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	1,123	6,425	SH		SOLE		6,425	0	0
AbbVie Inc.	COM	00287Y109	847	7,904	SH		SOLE		7,904	0	0
Accenture PLC	SHS CLASS A	G1151C101	259	990	SH		SOLE		990	0	0
Albemarle Corp	COM	012653101	716	4,853	SH		SOLE		4,853	0	0
Alibaba Group Holding Limited	SPONSORED ADS	01609W102	339	1,455	SH		SOLE		1,455	0	0
AllianceBernstein Holding L.P.	UNIT LTD PARTN	01881G106	203	6,000	SH		SOLE		6,000	0	0
Alphabet Inc. CL A	CAP STK CL A	02079K305	1,949	1,112	SH		SOLE		1,112	0	0
Alphabet Inc. CL C	CAP STK CL C	02079K107	5,510	3,145	SH		SOLE		3,145	0	0
Amazon.com Inc.	COM	023135106	2,690	826	SH		SOLE		826	0	0
Amgen Inc	COM	031162100	232	1,010	SH		SOLE		1,010	0	0
Apple Computer	COM	037833100	5,829	43,929	SH		SOLE		43,929	0	0
Armada Hoffler Properties, Inc.	COM	04208T108	335	29,900	SH		SOLE		29,900	0	0
Atlas Corp	SHARES	Y0436Q109	429	39,619	SH		SOLE		39,619	0	0
Automatic Data Processing	COM	053015103	488	2,770	SH		SOLE		2,770	0	0
Ball Corp	COM	058498106	1,824	19,578	SH		SOLE		19,578	0	0
Bank of America	COM	060505104	252	8,300	SH		SOLE		8,300	0	0
Bank of New York Mellon	COM	064058100	297	6,990	SH		SOLE		6,990	0	0
Berkshire Hathaway Cl A	CL A	084670108	4,522	13	SH		SOLE		13	0	0
Berkshire Hathaway Cl B	CL B NEW	084670702	12,921	55,727	SH		SOLE		55,727	0	0
Black Stone Minerals LP Partnership Units	COM UNIT	09225M101	134	20,000	SH		SOLE		20,000	0	0
Boeing	COM	097023105	275	1,285	SH		SOLE		1,285	0	0
Boise Cascade Co	COM	09739D100	533	11,150	SH		SOLE		11,150	0	0
BP p.l.c.	SPONSORED ADR	055622104	1,489	72,557	SH		SOLE		72,557	0	0
Bristol Myers Squibb	COM	110122108	520	8,378	SH		SOLE		8,378	0	0
Butler National Corp	Equity	123720104	17	31,500	SH		SOLE		31,500	0	0
Canadian Currency Tst	Equity	23129X105	232	3,000	SH		SOLE		3,000	0	0
Canadian National Railway Co.	COM	136375102	203	1,850	SH		SOLE		1,850	0	0
Carrier Global Corp	COM	14448C104	303	8,038	SH		SOLE		8,038	0	0
Central Fund of Canada Ltd.	Equity	153501101	203	10,500	SH		SOLE		10,500	0	0
Cisco Systems	COM	17275R102	300	6,700	SH		SOLE		6,700	0	0
City Office Reit Red PFD Ser A 6.625	Equity	178587200	245	9,000	SH		SOLE		9,000	0	0
City Office Reit, Inc.	COM	178587101	137	14,000	SH		SOLE		14,000	0	0
Clarus Corp.	COM	18270P109	317	20,569	SH		SOLE		20,569	0	0
Clorox Company	COM	189054109	303	1,500	SH		SOLE		1,500	0	0
Coca-Cola Company	COM	191216100	203	3,700	SH		SOLE		3,700	0	0
Comcast Corporation	CL A	20030N101	4,900	93,517	SH		SOLE		93,517	0	0
Corning Inc	COM	219350105	205	5,700	SH		SOLE		5,700	0	0
Costco Wholesale	COM	22160K105	4,826	12,808	SH		SOLE		12,808	0	0
Currencyshares British Pound	Equity	23129S106	264	2,000	SH		SOLE		2,000	0	0
Deere & Company	COM	244199105	646	2,400	SH		SOLE		2,400	0	0
Dell Computer	Equity	247025109	422	5,760	SH		SOLE		5,760	0	0
Discover Financial Services	COM	254709108	2,516	27,790	SH		SOLE		27,790	0	0
Dominion Resources	COM	25746U109	274	3,645	SH		SOLE		3,645	0	0
Duke Energy	COM NEW	26441C204	247	2,697	SH		SOLE		2,697	0	0
Edwards Lifesciences	COM	28176E108	408	4,467	SH		SOLE		4,467	0	0
Euro Currency Tst	Equity	23130C108	459	4,000	SH		SOLE		4,000	0	0
Eversource Energy	COM	30040W108	980	11,333	SH		SOLE		11,333	0	0
Exxon Mobil	COM	30231G102	256	6,200	SH		SOLE		6,200	0	0
Fedex Corp	COM	31428X106	350	1,350	SH		SOLE		1,350	0	0
Fiat Chrysler Automobiles N.V.	SHS	N31738102	1,713	94,719	SH		SOLE		94,719	0	0
Fomento Economico Mexicano	SPON ADR UNITS	344419106	2,980	39,327	SH		SOLE		39,327	0	0
General Motors	COM	37045V100	312	7,500	SH		SOLE		7,500	0	0
Goldman Sachs ActiveBeta Intl Eq ETF	ACTIVEBETA INT	381430107	4,688	146,948	SH		SOLE		146,948	0	0
Goldman Sachs Group Inc	COM	38141G104	1,477	5,600	SH		SOLE		5,600	0	0
Goldman Sachs Physical Gold ETF	UNIT	38150K103	284	15,000	SH		SOLE		15,000	0	0
Goldman Sachs TreasuryAccess 0-1 Year ETF	ACCES TREASURY	381430529	5,341	53,345	SH		SOLE		53,345	0	0
Hanesbrands Inc.	COM	410345102	607	41,650	SH		SOLE		41,650	0	0
Highwoods Properties Inc.	COM	431284108	598	15,092	SH		SOLE		15,092	0	0
Home Depot	COM	437076102	1,554	5,849	SH		SOLE		5,849	0	0
Honeywell International Inc	COM	438516106	4,131	19,423	SH		SOLE		19,423	0	0
Host Hotels & Resorts, Inc.	COM	44107P104	783	53,548	SH		SOLE		53,548	0	0
Ingles Markets, Inc.	CL A	457030104	2,289	53,662	SH		SOLE		53,662	0	0
Intel	COM	458140100	442	8,876	SH		SOLE		8,876	0	0
Invesco FTSE RAFI US 1000 ETF	FTSE RAFI 1000	46137V613	8,895	66,777	SH		SOLE		66,777	0	0
Invesco QQQ Trust	UNIT SER 1	46090E103	2,816	8,975	SH		SOLE		8,975	0	0
Invesco S&P 500 Equal Weight ETF	S&P500 EQL WGT	46137V357	2,889	22,650	SH		SOLE		22,650	0	0
Investors Title	COM	461804106	333	2,175	SH		SOLE		2,175	0	0
Iron Mountain Inc	COM	46284V101	2,624	89,004	SH		SOLE		89,004	0	0
iShares 1-3 Yr Treas Index Fd	1 3 YR TREAS BD	464287457	5,676	65,708	SH		SOLE		65,708	0	0
iShares Core MSCI Total Intl Stk ETF	CORE MSCI TOTAL	46432F834	9,097	135,398	SH		SOLE		135,398	0	0
iShares Global Industrials ETF	GLOB INDSTRL ETF	464288729	203	1,900	SH		SOLE		1,900	0	0
iShares Gold Trust	ISHARES	464285105	272	15,000	SH		SOLE		15,000	0	0
iShares MSCI EAFE Minimum Volatility	MSCI EAFE MIN VL	46429B689	2,655	36,160	SH		SOLE		36,160	0	0
iShares Msci Eafe Small Cap Index Fd	EAFE SML CP ETF	464288273	932	13,641	SH		SOLE		13,641	0	0
iShares Russell 1000	RUS 1000 ETF	464287622	275	1,300	SH		SOLE		1,300	0	0
iShares Russell 1000 Value Index Fd	RUS 1000 VAL ETF	464287598	227	1,663	SH		SOLE		1,663	0	0
iShares Russell Mid-Cap Index	RUS MID CAP ETF	464287499	375	5,476	SH		SOLE		5,476	0	0
iShares Russell Midcap Value Index	RUS MDCP VAL ETF	464287473	398	4,107	SH		SOLE		4,107	0	0
iShares Short Treasury Bond	SHORT TREAS BD	464288679	2,251	20,370	SH		SOLE		20,370	0	0
ITT Inc.	COM	45073V108	1,200	15,575	SH		SOLE		15,575	0	0
J P Morgan Chase	COM	46625H100	5,240	41,234	SH		SOLE		41,234	0	0
Japanese Yen Tst	Equity	23130A102	366	4,000	SH		SOLE		4,000	0	0
John Bean Technologies	COM	477839104	1,350	11,855	SH		SOLE		11,855	0	0
John Hancock Multifactor Mid Cap ETF	MULTIFACTOR MI	47804J206	5,750	127,865	SH		SOLE		127,865	0	0
Johnson & Johnson	COM	478160104	5,454	34,652	SH		SOLE		34,652	0	0
JPMorgan Ultra-Short Income ETF	ULTRA SHRT INC	46641Q837	1,319	25,960	SH		SOLE		25,960	0	0
JPMorgan Ultra-Short Municipal Inc ETF	ULTRA SHT MUNCPL	46641Q654	2,163	42,380	SH		SOLE		42,380	0	0
Kimco Realty Corp (moved From Delaware	COM	49446R109	1,443	96,144	SH		SOLE		96,144	0	0
Kroger	COM	501044101	3,917	123,341	SH		SOLE		123,341	0	0
Laboratory Corp of America Holdings	COM NEW	50540R409	4,046	19,878	SH		SOLE		19,878	0	0
Lam Research Corp.	COM	512807108	6,174	13,073	SH		SOLE		13,073	0	0
Lockheed Martin Corp	COM	539830109	495	1,395	SH		SOLE		1,395	0	0
Louisiana Pacific	COM	546347105	6,471	174,087	SH		SOLE		174,087	0	0
Luxfer Holdings PLC	SHS	G5698W116	182	11,100	SH		SOLE		11,100	0	0
Marriott International, Inc.	CL A	571903202	208	1,580	SH		SOLE		1,580	0	0
MartenTransport Ltd.	COM	573075108	288	16,687	SH		SOLE		16,687	0	0
Matson Navigation Co.	COM	57686G105	569	9,996	SH		SOLE		9,996	0	0
Merck & Co Inc	COM	58933Y105	879	10,750	SH		SOLE		10,750	0	0
Microsoft	COM	594918104	12,529	56,331	SH		SOLE		56,331	0	0
Mid-America Apartment Communities Inc.	COM	59522J103	2,192	17,305	SH		SOLE		17,305	0	0
Monmouth Real Estate Investment Corp.	CL A	609720107	1,896	109,473	SH		SOLE		109,473	0	0
News Corp Cl B new	CL B	65249B208	210	11,800	SH		SOLE		11,800	0	0
NextEra Energy Inc New	COM	65339F101	752	9,752	SH		SOLE		9,752	0	0
Nike, Inc.	CL B	654106103	2,537	17,931	SH		SOLE		17,931	0	0
Nordstrom Inc.	COM	655664100	2,206	70,689	SH		SOLE		70,689	0	0
Norfolk Southern Crp	COM	655844108	499	2,100	SH		SOLE		2,100	0	0
Northrop Grumman Corp.	COM	666807102	3,535	11,600	SH		SOLE		11,600	0	0
NortonLifeLock Inc	COM	668771108	2,700	129,915	SH		SOLE		129,915	0	0
Novartis AG Adr	SPONSORED ADR	66987V109	1,769	18,729	SH		SOLE		18,729	0	0
Oracle	COM	68389X105	363	5,604	SH		SOLE		5,604	0	0
Oshkosh Corp	COM	688239201	628	7,299	SH		SOLE		7,299	0	0
Otis Worldwide Corp	COM	68902V107	242	3,580	SH		SOLE		3,580	0	0
Pepsico, Inc.	COM	713448108	5,963	40,206	SH		SOLE		40,206	0	0
Pfizer Inc.	COM	717081103	386	10,479	SH		SOLE		10,479	0	0
Phillips 66	COM	718546104	580	8,286	SH		SOLE		8,286	0	0
PIMCO RAFI Dyn Multi-Factor US Eq ETF	RAFI DYN ML US	72202L363	4,185	123,830	SH		SOLE		123,830	0	0
Pinnacle West Cap Cp	COM	723484101	3,685	46,090	SH		SOLE		46,090	0	0
Pinterest Inc Cl A	CL A	72352L106	1,337	20,291	SH		SOLE		20,291	0	0
Portland Gen Elec Co	COM NEW	736508847	3,284	76,778	SH		SOLE		76,778	0	0
Potlatch Corp	COM	737630103	427	8,546	SH		SOLE		8,546	0	0
PPL Corp.	COM	69351T106	645	22,856	SH		SOLE		22,856	0	0
Procter & Gamble	COM	742718109	417	2,994	SH		SOLE		2,994	0	0
ProLogis	COM	74340W103	1,263	12,670	SH		SOLE		12,670	0	0
Rayonier	COM	754907103	638	21,726	SH		SOLE		21,726	0	0
Raytheon Technologies Corp	COM	75513E101	2,768	38,714	SH		SOLE		38,714	0	0
S & P 500 Index Fund	TR UNIT	78462F103	1,872	5,007	SH		SOLE		5,007	0	0
Salem Media Group Inc Cl A	CL A	794093104	23	22,352	SH		SOLE		22,352	0	0
Schwab Fundamental Intl Sm Co ETF	SCHWB FDT INT SC	808524748	210	6,050	SH		SOLE		6,050	0	0
Schwab Fundamental US Large Company ETF	SCHWAB FDT US LG	808524771	217	4,800	SH		SOLE		4,800	0	0
Skechers U.S.A., Inc.	CL A	830566105	2,561	71,245	SH		SOLE		71,245	0	0
Sonoco Products	COM	835495102	578	9,760	SH		SOLE		9,760	0	0
SPDR Gold MiniShares	SPDR GLD MINIS	98149E204	2,352	124,200	SH		SOLE		124,200	0	0
Sprott Physical Gold Trust	UNIT	85207H104	739	49,000	SH		SOLE		49,000	0	0
Starbucks	COM	855244109	771	7,207	SH		SOLE		7,207	0	0
Starwood Ppty Trust, Inc.	COM	85571B105	962	49,850	SH		SOLE		49,850	0	0
Streettracks Gold Shrs	GOLD SHS	78463V107	1,708	9,577	SH		SOLE		9,577	0	0
Stryker Corp	COM	863667101	5,028	20,521	SH		SOLE		20,521	0	0
Swiss Franc Currency Tst	Equity	23129V109	412	4,000	SH		SOLE		4,000	0	0
T Rowe Price Group, Inc.	COM	74144T108	297	1,960	SH		SOLE		1,960	0	0
Target Corporation	COM	87612E106	2,525	14,305	SH		SOLE		14,305	0	0
TETRA Technologies Inc.	COM	88162F105	22	25,000	SH		SOLE		25,000	0	0
Trustco Bk Corp Ny	COM	898349105	100	15,000	SH		SOLE		15,000	0	0
Union Pacific Corporation	COM	907818108	3,999	19,206	SH		SOLE		19,206	0	0
United Parcel Service, Inc.	CL B	911312106	633	3,760	SH		SOLE		3,760	0	0
Unitedhealth Group	COM	91324P102	456	1,299	SH		SOLE		1,299	0	0
Univar Solutions Inc	COM	91336L107	316	16,600	SH		SOLE		16,600	0	0
Urstadt Biddle Pptys	COM	917286106	398	33,216	SH		SOLE		33,216	0	0
Urstadt Biddle Pptys Inc Cl A	CL A	917286205	1,075	76,050	SH		SOLE		76,050	0	0
Urstadt Biddle Pptys Inc Cum Pfd H 6.250	Equity	917286882	550	22,000	SH		SOLE		22,000	0	0
Urstadt Biddle Pptys Inc Red Pfd Ser K 5	Equity	917286874	537	21,600	SH		SOLE		21,600	0	0
US Bancorp	COM NEW	902973304	508	10,900	SH		SOLE		10,900	0	0
VanEck Merk Gold Trust	GOLD TRUST	921078101	278	15,000	SH		SOLE		15,000	0	0
Vanguard Extended Mkt ETF	EXTEND MKT ETF	922908652	3,480	21,131	SH		SOLE		21,131	0	0
Vanguard Financials ETF	FINANCIALS ETF	92204A405	1,056	14,490	SH		SOLE		14,490	0	0
Vanguard FTSE All World exUS ETF	ALLWRLD EX US	922042775	1,697	29,070	SH		SOLE		29,070	0	0
Vanguard FTSE All World ex-US Small-Cap ETF	FTSE SMCAP ETF	922042718	674	5,529	SH		SOLE		5,529	0	0
Vanguard FTSE Emerging Mkts ETF	FTSE EMR MKT ETF	922042858	948	18,918	SH		SOLE		18,918	0	0
Vanguard Health Care ETF	HEALTH CAR ETF	92204A504	3,177	14,200	SH		SOLE		14,200	0	0
Vanguard High Dividend Yield Index ETF	HIGH DIV YLD	921946406	22,643	247,443	SH		SOLE		247,443	0	0
Vanguard Information Technology ETF	INF TECH ETF	92204A702	15,519	43,865	SH		SOLE		43,865	0	0
Vanguard Mega Cap ETF	MEGA CAP INDEX	921910873	3,065	22,970	SH		SOLE		22,970	0	0
Vanguard Mid-Cap Value ETF	MCAP VL IDXVIP	922908512	298	2,505	SH		SOLE		2,505	0	0
Vanguard REIT ETF	REAL ESTATE ETF	922908553	1,450	17,074	SH		SOLE		17,074	0	0
Vanguard S&P 500 ETF	S&P 500 ETF SHS	922908363	8,705	25,328	SH		SOLE		25,328	0	0
Vanguard Short Term Bond ETF	SHORT TRM BOND	921937827	1,020	12,300	SH		SOLE		12,300	0	0
Vanguard Short-Term Treasury ETF	SHORT TERM TREAS	92206C102	246	4,001	SH		SOLE		4,001	0	0
Vanguard Small Cap Value ETF	SM CP VAL ETF	922908611	1,660	11,673	SH		SOLE		11,673	0	0
Vanguard Total Stock Mkt ETF	TOTAL STK MKT	922908769	51,839	266,335	SH		SOLE		266,335	0	0
Vanguard Total World Stk Index ETF	TT WRLD ST ETF	922042742	4,139	44,707	SH		SOLE		44,707	0	0
Vanguard Utilities ETF	UTILITIES ETF	92204A876	1,201	8,753	SH		SOLE		8,753	0	0
Verizon Communications	COM	92343V104	4,238	72,143	SH		SOLE		72,143	0	0
Visa Inc	COM CL A	92826C839	1,224	5,598	SH		SOLE		5,598	0	0
VMware Inc Cl A	CL A COM	928563402	2,252	16,054	SH		SOLE		16,054	0	0
Wal-Mart Stores	COM	931142103	1,055	7,319	SH		SOLE		7,319	0	0
Walt Disney Co.	COM	254687106	5,763	31,809	SH		SOLE		31,809	0	0
Waste Management	COM	94106L109	901	7,641	SH		SOLE		7,641	0	0
Weyerhaeuser	COM NEW	962166104	5,616	167,492	SH		SOLE		167,492	0	0
Whirlpool Corp	COM	963320106	307	1,700	SH		SOLE		1,700	0	0
WisdomTree Emerging Mkts Smallcap Div	EMG MKTS SMCAP	97717W281	7,594	159,133	SH		SOLE		159,133	0	0
Woodward Inc.	COM	980745103	3,143	25,860	SH		SOLE		25,860	0	0