	4,000	0	0
Portland Gen Elec Co	COMMON STOCK	736508847	618	16,340	SH		SOLE	NONE	16,340	0	0
Potlatch Corp	COMMON STOCK	737630103	433	10,351	SH		SOLE	NONE	10,351	0	0
PowerShares FTSE RAFI US 1000	ETF/ETN	73935X583	4,007	43,825	SH		SOLE	NONE	43,825	0	0
Powershares High Yld Corp Bond	ETF/ETN	73936T557	2,001	106,436	SH		SOLE	NONE	106,436	0	0
PowerShares QQQ	ETF/ETN	631100104	116	1,122	SH		SOLE	NONE	1,122	0	0
PPL Corp.	COMMON STOCK	69351T106	1,232	33,917	SH		SOLE	NONE	33,917	0	0
Precision Castparts	COMMON STOCK	740189105	424	1,762	SH		SOLE	NONE	1,762	0	0
Procter & Gamble	COMMON STOCK	742718109	1,247	13,687	SH		SOLE	NONE	13,687	0	0
Rayonier	COMMON STOCK	754907103	1,719	61,521	SH		SOLE	NONE	61,521	0	0
Rayonier Advanced Materials In	COMMON STOCK	75508B104	411	18,415	SH		SOLE	NONE	18,415	0	0
Raytheon	COMMON STOCK	755111507	692	6,395	SH		SOLE	NONE	6,395	0	0
Republic Services	COMMON STOCK	760759100	1,727	42,908	SH		SOLE	NONE	42,908	0	0
Royal Dutch Shell Cl B	COMMON STOCK	780259107	661	9,507	SH		SOLE	NONE	9,507	0	0
Rush Enterprises Cl B	COMMON STOCK	781846308	191	6,774	SH		SOLE	NONE	6,774	0	0
S & P 500 Index Fund	ETF/ETN	78462F103	1,071	5,211	SH		SOLE	NONE	5,211	0	0
Sanofi-Aventis Sponsored Adr	COMMON STOCK	80105N105	748	16,390	SH		SOLE	NONE	16,390	0	0
Scana Corp New	COMMON STOCK	80589M102	419	6,938	SH		SOLE	NONE	6,938	0	0
Schlumberger Limited	COMMON STOCK	806857108	198	2,315	SH		SOLE	NONE	2,315	0	0
Seaboard Corp.	COMMON STOCK	811543107	1,008	240	SH		SOLE	NONE	240	0	0
Seacorp Hldgs Inc	COMMON STOCK	811904101	343	4,651	SH		SOLE	NONE	4,651	0	0
Shiloh Industries Inc.	COMMON STOCK	824543102	189	12,000	SH		SOLE	NONE	12,000	0	0
Simon Ppty Grp	COMMON STOCK	828806109	109	600	SH		SOLE	NONE	600	0	0
Sonoco Products	COMMON STOCK	835495102	1,504	34,412	SH		SOLE	NONE	34,412	0	0
Southern Co	COMMON STOCK	842587107	300	6,099	SH		SOLE	NONE	6,099	0	0
Southwest Air	COMMON STOCK	844741108	195	4,600	SH		SOLE	NONE	4,600	0	0
SPDR S&P Dividend ETF	ETF/ETN	78464A763	115	1,460	SH		SOLE	NONE	1,460	0	0
SPDR S&P Insurance ETF	ETF/ETN	78464A789	100	1,500	SH		SOLE	NONE	1,500	0	0
SPDR S&P Transport ETF	ETF/ETN	78464A532	896	8,255	SH		SOLE	NONE	8,255	0	0
St Jude Medical Inc	COMMON STOCK	790849103	325	5,000	SH		SOLE	NONE	5,000	0	0
Starbucks	COMMON STOCK	855244109	792	9,657	SH		SOLE	NONE	9,657	0	0
Streettracks Gold Shrs	ETF/ETN	78463V107	1,358	11,953	SH		SOLE	NONE	11,953	0	0
Stryker Corp	COMMON STOCK	863667101	2,081	22,061	SH		SOLE	NONE	22,061	0	0
Syngenta AG	COMMON STOCK	87160A100	2,664	41,471	SH		SOLE	NONE	41,471	0	0
The GEO Group, Inc	REIT	36162J106	161	4,000	SH		SOLE	NONE	4,000	0	0
Timken Co	COMMON STOCK	887389104	137	3,200	SH		SOLE	NONE	3,200	0	0
Travelers Cos Inc.	COMMON STOCK	89417E109	238	2,245	SH		SOLE	NONE	2,245	0	0
Trustco Bk Corp Ny	COMMON STOCK	898349105	182	25,000	SH		SOLE	NONE	25,000	0	0
Twenty-First Century Fox, Cl B	COMMON STOCK	90130A200	710	19,250	SH		SOLE	NONE	19,250	0	0
UGI Corp	COMMON STOCK	902681105	1,466	38,603	SH		SOLE	NONE	38,603	0	0
Unilever PLC	COMMON STOCK	904767704	350	8,654	SH		SOLE	NONE	8,654	0	0
Union Pacific	COMMON STOCK	907818108	6,865	57,626	SH		SOLE	NONE	57,626	0	0
United Parcel Svc	COMMON STOCK	911312106	1,605	14,436	SH		SOLE	NONE	14,436	0	0
United Technologies	COMMON STOCK	913017109	2,418	21,028	SH		SOLE	NONE	21,028	0	0
Unitedhealth Group	COMMON STOCK	91324P102	307	3,040	SH		SOLE	NONE	3,040	0	0
Urstadt Biddle Pptys	COMMON STOCK	917286106	1,018	56,114	SH		SOLE	NONE	56,114	0	0
Urstadt Biddle Pptys Inc Cl A	COMMON STOCK	917286205	1,441	65,864	SH		SOLE	NONE	65,864	0	0
Urstadt Biddle Pptys Inc Pfd S	PREFERRED STOCK	917286700	588	22,400	SH		SOLE	NONE	22,400	0	0
US Bancorp	COMMON STOCK	902973304	4,294	95,522	SH		SOLE	NONE	95,522	0	0
V F Corp	COMMON STOCK	918204108	397	5,300	SH		SOLE	NONE	5,300	0	0
Vanguard Consumer Staples ETF	ETF/ETN	92204A207	376	3,000	SH		SOLE	NONE	3,000	0	0
Vanguard Dividend Appreciation	ETF/ETN	921908844	1,570	19,350	SH		SOLE	NONE	19,350	0	0
Vanguard Energy ETF	ETF/ETN	92204A306	7,112	63,714	SH		SOLE	NONE	63,714	0	0
Vanguard European ETF	ETF/ETN	922042874	292	5,570	SH		SOLE	NONE	5,570	0	0
Vanguard Extended Mkt ETF	ETF/ETN	922908652	2,980	33,945	SH		SOLE	NONE	33,945	0	0
Vanguard Financials ETF	ETF/ETN	92204A405	1,480	29,770	SH		SOLE	NONE	29,770	0	0
Vanguard FTSE All World exUS E	ETF/ETN	922042775	176	3,751	SH		SOLE	NONE	3,751	0	0
Vanguard Global ex-US Real Est	ETF/ETN	922042676	117	2,189	SH		SOLE	NONE	2,189	0	0
Vanguard Growth ETF	ETF/ETN	922908736	141	1,347	SH		SOLE	NONE	1,347	0	0
Vanguard Health Care ETF	ETF/ETN	92204A504	1,432	11,400	SH		SOLE	NONE	11,400	0	0
Vanguard High Dividend Yield I	ETF/ETN	921946406	14,847	215,963	SH		SOLE	NONE	215,963	0	0
Vanguard Information Technolog	ETF/ETN	92204A702	7,681	73,515	SH		SOLE	NONE	73,515	0	0
Vanguard Mega Cap ETF	ETF/ETN	921910873	4,539	64,606	SH		SOLE	NONE	64,606	0	0
Vanguard REIT Index ETF	ETF/ETN	922908553	536	6,616	SH		SOLE	NONE	6,616	0	0
Vanguard S&P 500 ETF	ETF/ETN	922908363	873	4,635	SH		SOLE	NONE	4,635	0	0
Vanguard Short Term Bond ETF	ETF/ETN	921937827	264	3,300	SH		SOLE	NONE	3,300	0	0
Vanguard Small Cap Value ETF	ETF/ETN	922908611	1,421	13,436	SH		SOLE	NONE	13,436	0	0
Vanguard Total Stock Mkt ETF	ETF/ETN	922908769	22,224	209,657	SH		SOLE	NONE	209,657	0	0
Vanguard Total World Stk Index	ETF/ETN	922042742	2,960	49,232	SH		SOLE	NONE	49,232	0	0
Vanguard Utilities ETF	ETF/ETN	92204A876	1,835	17,933	SH		SOLE	NONE	17,933	0	0
Vectren Corp	COMMON STOCK	92240G101	1,430	30,923	SH		SOLE	NONE	30,923	0	0
Ventas Inc.	COMMON STOCK	92276F100	717	10,000	SH		SOLE	NONE	10,000	0	0
Verizon Communications	COMMON STOCK	92343V104	2,147	45,902	SH		SOLE	NONE	45,902	0	0
Visa Inc	COMMON STOCK	92826C839	197	752	SH		SOLE	NONE	752	0	0
Vodafone Group PLC	COMMON STOCK	92857W100	452	13,225	SH		SOLE	NONE	13,225	0	0
Wal-Mart Stores	COMMON STOCK	931142103	1,398	16,283	SH		SOLE	NONE	16,283	0	0
Walt Disney Co.	COMMON STOCK	254687106	2,437	25,868	SH		SOLE	NONE	25,868	0	0
Washington Real Estate Inv Tru	REIT	939653101	145	5,250	SH		SOLE	NONE	5,250	0	0
Waste Management	COMMON STOCK	94106L109	699	13,623	SH		SOLE	NONE	13,623	0	0
Wells Fargo & Co	COMMON STOCK	949746101	651	11,873	SH		SOLE	NONE	11,873	0	0
Weyerhaeuser	REIT	962166104	863	24,049	SH		SOLE	NONE	24,049	0	0
Whirlpool Corp	COMMON STOCK	963320106	1,115	5,755	SH		SOLE	NONE	5,755	0	0
Whitestone Reit	REIT	966084204	567	37,550	SH		SOLE	NONE	37,550	0	0
Williams Companies, Inc.	COMMON STOCK	969457100	109	2,435	SH		SOLE	NONE	2,435	0	0
WisdomTree Emerging Mkts Small	ETF/ETN	97717W281	2,387	55,313	SH		SOLE	NONE	55,313	0	0
WisdomTree Japan Hedged Equity	ETF/ETN	97717W851	1,228	24,945	SH		SOLE	NONE	24,945	0	0
Xylem Inc	COMMON STOCK	98419M100	348	9,148	SH		SOLE	NONE	9,148	0	0
Yahoo! Inc.	COMMON STOCK	984332106	1,509	29,866	SH		SOLE	NONE	29,866	0	0
Zimmer Holdings	COMMON STOCK	98956P102	157	1,380	SH		SOLE	NONE	1,380	0	0