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	COM	88579Y101	1,478	9,225	SH		SOLE		9,225	0	0
AbbVie Inc.	COM	00287Y109	700	7,994	SH		SOLE		7,994	0	0
Accenture PLC	SHS CLASS A	G1151C101	224	990	SH		SOLE		990	0	0
Albemarle Corp	COM	012653101	433	4,853	SH		SOLE		4,853	0	0
Alphabet Inc. CL A	CAP STK CL A	02079K305	1,673	1,141	SH		SOLE		1,141	0	0
Alphabet Inc. CL C	CAP STK CL C	02079K107	4,515	3,072	SH		SOLE		3,072	0	0
Amazon.com Inc.	COM	023135106	2,617	831	SH		SOLE		831	0	0
American Express	COM	025816109	268	2,678	SH		SOLE		2,678	0	0
Apple Computer	COM	037833100	5,136	44,352	SH		SOLE		44,352	0	0
Armada Hoffler Properties, Inc.	COM	04208T108	310	33,500	SH		SOLE		33,500	0	0
Atlas Corp	SHS	Y0436Q109	352	39,319	SH		SOLE		39,319	0	0
Automatic Data Processing	COM	053015103	389	2,790	SH		SOLE		2,790	0	0
Ball Corp	COM	058498106	1,849	22,248	SH		SOLE		22,248	0	0
Bank of America	COM	060505104	217	9,000	SH		SOLE		9,000	0	0
Bank of New York Mellon	COM	064058100	274	7,990	SH		SOLE		7,990	0	0
Berkshire Hathaway Cl A	CL A	084670108	4,480	14	SH		SOLE		14	0	0
Berkshire Hathaway Cl B	CL B NEW	084670702	11,901	55,891	SH		SOLE		55,891	0	0
Black Stone Minerals LP Partnership Units	COM UNIT	09225M101	92	15,000	SH		SOLE		15,000	0	0
Boeing	COM	097023105	212	1,285	SH		SOLE		1,285	0	0
Boise Cascade Co	COM	09739D100	423	10,600	SH		SOLE		10,600	0	0
BP p.l.c.	SPONSORED ADR	055622104	1,207	69,107	SH		SOLE		69,107	0	0
Bristol Myers Squibb	COM	110122108	496	8,232	SH		SOLE		8,232	0	0
Carrier Global Corp	COM	14448C104	245	8,038	SH		SOLE		8,038	0	0
Cisco Systems	COM	17275R102	267	6,780	SH		SOLE		6,780	0	0
City Office Reit, Inc.	COM	178587101	111	14,750	SH		SOLE		14,750	0	0
Clarus Corp.	COM	18270P109	293	20,771	SH		SOLE		20,771	0	0
Clorox Company	COM	189054109	315	1,500	SH		SOLE		1,500	0	0
Comcast Corporation	CL A	20030N101	4,382	94,717	SH		SOLE		94,717	0	0
Costco Wholesale	COM	22160K105	3,712	10,456	SH		SOLE		10,456	0	0
Deere & Company	COM	244199105	532	2,400	SH		SOLE		2,400	0	0
Discover Financial Services	COM	254709108	1,538	26,615	SH		SOLE		26,615	0	0
Dominion Resources	COM	25746U109	323	4,095	SH		SOLE		4,095	0	0
Duke Energy	COM NEW	26441C204	258	2,913	SH		SOLE		2,913	0	0
Edwards Lifesciences	COM	28176E108	357	4,467	SH		SOLE		4,467	0	0
Eversource Energy	COM	30040W108	1,017	12,172	SH		SOLE		12,172	0	0
Exxon Mobil	COM	30231G102	247	7,200	SH		SOLE		7,200	0	0
Fedex Corp	COM	31428X106	340	1,350	SH		SOLE		1,350	0	0
Fiat Chrysler Automobiles N.V.	SHS	N31738102	1,149	94,019	SH		SOLE		94,019	0	0
Firstenergy Corp	COM	337932107	19	750	SH		SOLE		7,189	0	0
Fomento Economico Mexicano	SPON ADR UNITS	344419106	2,130	37,907	SH		SOLE		37,907	0	0
General Motors	COM	37045V100	219	7,400	SH		SOLE		7,400	0	0
Goldman Sachs ActiveBeta Intl Eq ETF	ACTIVEBETA INT	381430107	1,427	50,690	SH		SOLE		50,690	0	0
Goldman Sachs Group Inc	COM	38141G104	627	3,120	SH		SOLE		3,120	0	0
Goldman Sachs TreasuryAccess 0-1 Year ETF	ACCES TREASURY	381430529	6,161	61,345	SH		SOLE		61,345	0	0
Hanesbrands Inc.	COM	410345102	709	45,000	SH		SOLE		45,000	0	0
Highwoods Properties Inc.	COM	431284108	520	15,492	SH		SOLE		15,492	0	0
Home Depot	COM	437076102	1,639	5,903	SH		SOLE		5,903	0	0
Honeywell International Inc	COM	438516106	2,964	18,008	SH		SOLE		18,008	0	0
Host Hotels & Resorts, Inc.	COM	44107P104	676	62,648	SH		SOLE		62,648	0	0
Ingles Markets, Inc.	CL A	457030104	2,020	53,102	SH		SOLE		53,102	0	0
Intel	COM	458140100	666	12,856	SH		SOLE		12,856	0	0
Intl Paper Co.	COM	460146103	201	4,950	SH		SOLE		4,950	0	0
Invesco FTSE RAFI US 1000 ETF	FTSE RAFI 1000	46137V613	8,360	73,473	SH		SOLE		73,473	0	0
Invesco QQQ Trust	UNIT SER 1	46090E103	2,555	9,195	SH		SOLE		9,195	0	0
Invesco S&P 500 Equal Weight ETF	S&P500 EQL WGT	46137V357	2,658	24,590	SH		SOLE		24,590	0	0
Investors Title	COM	461804106	296	2,275	SH		SOLE		2,275	0	0
Iron Mountain Inc	COM	46284V101	2,158	80,559	SH		SOLE		80,559	0	0
iShares 1-3 Yr Treas Index Fd	1 3 YR TREAS BD	464287457	4,863	56,215	SH		SOLE		56,215	0	0
iShares Core MSCI Total Intl Stk ETF	CORE MSCI TOTAL	46432F834	4,769	81,745	SH		SOLE		81,745	0	0
iShares Gold Trust	ISHARES	464285105	319	17,707	SH		SOLE		17,707	0	0
iShares MSCI EAFE Minimum Volatility	MSCI EAFE MIN VL	46429B689	4,450	65,310	SH		SOLE		65,310	0	0
iShares Msci Eafe Small Cap Index Fd	EAFE SML CP ETF	464288273	867	14,691	SH		SOLE		14,691	0	0
iShares Russell 1000	RUS 1000 ETF	464287622	243	1,300	SH		SOLE		1,300	0	0
iShares Russell Mid-Cap Index	RUS MID CAP ETF	464287499	314	5,476	SH		SOLE		5,476	0	0
iShares Russell Midcap Value Index	RUS MDCP VAL ETF	464287473	332	4,107	SH		SOLE		4,107	0	0
iShares Short Treasury Bond	SHORT TREAS BD	464288679	2,622	23,690	SH		SOLE		23,690	0	0
ITT Inc.	COM	45073V108	929	15,725	SH		SOLE		15,725	0	0
J P Morgan Chase	COM	46625H100	3,935	40,879	SH		SOLE		40,879	0	0
JM Smucker	COM NEW	832696405	210	1,820	SH		SOLE		1,820	0	0
John Bean Technologies	COM	477839104	1,268	13,796	SH		SOLE		13,796	0	0
John Hancock Multifactor Mid Cap ETF	MULTIFACTOR MI	47804J206	3,512	93,353	SH		SOLE		93,353	0	0
Johnson & Johnson	COM	478160104	5,305	35,582	SH		SOLE		43,117	0	0
JPMorgan Ultra-Short Income ETF	ULTRA SHRT INC	46641Q837	1,197	23,568	SH		SOLE		23,568	0	0
JPMorgan Ultra-Short Municipal Inc ETF	ULTRA SHT MUNCPL	46641Q654	1,895	37,155	SH		SOLE		37,155	0	0
Kimco Realty Corp (moved From Delaware	COM	49446R109	962	85,424	SH		SOLE		85,424	0	0
Kroger	COM	501044101	4,467	131,717	SH		SOLE		131,717	0	0
Laboratory Corp of America Holdings	COM NEW	50540R409	3,700	19,655	SH		SOLE		19,655	0	0
Lam Research Corp.	COM	512807108	4,372	13,179	SH		SOLE		13,179	0	0
Lockheed Martin Corp	COM	539830109	542	1,415	SH		SOLE		1,415	0	0
Louisiana Pacific	COM	546347105	5,188	175,807	SH		SOLE		175,807	0	0
MartenTransport Ltd.	COM	573075108	272	16,687	SH		SOLE		16,687	0	0
Matson Navigation Co.	COM	57686G105	429	10,696	SH		SOLE		10,696	0	0
Merck & Co Inc	COM	58933Y105	885	10,670	SH		SOLE		10,670	0	0
Microsoft	COM	594918104	11,796	56,085	SH		SOLE		56,085	0	0
Mid-America Apartment Communities Inc.	COM	59522J103	1,676	14,455	SH		SOLE		14,455	0	0
Monmouth Real Estate Investment Corp.	CL A	609720107	1,270	91,723	SH		SOLE		91,723	0	0
NBT Bancorp Inc	COM	628778102	215	8,000	SH		SOLE		8,000	0	0
News Corp Cl B new	CL B	65249B208	221	15,800	SH		SOLE		15,800	0	0
NextEra Energy Inc New	COM	65339F101	677	2,438	SH		SOLE		2,438	0	0
Nike, Inc.	CL B	654106103	2,331	18,566	SH		SOLE		18,566	0	0
Nordstrom Inc.	COM	655664100	646	54,159	SH		SOLE		54,159	0	0
Norfolk Southern Crp	COM	655844108	428	2,000	SH		SOLE		2,000	0	0
Northrop Grumman Corp.	COM	666807102	3,740	11,855	SH		SOLE		11,855	0	0
NortonLifeLock Inc	COM	668771108	2,613	125,405	SH		SOLE		125,405	0	0
Novartis AG Adr	SPONSORED ADR	66987V109	1,644	18,909	SH		SOLE		18,909	0	0
Oracle	COM	68389X105	335	5,604	SH		SOLE		5,604	0	0
Oshkosh Corp	COM	688239201	570	7,759	SH		SOLE		7,759	0	0
Otis Worldwide Corp	COM	68902V107	251	4,016	SH		SOLE		4,016	0	0
Pepsico, Inc.	COM	713448108	5,507	39,731	SH		SOLE		39,731	0	0
Perth Mint Physical Gold ETF	UNIT	715426102	282	15,000	SH		SOLE		15,000	0	0
Pfizer Inc.	COM	717081103	396	10,779	SH		SOLE		10,779	0	0
Phillips 66	COM	718546104	714	13,766	SH		SOLE		13,766	0	0
PIMCO RAFI Dyn Multi-Factor US Eq ETF	RAFI DYN ML US	72202L363	2,647	88,728	SH		SOLE		88,728	0	0
Pinnacle West Cap Cp	COM	723484101	3,351	44,945	SH		SOLE		44,945	0	0
Pinterest Inc Cl A	CL A	72352L106	830	20,000	SH		SOLE		20,000	0	0
Portland Gen Elec Co	COM NEW	736508847	2,720	76,610	SH		SOLE		76,610	0	0
Potlatch Corp	COM	737630103	343	8,146	SH		SOLE		8,146	0	0
PPL Corp.	COM	69351T106	848	31,181	SH		SOLE		31,181	0	0
Procter & Gamble	COM	742718109	384	2,763	SH		SOLE		2,763	0	0
ProLogis	COM	74340W103	1,325	13,170	SH		SOLE		13,170	0	0
Rayonier	COM	754907103	623	23,576	SH		SOLE		23,576	0	0
S & P 500 Index Fund	TR UNIT	78462F103	1,804	5,387	SH		SOLE		5,387	0	0
Schwab Fundamental US Large Company ETF	SCHWAB FDT US LG	808524771	368	9,506	SH		SOLE		9,506	0	0
Skechers U.S.A., Inc.	CL A	830566105	2,089	69,115	SH		SOLE		69,115	0	0
Sonoco Products	COM	835495102	537	10,510	SH		SOLE		10,510	0	0
SPDR Gold MiniShares	SPDR GLD MINIS	98149E204	2,347	124,850	SH		SOLE		124,850	0	0
Sprott Physical Gold Trust	UNIT	85207H104	737	49,000	SH		SOLE		49,000	0	0
Starbucks	COM	855244109	908	10,563	SH		SOLE		10,563	0	0
Starwood Ppty Trust, Inc.	COM	85571B105	782	51,850	SH		SOLE		51,850	0	0
Streettracks Gold Shrs	GOLD SHS	78463V107	1,829	10,327	SH		SOLE		10,327	0	0
Stryker Corp	COM	863667101	4,264	20,463	SH		SOLE		20,463	0	0
T Rowe Price Group, Inc.	COM	74144T108	251	1,960	SH		SOLE		1,960	0	0
Target Corporation	COM	87612E106	2,054	13,045	SH		SOLE		13,045	0	0
TETRA Technologies Inc.	COM	88162F105	8	15,000	SH		SOLE		15,000	0	0
Tortoise Acquisition Corp Cl A	CL A	89154L100	212	4,260	SH		SOLE		4,260	0	0
Trustco Bk Corp Ny	COM	898349105	104	20,000	SH		SOLE		20,000	0	0
Union Pacific Corporation	COM	907818108	3,852	19,566	SH		SOLE		19,566	0	0
United Parcel Service, Inc.	CL B	911312106	635	3,810	SH		SOLE		3,810	0	0
Unitedhealth Group	COM	91324P102	405	1,299	SH		SOLE		1,299	0	0
Urstadt Biddle Pptys	COM	917286106	341	40,466	SH		SOLE		40,466	0	0
Urstadt Biddle Pptys Inc Cl A	CL A	917286205	746	81,050	SH		SOLE		81,050	0	0
US Bancorp	COM NEW	902973304	608	16,950	SH		SOLE		16,950	0	0
VanEck Merk Gold Trust	GOLD TRUST	921078101	276	15,000	SH		SOLE		15,000	0	0
Vanguard Extended Mkt ETF	EXTEND MKT ETF	922908652	2,871	22,136	SH		SOLE		22,136	0	0
Vanguard Financials ETF	FINANCIALS ETF	92204A405	859	14,690	SH		SOLE		14,690	0	0
Vanguard FTSE All World exUS ETF	ALLWRLD EX US	922042775	1,467	29,070	SH		SOLE		29,070	0	0
Vanguard FTSE All World ex-US Small-Cap ETF	FTSE SMCAP ETF	922042718	795	7,554	SH		SOLE		7,554	0	0
Vanguard FTSE Emerging Mkts ETF	FTSE EMR MKT ETF	922042858	896	20,718	SH		SOLE		20,718	0	0
Vanguard Health Care ETF	HEALTH CAR ETF	92204A504	2,801	13,730	SH		SOLE		13,730	0	0
Vanguard High Dividend Yield Index ETF	HIGH DIV YLD	921946406	18,817	232,507	SH		SOLE		232,507	0	0
Vanguard Information Technology ETF	INF TECH ETF	92204A702	14,086	45,227	SH		SOLE		45,227	0	0
Vanguard Mega Cap ETF	MEGA CAP INDEX	921910873	2,785	23,230	SH		SOLE		23,230	0	0
Vanguard Mid-Cap Value ETF	MCAP VL IDXVIP	922908512	254	2,505	SH		SOLE		2,505	0	0
Vanguard REIT ETF	REAL ESTATE ETF	922908553	1,538	19,474	SH		SOLE		19,474	0	0
Vanguard S&P 500 ETF	S&P 500 ETF SHS	922908363	8,410	27,335	SH		SOLE		27,335	0	0
Vanguard Short Term Bond ETF	SHORT TRM BOND	921937827	1,108	13,345	SH		SOLE		13,345	0	0
Vanguard Short-Term Treasury ETF	SHORT TERM TREAS	92206C102	248	4,001	SH		SOLE		4,001	0	0
Vanguard Small Cap Value ETF	SM CP VAL ETF	922908611	1,611	14,561	SH		SOLE		14,561	0	0
Vanguard Total Stock Mkt ETF	TOTAL STK MKT	922908769	44,931	263,818	SH		SOLE		263,818	0	0
Vanguard Total World Stk Index ETF	TT WRLD ST ETF	922042742	3,686	45,707	SH		SOLE		45,707	0	0
Vanguard Utilities ETF	UTILITIES ETF	92204A876	1,182	9,153	SH		SOLE		9,153	0	0
Verizon Communications	COM	92343V104	4,259	71,630	SH		SOLE		73,410	0	0
Visa Inc	COM CL A	92826C839	1,039	5,198	SH		SOLE		5,198	0	0
VMware Inc Cl A	CL A COM	928563402	2,308	16,064	SH		SOLE		16,064	0	0
Wal-Mart Stores	COM	931142103	1,041	7,439	SH		SOLE		7,439	0	0
Walt Disney Co.	COM DISNEY	254687106	3,882	31,289	SH		SOLE		31,289	0	0
Waste Management	COM	94106L109	915	8,086	SH		SOLE		8,086	0	0
Westport Fuel Systems Inc.	COM NEW	960908309	16	10,000	SH		SOLE		10,000	0	0
Weyerhaeuser	COM NEW	962166104	4,773	167,342	SH		SOLE		167,342	0	0
Whirlpool Corp	COM	963320106	322	1,750	SH		SOLE		1,750	0	0
WisdomTree DEFA ETF	INTL EQUITY FD	97717W703	1,125	24,748	SH		SOLE		24,748	0	0
WisdomTree Emerging Mkts Smallcap Div	EMG MKTS SMCAP	97717W281	6,018	145,535	SH		SOLE		145,535	0	0
Woodward Inc.	COM	980745103	2,343	29,230	SH		SOLE		29,230	0	0