0001140361-12-002652.txt : 20120117
0001140361-12-002652.hdr.sgml : 20120116
20120117123918
ACCESSION NUMBER: 0001140361-12-002652
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120117
DATE AS OF CHANGE: 20120117
EFFECTIVENESS DATE: 20120117
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: 12528945
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
NONE
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12/31/2011
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: 028-12091
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 submission.
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 1/13/2012
--------------------------------- --------------------------------- ----------
[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: 195
Form 13F Information Table Value Total: $165,504,498.00
--------------
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
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
Abbott Laboratories Common Stock 002824100 2,169,898 38590 SH SOLE NONE 38590 0 0
Aberdeen Asia Income Fd Common Stock 003009107 585,385 79862 SH SOLE NONE 79862 0 0
Accenture Common Stock G1151C101 135,737 2550 SH SOLE NONE 2550 0 0
Aetna Inc Common Stock 00817Y108 219,388 5200 SH SOLE NONE 5200 0 0
Albany Intl Corp Common Stock 012348108 460,065 19899 SH SOLE NONE 19899 0 0
Alexander & Baldwin Inc Common Stock 014482103 1,407,329 34476 SH SOLE NONE 34476 0 0
Altria Group Common Stock 718154107 107,180 3615 SH SOLE NONE 3615 0 0
America Movil SA de C.V. Common Stock 02364W105 106,220 4700 SH SOLE NONE 4700 0 0
American Express Common Stock 025816109 500,002 10600 SH SOLE NONE 10600 0 0
American Safety Insurance Common Stock G02995101 512,213 23550 SH SOLE NONE 23550 0 0
Amerisourcebergen Corp Common Stock 03073E105 1,611,179 43323 SH SOLE NONE 43323 0 0
Anadarko Pete Corp Common Stock 032511107 133,196 1745 SH SOLE NONE 1745 0 0
Annaly Capital Management Common Stock 035710409 248,178 15550 SH SOLE NONE 15550 0 0
Apollo Coml Real Estate Fin In Common Stock 03762U105 267,852 20400 SH SOLE NONE 20400 0 0
Archer Daniels Midland Common Stock 039483102 165,451 5785 SH SOLE NONE 5785 0 0
Automatic Data Processing Common Stock 053015103 1,080,200 20000 SH SOLE NONE 20000 0 0
Baldwin Technology Inc Cl A Common Stock 058264102 27,542 30500 SH SOLE NONE 30500 0 0
Ball Corp Common Stock 058498106 837,496 23453 SH SOLE NONE 23453 0 0
Bank Of Nova Scotia Halifax Common Stock 064149107 1,078,772 21658 SH SOLE NONE 21658 0 0
BCE Common Stock 05534B760 150,012 3600 SH SOLE NONE 3600 0 0
Berkshire Hathaway Cl A Common Stock 084670108 918,040 8 SH SOLE NONE 8 0 0
Berkshire Hathaway Cl B Common Stock 084670702 3,780,970 49554 SH SOLE NONE 49554 0 0
Boeing Common Stock 097023105 226,431 3087 SH SOLE NONE 3087 0 0
BP p.l.c. Common Stock 055622104 312,643 7315 SH SOLE NONE 7315 0 0
Bristol Myers Squibb Common Stock 110122108 613,212 17401 SH SOLE NONE 17401 0 0
Broadridge Financial Solutions Common Stock 11133T103 519,191 23024 SH SOLE NONE 23024 0 0
Campbell Soup Co Common Stock 134429109 170,577 5132 SH SOLE NONE 5132 0 0
Canadian Currency Tst Common Stock 23129X105 214,764 2200 SH SOLE NONE 2200 0 0
Canadian Natl Ry Co Common Stock 136375102 212,112 2700 SH SOLE NONE 2700 0 0
Canadian Natural Resources Ltd Common Stock 136385101 134,532 3600 SH SOLE NONE 3600 0 0
Canadian Pacific Railway Common Stock 13645T100 101,505 1500 SH SOLE NONE 1500 0 0
Carriage Services Inc Common Stock 143905107 118,339 21132 SH SOLE NONE 21132 0 0
Caterpillar Common Stock 149123101 294,324 3249 SH SOLE NONE 3249 0 0
Cenovus Energy Inc Com Npv Common Stock 15135U109 606,166 18258 SH SOLE NONE 18258 0 0
Central Fd Cda Cl A Common Stock 153501101 572,612 29200 SH SOLE NONE 29200 0 0
ChevronTexaco Common Stock 166764100 2,276,904 21399 SH SOLE NONE 21399 0 0
Clorox Co Del Common Stock 189054109 728,887 10951 SH SOLE NONE 10951 0 0
Coca Cola Bottling Co Cons Common Stock 191098102 248,838 4250 SH SOLE NONE 4250 0 0
Coca-Cola Common Stock 191216100 838,090 11978 SH SOLE NONE 11978 0 0
Comcast Corp. Cl A Common Stock 20030N101 278,284 11737 SH SOLE NONE 11737 0 0
Conoco Phillips Common Stock 718507106 116,082 1593 SH SOLE NONE 1593 0 0
Cooper Cameron Corp. Common Stock 216640102 325,785 6623 SH SOLE NONE 6623 0 0
Costco Wholesale Common Stock 22160K105 512,918 6156 SH SOLE NONE 6156 0 0
Deere & Company Common Stock 244199105 239,785 3100 SH SOLE NONE 3100 0 0
Diageo Plc Common Stock 25243Q205 112,335 1285 SH SOLE NONE 1285 0 0
Disney Walt Co Common Stock 254687106 247,500 6600 SH SOLE NONE 6600 0 0
Dominion Resources Common Stock 25746U109 619,031 11662 SH SOLE NONE 11662 0 0
Du Pont Common Stock 263534109 902,324 19710 SH SOLE NONE 19710 0 0
Duke Energy Common Stock 264399106 189,361 8607 SH SOLE NONE 8607 0 0
Encana Common Stock 292505104 331,297 17879 SH SOLE NONE 17879 0 0
Ensco Intl PLC Common Stock 29358Q109 1,441,543 30723 SH SOLE NONE 30723 0 0
Exelis Inc Common Stock 30162A108 169,986 18783 SH SOLE NONE 18783 0 0
Exxon Mobil Common Stock 30231G102 1,501,234 17712 SH SOLE NONE 17712 0 0
Fedex Corp. Common Stock 31428X106 146,143 1750 SH SOLE NONE 1750 0 0
Fiserv Inc Common Stock 337733108 117,480 2000 SH SOLE NONE 2000 0 0
Fomento Economico Mexicano Common Stock 344419106 2,779,087 39866 SH SOLE NONE 39866 0 0
Fourstar Real Estate Grp Common Stock 346233109 231,489 15300 SH SOLE NONE 15300 0 0
General Electric Common Stock 369604103 245,367 13700 SH SOLE NONE 13700 0 0
General Mills Common Stock 370334104 5,466,086 135266 SH SOLE NONE 135266 0 0
Genuine Parts Common Stock 372460105 1,030,735 16842 SH SOLE NONE 16842 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
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
GlaxoSmithKline Plc Adr Common Stock 37733W105 136,890 3000 SH SOLE NONE 3000 0 0
Gold Miners ETF Common Stock 57060U100 713,591 13875 SH SOLE NONE 13875 0 0
H.J. Heinz Common Stock 423074103 1,835,464 33965 SH SOLE NONE 33965 0 0
Hasbro Common Stock 418056107 205,079 6431 SH SOLE NONE 6431 0 0
Hawkins Common Stock 420261109 223,003 6050 SH SOLE NONE 6050 0 0
Health Care Property Common Stock 40414L109 163,524 3947 SH SOLE NONE 3947 0 0
Hershey Co Common Stock 427866108 185,340 3000 SH SOLE NONE 3000 0 0
Hewlett-Packard Common Stock 428236103 238,976 9277 SH SOLE NONE 9277 0 0
Hilltop Hldgs Inc Com Common Stock 432748101 132,665 15700 SH SOLE NONE 15700 0 0
Home Depot Common Stock 437076102 405,980 9657 SH SOLE NONE 9657 0 0
Honda Motors Common Stock 438128308 566,278 18536 SH SOLE NONE 18536 0 0
Honeywell International Common Stock 438516106 251,641 4630 SH SOLE NONE 4630 0 0
Hubbell Inc Cl A Common Stock 443510102 296,258 4950 SH SOLE NONE 4950 0 0
Huntington Ingalls Inds Common Stock 446413106 103,068 3295 SH SOLE NONE 3295 0 0
Imperial Oil Ltd Com New Common Stock 453038408 1,829,075 41121 SH SOLE NONE 41121 0 0
Ingersoll-Rand Plc Shs Common Stock G47791101 161,491 5300 SH SOLE NONE 5300 0 0
Ingram Micro Inc Common Stock 457153104 282,855 15550 SH SOLE NONE 15550 0 0
Intel Common Stock 458140100 2,365,005 97526 SH SOLE NONE 97526 0 0
International Business Machine Common Stock 459200101 485,443 2640 SH SOLE NONE 2640 0 0
Intl Paper Co Common Stock 460146103 2,024,872 68408 SH SOLE NONE 68408 0 0
Investors Title Common Stock 461804106 389,893 10900 SH SOLE NONE 10900 0 0
Ishares Global Telecom Fd Common Stock 464287275 1,855,954 33264 SH SOLE NONE 33264 0 0
Ishares Hong Kong Index Fd Common Stock 464286871 356,382 23037 SH SOLE NONE 23037 0 0
Ishares Inc Msci Switzerland I Common Stock 464286749 108,576 4800 SH SOLE NONE 4800 0 0
Ishares Msci Germany Index Fd Common Stock 464286806 170,770 8885 SH SOLE NONE 8885 0 0
Ishares Singapore Index Fd Common Stock 464286673 4,895,059 451991 SH SOLE NONE 451991 0 0
Ishares Taiwan Index Fd Common Stock 464286731 212,548 18151 SH SOLE NONE 18151 0 0
ITT Inds Inc Common Stock 450911102 188,294 9741 SH SOLE NONE 9741 0 0
JM Smucker Common Stock 832696405 1,502,709 19224 SH SOLE NONE 19224 0 0
John Bean Technologies Common Stock 477839104 866,909 56403 SH SOLE NONE 56403 0 0
Johnson & Johnson Common Stock 478160104 1,198,015 18268 SH SOLE NONE 18268 0 0
Kellogg Common Stock 487836108 242,736 4800 SH SOLE NONE 4800 0 0
Kimberly Clark Common Stock 494368103 1,118,398 15204 SH SOLE NONE 15204 0 0
Kraft Foods Inc Cl A Common Stock 50075N104 194,272 5200 SH SOLE NONE 5200 0 0
Kroger Common Stock 501044101 2,238,744 92434 SH SOLE NONE 92434 0 0
Lasalle Hotel Pptys Pfd Ser D Preferred Stock 517942405 250,120 10400 SH SOLE NONE 10400 0 0
Liberty Global Inc Common Stock 530555101 192,841 4700 SH SOLE NONE 4700 0 0
Marathon Oil Corp Common Stock 565849106 453,685 15500 SH SOLE NONE 15500 0 0
Marathon Petroleum Corp Common Stock 56585A102 282,965 8500 SH SOLE NONE 8500 0 0
MDU Resources Group Inc Common Stock 552690109 315,891 14720 SH SOLE NONE 14720 0 0
Merck & Co Inc Common Stock 58933Y105 773,569 20519 SH SOLE NONE 20519 0 0
Mfri Inc Common Stock 552721102 408,751 59068 SH SOLE NONE 59068 0 0
Microsoft Common Stock 594918104 1,324,045 51003 SH SOLE NONE 51003 0 0
Midas Common Stock 595626102 205,086 23875 SH SOLE NONE 23875 0 0
Molson Coors Co Cl B Common Stock 60871R209 531,211 12201 SH SOLE NONE 12201 0 0
Multi Color Corp. Common Stock 625383104 348,821 13557 SH SOLE NONE 13557 0 0
NBT Bancorp Inc Common Stock 628778102 309,820 14000 SH SOLE NONE 14000 0 0
New York Times Common Stock 650111107 314,843 40730 SH SOLE NONE 40730 0 0
Newmont Mining Common Stock 651639106 144,324 2405 SH SOLE NONE 2405 0 0
NewsCorp Class B Common Stock 65248E203 368,145 20250 SH SOLE NONE 20250 0 0
Nexen Common Stock 65334H102 1,107,342 69600 SH SOLE NONE 69600 0 0
Nicor Inc. Common Stock 654086107 221,628 5244 SH SOLE NONE 5244 0 0
Nike Cl B Common Stock 654106103 665,803 6909 SH SOLE NONE 6909 0 0
Northrop Grumman Corp. Common Stock 666807102 1,308,659 22378 SH SOLE NONE 22378 0 0
Northwest Natural Gas Common Stock 667655104 573,550 11966 SH SOLE NONE 11966 0 0
Novartis Ag Adr Common Stock 66987V109 2,407,807 42117 SH SOLE NONE 42117 0 0
Nstar Common Stock 67019E107 1,080,239 23003 SH SOLE NONE 23003 0 0
Oneok Inc Common Stock 682680103 260,070 3000 SH SOLE NONE 3000 0 0
Paccar Inc Common Stock 693718108 112,410 3000 SH SOLE NONE 3000 0 0
Peabody Energy Corp Common Stock 704549104 103,974 3140 SH SOLE NONE 3140 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
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
Pebblebrook Hotel Common Stock 70509V100 253,191 13201 SH SOLE NONE 13201 0 0
Pebblebrook Hotel Pfd Ser B Preferred Stock 70509V308 212,133 9300 SH SOLE NONE 9300 0 0
Pepco Holdings Common Stock 713291102 186,855 9205 SH SOLE NONE 9205 0 0
Pepsico Common Stock 713448108 1,442,612 21742 SH SOLE NONE 21742 0 0
Petroleo Brasileiro Common Stock 71654V408 414,548 16682 SH SOLE NONE 16682 0 0
Petroleo Brasileiro Cl A Common Stock 71654V101 525,937 22390 SH SOLE NONE 22390 0 0
Pfizer Common Stock 717081103 650,305 30051 SH SOLE NONE 30051 0 0
Philip Morris Intl Common Stock 718172109 108,852 1387 SH SOLE NONE 1387 0 0
Pimco ETF Short Maturity Str Common Stock 72201R833 1,813,916 18112 SH SOLE NONE 18112 0 0
Plum Creek Timber Common Stock 729251108 112,422 3075 SH SOLE NONE 3075 0 0
Potlatch Corp Common Stock 737630103 344,997 11090 SH SOLE NONE 11090 0 0
Powershares Ftse Rafi US1000 Common Stock 73935X583 1,014,642 18590 SH SOLE NONE 18590 0 0
PPL Corp Common Stock 69351T106 1,052,754 35784 SH SOLE NONE 35784 0 0
Precision Castparts Common Stock 740189105 283,439 1720 SH SOLE NONE 1720 0 0
Procter & Gamble Common Stock 742718109 548,156 8217 SH SOLE NONE 8217 0 0
Rayonier Common Stock 754907103 3,132,986 70199 SH SOLE NONE 70199 0 0
Raytheon Common Stock 755111507 355,692 7352 SH SOLE NONE 7352 0 0
Regis Corp Common Stock 758932107 109,296 6604 SH SOLE NONE 6604 0 0
Republic Services Common Stock 760759100 457,456 16605 SH SOLE NONE 16605 0 0
Royal Dutch Shell Adr Ea Rep Common Stock 780259107 822,808 10825 SH SOLE NONE 10825 0 0
Rush Enterprises Cl B Common Stock 781846308 274,006 16118 SH SOLE NONE 16118 0 0
S & P 500 Index Fund Common Stock 78462F103 204,565 1630 SH SOLE NONE 1630 0 0
Scana Corp New Common Stock 80589M102 606,276 13455 SH SOLE NONE 13455 0 0
Schlumberger Limited Common Stock 806857108 576,878 8445 SH SOLE NONE 8445 0 0
Seaboard Corp Common Stock 811543107 140,484 69 SH SOLE NONE 69 0 0
Seacorp Hldgs Inc Common Stock 811904101 1,003,914 11285 SH SOLE NONE 11285 0 0
SM Energy Corp Common Stock 792228108 288,745 3950 SH SOLE NONE 3950 0 0
Sonoco Products Common Stock 835495102 1,102,147 33439 SH SOLE NONE 33439 0 0
Southern Co Common Stock 842587107 343,101 7412 SH SOLE NONE 7412 0 0
Southern Union Co Common Stock 844030106 1,043,065 24770 SH SOLE NONE 24770 0 0
St Jude Medical Inc Common Stock 790849103 597,506 17420 SH SOLE NONE 17420 0 0
Starbucks Common Stock 855244109 731,559 15900 SH SOLE NONE 15900 0 0
Statoil Hydro Asa Adr Common Stock 85771P102 103,721 4050 SH SOLE NONE 4050 0 0
Streettracks Gold Shrs Common Stock 78463V107 3,718,739 24467 SH SOLE NONE 24467 0 0
Stryker Corp Common Stock 863667101 909,196 18290 SH SOLE NONE 18290 0 0
Swiss Helvetia Fund Inc Common Stock 870875101 814,905 81900 SH SOLE NONE 81900 0 0
Syngenta AG Common Stock 87160A100 3,379,620 57340 SH SOLE NONE 57340 0 0
Texas Instruments Common Stock 882508104 203,770 7000 SH SOLE NONE 7000 0 0
Tidewater Common Stock 886423102 167,028 3388 SH SOLE NONE 3388 0 0
Timken Co Common Stock 887389104 234,215 6051 SH SOLE NONE 6051 0 0
Travelers Cos Inc Common Stock 89417E109 132,837 2245 SH SOLE NONE 2245 0 0
Trustco Bk Corp Ny Common Stock 898349105 140,250 25000 SH SOLE NONE 25000 0 0
UGI Corp Common Stock 902681105 985,537 33522 SH SOLE NONE 33522 0 0
Unilever PLC Common Stock 904767704 486,710 14520 SH SOLE NONE 14520 0 0
Union Pacific Common Stock 907818108 3,158,154 29811 SH SOLE NONE 29811 0 0
United Parcel Svc Common Stock 911312106 913,104 12476 SH SOLE NONE 12476 0 0
United Technologies Common Stock 913017109 1,143,881 15650 SH SOLE NONE 15650 0 0
Unitedhealth Group Common Stock 91324P102 130,248 2570 SH SOLE NONE 2570 0 0
URS Common Stock 903236107 295,184 8405 SH SOLE NONE 8405 0 0
Urstadt Biddle Ppty Pfd D Preferred Stock 917286502 291,455 11585 SH SOLE NONE 11585 0 0
Urstadt Biddle Pptys Common Stock 917286106 1,138,963 67116 SH SOLE NONE 67116 0 0
Urstadt Biddle Pptys Inc Cl A Common Stock 917286205 806,084 44584 SH SOLE NONE 44584 0 0
Urstadt Biddle Pptysinc SR Pfd Preferred Stock 917286403 298,700 2900 SH SOLE NONE 2900 0 0
US Bancorp Common Stock 902973304 2,212,494 81793 SH SOLE NONE 81793 0 0
V F Corp Common Stock 918204108 215,883 1700 SH SOLE NONE 1700 0 0
Vanguard Energy ETF Common Stock 92204A306 7,737,369 76752 SH SOLE NONE 76752 0 0
Vanguard Extended Mkt ETF Common Stock 922908652 1,902,538 36700 SH SOLE NONE 36700 0 0
Vanguard FTSE Allworld ETF ex- Common Stock 922042775 150,807 3803 SH SOLE NONE 3803 0 0
Vanguard Sector Info Tech ETF Common Stock 92204A702 3,076,791 50135 SH SOLE NONE 50135 0 0
Vanguard Short Term Bond ETF Common Stock 921937827 363,780 4500 SH SOLE NONE 4500 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
------------------------------ --------------- --------- --------- -------- --- ---- ---------- -------- ------ ------ ----
Vanguard Small Cap Value ETF Common Stock 922908611 206,811 3300 SH SOLE NONE 3300 0 0
Vanguard Total Stk Mkt ETF Common Stock 922908769 6,820,623 106075 SH SOLE NONE 106075 0 0
Vanguard Total World ETF Common Stock 922042742 272,034 6300 SH SOLE NONE 6300 0 0
Vanguard Utilities ETF Common Stock 92204A876 2,349,643 30559 SH SOLE NONE 30559 0 0
Vanguard Whitehall Fds High D Common Stock 921946406 7,237,379 159907 SH SOLE NONE 159907 0 0
Vectren Corp Common Stock 92240G101 538,602 17817 SH SOLE NONE 17817 0 0
Verizon Communications Common Stock 92343V104 1,282,156 31958 SH SOLE NONE 31958 0 0
Vodafone Group Plc Common Stock 92857W100 2,799,636 99880 SH SOLE NONE 99880 0 0
Wal-Mart Stores Common Stock 931142103 1,382,044 23127 SH SOLE NONE 23127 0 0
Waste Management Common Stock 94106L109 766,373 23429 SH SOLE NONE 23429 0 0
Wells Fargo & Co Common Stock 949746101 291,034 10560 SH SOLE NONE 10560 0 0
Whirlpool Corp Common Stock 963320106 156,585 3300 SH SOLE NONE 3300 0 0
Xylem Inc Common Stock 98419M100 482,535 18783 SH SOLE NONE 18783 0 0
Yahoo Inc Common Stock 984332106 773,434 47950 SH SOLE NONE 47950 0 0
Yum! Brands Common Stock 988498101 371,763 6300 SH SOLE NONE 6300 0 0