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	540	3,238	SH		SOLE	NONE	3,238	0	0
Abbott Laboratories	COMMON STOCK	002824100	1,679	40,129	SH		SOLE	NONE	40,129	0	0
AbbVie Inc.	COMMON STOCK	00287Y109	1,523	26,662	SH		SOLE	NONE	26,662	0	0
Aberdeen Asia-Pacific Income Fund	ETN/ETN	003009107	127	25,400	SH		SOLE	NONE	25,400	0	0
ABM Industries	COMMON STOCK	000957100	460	14,250	SH		SOLE	NONE	14,250	0	0
Accenture	COMMON STOCK	G1151C101	198	1,717	SH		SOLE	NONE	1,717	0	0
Alaska Air Group	COMMON STOCK	011659109	488	5,950	SH		SOLE	NONE	5,950	0	0
Alaska Communications Systems	COMMON STOCK	01167P101	47	26,500	SH		SOLE	NONE	26,500	0	0
Alexander & Baldwin	COMMON STOCK	014491104	630	17,187	SH		SOLE	NONE	17,187	0	0
Alphabet Inc. CL A	COMMON STOCK	02079K305	1,497	1,962	SH		SOLE	NONE	1,962	0	0
Alphabet Inc. CL C	COMMON STOCK	02079K107	1,307	1,755	SH		SOLE	NONE	1,755	0	0
Altria Group	COMMON STOCK	718154107	375	5,986	SH		SOLE	NONE	5,986	0	0
Amazon.com Inc.	COMMON STOCK	023135106	619	1,042	SH		SOLE	NONE	1,042	0	0
American Express	COMMON STOCK	025816109	884	14,395	SH		SOLE	NONE	14,395	0	0
AmerisourceBergen Corp	COMMON STOCK	03073E105	3,883	44,861	SH		SOLE	NONE	44,861	0	0
Amgen Inc	COMMON STOCK	031162100	187	1,247	SH		SOLE	NONE	1,247	0	0
Anadarko Pete Corp	COMMON STOCK	032511107	132	2,825	SH		SOLE	NONE	2,825	0	0
Anheuser-Busch InBev	COMMON STOCK	035229103	243	1,950	SH		SOLE	NONE	1,950	0	0
Apollo Commercial Real Estate	REIT	03762U105	500	30,682	SH		SOLE	NONE	30,682	0	0
Apple Computer	COMMON STOCK	037833100	1,733	15,898	SH		SOLE	NONE	15,898	0	0
AptarGroup Inc	COMMON STOCK	038336103	118	1,500	SH		SOLE	NONE	1,500	0	0
Archer Daniels Midland	COMMON STOCK	039483102	310	8,550	SH		SOLE	NONE	8,550	0	0
Armada Hoffler Properties, Inc	REIT	04208T108	244	21,700	SH		SOLE	NONE	21,700	0	0
AT&T	COMMON STOCK	00206R102	394	10,060	SH		SOLE	NONE	10,060	0	0
Automatic Data Processing	COMMON STOCK	053015103	491	5,470	SH		SOLE	NONE	5,470	0	0
Avista Corp.	COMMON STOCK	05379B107	553	13,550	SH		SOLE	NONE	13,550	0	0
B/E Aerospace Inc.	COMMON STOCK	073302101	2,134	46,280	SH		SOLE	NONE	46,280	0	0
Baldwin & Lyons Inc CL B	COMMON STOCK	057755209	389	15,800	SH		SOLE	NONE	15,800	0	0
Ball Corp	COMMON STOCK	058498106	1,765	24,753	SH		SOLE	NONE	24,753	0	0
Bank of America	COMMON STOCK	060505104	170	12,600	SH		SOLE	NONE	12,600	0	0
Bank of New York Mellon	COMMON STOCK	064058100	1,816	49,306	SH		SOLE	NONE	49,306	0	0
Bank of Nova Scotia	COMMON STOCK	064149107	695	14,228	SH		SOLE	NONE	14,228	0	0
BCE	COMMON STOCK	05534B760	492	10,800	SH		SOLE	NONE	10,800	0	0
Becton Dickinson Co	COMMON STOCK	075887109	145	958	SH		SOLE	NONE	958	0	0
Berkshire Hathaway Cl A	COMMON STOCK	084670108	4,482	21	SH		SOLE	NONE	21	0	0
Berkshire Hathaway Cl B	COMMON STOCK	084670702	9,566	67,420	SH		SOLE	NONE	67,420	0	0
Bluerock Residential Grw Reit	PREFERRED STOCK	09627J508	134	5,300	SH		SOLE	NONE	5,300	0	0
Boeing	COMMON STOCK	097023105	292	2,300	SH		SOLE	NONE	2,300	0	0
BP p.l.c.	COMMON STOCK	055622104	235	7,800	SH		SOLE	NONE	7,800	0	0
Bristol Myers Squibb	COMMON STOCK	110122108	2,172	34,007	SH		SOLE	NONE	34,007	0	0
Brixmor Property Group Inc.	REIT	11120U105	1,106	43,175	SH		SOLE	NONE	43,175	0	0
Broadridge Financial Solutions	COMMON STOCK	11133T103	279	4,700	SH		SOLE	NONE	4,700	0	0
Campbell Soup Company	COMMON STOCK	134429109	558	8,753	SH		SOLE	NONE	8,753	0	0
Canadian National Railway Co.	COMMON STOCK	136375102	312	5,000	SH		SOLE	NONE	5,000	0	0
Carriage Services	COMMON STOCK	143905107	130	6,000	SH		SOLE	NONE	6,000	0	0
ChevronTexaco	COMMON STOCK	166764100	1,296	13,583	SH		SOLE	NONE	13,583	0	0
Cisco Systems	COMMON STOCK	17275R102	462	16,243	SH		SOLE	NONE	16,243	0	0
Clorox Company	COMMON STOCK	189054109	738	5,851	SH		SOLE	NONE	5,851	0	0
Coca Cola Enterprises Inc	COMMON STOCK	191219104	517	10,195	SH		SOLE	NONE	10,195	0	0
Coca-Cola Bottling	COMMON STOCK	191098102	108	675	SH		SOLE	NONE	675	0	0
Coca-Cola Company	COMMON STOCK	191216100	1,187	25,579	SH		SOLE	NONE	25,579	0	0
Comcast Corporation	COMMON STOCK	20030N101	1,449	23,731	SH		SOLE	NONE	23,731	0	0
Cooper International Corp.	COMMON STOCK	216640102	374	5,578	SH		SOLE	NONE	5,578	0	0
Corning Inc	COMMON STOCK	219350105	127	6,100	SH		SOLE	NONE	6,100	0	0
Costco Wholesale	COMMON STOCK	22160K105	978	6,205	SH		SOLE	NONE	6,205	0	0
Deere & Company	COMMON STOCK	244199105	422	5,476	SH		SOLE	NONE	5,476	0	0
Delta Air Lines Inc.	COMMON STOCK	247361702	252	5,185	SH		SOLE	NONE	5,185	0	0
Diageo PLC	COMMON STOCK	25243Q205	198	1,835	SH		SOLE	NONE	1,835	0	0
Dominion Resources	COMMON STOCK	25746U109	697	9,277	SH		SOLE	NONE	9,277	0	0
Du Pont	COMMON STOCK	263534109	1,919	30,301	SH		SOLE	NONE	30,301	0	0
Duke Energy	COMMON STOCK	264399106	223	2,770	SH		SOLE	NONE	2,770	0	0
Edwards Lifesciences	COMMON STOCK	28176E108	176	2,000	SH		SOLE	NONE	2,000	0	0
Equity Residential	REIT	29476L107	214	2,850	SH		SOLE	NONE	2,850	0	0
Eversource Energy	COMMON STOCK	30040W108	1,104	18,917	SH		SOLE	NONE	18,917	0	0
Express Scripts Holding Co.	COMMON STOCK	302182100	117	1,705	SH		SOLE	NONE	1,705	0	0
Exxon Mobil	COMMON STOCK	30231G102	1,611	19,270	SH		SOLE	NONE	19,270	0	0
Facebook Inc	COMMON STOCK	30303M102	389	3,410	SH		SOLE	NONE	3,410	0	0
Fedex Corp	COMMON STOCK	31428X106	789	4,850	SH		SOLE	NONE	4,850	0	0
Ferrari N.V.	COMMON STOCK	N3167Y103	309	7,400	SH		SOLE	NONE	7,400	0	0
Fiat Chrysler Automobiles N.V.	COMMON STOCK	N31738102	686	85,050	SH		SOLE	NONE	85,050	0	0
Flexshares Quality Dividend In	ETN/ETN	33939L860	308	8,530	SH		SOLE	NONE	8,530	0	0
Fomento Economico Mexicano	COMMON STOCK	344419106	2,381	24,721	SH		SOLE	NONE	24,721	0	0
Ford Motor	COMMON STOCK	345370860	393	29,100	SH		SOLE	NONE	29,100	0	0
Fresh Del Monte Produce	COMMON STOCK	G36738105	2,928	69,601	SH		SOLE	NONE	69,601	0	0
General American Investors Co.	COMMON STOCK	368802104	172	5,497	SH		SOLE	NONE	5,497	0	0
General Electric	COMMON STOCK	369604103	545	17,146	SH		SOLE	NONE	17,146	0	0
General Mills	COMMON STOCK	370334104	6,387	100,824	SH		SOLE	NONE	100,824	0	0
General Motors	COMMON STOCK	37045V100	303	9,653	SH		SOLE	NONE	9,653	0	0
Genuine Parts	COMMON STOCK	372460105	1,449	14,583	SH		SOLE	NONE	14,583	0	0
GlaxoSmithKline Plc Adr	COMMON STOCK	37733W105	122	3,000	SH		SOLE	NONE	3,000	0	0
Hasbro	COMMON STOCK	418056107	279	3,477	SH		SOLE	NONE	3,477	0	0
Helmerich & Payne	COMMON STOCK	423452101	279	4,750	SH		SOLE	NONE	4,750	0	0
Highwoods Properties Inc.	REIT	431284108	717	15,000	SH		SOLE	NONE	15,000	0	0
Home Depot	COMMON STOCK	437076102	867	6,498	SH		SOLE	NONE	6,498	0	0
Honeywell Intl.	COMMON STOCK	438516106	2,114	18,863	SH		SOLE	NONE	18,863	0	0
Host Hotels & Resorts, Inc.	COMMON STOCK	44107P104	334	19,975	SH		SOLE	NONE	19,975	0	0
Humana Inc.	COMMON STOCK	444859102	492	2,690	SH		SOLE	NONE	2,690	0	0
Imperial Oil Ltd.	COMMON STOCK	453038408	754	22,576	SH		SOLE	NONE	22,576	0	0
Ingles Markets, Inc.	COMMON STOCK	457030104	2,089	55,719	SH		SOLE	NONE	55,719	0	0
Intel	COMMON STOCK	458140100	631	19,501	SH		SOLE	NONE	19,501	0	0
Intl Paper Co.	COMMON STOCK	460146103	2,893	70,487	SH		SOLE	NONE	70,487	0	0
Investors Title	COMMON STOCK	461804106	650	7,141	SH		SOLE	NONE	7,141	0	0
iShares DJ US Oil Equip & Svcs	ETN/ETN	464288844	517	14,490	SH		SOLE	NONE	14,490	0	0
iShares Global Telecom Fd	ETN/ETN	464287275	1,469	23,591	SH		SOLE	NONE	23,591	0	0
iShares Hong Kong Index Fd	ETN/ETN	464286871	179	9,050	SH		SOLE	NONE	9,050	0	0
iShares MSCI All Country World	ETN/ETN	464286525	1,991	27,090	SH		SOLE	NONE	27,090	0	0
iShares MSCI EAFE Minimum Vola	ETN/ETN	46429B689	4,477	67,385	SH		SOLE	NONE	67,385	0	0
iShares MSCI Emerging Markets	ETN/ETN	464286533	171	3,330	SH		SOLE	NONE	3,330	0	0
iShares Russell 1000	ETN/ETN	464287622	125	1,096	SH		SOLE	NONE	1,096	0	0
iShares Russell 1000 Growth In	ETN/ETN	464287614	109	1,096	SH		SOLE	NONE	1,096	0	0
iShares Russell 1000 Value Ind	ETN/ETN	464287598	202	2,045	SH		SOLE	NONE	2,045	0	0
iShares Russell Mid-Cap Index	ETN/ETN	464287499	212	1,303	SH		SOLE	NONE	1,303	0	0
iShares Russell Midcap Value I	ETN/ETN	464287473	295	4,164	SH		SOLE	NONE	4,164	0	0
ITT Corporation	COMMON STOCK	450911102	1,218	33,028	SH		SOLE	NONE	33,028	0	0
J P Morgan Chase	COMMON STOCK	46625H100	926	15,640	SH		SOLE	NONE	15,640	0	0
JM Smucker	COMMON STOCK	832696405	424	3,267	SH		SOLE	NONE	3,267	0	0
John Bean Technologies	COMMON STOCK	477839104	2,192	38,858	SH		SOLE	NONE	38,858	0	0
Johnson & Johnson	COMMON STOCK	478160104	3,641	33,655	SH		SOLE	NONE	33,655	0	0
Kimberly Clark	COMMON STOCK	494368103	2,324	17,278	SH		SOLE	NONE	17,278	0	0
Kraft Heinz Co.	COMMON STOCK	500754106	251	3,201	SH		SOLE	NONE	3,201	0	0
Kroger	COMMON STOCK	501044101	9,683	253,163	SH		SOLE	NONE	253,163	0	0
Laboratory Corp of America Hol	COMMON STOCK	50540R409	753	6,430	SH		SOLE	NONE	6,430	0	0
Liberty Global Inc Com Ser C	COMMON STOCK	530555309	133	3,550	SH		SOLE	NONE	3,550	0	0
Liberty Global Inc.	COMMON STOCK	G5480U104	137	3,550	SH		SOLE	NONE	3,550	0	0
Macy's Inc	COMMON STOCK	55616P104	132	3,000	SH		SOLE	NONE	3,000	0	0
Marathon Petroleum Corp	COMMON STOCK	56585A102	431	11,598	SH		SOLE	NONE	11,598	0	0
Marcus Corp	COMMON STOCK	566330106	541	28,550	SH		SOLE	NONE	28,550	0	0
MartenTransport Ltd.	COMMON STOCK	573075108	413	22,040	SH		SOLE	NONE	22,040	0	0
Matson Navigation Co.	COMMON STOCK	57686G105	968	24,086	SH		SOLE	NONE	24,086	0	0
Mckesson Corp.	COMMON STOCK	58155Q103	116	735	SH		SOLE	NONE	735	0	0
MDU Resources Group Inc.	COMMON STOCK	552690109	153	7,875	SH		SOLE	NONE	7,875	0	0
Merck & Co Inc	COMMON STOCK	58933Y105	1,561	29,494	SH		SOLE	NONE	29,494	0	0
Microsoft	COMMON STOCK	594918104	4,140	74,960	SH		SOLE	NONE	74,960	0	0
Mid-America Apartment Communit	REIT	59522J103	572	5,600	SH		SOLE	NONE	5,600	0	0
Mine Safety Appliances	COMMON STOCK	602720104	242	5,000	SH		SOLE	NONE	5,000	0	0
Molson Coors Brewing Company	COMMON STOCK	60871R209	2,782	28,926	SH		SOLE	NONE	28,926	0	0
Mondelez International Inc.	COMMON STOCK	609207105	355	8,838	SH		SOLE	NONE	8,838	0	0
Multi Color Corp.	COMMON STOCK	625383104	526	9,851	SH		SOLE	NONE	9,851	0	0
NBT Bancorp Inc	COMMON STOCK	628778102	350	13,000	SH		SOLE	NONE	13,000	0	0
New York Times	COMMON STOCK	650111107	192	15,409	SH		SOLE	NONE	15,409	0	0
NextEra Energy Inc New	COMMON STOCK	65339F101	318	2,688	SH		SOLE	NONE	2,688	0	0
Nike, Inc.	COMMON STOCK	654106103	2,368	38,525	SH		SOLE	NONE	38,525	0	0
Norfolk Southern Crp	COMMON STOCK	655844108	319	3,830	SH		SOLE	NONE	3,830	0	0
Northrop Grumman Corp.	COMMON STOCK	666807102	4,674	23,617	SH		SOLE	NONE	23,617	0	0
Northwest Natural Gas	COMMON STOCK	667655104	1,141	21,190	SH		SOLE	NONE	21,190	0	0
Novartis AG Adr	COMMON STOCK	66987V109	3,021	41,700	SH		SOLE	NONE	41,700	0	0
NTT Docomo Inc. ADR	COMMON STOCK	62942M201	123	5,400	SH		SOLE	NONE	5,400	0	0
Nuveen CA Muni Advantage Fund	ETN/ETN	67066Y105	204	12,653	SH		SOLE	NONE	12,653	0	0
Oracle	COMMON STOCK	68389X105	270	6,600	SH		SOLE	NONE	6,600	0	0
Park City Group Inc.	COMMON STOCK	700215304	167	18,450	SH		SOLE	NONE	18,450	0	0
Pebblebrook Hotel Pfd Ser B	PREFERRED STOCK	70509V308	334	12,950	SH		SOLE	NONE	12,950	0	0
Pepsico	COMMON STOCK	713448108	5,330	52,015	SH		SOLE	NONE	52,015	0	0
Pfizer	COMMON STOCK	717081103	1,043	35,201	SH		SOLE	NONE	35,201	0	0
Philip Morris Intl	COMMON STOCK	718172109	297	3,027	SH		SOLE	NONE	3,027	0	0
Phillips 66	COMMON STOCK	718546104	120	1,385	SH		SOLE	NONE	1,385	0	0
Pimco ETF Short Maturity Str	ETN/ETN	72201R833	2,182	21,650	SH		SOLE	NONE	21,650	0	0
Pimco Muni Income Fd II Com	ETN/ETN	72200W106	172	13,000	SH		SOLE	NONE	13,000	0	0
Portland Gen Elec Co	COMMON STOCK	736508847	855	21,640	SH		SOLE	NONE	21,640	0	0
Potlatch Corp	COMMON STOCK	737630103	348	11,051	SH		SOLE	NONE	11,051	0	0
PowerShares FTSE RAFI US 1000	ETN/ETN	73935X583	5,221	59,227	SH		SOLE	NONE	59,227	0	0
Powershares High Yld Corp Bond	ETN/ETN	73936T557	2,281	128,156	SH		SOLE	NONE	128,156	0	0
PowerShares QQQ	ETN/ETN	631100104	452	4,138	SH		SOLE	NONE	4,138	0	0
PPL Corp.	COMMON STOCK	69351T106	1,207	31,717	SH		SOLE	NONE	31,717	0	0
Procter & Gamble	COMMON STOCK	742718109	1,149	13,962	SH		SOLE	NONE	13,962	0	0
Quest Diagnostics Inc.	COMMON STOCK	74834L100	154	2,150	SH		SOLE	NONE	2,150	0	0
Rayonier	COMMON STOCK	754907103	1,432	58,041	SH		SOLE	NONE	58,041	0	0
Raytheon	COMMON STOCK	755111507	1,014	8,270	SH		SOLE	NONE	8,270	0	0
RCI Hospitality Holdings, Inc.	REIT	74934Q108	101	11,350	SH		SOLE	NONE	11,350	0	0
Republic Services	COMMON STOCK	760759100	2,099	44,056	SH		SOLE	NONE	44,056	0	0
Royal Dutch Shell Cl B	COMMON STOCK	780259107	202	4,100	SH		SOLE	NONE	4,100	0	0
Rush Enterprises Cl B	COMMON STOCK	781846308	107	5,852	SH		SOLE	NONE	5,852	0	0
Ryder System, Inc.	COMMON STOCK	783549108	1,647	25,430	SH		SOLE	NONE	25,430	0	0
S & P 500 Index Fund	ETN/ETN	78462F103	1,375	6,692	SH		SOLE	NONE	6,692	0	0
Scana Corp New	COMMON STOCK	80589M102	406	5,788	SH		SOLE	NONE	5,788	0	0
Schlumberger Limited	COMMON STOCK	806857108	337	4,568	SH		SOLE	NONE	4,568	0	0
Seaboard Corp.	COMMON STOCK	811543107	688	229	SH		SOLE	NONE	229	0	0
Simon Ppty Grp	REIT	828806109	125	600	SH		SOLE	NONE	600	0	0
Skullcandy Inc.	COMMON STOCK	83083J104	82	23,000	SH		SOLE	NONE	23,000	0	0
Sonoco Products	COMMON STOCK	835495102	2,181	44,909	SH		SOLE	NONE	44,909	0	0
Southern Co	COMMON STOCK	842587107	244	4,720	SH		SOLE	NONE	4,720	0	0
Southwest Air	COMMON STOCK	844741108	188	4,200	SH		SOLE	NONE	4,200	0	0
SPDR S&P Dividend ETF	ETN/ETN	78464A763	117	1,460	SH		SOLE	NONE	1,460	0	0
Starbucks	COMMON STOCK	855244109	1,053	17,637	SH		SOLE	NONE	17,637	0	0
Starwood Ppty Trust, Inc.	REIT	85571B105	206	10,900	SH		SOLE	NONE	10,900	0	0
Streettracks Gold Shrs	ETN/ETN	78463V107	1,377	11,703	SH		SOLE	NONE	11,703	0	0
Stryker Corp	COMMON STOCK	863667101	2,148	20,017	SH		SOLE	NONE	20,017	0	0
Syngenta AG	COMMON STOCK	87160A100	1,483	17,901	SH		SOLE	NONE	17,901	0	0
T Rowe Price Group, Inc.	COMMON STOCK	74144T108	144	1,960	SH		SOLE	NONE	1,960	0	0
The GEO Group, Inc	REIT	36162J106	350	10,105	SH		SOLE	NONE	10,105	0	0
Time Warner Inc	COMMON STOCK	887317303	109	1,500	SH		SOLE	NONE	1,500	0	0
Tompkins Financial Corp	COMMON STOCK	890110109	109	1,700	SH		SOLE	NONE	1,700	0	0
Travelers Cos Inc.	COMMON STOCK	89417E109	262	2,245	SH		SOLE	NONE	2,245	0	0
Trustco Bk Corp Ny	COMMON STOCK	898349105	152	25,000	SH		SOLE	NONE	25,000	0	0
Twenty-First Century Fox, Cl B	COMMON STOCK	90130A200	525	18,600	SH		SOLE	NONE	18,600	0	0
UGI Corp	COMMON STOCK	902681105	1,389	34,479	SH		SOLE	NONE	34,479	0	0
Unilever PLC	COMMON STOCK	904767704	791	17,499	SH		SOLE	NONE	17,499	0	0
Union Pacific	COMMON STOCK	907818108	4,149	52,151	SH		SOLE	NONE	52,151	0	0
United Technologies	COMMON STOCK	913017109	1,993	19,911	SH		SOLE	NONE	19,911	0	0
Unitedhealth Group	COMMON STOCK	91324P102	353	2,740	SH		SOLE	NONE	2,740	0	0
Urstadt Biddle Pptys	REIT	917286106	985	54,512	SH		SOLE	NONE	54,512	0	0
Urstadt Biddle Pptys 6.75% 12/	PREFERRED STOCK	917286809	514	19,175	SH		SOLE	NONE	19,175	0	0
Urstadt Biddle Pptys Inc Cl A	REIT	917286205	1,468	70,064	SH		SOLE	NONE	70,064	0	0
Urstadt Biddle Pptys Inc Pfd S	PREFERRED STOCK	917286700	678	25,750	SH		SOLE	NONE	25,750	0	0
US Bancorp	COMMON STOCK	902973304	3,765	92,748	SH		SOLE	NONE	92,748	0	0
V F Corp	COMMON STOCK	918204108	201	3,100	SH		SOLE	NONE	3,100	0	0
Vanguard Consumer Staples ETF	ETN/ETN	92204A207	433	3,200	SH		SOLE	NONE	3,200	0	0
Vanguard Dividend Appreciation	ETN/ETN	921908844	420	5,165	SH		SOLE	NONE	5,165	0	0
Vanguard Energy ETF	ETN/ETN	92204A306	4,998	58,233	SH		SOLE	NONE	58,233	0	0
Vanguard Extended Mkt ETF	ETN/ETN	922908652	2,018	24,368	SH		SOLE	NONE	24,368	0	0
Vanguard Financials ETF	ETN/ETN	92204A405	1,475	31,820	SH		SOLE	NONE	31,820	0	0
Vanguard FTSE All World exUS E	ETN/ETN	922042775	114	2,640	SH		SOLE	NONE	2,640	0	0
Vanguard Global ex-US Real Est	ETN/ETN	922042676	202	3,770	SH		SOLE	NONE	3,770	0	0
Vanguard Growth ETF	ETN/ETN	922908736	150	1,409	SH		SOLE	NONE	1,409	0	0
Vanguard Health Care ETF	ETN/ETN	92204A504	1,473	11,950	SH		SOLE	NONE	11,950	0	0
Vanguard High Dividend Yield I	ETN/ETN	921946406	14,676	212,567	SH		SOLE	NONE	212,567	0	0
Vanguard Information Technolog	ETN/ETN	92204A702	8,985	82,033	SH		SOLE	NONE	82,033	0	0
Vanguard Intermediate-Term Cor	ETN/ETN	92206C870	702	8,070	SH		SOLE	NONE	8,070	0	0
Vanguard Mega Cap ETF	ETN/ETN	921910873	4,175	59,558	SH		SOLE	NONE	59,558	0	0
Vanguard REIT ETF	ETN/ETN	922908553	1,809	21,588	SH		SOLE	NONE	21,588	0	0
Vanguard S&P 500 ETF	ETN/ETN	922908363	5,586	29,625	SH		SOLE	NONE	29,625	0	0
Vanguard Short Term Bond ETF	ETN/ETN	921937827	355	4,400	SH		SOLE	NONE	4,400	0	0
Vanguard Small Cap Value ETF	ETN/ETN	922908611	1,617	15,871	SH		SOLE	NONE	15,871	0	0
Vanguard Total Stock Mkt ETF	ETN/ETN	922908769	22,061	210,467	SH		SOLE	NONE	210,467	0	0
Vanguard Total World Stk Index	ETN/ETN	922042742	2,993	51,885	SH		SOLE	NONE	51,885	0	0
Vanguard Utilities ETF	ETN/ETN	92204A876	1,727	16,060	SH		SOLE	NONE	16,060	0	0
Vectren Corp	COMMON STOCK	92240G101	1,647	32,573	SH		SOLE	NONE	32,573	0	0
Ventas Inc.	COMMON STOCK	92276F100	630	10,000	SH		SOLE	NONE	10,000	0	0
VeriFone Systems, Inc.	COMMON STOCK	92342Y109	418	14,790	SH		SOLE	NONE	14,790	0	0
Verizon Communications	COMMON STOCK	92343V104	2,570	47,521	SH		SOLE	NONE	47,521	0	0
Visa Inc	COMMON STOCK	92826C839	435	5,692	SH		SOLE	NONE	5,692	0	0
Vodafone Group PLC	COMMON STOCK	92857W100	389	12,133	SH		SOLE	NONE	12,133	0	0
Wabash National Corp.	COMMON STOCK	929566107	946	71,630	SH		SOLE	NONE	71,630	0	0
Wal-Mart Stores	COMMON STOCK	931142103	1,518	22,163	SH		SOLE	NONE	22,163	0	0
Walt Disney Co.	COMMON STOCK	254687106	3,256	32,783	SH		SOLE	NONE	32,783	0	0
Washington Real Estate Inv Tru	REIT	939653101	165	5,650	SH		SOLE	NONE	5,650	0	0
Waste Management	COMMON STOCK	94106L109	771	13,066	SH		SOLE	NONE	13,066	0	0
Wells Fargo & Co	COMMON STOCK	949746101	1,069	22,110	SH		SOLE	NONE	22,110	0	0
Weyerhaeuser	REIT	962166104	2,200	71,019	SH		SOLE	NONE	71,019	0	0
Whirlpool Corp	COMMON STOCK	963320106	1,077	5,970	SH		SOLE	NONE	5,970	0	0
Whitestone Reit	REIT	966084204	650	51,700	SH		SOLE	NONE	51,700	0	0
WisdomTree DEFA ETF	ETN/ETN	97717W703	2,777	60,650	SH		SOLE	NONE	60,650	0	0
WisdomTree Emerging Mkts Small	ETN/ETN	97717W281	1,256	33,244	SH		SOLE	NONE	33,244	0	0
Xylem Inc	COMMON STOCK	98419M100	350	8,564	SH		SOLE	NONE	8,564	0	0
Zimmer Biomet Holdings, Inc.	COMMON STOCK	98956P102	147	1,380	SH		SOLE	NONE	1,380	0	0