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	Equity	88579Y101	1,372	7,775	SH		SOLE		7,775	0	0
Abbott Laboratories	Equity	002824100	158	1,820	SH		SOLE		1,820	0	0
AbbVie Inc.	Equity	00287Y109	719	8,119	SH		SOLE		8,119	0	0
Accenture PLC	Equity	G1151C101	261	1,239	SH		SOLE		1,239	0	0
Air Lease Corp Usd0.01	Equity	00912X302	195	4,100	SH		SOLE		4,100	0	0
Alaska Air Group	Equity	011659109	173	2,550	SH		SOLE		2,550	0	0
Albemarle Corp	Equity	012653101	536	7,345	SH		SOLE		7,345	0	0
Alibaba Group Holding Limited	Equity	01609W102	109	515	SH		SOLE		515	0	0
AllianceBernstein Holding L.P.	UserDef	01881G106	303	10,000	SH		SOLE		10,000	0	0
Allstate	Equity	020002101	125	1,110	SH		SOLE		1,110	0	0
Alphabet Inc. CL A	Equity	02079K305	1,558	1,163	SH		SOLE		1,163	0	0
Alphabet Inc. CL C	Equity	02079K107	3,806	2,847	SH		SOLE		2,847	0	0
Altria Group	Equity	02209S103	142	2,850	SH		SOLE		2,850	0	0
Amazon.com Inc.	Equity	023135106	1,595	863	SH		SOLE		863	0	0
American Express	Equity	025816109	308	2,478	SH		SOLE		2,478	0	0
AmerisourceBergen Corp.	Equity	03073E105	605	7,118	SH		SOLE		7,118	0	0
Anthem Inc	Equity	036752103	121	400	SH		SOLE		400	0	0
Apple Computer	Equity	037833100	4,625	15,749	SH		SOLE		15,749	0	0
Ares Cap Corp Com	Equity	04010L103	213	11,400	SH		SOLE		11,400	0	0
Armada Hoffler Properties, Inc.	UserDef	04208T108	1,125	61,300	SH		SOLE		61,300	0	0
AT&T	Equity	00206R102	132	3,373	SH		SOLE		3,373	0	0
Automatic Data Processing	Equity	053015103	472	2,770	SH		SOLE		2,770	0	0
Ball Corp	Equity	058498106	1,484	22,950	SH		SOLE		22,950	0	0
Bank of America	Equity	060505104	134	3,800	SH		SOLE		3,800	0	0
Bank of New York Mellon	Equity	064058100	412	8,190	SH		SOLE		8,190	0	0
Bank of Nova Scotia	Equity	064149107	460	8,150	SH		SOLE		8,150	0	0
Baxter International	Equity	071813109	125	1,500	SH		SOLE		1,500	0	0
Becton Dickinson Co	Equity	075887109	150	550	SH		SOLE		550	0	0
Berkshire Hathaway Cl A	Equity	084670108	5,773	17	SH		SOLE		17	0	0
Berkshire Hathaway Cl B	Equity	084670702	14,221	62,788	SH		SOLE		62,788	0	0
Boeing	Equity	097023105	704	2,160	SH		SOLE		2,160	0	0
BP p.l.c.	Equity	055622104	170	4,510	SH		SOLE		4,510	0	0
Bristol Myers Squibb	Equity	110122108	563	8,772	SH		SOLE		8,772	0	0
Brixmor Property Group Inc.	Equity	11120U105	919	42,525	SH		SOLE		42,525	0	0
Canadian National Railway Co.	Equity	136375102	172	1,900	SH		SOLE		1,900	0	0
Carriage Services	Equity	143905107	118	4,600	SH		SOLE		4,600	0	0
Caterpillar	Equity	149123101	120	815	SH		SOLE		815	0	0
ChevronTexaco	Equity	166764100	968	8,028	SH		SOLE		8,028	0	0
Cisco Systems	Equity	17275R102	396	8,250	SH		SOLE		8,250	0	0
City Office Reit, Inc.	UserDef	178587101	296	21,900	SH		SOLE		21,900	0	0
Clarus Corp.	Equity	18270P109	392	28,900	SH		SOLE		28,900	0	0
Clorox Company	Equity	189054109	230	1,500	SH		SOLE		1,500	0	0
Coca-Cola Company	Equity	191216100	205	3,700	SH		SOLE		3,700	0	0
Comcast Corporation	Equity	20030N101	2,783	61,878	SH		SOLE		61,878	0	0
Corning Inc	Equity	219350105	178	6,100	SH		SOLE		6,100	0	0
Costco Wholesale	Equity	22160K105	2,486	8,457	SH		SOLE		8,457	0	0
Deere & Company	Equity	244199105	331	1,911	SH		SOLE		1,911	0	0
Delta Air Lines Inc.	Equity	247361702	151	2,585	SH		SOLE		2,585	0	0
Diageo PLC	Equity	25243Q205	208	1,235	SH		SOLE		1,235	0	0
Dominion Resources	Equity	25746U109	364	4,395	SH		SOLE		4,395	0	0
Duke Energy	Equity	26441C204	377	4,135	SH		SOLE		4,135	0	0
Edwards Lifesciences	Equity	28176E108	347	1,489	SH		SOLE		1,489	0	0
Equity Residential	UserDef	29476L107	138	1,700	SH		SOLE		1,700	0	0
Eversource Energy	Equity	30040W108	1,090	12,808	SH		SOLE		12,808	0	0
Exxon Mobil	Equity	30231G102	596	8,546	SH		SOLE		8,546	0	0
Facebook Inc	Equity	30303M102	208	1,015	SH		SOLE		1,015	0	0
Fedex Corp	Equity	31428X106	174	1,150	SH		SOLE		1,150	0	0
Fiat Chrysler Automobiles N.V.	Equity	N31738102	1,631	111,020	SH		SOLE		111,020	0	0
First Intst Bancsystem Inc	Equity	32055Y201	113	2,706	SH		SOLE		2,706	0	0
Flexshares Quality Dividend Index Fd.	Equity	33939L860	352	7,267	SH		SOLE		7,267	0	0
Fomento Economico Mexicano	Equity	344419106	3,648	38,599	SH		SOLE		38,599	0	0
General American Investors Co.	Equity	368802104	151	4,000	SH		SOLE		4,000	0	0
Geopark Limited	Equity	G38327105	111	5,000	SH		SOLE		5,000	0	0
Goldman Sachs ActiveBeta Intl Eq ETF	Equity	381430107	121	4,000	SH		SOLE		4,000	0	0
Goldman Sachs Large Cap Equal Weight ETF	Equity	381430438	112	2,200	SH		SOLE		2,200	0	0
Goldman Sachs TreasuryAccess 0-1 Year ETF	UserDef	381430529	6,017	60,090	SH		SOLE		60,090	0	0
Hanesbrands Inc.	Equity	410345102	870	58,600	SH		SOLE		58,600	0	0
Hasbro	Equity	418056107	172	1,630	SH		SOLE		1,630	0	0
Hexcel Corp.	Equity	428291108	4,768	65,035	SH		SOLE		65,035	0	0
Highwoods Properties Inc.	UserDef	431284108	601	12,292	SH		SOLE		12,292	0	0
Home Depot	Equity	437076102	1,328	6,081	SH		SOLE		6,081	0	0
Honeywell International Inc	Equity	438516106	2,644	14,938	SH		SOLE		14,938	0	0
Host Hotels & Resorts, Inc.	UserDef	44107P104	1,595	85,975	SH		SOLE		85,975	0	0
Humana Inc.	Equity	444859102	147	400	SH		SOLE		400	0	0
IAC/InterActive Corp.	Equity	44919P508	127	510	SH		SOLE		510	0	0
Ingles Markets, Inc.	Equity	457030104	2,314	48,702	SH		SOLE		48,702	0	0
Intel	Equity	458140100	822	13,737	SH		SOLE		13,737	0	0
Intl Paper Co.	Equity	460146103	269	5,850	SH		SOLE		5,850	0	0
Invesco FTSE RAFI US 1000 ETF	Equity	46137V613	12,736	100,512	SH		SOLE		100,512	0	0
Invesco Ltd.	Equity	G491BT108	681	37,900	SH		SOLE		37,900	0	0
Invesco QQQ Trust	Equity	46090E103	2,115	9,950	SH		SOLE		9,950	0	0
Invesco S&P 500 Equal Weight ETF	Equity	46137V357	5,614	48,510	SH		SOLE		48,510	0	0
Investors Title	Equity	461804106	362	2,275	SH		SOLE		2,275	0	0
Iron Mountain Inc	Equity	46284V101	1,793	56,270	SH		SOLE		56,270	0	0
iShares 1-3 Yr Treas Index Fd	Equity	464287457	5,499	64,980	SH		SOLE		64,980	0	0
iShares Core MSCI Total Intl Stk ETF	Equity	46432F834	2,280	36,840	SH		SOLE		36,840	0	0
iShares Edge MSCI USA Quality Factor ETF	Equity	46432F339	253	2,500	SH		SOLE		2,500	0	0
iShares Global REIT ETF	Equity	46434V647	122	4,401	SH		SOLE		4,401	0	0
iShares Gold Trust	Equity	464285105	319	22,000	SH		SOLE		22,000	0	0
iShares MSCI EAFE Minimum Volatility	Equity	46429B689	6,382	85,615	SH		SOLE		85,615	0	0
iShares Msci Eafe Small Cap Index Fd	Equity	464288273	2,753	44,205	SH		SOLE		44,205	0	0
iShares MSCI Emerging Markets Min Volatilty	Equity	464286533	117	1,995	SH		SOLE		1,995	0	0
iShares MSCI India ETF	Equity	46429B598	303	8,610	SH		SOLE		8,610	0	0
iShares MSCI New Zealand Capped ETF	Equity	464289123	112	1,945	SH		SOLE		1,945	0	0
iShares Russell 1000	Equity	464287622	339	1,899	SH		SOLE		1,899	0	0
iShares Russell 1000 Value Index Fd	Equity	464287598	227	1,663	SH		SOLE		1,663	0	0
iShares Russell Mid-Cap Index	Equity	464287499	326	5,476	SH		SOLE		5,476	0	0
iShares Russell Midcap Value Index	Equity	464287473	389	4,107	SH		SOLE		4,107	0	0
iShares Tr Russell 2000 Index Fd	Equity	464287655	126	758	SH		SOLE		758	0	0
iShares US Preferred Stock	Equity	464288687	113	3,000	SH		SOLE		3,000	0	0
ITT Inc.	Equity	45073V108	1,255	16,975	SH		SOLE		16,975	0	0
J P Morgan Chase	Equity	46625H100	4,988	35,780	SH		SOLE		35,780	0	0
JM Smucker	Equity	832696405	210	2,020	SH		SOLE		2,020	0	0
John Bean Technologies	Equity	477839104	1,767	15,687	SH		SOLE		15,687	0	0
John Hancock Multifactor Mid Cap ETF	Equity	47804J206	235	6,001	SH		SOLE		6,001	0	0
Johnson & Johnson	Equity	478160104	4,659	31,942	SH		SOLE		31,942	0	0
JP Morgan Diversified Return Intl Eq ETF	Equity	46641Q209	1,137	19,916	SH		SOLE		19,916	0	0
JPMorgan Diversified Return Global Equity ETF	Equity	46641Q100	131	2,100	SH		SOLE		2,100	0	0
JPMorgan Ultra-Short Income ETF	Equity	46641Q837	620	12,300	SH		SOLE		12,300	0	0
JPMorgan Ultra-Short Municipal Inc ETF	Equity	46641Q654	737	14,600	SH		SOLE		14,600	0	0
Kinder Morgan Inc	Equity	49456B101	162	7,672	SH		SOLE		7,672	0	0
Kroger	Equity	501044101	4,069	140,373	SH		SOLE		140,373	0	0
Laboratory Corp of America Holdings	Equity	50540R409	2,757	16,299	SH		SOLE		16,299	0	0
Lam Research Corp.	Equity	512807108	3,344	11,435	SH		SOLE		11,435	0	0
Lattice Semiconductor	Equity	518415104	115	6,000	SH		SOLE		6,000	0	0
Lockheed Martin Corp	Equity	539830109	454	1,165	SH		SOLE		1,165	0	0
Louisiana Pacific	Equity	546347105	4,888	164,750	SH		SOLE		164,750	0	0
Luxfer Holdings PLC	Equity	G5698W116	133	7,200	SH		SOLE		7,200	0	0
Marathon Petroleum Corp	Equity	56585A102	2,063	34,248	SH		SOLE		34,248	0	0
Marriott International, Inc.	Equity	571903202	194	1,280	SH		SOLE		1,280	0	0
MartenTransport Ltd.	Equity	573075108	250	11,625	SH		SOLE		11,625	0	0
Mastercard Inc Cl A	Equity	57636Q104	139	465	SH		SOLE		465	0	0
Matson Navigation Co.	Equity	57686G105	561	13,746	SH		SOLE		13,746	0	0
McDonalds	Equity	580135101	110	558	SH		SOLE		558	0	0
MDU Resources Group Inc.	Equity	552690109	110	3,700	SH		SOLE		3,700	0	0
Merck & Co Inc	Equity	58933Y105	582	6,400	SH		SOLE		6,400	0	0
Microsoft	Equity	594918104	9,458	59,974	SH		SOLE		59,974	0	0
Mid-America Apartment Communities Inc.	UserDef	59522J103	1,985	15,055	SH		SOLE		15,055	0	0
Molson Coors Brewing Company	Equity	60871R209	2,291	42,499	SH		SOLE		42,499	0	0
NBT Bancorp Inc	Equity	628778102	406	10,000	SH		SOLE		10,000	0	0
News Corp Cl B new	Equity	65249B208	277	19,100	SH		SOLE		19,100	0	0
NextEra Energy Inc New	Equity	65339F101	590	2,438	SH		SOLE		2,438	0	0
Nike, Inc.	Equity	654106103	1,863	18,385	SH		SOLE		18,385	0	0
Nordstrom Inc.	Equity	655664100	2,440	59,620	SH		SOLE		59,620	0	0
Norfolk Southern Crp	Equity	655844108	408	2,100	SH		SOLE		2,100	0	0
Northrop Grumman Corp.	Equity	666807102	4,179	12,151	SH		SOLE		12,151	0	0
Novartis AG Adr	Equity	66987V109	2,059	21,741	SH		SOLE		21,741	0	0
Oracle	Equity	68389X105	350	6,604	SH		SOLE		6,604	0	0
Oshkosh Corp	Equity	688239201	196	2,070	SH		SOLE		2,070	0	0
Paccar Inc	Equity	693718108	2,793	35,310	SH		SOLE		35,310	0	0
Packaging Corp of America	Equity	695156109	112	1,000	SH		SOLE		1,000	0	0
Park City Group Inc.	Equity	700215304	93	18,450	SH		SOLE		18,450	0	0
Pepsico, Inc.	Equity	713448108	5,413	39,607	SH		SOLE		39,607	0	0
Pfizer Inc.	Equity	717081103	479	12,229	SH		SOLE		12,229	0	0
Pope Resources a Delaware LP	Equity	732857107	370	4,000	SH		SOLE		4,000	0	0
Portland Gen Elec Co	Equity	736508847	912	16,340	SH		SOLE		16,340	0	0
Potlatch Corp	Equity	737630103	219	5,051	SH		SOLE		5,051	0	0
PPL Corp.	Equity	69351T106	1,310	36,501	SH		SOLE		36,501	0	0
Procter & Gamble	Equity	742718109	358	2,863	SH		SOLE		2,863	0	0
ProLogis	UserDef	74340W103	758	8,500	SH		SOLE		8,500	0	0
Quest Diagnostics Inc.	Equity	74834L100	171	1,600	SH		SOLE		1,600	0	0
Rayonier	Equity	754907103	292	8,920	SH		SOLE		8,920	0	0
Raytheon	Equity	755111507	1,894	8,621	SH		SOLE		8,621	0	0
Royal Dutch Shell Cl A	Equity	780259206	245	4,150	SH		SOLE		4,150	0	0
Royal Dutch Shell Cl B	Equity	780259107	1,029	17,160	SH		SOLE		17,160	0	0
Rush Enterprises Cl B	Equity	781846308	114	2,500	SH		SOLE		2,500	0	0
S & P 500 Index Fund	Equity	78462F103	1,910	5,935	SH		SOLE		5,935	0	0
Schwab Fundamental Intl Lg Co ETF	Equity	808524755	223	7,700	SH		SOLE		7,700	0	0
Schwab Fundamental Intl Sm Co ETF	Equity	808524748	566	17,010	SH		SOLE		17,010	0	0
Schwab Fundamental US Large Company ETF	Equity	808524771	269	6,300	SH		SOLE		6,300	0	0
Schwab US Large-Cap ETF	Equity	808524201	614	8,000	SH		SOLE		8,000	0	0
Seagate Technology	Equity	G7945M107	125	2,100	SH		SOLE		2,100	0	0
Seaspan Corporation	Equity	Y75638109	633	44,520	SH		SOLE		44,520	0	0
Sonoco Products	Equity	835495102	747	12,111	SH		SOLE		12,111	0	0
Sony Corp Adr	Equity	835699307	130	1,905	SH		SOLE		1,905	0	0
Southwest Air	Equity	844741108	285	5,280	SH		SOLE		5,280	0	0
SPDR Gold MiniShares	Equity	98149E204	889	58,750	SH		SOLE		58,750	0	0
SPDR S&P Dividend ETF	Equity	78464A763	157	1,460	SH		SOLE		1,460	0	0
Sprott Physical Gold Trust	Equity	85207H104	122	10,000	SH		SOLE		10,000	0	0
Starbucks	Equity	855244109	1,018	11,578	SH		SOLE		11,578	0	0
Starwood Ppty Trust, Inc.	UserDef	85571B105	2,006	80,700	SH		SOLE		80,700	0	0
Streettracks Gold Shrs	Equity	78463V107	1,533	10,727	SH		SOLE		10,727	0	0
Stryker Corp	Equity	863667101	3,482	16,588	SH		SOLE		16,588	0	0
T Rowe Price Group, Inc.	Equity	74144T108	239	1,960	SH		SOLE		1,960	0	0
Target Corporation	Equity	87612E106	171	1,330	SH		SOLE		1,330	0	0
Tompkins Financial Corp	Equity	890110109	156	1,700	SH		SOLE		1,700	0	0
Trustco Bk Corp Ny	Equity	898349105	173	20,000	SH		SOLE		20,000	0	0
Twenty-First Century Fox, Cl B	Equity	35137L204	344	9,450	SH		SOLE		9,450	0	0
UGI Corp	Equity	902681105	203	4,500	SH		SOLE		4,500	0	0
Union Pacific Corporation	Equity	907818108	4,808	26,596	SH		SOLE		26,596	0	0
United Technologies Corp.	Equity	913017109	1,261	8,421	SH		SOLE		8,421	0	0
Unitedhealth Group	Equity	91324P102	394	1,339	SH		SOLE		1,339	0	0
Urstadt Biddle Pptys	UserDef	917286106	1,037	52,214	SH		SOLE		52,214	0	0
Urstadt Biddle Pptys Inc Cl A	Equity	917286205	2,079	83,689	SH		SOLE		83,689	0	0
US Bancorp	Equity	902973304	1,850	31,195	SH		SOLE		31,195	0	0
V F Corp	Equity	918204108	169	1,700	SH		SOLE		1,700	0	0
Vanguard Energy ETF	Equity	92204A306	481	5,905	SH		SOLE		5,905	0	0
Vanguard Extended Mkt ETF	Equity	922908652	2,940	23,336	SH		SOLE		23,336	0	0
Vanguard Financials ETF	Equity	92204A405	2,236	29,315	SH		SOLE		29,315	0	0
Vanguard FTSE All World ex-US Small-Cap ETF	Equity	922042718	595	5,355	SH		SOLE		5,355	0	0
Vanguard Global ex-US Real Estate ETF	Equity	922042676	248	4,200	SH		SOLE		4,200	0	0
Vanguard Growth ETF	Equity	922908736	128	700	SH		SOLE		700	0	0
Vanguard Health Care ETF	Equity	92204A504	2,215	11,550	SH		SOLE		11,550	0	0
Vanguard High Dividend Yield Index ETF	Equity	921946406	17,832	190,288	SH		SOLE		190,288	0	0
Vanguard Information Technology ETF	Equity	92204A702	11,152	45,546	SH		SOLE		45,546	0	0
Vanguard Intl Hi Div Yld Idx ETF	Equity	921946794	370	5,800	SH		SOLE		5,800	0	0
Vanguard Mega Cap ETF	Equity	921910873	3,040	27,210	SH		SOLE		27,210	0	0
Vanguard Mid-Cap Value ETF	Equity	922908512	570	4,785	SH		SOLE		4,785	0	0
Vanguard REIT ETF	Equity	922908553	2,501	26,955	SH		SOLE		26,955	0	0
Vanguard S&P 500 ETF	Equity	922908363	10,367	35,049	SH		SOLE		35,049	0	0
Vanguard Short Term Bond ETF	Equity	921937827	1,153	14,300	SH		SOLE		14,300	0	0
Vanguard Short-Term Treasury ETF	Equity	92206C102	243	4,001	SH		SOLE		4,001	0	0
Vanguard Small Cap Value ETF	Equity	922908611	4,317	31,495	SH		SOLE		31,495	0	0
Vanguard Total Stock Mkt ETF	Equity	922908769	39,710	242,694	SH		SOLE		242,694	0	0
Vanguard Total World Stk Index ETF	Equity	922042742	4,128	50,970	SH		SOLE		50,970	0	0
Vanguard Utilities ETF	Equity	92204A876	1,294	9,053	SH		SOLE		9,053	0	0
Vanguard Value ETF	Equity	922908744	156	1,302	SH		SOLE		1,302	0	0
Verizon Communications	Equity	92343V104	3,677	59,889	SH		SOLE		59,889	0	0
Visa Inc	Equity	92826C839	1,014	5,398	SH		SOLE		5,398	0	0
Wal-Mart Stores	Equity	931142103	593	4,989	SH		SOLE		4,989	0	0
Walt Disney Co.	Equity	254687106	3,431	23,723	SH		SOLE		23,723	0	0
Waste Management	Equity	94106L109	950	8,336	SH		SOLE		8,336	0	0
Wells Fargo & Co	Equity	949746101	170	3,160	SH		SOLE		3,160	0	0
Westport Fuel Systems Inc.	Equity	960908309	24	10,000	SH		SOLE		10,000	0	0
Weyerhaeuser	Equity	962166104	2,255	74,680	SH		SOLE		74,680	0	0
WisdomTree DEFA ETF	Equity	97717W703	3,481	65,097	SH		SOLE		65,097	0	0
WisdomTree Emerging Mkts Smallcap Div	Equity	97717W281	7,254	151,685	SH		SOLE	��	151,685	0	0
Xilinx Inc	Equity	983919101	142	1,450	SH		SOLE		1,450	0	0