Bell State Bank and Trust as of Sept. 30, 2012

                11/15/2012

                            TITLE OF     VALUE        SHARES/   INVSTMT OTHER VOTING AUTHORITY
       NAME OF ISSUER       CLASSCUSIP   (x$1000)     PRN AMT   DSCRETNMANAGER SOLE SHARE NONE
{S}                         {C}  {C}




88579Y101	3M CO USD 0.01	COM	2239	92.42	"24,221.00"	SH	SOLE	0	23961	260
2824100	ABBOTT LABS NPV	COM	1762	68.56	"25,706.00"	SH	SOLE	1	25451	255
00971T101	AKAMAI TECHNOLOGIES INC USD 0.01	COM	1018	38.26	"26,601.00"	SH	SOLE	2	26306	295
18802108	ALLIANT ENERGY CORP USD 0.01	COM	593	43.39	"13,668.00"	SH	SOLE	3	13628	40
20002101	ALLSTATE CORP USD 0.01	COM	3534	39.61	"89,217.00"	SH	SOLE	4	88217	1000
23608102	AMEREN CORP USD 0.01	COM	752	32.67	"23,010.00"	SH	SOLE	5	22950	60
02503X105	AMERICAN CAP AGY CORP USD 0.01	COM	940	34.6	"27,167.00"	SH	SOLE	6	27107	60
25537101	AMERICAN ELEC PWR INC	COM	808	43.94	"18,398.00"	SH	SOLE	7	18353	45
32654105	ANALOG DEVICES INC USD 0.167	COM	3076	39.175	"78,530.00"	SH	SOLE	8	77455	1075
35710409	ANNALY CAP COM USD0.01	COM	2985	16.84	"177,257.00"	SH	SOLE	9	175782	1475
37411105	APACHE CORP	COM	964	86.47	"11,148.00"	SH	SOLE	10	11018	130
37833100	APPLE INC NPV	COM	4699	667.105	"7,044.00"	SH	SOLE	11	6895	149
38222105	APPLIED MATLS INC USD 0.01	COM	2203	11.165	"197,336.00"	SH	SOLE	12	195251	2085
39483102	ARCHER DANIELS MIDLAND CO L NPV	COM	1910	27.18	"70,257.00"	SH	SOLE	13	69462	795
04010L103	ARES CAP CORP USD 0.001	COM	799	17.14	"46,599.00"	SH	SOLE	14	46474	125
00206R102	AT+T INC USD 1.0	COM	5176	37.7	"137,294.00"	SH	SOLE	15	136049	1245
49560105	ATMOS ENERGY CORP NPV	COM	627	35.79	"17,531.00"	SH	SOLE	16	17208	323
57224107	BAKER HUGHES INC USD 1.0	COM	2267	45.23	"50,126.00"	SH	SOLE	17	49561	565
05965X109	BANCO SANTANDER CHILE NEW NPV ADR	COM	799	73.24	"10,916.00"	SH	SOLE	18	10886	30
64149107	BANK OF NOVA SCOTIA CAD NPV	COM	606	54.82	"11,047.00"	SH	SOLE	19	11022	25
06740C261	BARCLAYS BK PLC	COM	283	9	"31,495.00"	SH	SOLE	20	31495
67383109	BARD C R INC USD 0.25	COM	2309	104.65	"22,064.00"	SH	SOLE	21	21809	255
71813109	BAXTER INTL INC USD 1.0	COM	2304	60.27	"38,232.00"	SH	SOLE	22	37792	440
05534B760	BCE INC NPV	COM	752	43.94	"17,115.00"	SH	SOLE	23	17070	45
55630107	BP PRUDHOE BAY RTY TR NPV	COM	564	93.85	"6,005.00"	SH	SOLE	24	5990	15
110122108	BRISTOL MYERS SQUIBB CO USD 0.1	COM	621	33.75	"18,404.00"	SH	SOLE	25	18354	50
12686C109	CABLEVISION SYSTEMS CORP	COM	736	15.85	"46,430.00"	SH	SOLE	26	46320	110
14057J101	CAPITOL FED FINL INC USD 0.01	COM	2018	11.96	"168,725.00"	SH	SOLE	27	166961	1764
149123101	CATERPILLAR INC USD 1.0	COM	1009	86.04	"11,725.00"	SH	SOLE	28	11595	130
136069101	CDN IMPERIAL BK OF COMMERCE	COM	612	78.19	"7,829.00"	SH	SOLE	29	7809	20
15189T107	CENTERPOINT ENERGY INC USD 0.01	COM	648	21.3	"30,413.00"	SH	SOLE	30	30338	75
166764100	CHEVRON CORP NEW	COM	2853	116.56	"24,473.00"	SH	SOLE	31	24253	220
16941M109	CHINA MOBI SPON ADR REP 5 ORD HKD0.	COM	629	55.36	"11,355.00"	SH	SOLE	32	11330	25
171340102	CHURCH + DWIGHT INC USD 1.0	COM	1343	53.99	"24,876.00"	SH	SOLE	33	24566	310
17243V102	CINEMARK HOLDINGS INC	COM	1693	22.43	"75,499.00"	SH	SOLE	34	74604	895
17275R102	CISCO SYS INC USD 0.001	COM	2054	19.095	"107,561.00"	SH	SOLE	35	106356	1205
191216100	COCA-COLA COM USD0.25	COM	1652	37.93	"43,544.00"	SH	SOLE	36	43084	460
20030N101	COMCAST CORP NEW USD 1.0	COM	2357	35.745	"65,926.00"	SH	SOLE	37	65101	825
20825C104	CONOCOPHILLIPS	COM	2450	57.18	"42,846.00"	SH	SOLE	38	42365	481
229899109	CULLEN / FROST BANKERS INC USD 0.01	COM	619	57.43	"10,771.00"	SH	SOLE	39	10746	25
237194105	DARDEN RESTAURANTS INC NPV	COM	2799	55.75	"50,207.00"	SH	SOLE	40	49627	580
25746U109	DOMINION RES INC VA NEW NPV	COM	652	52.94	"12,313.00"	SH	SOLE	41	12288	25
257867101	DONNELLEY R R + SONS CO USD 1.25	COM	680	10.6	"64,189.00"	SH	SOLE	42	64034	155
233331107	DTE ENERGY CO NPV	COM	642	59.94	"10,715.00"	SH	SOLE	43	10690	25
263534109	DU PONT DE COM USD0.30	COM	1998	50.27	"39,741.00"	SH	SOLE	44	39296	445
26441C204	DUKE ENERGY CORP NEW USD 0.001	COM	787	64.79	"12,149.00"	SH	SOLE	45	12118	31
26985R104	EAGLE ROCK ENERGY PARTNERS	COM	640	9.56	"66,959.00"	SH	SOLE	46	66784	175
278279104	EATON VANC COM USD0.01	COM	2075	16.72	"124,116.00"	SH	SOLE	47	124116
268648102	EMC CORP(M COM USD0.01	COM	2028	27.27	"74,385.00"	SH	SOLE	48	73179	1206
291011104	EMERSON ELEC CO USD 0.5	COM	1871	48.27	"38,762.00"	SH	SOLE	49	38332	430
291641108	EMPIRE DISTRICT ELECTRIC	COM	4148	51.55	"80,467.00"	SH	SOLE	50	79802	665
29250R106	ENBRIDGE ENERGY PARTNERS LP	COM	707	29.44	"24,002.00"	SH	SOLE	51	23937	65
29273R109	ENERGY TRANSFER PARTNERS LP	COM	804	42.57	"18,898.00"	SH	SOLE	52	18848	50
30161N101	EXELON CORPORATION	COM	1673	35.58	"47,031.00"	SH	SOLE	53	46671	360
30219G108	EXPRESS SC COM USD0.01	COM	1919	62.63	"30,637.00"	SH	SOLE	54	30045	592
30231G102	EXXON MOBIL CORP NPV	COM	2359	91.45	"25,793.00"	SH	SOLE	55	25543	250
33734J102	FIRST TR ISE REVERE NAT GAS	COM	450	17.39	"25,870.00"	SH	SOLE	56	25870
35671D857	FREEPORT-MCMORAN COPPER + G USD 0.1	COM	1615	39.58	"40,792.00"	SH	SOLE	57	40082	710
369604103	GENERAL ELEC CO USD 0.06	COM	4663	22.71	"205,307.00"	SH	SOLE	58	203462	1845
37733W105	GLAXOSMITHKLINE PLC	COM	897	46.24	"19,409.00"	SH	SOLE	59	19359	50
38141G104	GOLDMAN SACHS GROUP INC	COM	1747	113.68	"15,370.00"	SH	SOLE	60	15195	175
38259P508	GOOGLE INC COM USD0.001 CL'A'	COM	1766	754.5	"2,340.00"	SH	SOLE	61	2290	50
41902R103	HATTERAS F COM STK USD0.001	COM	2105	28.19	"74,679.00"	SH	SOLE	62	74039	640
419870100	HAWAIIAN ELEC INDS INC NPV	COM	2313	26.31	"87,920.00"	SH	SOLE	63	87185	735
437076102	HOME DEPOT INC USD 0.05	COM	1458	60.37	"24,143.00"	SH	SOLE	64	23883	260
404280406	HSBC HLDGS PLC USD 0.5 ADR	COM	785	46.46	"16,899.00"	SH	SOLE	65	16730	169
443683107	HUDSON CITY BANCORP INC USD 0.01	COM	868	7.945	"109,308.00"	SH	SOLE	66	109013	295
45822P105	INTEGRYS ENERGY GROUP INC USD 1.0	COM	712	52.2	"13,637.00"	SH	SOLE	67	13597	40
458140100	INTEL CORP USD 0.001	COM	1548	22.655	"68,308.00"	SH	SOLE	68	67868	440
46069S109	INTERSIL CORP USD 0.01	COM	2569	8.74	"293,887.00"	SH	SOLE	69	290497	3390
461730103	INVESTORS SBI NPV	COM	146	8.28	"17,579.00"	SH	SOLE	70	15829	1750
46428R107	ISHARES S^P GSCI COMMODITY I	COM	1728	33.8	"51,127.00"	SH	SOLE	71	51127
46428Q109	ISHARES SILVER TRUST	COM	465	33.48	"13,898.00"	SH	SOLE	72	13898
464288281	ISHARES TR ISHARES JP MORGAN USD EM	COM	971	121.26	"8,009.00"	SH	SOLE	73	8009
466313103	JABIL CIRCUIT INC USD 0.001	COM	2298	18.72	"122,783.00"	SH	SOLE	74	121375	1408
478366107	JOHNSON CTLS INC USD 0.01388	COM	1262	27.4	"46,070.00"	SH	SOLE	75	45535	535
46625H100	JPMORGAN CHASE + CO USD 1.0	COM	3315	40.48	"81,895.00"	SH	SOLE	76	80980	915
494368103	KIMBERLY CLARK CORP USD 1.25	COM	1959	85.78	"22,832.00"	SH	SOLE	77	22562	270
500255104	KOHLS CORP USD 0.01	COM	2300	51.22	"44,910.00"	SH	SOLE	78	44385	525
502424104	L-3 COMMUNICATIONS CORP. USD 0.01	COM	1031	71.71	"14,378.00"	SH	SOLE	79	14218	160
524660107	LEGGETT + PLATT INC USD 0.01	COM	778	25.05	"31,050.00"	SH	SOLE	80	30955	95
532457108	LILLY ELI + CO NPV	COM	881	47.41	"18,573.00"	SH	SOLE	81	18518	55
548661107	LOWES COS INC USD 0.5	COM	1717	30.24	"56,792.00"	SH	SOLE	82	56142	650
57060U605	MARKET VEC AGRIBUSINESS ETF	COM	588	51.79	"11,356.00"	SH	SOLE	83	11356
580135101	MCDONALDS CORP USD 0.01	COM	3131	91.75	"34,125.00"	SH	SOLE	84	33579	546
585055106	MEDTRONIC INC USD 0.1	COM	2471	43.12	"57,312.00"	SH	SOLE	85	56824	488
58933Y105	MERCK + CO USD 0.5	COM	2854	45.095	"63,282.00"	SH	SOLE	86	62672	610
55272X102	MFA FINANC COM STK USD0.01	COM	2434	8.5	"286,360.00"	SH	SOLE	87	283905	2455
595017104	MICROCHIP TECHNOLOGY INC USD 0.001	COM	606	29.76	"20,360.00"	SH	SOLE	88	20305	55
594918104	MICROSOFT COM USD0.00000625	COM	3027	29.76	"101,708.00"	SH	SOLE	89	100580	1128
60871R209	MOLSON COORS BREWING CO USD 0.01	COM	2011	45.05	"44,635.00"	SH	SOLE	90	44085	550
617446448	MORGAN STANLEY	COM	1813	16.74	"108,317.00"	SH	SOLE	91	107057	1260
628530107	MYLAN INC/DE USD 0.5	COM	1702	24.3717	"69,831.00"	SH	SOLE	92	69046	785
G6359F103	NABORS INDUSTRIES LTD SHS	COM	987	14.03	"70,355.00"	SH	SOLE	93	69550	805
651639106	NEWMONT MNG CORP USD 1.6	COM	1856	56.015	"33,130.00"	SH	SOLE	94	32750	380
65339F101	NEXTERA ENERGY INC USD 0.01	COM	1399	70.33	"19,885.00"	SH	SOLE	95	19690	195
664397106	NORTHEAST UTILITIES	COM	642	38.23	"16,784.00"	SH	SOLE	96	16739	45
66987V109	NOVARTIS A G SPONSORED ADR	COM	1036	61.26	"16,919.00"	SH	SOLE	97	16746	173
670100205	NOVO-NORDISK A S DKK 10.0 ADR	COM	1344	157.81	"8,514.00"	SH	SOLE	98	8357	157
670346105	NUCOR CORP	COM	957	38.26	"25,010.00"	SH	SOLE	99	24720	290
67062N103	NUVEEN QLT COM USD0.01	COM	302	15.41	"19,610.00"	SH	SOLE	100	19610
67066G104	NVIDIA CORP	COM	1346	13.34	"100,930.00"	SH	SOLE	101	99755	1175
N6596X109	NXP SEMICONDUCTORS	COM	1567	25.01	"62,655.00"	SH	SOLE	102	61925	730
629491101	NYSE EURON COM STK USD0.01	COM	1721	24.65	"69,812.00"	SH	SOLE	103	69032	780
674599105	OCCIDENTAL PETE CORP USD 0.2	COM	1604	86.06	"18,639.00"	SH	SOLE	104	18419	220
68389X105	ORACLE CORP USD 0.01	COM	2287	31.46	"72,711.00"	SH	SOLE	105	71299	1412
689648103	OTTER TAIL CORP	COM	373	23.86	"15,620.00"	SH	SOLE	106	15620
704326107	PAYCHEX INC USD 0.01	COM	782	33.29	"23,484.00"	SH	SOLE	107	23419	65
707887105	PENN WEST PETE LTD NEW NPV	COM	660	14.24	"46,364.00"	SH	SOLE	108	46239	125
712704105	PEOPLES UTD FINL INC USD 0.01	COM	2524	12.14	"207,934.00"	SH	SOLE	109	205954	1980
713291102	PEPCO HLDGS INC USD 0.01	COM	840	18.9	"44,460.00"	SH	SOLE	110	44340	120
717081103	PFIZER INC USD 0.05	COM	3341	24.85	"134,456.00"	SH	SOLE	111	133316	1140
718172109	PHILIP MORRIS INTL INC NPV	COM	848	89.94	"9,432.00"	SH	SOLE	112	9402	30
718252604	PHILIPPINE LONG DISTANC PHP 5.0 ADR	COM	665	66.01	"10,081.00"	SH	SOLE	113	10051	30
718546104	PHILLIPS 66	COM	998	46.37	"21,531.00"	SH	SOLE	114	21291	240
723787107	PIONEER NAT RES CO USD 0.01	COM	1900	104.4	"18,201.00"	SH	SOLE	115	17996	205
742718109	PROCTOR & GAMBLE CO	COM	2402	69.36	"34,634.00"	SH	SOLE	116	34294	340
74347R248	PROSHARES PSHS CREDIT SUISSE 130	COM	1021	66.27	"15,407.00"	SH	SOLE	117	15407
744573106	PUBLIC SVC ENTERPRISE GROUP INC NPV	COM	588	32.18	"18,264.00"	SH	SOLE	118	18219	45
747525103	QUALCOMM INC USD 0.0001	COM	2244	62.47	"35,920.00"	SH	SOLE	119	35249	671
755111507	RAYTHEON CO USD 0.01	COM	2495	57.16	"43,653.00"	SH	SOLE	120	43148	505
761713106	REYNOLDS AMERN INC USD 0.0001	COM	783	43.34	"18,073.00"	SH	SOLE	121	18018	55
780259206	ROYAL DUTCH SHELL PLC EUR 0.07 ADR	COM	745	69.41	"10,739.00"	SH	SOLE	122	10709	30
803054204	SAP AG SPON ADR	COM	1100	71.33	"15,427.00"	SH	SOLE	123	15129	298
80589M102	SCANA CORP NEW NPV	COM	800	48.27	"16,567.00"	SH	SOLE	124	16517	50
806857108	SCHLUMBERG COM USD0.01	COM	1340	72.33	"18,529.00"	SH	SOLE	125	18002	527
G79441104	SEACO LTD	COM	1	0.05	"10,438.00"	SH	SOLE	126	10438
82028K200	SHAW COMMUNICATIONS INC NPV	COM	1929	20.5	"94,092.00"	SH	SOLE	127	93397	695
835495102	SONOCO PRO COM NPV	COM	692	30.99	"22,314.00"	SH	SOLE	128	22249	65
842587107	SOUTHERN CO USD 5.0	COM	916	46.09	"19,875.00"	SH	SOLE	129	19815	60
78463V107	SPDR GOLD GOLD SHARES NPV	COM	1127	171.89	"6,558.00"	SH	SOLE	130	6558
78463X863	SPDR INDEX SPDR DJ INTL REIT ETF	COM	652	39.25	"16,617.00"	SH	SOLE	131	16617
78462F103	SPDR S+P 500 ETF TRUST	COM	797	143.97	"5,535.00"	SH	SOLE	132	5535
85571B105	STARWOOD P COM USD0.01	COM	850	23.27	"36,545.00"	SH	SOLE	133	36440	105
856992631	STATE BANKSHARES	COM	2181	250.15	"8,720.00"	SH	SOLE	134	8720
863667101	STRYKER CORP USD 0.1	COM	2052	55.66	"36,870.00"	SH	SOLE	135	36450	420
866796105	SUN LIFE FINL SVCS CDA INC NPV	COM	1017	23.23	"43,761.00"	SH	SOLE	136	43661	100
867224107	SUNCOR ENERGY INC NEW NPV	COM	1461	32.85	"44,487.00"	SH	SOLE	137	43987	500
871503108	SYMANTEC CORP USD 0.01	COM	2661	17.975	"148,040.00"	SH	SOLE	138	146340	1700
871829107	SYSCO CORP USD 1.0	COM	1533	31.27	"49,030.00"	SH	SOLE	139	48515	515
8.76E+110	TARGET CORP USD 0.0833	COM	2632	63.47	"41,468.00"	SH	SOLE	140	41006	462
876511106	TASEKO MINES LTD NPV	COM	44	3.34	"13,225.00"	SH	SOLE	141	13225
872375100	TECO ENERGY INC USD 1.0	COM	697	17.74	"39,294.00"	SH	SOLE	142	39189	105
87971M202	TELUS CORP NPV	COM	832	62.53	"13,299.00"	SH	SOLE	143	13259	40
881624209	TEVA PHARMACEUTICAL IND ILS 0.1 ADR	COM	2195	41.41	"53,001.00"	SH	SOLE	144	52249	752
891160509	TORONTO DOMINION BK ONT NPV	COM	628	83.34	"7,541.00"	SH	SOLE	145	7521	20
8.92E+113	TOTAL S A SPONSORED ADR	COM	1017	50.1	"20,300.00"	SH	SOLE	146	20075	225
H8817H100	TRANSOCEAN LTD/SWITZERLAND CHF 15.0	COM	1617	44.89	"36,027.00"	SH	SOLE	147	35627	400
913017109	UNITED TECHNOLOGIES CORP USD 1.0	COM	1113	78.29	"14,214.00"	SH	SOLE	148	14049	165
913456109	UNIVERSAL CORP VA NPV	COM	687	50.92	"13,488.00"	SH	SOLE	149	13448	40
902973304	US BANCORP DEL USD 0.01	COM	3544	34.3	"103,315.00"	SH	SOLE	150	102275	1040
919794107	VALLEY NATL BANCORP NPV	COM	648	10.02	"64,650.00"	SH	SOLE	151	64414	236
921908844	VANGUARD DIVIDEND APPRECIATION ETF	COM	318	59.68	"5,325.00"	SH	SOLE	152	5325
922908553	VANGUARD I VANGUARD REIT ETF	COM	1286	64.9691	"19,788.00"	SH	SOLE	153	19788
92240G101	VECTREN CO COM NPV	COM	719	28.6	"25,152.00"	SH	SOLE	154	25077	75
92343V104	VERIZON COMMUNICATIONS INC USD 0.1	COM	1121	45.57	"24,592.00"	SH	SOLE	155	24527	65
92857W209	VODAFONE G SP ADR REP 10 USD0.11428	COM	2016	28.5	"70,721.00"	SH	SOLE	156	69797	924
931142103	WAL-MART STORES INC USD 0.1	COM	2570	73.8	"34,826.00"	SH	SOLE	157	34441	385
94106L109	WASTE MANA COM USD0.01	COM	2108	32.08	"65,708.00"	SH	SOLE	158	65148	560
949746101	WELLS FARGO + CO NEW USD 1.666	COM	3888	34.53	112607	SH	SOLE	159	111342	1265
95709T100	WESTAR ENERGY INC USD 5.0	COM	615	29.66	20733	SH	SOLE	160	20673	60
97381W104	WINDSTREAM CORP USD 0.0001	COM	622	10.09	61601	SH	SOLE	161	61446	155
983134107	WYNN RESORTS LTD	COM	2137	115.44	"18,516.00"	SH	SOLE	162	18306	210
98389B100	XCEL ENERGY INC USD 2.5	COM	835	27.71	30151	SH	SOLE	163	30086	65