0001140361-11-036761.txt : 20110714
0001140361-11-036761.hdr.sgml : 20110714
20110714114103
ACCESSION NUMBER: 0001140361-11-036761
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110630
FILED AS OF DATE: 20110714
DATE AS OF CHANGE: 20110714
EFFECTIVENESS DATE: 20110714
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Baker Ellis Asset Management LLC
CENTRAL INDEX KEY: 0001365559
IRS NUMBER: 752997594
STATE OF INCORPORATION: OR
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-12091
FILM NUMBER: 11967290
BUSINESS ADDRESS:
STREET 1: 1211 SW FIFTH AVE.
STREET 2: SUITE 2910
CITY: PORTLAND
STATE: OR
ZIP: 97204
BUSINESS PHONE: 503-227-5778
MAIL ADDRESS:
STREET 1: 1211 SW FIFTH AVE.
STREET 2: SUITE 2910
CITY: PORTLAND
STATE: OR
ZIP: 97204
13F-HR
1
form13fhr.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 6/30/2011
Check here if Amendment []; Amendment Number:
-------
This Amendment (Check only one.): [] is a restatement.
[] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Baker Ellis Asset Management
Address: 1211 Southwest Fifth Avenue, Suite 2910
Portland, OR 97204
Form 13F File Number: 28-12091
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Persons Signing this Report on Behalf of Reporting Manager:
Name: Barnes Ellis
Title: Chief Compliance Officer
Phone: 503-227-5778
Signature, Place, and Date of Signing:
/s/ Barnes Ellis Portland, OR 7/8/2011
--------------------------------- --------------------------------- ----------
[Signature] [City, State] [Date]
Report Type (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 205
Form 13F Information Table Value Total: $185,794,498.00
--------------
List of Other Included Managers:
Provide a numbered list of the name(s) and 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- ----------------- ---------- -------- ------------------
SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
3m Company Common Stock 88579Y101 104,335 1100 SH SOLE NONE 1100 0 0
Abbott Laboratories Common Stock 002824100 2,157,762 41007 SH SOLE NONE 41007 0 0
Aberdeen Asia Income Fd Common Stock 003009107 625,700 85362 SH SOLE NONE 85362 0 0
Accenture Common Stock G1151C101 178,239 2950 SH SOLE NONE 2950 0 0
Aetna Inc Common Stock 00817Y108 273,358 6200 SH SOLE NONE 6200 0 0
Albany Intl Corp Common Stock 012348108 755,414 28625 SH SOLE NONE 28625 0 0
Alexander & Baldwin Inc Common Stock 014482103 1,806,311 37506 SH SOLE NONE 37506 0 0
Altria Group Common Stock 718154107 141,082 5342 SH SOLE NONE 5342 0 0
America Movil SA de C.V. Common Stock 02364W105 145,476 2700 SH SOLE NONE 2700 0 0
American Express Common Stock 025816109 548,020 10600 SH SOLE NONE 10600 0 0
American Safety Insurance Common Stock G02995101 536,877 28050 SH SOLE NONE 28050 0 0
Amerisourcebergen Corp Common Stock 03073E105 2,117,704 51152 SH SOLE NONE 51152 0 0
Anadarko Pete Corp Common Stock 032511107 133,946 1745 SH SOLE NONE 1745 0 0
Annaly Capital Management Common Stock 035710409 277,816 15400 SH SOLE NONE 15400 0 0
Apollo Coml Real Estate Fin In Common Stock 03762U105 341,784 21202 SH SOLE NONE 21202 0 0
Archer Daniels Midland Common Stock 039483102 213,613 7085 SH SOLE NONE 7085 0 0
Automatic Data Processing Common Stock 053015103 1,072,565 20360 SH SOLE NONE 20360 0 0
Baldwin Technology Inc Cl A Common Stock 058264102 68,068 57200 SH SOLE NONE 57200 0 0
Ball Corp Common Stock 058498106 1,065,375 27701 SH SOLE NONE 27701 0 0
Bank of America Common Stock 060505104 111,803 10201 SH SOLE NONE 10201 0 0
Bank of New York Mellon Common Stock 064058100 126,870 4952 SH SOLE NONE 4952 0 0
Bank Of Nova Scotia Halifax Common Stock 064149107 1,504,715 25008 SH SOLE NONE 25008 0 0
BCE Common Stock 05534B760 204,308 5200 SH SOLE NONE 5200 0 0
Berkshire Hathaway Cl A Common Stock 084670108 1,393,260 12 SH SOLE NONE 12 0 0
Berkshire Hathaway Cl B Common Stock 084670702 4,286,942 55394 SH SOLE NONE 55394 0 0
Blackrock Inc Common Stock 09247X101 494,870 2580 SH SOLE NONE 2580 0 0
Boeing Common Stock 097023105 198,650 2687 SH SOLE NONE 2687 0 0
BP p.l.c. Common Stock 055622104 361,539 8163 SH SOLE NONE 8163 0 0
Bristol Myers Squibb Common Stock 110122108 405,440 14000 SH SOLE NONE 14000 0 0
Broadridge Financial Solutions Common Stock 11133T103 626,398 26024 SH SOLE NONE 26024 0 0
Campbell Soup Co Common Stock 134429109 236,034 6832 SH SOLE NONE 6832 0 0
Canadian Natl Ry Co Common Stock 136375102 215,730 2700 SH SOLE NONE 2700 0 0
Canadian Natural Resources Ltd Common Stock 136385101 150,696 3600 SH SOLE NONE 3600 0 0
Canadian Pacific Railway Common Stock 13645T100 112,176 1800 SH SOLE NONE 1800 0 0
Canon Inc Adr New Common Stock 138006309 150,527 3163 SH SOLE NONE 3163 0 0
Carriage Services Inc Common Stock 143905107 79,240 14000 SH SOLE NONE 14000 0 0
Caterpillar Common Stock 149123101 301,282 2830 SH SOLE NONE 2830 0 0
Cenovus Energy Inc Com Npv Common Stock 15135U109 827,315 21968 SH SOLE NONE 21968 0 0
Central Fd Cda Cl A Common Stock 153501101 641,655 31500 SH SOLE NONE 31500 0 0
ChevronTexaco Common Stock 166764100 2,366,397 23010 SH SOLE NONE 23010 0 0
Chunghwa Telecom Co Ltd ADR Common Stock 17133Q502 116,883 3383 SH SOLE NONE 3383 0 0
Clorox Co Del Common Stock 189054109 895,322 13276 SH SOLE NONE 13276 0 0
Coca Cola Bottling Co Cons Common Stock 191098102 284,172 4200 SH SOLE NONE 4200 0 0
Coca-Cola Common Stock 191216100 1,007,466 14972 SH SOLE NONE 14972 0 0
Comcast Corp. Cl A Common Stock 20030N101 293,615 11587 SH SOLE NONE 11587 0 0
Conoco Phillips Common Stock 718507106 157,373 2093 SH SOLE NONE 2093 0 0
Cooper Cameron Corp. Common Stock 216640102 519,345 10327 SH SOLE NONE 10327 0 0
Costco Wholesale Common Stock 22160K105 561,043 6906 SH SOLE NONE 6906 0 0
Deere & Company Common Stock 244199105 247,350 3000 SH SOLE NONE 3000 0 0
Diageo Plc Common Stock 25243Q205 121,577 1485 SH SOLE NONE 1485 0 0
Diamondrock Hospitality Common Stock 252784301 186,831 17412 SH SOLE NONE 17412 0 0
Digimarc Corp Common Stock 253807101 140,120 4000 SH SOLE NONE 4000 0 0
Disney Walt Co Common Stock 254687106 265,862 6810 SH SOLE NONE 6810 0 0
Dominion Resources Common Stock 25746U109 768,083 15912 SH SOLE NONE 15912 0 0
Donnelley R R & Sons Common Stock 257867101 101,717 5187 SH SOLE NONE 5187 0 0
Du Pont Common Stock 263534109 1,005,330 18600 SH SOLE NONE 18600 0 0
Duke Energy Common Stock 264399106 171,491 9107 SH SOLE NONE 9107 0 0
Encana Common Stock 292505104 641,939 20849 SH SOLE NONE 20849 0 0
Ensco Intl PLC Common Stock 29358Q109 1,803,687 33840 SH SOLE NONE 33840 0 0
Exelon Common Stock 30161N101 115,668 2700 SH SOLE NONE 2700 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- ----------------- ---------- -------- ------------------
SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
Exxon Mobil Common Stock 30231G102 1,498,334 18412 SH SOLE NONE 18412 0 0
Fedex Corp. Common Stock 31428X106 132,790 1400 SH SOLE NONE 1400 0 0
Fiserv Inc Common Stock 337733108 125,260 2000 SH SOLE NONE 2000 0 0
Fomento Economico Mexicano Common Stock 344419106 3,334,567 50151 SH SOLE NONE 50151 0 0
General Electric Common Stock 369604103 258,382 13700 SH SOLE NONE 13700 0 0
General Mills Common Stock 370334104 5,421,823 145670 SH SOLE NONE 145670 0 0
Genuine Parts Common Stock 372460105 1,041,872 19152 SH SOLE NONE 19152 0 0
GlaxoSmithKline Plc Adr Common Stock 37733W105 128,700 3000 SH SOLE NONE 3000 0 0
Gold Miners ETF Common Stock 57060U100 888,998 16285 SH SOLE NONE 16285 0 0
Gulf Island Fabrication Common Stock 402307102 107,654 3335 SH SOLE NONE 3335 0 0
H.J. Heinz Common Stock 423074103 1,929,428 36213 SH SOLE NONE 36213 0 0
Hawkins Common Stock 420261109 315,114 8700 SH SOLE NONE 8700 0 0
Health Care Property Common Stock 40414L109 144,815 3947 SH SOLE NONE 3947 0 0
Hershey Co Common Stock 427866108 170,550 3000 SH SOLE NONE 3000 0 0
Hewlett-Packard Common Stock 428236103 469,633 12902 SH SOLE NONE 12902 0 0
Hilltop Hldgs Inc Com Common Stock 432748101 159,120 18000 SH SOLE NONE 18000 0 0
Home Depot Common Stock 437076102 407,729 11257 SH SOLE NONE 11257 0 0
Honda Motors Common Stock 438128308 960,810 24885 SH SOLE NONE 24885 0 0
Honeywell International Common Stock 438516106 401,041 6730 SH SOLE NONE 6730 0 0
Hubbell Inc Cl A Common Stock 443510102 325,747 5450 SH SOLE NONE 5450 0 0
Huntington Ingalls Inds Common Stock 446413106 134,378 3895 SH SOLE NONE 3895 0 0
Imperial Oil Ltd Com New Common Stock 453038408 2,046,032 43916 SH SOLE NONE 43916 0 0
Ing Groep Perpetual Debt Common Stock 456837301 106,296 4300 SH SOLE NONE 4300 0 0
Ingersoll-Rand Plc Shs Common Stock G47791101 308,788 6800 SH SOLE NONE 6800 0 0
Ingram Micro Inc Common Stock 457153104 451,233 24875 SH SOLE NONE 24875 0 0
Intel Common Stock 458140100 2,428,680 109597 SH SOLE NONE 109597 0 0
International Business Machine Common Stock 459200101 610,203 3557 SH SOLE NONE 3557 0 0
Intl Paper Co Common Stock 460146103 1,917,475 64302 SH SOLE NONE 64302 0 0
Investors Title Common Stock 461804106 458,270 11497 SH SOLE NONE 11497 0 0
Ishares Barclays TIPS Common Stock 464287176 110,640 1000 SH SOLE NONE 1000 0 0
Ishares Global Telecom Fd Common Stock 464287275 2,172,819 35861 SH SOLE NONE 35861 0 0
Ishares Hong Kong Index Fd Common Stock 464286871 441,461 23837 SH SOLE NONE 23837 0 0
Ishares Inc Msci Switzerland I Common Stock 464286749 127,728 4800 SH SOLE NONE 4800 0 0
Ishares Japan Index Fd Common Stock 464286848 299,341 28700 SH SOLE NONE 28700 0 0
Ishares Msci Germany Index Fd Common Stock 464286806 343,789 12785 SH SOLE NONE 12785 0 0
Ishares Singapore Index Fd Common Stock 464286673 7,214,595 525462 SH SOLE NONE 525462 0 0
Ishares Taiwan Index Fd Common Stock 464286731 275,532 18151 SH SOLE NONE 18151 0 0
ITT Inds Inc Common Stock 450911102 1,295,485 21983 SH SOLE NONE 21983 0 0
JM Smucker Common Stock 832696405 1,768,944 23142 SH SOLE NONE 23142 0 0
John BeanTechnologies Corp Common Stock 477839104 1,122,492 58100 SH SOLE NONE 58100 0 0
Johnson & Johnson Common Stock 478160104 1,391,465 20918 SH SOLE NONE 20918 0 0
Kellogg Common Stock 487836108 271,068 4900 SH SOLE NONE 4900 0 0
Kimberly Clark Common Stock 494368103 1,030,209 15478 SH SOLE NONE 15478 0 0
Kraft Foods Inc Cl A Common Stock 50075N104 183,196 5200 SH SOLE NONE 5200 0 0
Kroger Common Stock 501044101 2,335,398 94169 SH SOLE NONE 94169 0 0
Lasalle Hotel Pptys Pfd Ser D Preferred Stock 517942405 263,862 10700 SH SOLE NONE 10700 0 0
Liberty Global Inc Common Stock 530555101 299,516 6650 SH SOLE NONE 6650 0 0
Macy's Inc Common Stock 55616P104 227,487 7780 SH SOLE NONE 7780 0 0
Marathon Oil Corp Common Stock 565849106 948,240 18000 SH SOLE NONE 18000 0 0
MDU Resources Group Inc Common Stock 552690109 569,379 25306 SH SOLE NONE 25306 0 0
Merck & Co Inc Common Stock 58933Y105 756,761 21444 SH SOLE NONE 21444 0 0
Mfri Inc Common Stock 552721102 579,818 72568 SH SOLE NONE 72568 0 0
Microsoft Common Stock 594918104 1,324,454 50941 SH SOLE NONE 50941 0 0
Midas Common Stock 595626102 164,478 26025 SH SOLE NONE 26025 0 0
Molson Coors Co Cl B Common Stock 60871R209 599,540 13401 SH SOLE NONE 13401 0 0
Multi Color Corp. Common Stock 625383104 323,601 13107 SH SOLE NONE 13107 0 0
NBT Bancorp Inc Common Stock 628778102 331,950 15000 SH SOLE NONE 15000 0 0
New York Times Common Stock 650111107 388,738 44580 SH SOLE NONE 44580 0 0
Newmont Mining Common Stock 651639106 145,989 2705 SH SOLE NONE 2705 0 0
NewsCorp Class B Common Stock 65248E203 430,304 23800 SH SOLE NONE 23800 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- ----------------- ---------- -------- ------------------
SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
Nexen Common Stock 65334H102 1,750,508 77800 SH SOLE NONE 77800 0 0
Nike Cl B Common Stock 654106103 328,501 3651 SH SOLE NONE 3651 0 0
Northrop Grumman Corp. Common Stock 666807102 1,756,362 25326 SH SOLE NONE 25326 0 0
Northwest Natural Gas Common Stock 667655104 472,327 10466 SH SOLE NONE 10466 0 0
Novartis Ag Adr Common Stock 66987V109 2,813,297 46037 SH SOLE NONE 46037 0 0
Nstar Common Stock 67019E107 1,264,606 27503 SH SOLE NONE 27503 0 0
Oneok Inc Common Stock 682680103 222,030 3000 SH SOLE NONE 3000 0 0
Paccar Inc Common Stock 693718108 153,270 3000 SH SOLE NONE 3000 0 0
Pebblebrook Hotel Common Stock 70509V100 231,176 11450 SH SOLE NONE 11450 0 0
Pepco Holdings Common Stock 713291102 194,429 9905 SH SOLE NONE 9905 0 0
Pepsico Common Stock 713448108 1,062,718 15089 SH SOLE NONE 15089 0 0
Petroleo Brasileiro Common Stock 71654V408 722,979 21352 SH SOLE NONE 21352 0 0
Petroleo Brasileiro Cl A Common Stock 71654V101 879,406 28664 SH SOLE NONE 28664 0 0
Pfizer Common Stock 717081103 660,231 32050 SH SOLE NONE 32050 0 0
Philip Morris Intl Common Stock 718172109 100,355 1503 SH SOLE NONE 1503 0 0
Pimco ETF Short Maturity Str Common Stock 72201R833 1,749,868 17310 SH SOLE NONE 17310 0 0
Plum Creek Timber Common Stock 729251108 129,728 3200 SH SOLE NONE 3200 0 0
Posco Spon Adr Common Stock 693483109 108,620 1000 SH SOLE NONE 1000 0 0
Potlatch Corp Common Stock 737630103 382,221 10837 SH SOLE NONE 10837 0 0
Powershares Ftse Rafi US1000 Common Stock 73935X583 1,792,746 30640 SH SOLE NONE 30640 0 0
PPL Corp Common Stock 69351T106 916,999 32950 SH SOLE NONE 32950 0 0
Precision Castparts Common Stock 740189105 263,440 1600 SH SOLE NONE 1600 0 0
Procter & Gamble Common Stock 742718109 604,487 9509 SH SOLE NONE 9509 0 0
Rayonier Common Stock 754907103 3,418,827 52316 SH SOLE NONE 52316 0 0
Raytheon Common Stock 755111507 393,815 7900 SH SOLE NONE 7900 0 0
Royal Dutch Shell Adr Ea Rep Common Stock 780259107 602,700 8400 SH SOLE NONE 8400 0 0
Rush Enterprises Cl B Common Stock 781846308 315,045 19568 SH SOLE NONE 19568 0 0
S & P 500 Index Fund Common Stock 78462F103 259,981 1970 SH SOLE NONE 1970 0 0
Scana Corp New Common Stock 80589M102 559,198 14204 SH SOLE NONE 14204 0 0
Schlumberger Limited Common Stock 806857108 729,648 8445 SH SOLE NONE 8445 0 0
Seaboard Corp Common Stock 811543107 169,260 70 SH SOLE NONE 70 0 0
Seacorp Hldgs Inc Common Stock 811904101 1,154,538 11550 SH SOLE NONE 11550 0 0
Siemens A G Spon Adr Common Stock 826197501 121,714 885 SH SOLE NONE 885 0 0
SM Energy Corp Common Stock 792228108 551,100 7500 SH SOLE NONE 7500 0 0
Sonoco Products Common Stock 835495102 971,958 27348 SH SOLE NONE 27348 0 0
Southern Co Common Stock 842587107 380,057 9412 SH SOLE NONE 9412 0 0
Southern Union Co Common Stock 844030106 1,218,753 30355 SH SOLE NONE 30355 0 0
Stancorp Financial Common Stock 852891100 2,606,046 61769 SH SOLE NONE 61769 0 0
Starbucks Common Stock 855244109 659,483 16700 SH SOLE NONE 16700 0 0
Streettracks Gold Shrs Common Stock 78463V107 4,100,000 28082 SH SOLE NONE 28082 0 0
Superior Energy Services Inc Common Stock 868157108 181,986 4900 SH SOLE NONE 4900 0 0
Swiss Helvetia Fund Inc Common Stock 870875101 1,292,138 86200 SH SOLE NONE 86200 0 0
Syngenta AG Common Stock 87160A100 4,344,108 64300 SH SOLE NONE 64300 0 0
Texas Instruments Common Stock 882508104 298,753 9100 SH SOLE NONE 9100 0 0
Tidewater Common Stock 886423102 228,047 4238 SH SOLE NONE 4238 0 0
Toronto Dominion Bk Common Stock 891160509 197,393 2325 SH SOLE NONE 2325 0 0
Transocean Inc Common Stock G90073100 204,332 3165 SH SOLE NONE 3165 0 0
Travelers Cos Inc Common Stock 89417E109 131,063 2245 SH SOLE NONE 2245 0 0
Trustco Bk Corp Ny Common Stock 898349105 161,700 33000 SH SOLE NONE 33000 0 0
UGI Corp Common Stock 902681105 1,213,247 38045 SH SOLE NONE 38045 0 0
Unilever PLC Common Stock 904767704 439,083 13556 SH SOLE NONE 13556 0 0
Union Pacific Common Stock 907818108 3,286,593 31481 SH SOLE NONE 31481 0 0
United Parcel Svc Common Stock 911312106 985,708 13516 SH SOLE NONE 13516 0 0
United Technologies Common Stock 913017109 1,304,549 14739 SH SOLE NONE 14739 0 0
Unitedhealth Group Common Stock 91324P102 132,561 2570 SH SOLE NONE 2570 0 0
URS Common Stock 903236107 459,256 10265 SH SOLE NONE 10265 0 0
Urstadt Biddle Ppty Pfd D Preferred Stock 917286502 336,285 13085 SH SOLE NONE 13085 0 0
Urstadt Biddle Pptys Common Stock 917286106 1,137,505 67308 SH SOLE NONE 67308 0 0
Urstadt Biddle Pptys Inc Cl A Common Stock 917286205 442,877 24455 SH SOLE NONE 24455 0 0
Urstadt Biddle Pptysinc SR Pfd Preferred Stock 917286403 316,100 2900 SH SOLE NONE 2900 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- ----------------- ---------- -------- ------------------
SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
US Bancorp Common Stock 902973304 2,169,886 85060 SH SOLE NONE 85060 0 0
V F Corp Common Stock 918204108 184,552 1700 SH SOLE NONE 1700 0 0
Vanguard Energy ETF Common Stock 92204A306 9,554,354 86426 SH SOLE NONE 86426 0 0
Vanguard Extended Mkt ETF Common Stock 922908652 2,680,402 45850 SH SOLE NONE 45850 0 0
Vanguard FTSE Allworld ETF ex- Common Stock 922042775 263,993 5300 SH SOLE NONE 5300 0 0
Vanguard Sector Info Tech ETF Common Stock 92204A702 3,458,910 54600 SH SOLE NONE 54600 0 0
Vanguard Short Term Bond ETF Common Stock 921937827 664,446 8200 SH SOLE NONE 8200 0 0
Vanguard Small Cap Value ETF Common Stock 922908611 301,344 4300 SH SOLE NONE 4300 0 0
Vanguard Total Stk Mkt ETF Common Stock 922908769 8,962,794 131035 SH SOLE NONE 131035 0 0
Vanguard Total World ETF Common Stock 922042742 195,663 3900 SH SOLE NONE 3900 0 0
Vanguard Utilities ETF Common Stock 92204A876 2,412,779 33520 SH SOLE NONE 33520 0 0
Vanguard Whitehall Fds High D Common Stock 921946406 494,958 11002 SH SOLE NONE 11002 0 0
Vectren Corp Common Stock 92240G101 487,694 17505 SH SOLE NONE 17505 0 0
Verizon Communications Common Stock 92343V104 1,276,170 34278 SH SOLE NONE 34278 0 0
Vodafone Group Plc Common Stock 92857W100 2,443,544 91450 SH SOLE NONE 91450 0 0
Wal-Mart Stores Common Stock 931142103 1,268,564 23872 SH SOLE NONE 23872 0 0
Waste Management Common Stock 94106L109 977,406 26225 SH SOLE NONE 26225 0 0
Weatherford Bermuda Common Stock G95089101 141,563 7550 SH SOLE NONE 7550 0 0
Wellpoint Health Networks I Common Stock 94973H108 102,401 1300 SH SOLE NONE 1300 0 0
Wells Fargo & Co Common Stock 949746101 296,314 10560 SH SOLE NONE 10560 0 0
Whirlpool Corp Common Stock 963320106 349,676 4300 SH SOLE NONE 4300 0 0
Wisdomtree Tree India Fund Common Stock 97717W422 318,402 13300 SH SOLE NONE 13300 0 0
Yahoo Inc Common Stock 984332106 1,084,384 72100 SH SOLE NONE 72100 0 0
Yamana Gold Inc Common Stock 98462Y100 166,309 14300 SH SOLE NONE 14300 0 0
Yum! Brands Common Stock 988498101 486,112 8800 SH SOLE NONE 8800 0 0