# EDGAR Filing Document

**Accession Number:** 0001365559
**File Stem:** 0001941040-26-000226
**Filing Date:** 2026-4
**Character Count:** 28794
**Document Hash:** 05c5258f5221699137c010300859cd80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-26-000226.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001941040-26-000226

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baker Ellis Asset Management LLC
- **CENTRAL INDEX KEY:** 0001365559

**ORGANIZATION NAME:**
- **EIN:** 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:** 26871117

**BUSINESS ADDRESS:**
- **STREET 1:** 805 BROADWAY ST.
- **STREET 2:** SUITE 400
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660
- **BUSINESS PHONE:** 503-227-5778

**MAIL ADDRESS:**
- **STREET 1:** 805 BROADWAY ST.
- **STREET 2:** SUITE 400
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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 LLC<br>**Address:** 805 Broadway St.<br>Suite 400<br>Vancouver, WA 98660

**Form 13F File Number:** 028-12091

**CRD Number (if applicable):** 000121802

**SEC File Number (if applicable):** 801-61479

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 form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Patricia Watson<br>**Title:** Chief Compliance Officer<br>**Phone:** 503-227-5778

**Signature, Place, and Date of Signing:**

Patricia Watson  Vancouver, WA  04-17-2026<br>[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 are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 254

**Form 13F Information Table Value Total:** $842464659

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 243260 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 205237 | 1999 | SH |  | SOLE |  | 1599 | 0 | 400 |
| ABBVIE INC | COM | 00287Y109 |  | 1322992 | 6083 | SH |  | SOLE |  | 5883 | 0 | 200 |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 |  | 207669 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 461817 | 2329 | SH |  | SOLE |  | 2329 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 4043283 | 34895 | SH |  | SOLE |  | 34775 | 0 | 120 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1431009 | 7050 | SH |  | SOLE |  | 7050 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 8743549 | 30406 | SH |  | SOLE |  | 30406 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 9759284 | 34021 | SH |  | SOLE |  | 33621 | 0 | 400 |
| AMAZON COM INC | COM | 023135106 |  | 5519734 | 26503 | SH |  | SOLE |  | 26403 | 0 | 100 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 345771 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 1580784 | 15830 | SH |  | SOLE |  | 15830 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 315875 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 2812484 | 50205 | SH |  | SOLE |  | 50205 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 8656475 | 27210 | SH |  | SOLE |  | 27065 | 0 | 145 |
| ANDERSONS INC | COM | 034164103 |  | 323010 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 11304481 | 44543 | SH |  | SOLE |  | 43943 | 0 | 600 |
| ARCOS DORADOS HLDGS INC | SHS CLASS -A - | G0457F107 |  | 528000 | 64000 | SH |  | SOLE |  | 64000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 557932 | 2746 | SH |  | SOLE |  | 2746 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 273364 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| BADGER METER INC | COM | 056525108 |  | 213138 | 1399 | SH |  | SOLE |  | 1399 | 0 | 0 |
| BALL CORP | COM | 058498106 |  | 622428 | 10530 | SH |  | SOLE |  | 10530 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 999619 | 20505 | SH |  | SOLE |  | 19505 | 0 | 1000 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 628625 | 5299 | SH |  | SOLE |  | 5299 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 34366852 | 71717 | SH |  | SOLE |  | 71113 | 0 | 604 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 9335820 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 166320 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 1636085 | 21570 | SH |  | SOLE |  | 21570 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 694009 | 12790 | SH |  | SOLE |  | 12790 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 4925608 | 104800 | SH |  | SOLE |  | 104400 | 0 | 400 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 269893 | 4450 | SH |  | SOLE |  | 4050 | 0 | 400 |
| BROADCOM INC | COM | 11135F101 |  | 12403488 | 40075 | SH |  | SOLE |  | 40025 | 0 | 50 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 346245 | 2131 | SH |  | SOLE |  | 2131 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 5517960 | 30247 | SH |  | SOLE |  | 30044 | 0 | 203 |
| CARDIFF ONCOLOGY INC | COM | 14147L108 |  | 32400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 4988985 | 88599 | SH |  | SOLE |  | 88099 | 0 | 500 |
| CATERPILLAR INC | COM | 149123101 |  | 1386456 | 1957 | SH |  | SOLE |  | 1557 | 0 | 400 |
| CENCORA INC | COM | 03073E105 |  | 767604 | 2444 | SH |  | SOLE |  | 2444 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 1309456 | 6329 | SH |  | SOLE |  | 6329 | 0 | 0 |
| CHUBB LTD SWITZ | COM | H1467J104 |  | 610793 | 1874 | SH |  | SOLE |  | 1874 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 470506 | 6064 | SH |  | SOLE |  | 6064 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 311461 | 1055 | SH |  | SOLE |  | 1055 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 315608 | 4150 | SH |  | SOLE |  | 3550 | 0 | 600 |
| COLUMBIA SPORTSWEAR CO | COM | 198516106 |  | 216500 | 3950 | SH |  | SOLE |  | 3950 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 287580 | 10017 | SH |  | SOLE |  | 9717 | 0 | 300 |
| CORNING INC | COM | 219350105 |  | 775029 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 13821758 | 13871 | SH |  | SOLE |  | 13761 | 0 | 111 |
| CRH PLC | ORD | G25508105 |  | 662256 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1002674 | 1780 | SH |  | SOLE |  | 1780 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 21311115 | 540343 | SH |  | SOLE |  | 540132 | 0 | 211 |
| DIMENSIONAL ETF TRUST | US SMALL CAP VAL | 25434V815 |  | 833952 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 396174 | 5587 | SH |  | SOLE |  | 5587 | 0 | 0 |
| DIVERSIFIED HEALTHCARE TR | COM SH BEN INT | 25525P107 |  | 139440 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 203146 | 1389 | SH |  | SOLE |  | 1389 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 4187958 | 11709 | SH |  | SOLE |  | 11709 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 511290 | 1922 | SH |  | SOLE |  | 1922 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 268268 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 58520 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3260594 | 3545 | SH |  | SOLE |  | 3145 | 0 | 400 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 1344318 | 11964 | SH |  | SOLE |  | 11964 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 561653 | 8107 | SH |  | SOLE |  | 8107 | 0 | 0 |
| EXPONENT INC | COM | 30214U102 |  | 336690 | 5160 | SH |  | SOLE |  | 5160 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 12051400 | 71033 | SH |  | SOLE |  | 70613 | 0 | 420 |
| FEDEX CORP | COM | 31428X106 |  | 599191 | 1682 | SH |  | SOLE |  | 1582 | 0 | 100 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 17041406 | 373551 | SH |  | SOLE |  | 371681 | 0 | 1870 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 4005636 | 36067 | SH |  | SOLE |  | 36067 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE LATN AMRC | 35473P561 |  | 812343 | 28725 | SH |  | SOLE |  | 28725 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 317412 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| FRESH DEL MONTE PRODUCE INC | ORD | G36738105 |  | 446886 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 3814717 | 209946 | SH |  | SOLE |  | 209346 | 0 | 600 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 178850 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 209686 | 2960 | SH |  | SOLE |  | 2960 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 |  | 10081169 | 100621 | SH |  | SOLE |  | 100041 | 0 | 580 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 18216665 | 422366 | SH |  | SOLE |  | 420412 | 0 | 1954 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 3162869 | 3739 | SH |  | SOLE |  | 3739 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 219159 | 2589 | SH |  | SOLE |  | 2589 | 0 | 0 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 716822 | 678 | SH |  | SOLE |  | 678 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1323460 | 4024 | SH |  | SOLE |  | 3774 | 0 | 250 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1932330 | 8549 | SH |  | SOLE |  | 8549 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 594087 | 31007 | SH |  | SOLE |  | 31007 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 359050 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 4458127 | 11735 | SH |  | SOLE |  | 11635 | 0 | 100 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 582149 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 2029536 | 22578 | SH |  | SOLE |  | 22578 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 291520 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| INVESCO CURRENCYSHARES SWISS | SWISS FRANC | 46138R108 |  | 496845 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 2914209 | 15185 | SH |  | SOLE |  | 15185 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 |  | 15148698 | 318719 | SH |  | SOLE |  | 316219 | 0 | 2500 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3540422 | 6134 | SH |  | SOLE |  | 5834 | 0 | 300 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 635720 | 2925 | SH |  | SOLE |  | 2925 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 484880 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| ISHARES INC | MSCI SINGPOR ETF | 46434G780 |  | 414834 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 479706 | 7040 | SH |  | SOLE |  | 6900 | 0 | 140 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 551800 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 512568 | 3517 | SH |  | SOLE |  | 3517 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 317461 | 1486 | SH |  | SOLE |  | 1486 | 0 | 0 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 1091870 | 11950 | SH |  | SOLE |  | 11650 | 0 | 300 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 465201 | 8075 | SH |  | SOLE |  | 8075 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 596664 | 7226 | SH |  | SOLE |  | 7100 | 0 | 126 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 1160807 | 9338 | SH |  | SOLE |  | 9338 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 15982450 | 184470 | SH |  | SOLE |  | 184359 | 0 | 111 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 392216 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1576487 | 16214 | SH |  | SOLE |  | 16214 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 11216342 | 111428 | SH |  | SOLE |  | 111428 | 0 | 0 |
| ISHARES TR | INTL EQTY FACTOR | 46434V274 |  | 487000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 597432 | 2409 | SH |  | SOLE |  | 2409 | 0 | 0 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 6453176 | 133165 | SH |  | SOLE |  | 132565 | 0 | 600 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 |  | 270456 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 1629032 | 8550 | SH |  | SOLE |  | 8550 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 1519204 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 408777 | 8077 | SH |  | SOLE |  | 7777 | 0 | 300 |
| JBT MAREL CORPORATION | COM | 477839104 |  | 395118 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| JOHN HANCOCK EXCHANGE TRADED | MULTIFACTOR MI | 47804J206 |  | 12789418 | 190546 | SH |  | SOLE |  | 190269 | 0 | 277 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3095918 | 12665 | SH |  | SOLE |  | 11944 | 0 | 721 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 16283333 | 55355 | SH |  | SOLE |  | 54630 | 0 | 725 |
| KIMCO REALTY CORP | COM | 49446R109 |  | 2946266 | 131120 | SH |  | SOLE |  | 130370 | 0 | 750 |
| KLA CORP | COM NEW | 482480100 |  | 692033 | 470 | SH |  | SOLE |  | 470 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 7526604 | 129057 | SH |  | SOLE |  | 129057 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 4837266 | 66850 | SH |  | SOLE |  | 63950 | 0 | 2900 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 1869004 | 7005 | SH |  | SOLE |  | 7005 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 24062861 | 112622 | SH |  | SOLE |  | 111922 | 0 | 700 |
| LCNB CORP | COM | 50181P100 |  | 241645 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| LIMONEIRA CO | COM | 532746104 |  | 252296 | 18800 | SH |  | SOLE |  | 18800 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 938989 | 1894 | SH |  | SOLE |  | 1894 | 0 | 0 |
| LISTED FDS TR | HORIZON KINETICS | 53656F623 |  | 1013712 | 19472 | SH |  | SOLE |  | 19472 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 259888 | 430 | SH |  | SOLE |  | 430 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 2539302 | 34905 | SH |  | SOLE |  | 34905 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 392484 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 675761 | 3896 | SH |  | SOLE |  | 3896 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 863139 | 1727 | SH |  | SOLE |  | 1727 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 1186598 | 7238 | SH |  | SOLE |  | 7238 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 709142 | 2282 | SH |  | SOLE |  | 2282 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1802907 | 14988 | SH |  | SOLE |  | 14673 | 0 | 315 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1172294 | 2049 | SH |  | SOLE |  | 2049 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 234552 | 694 | SH |  | SOLE |  | 544 | 0 | 150 |
| MICROSOFT CORP | COM | 594918104 |  | 21215948 | 57314 | SH |  | SOLE |  | 56214 | 0 | 1100 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 6608607 | 54116 | SH |  | SOLE |  | 53916 | 0 | 200 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 6546939 | 152042 | SH |  | SOLE |  | 151617 | 0 | 425 |
| MOODYS CORP | COM | 615369105 |  | 400914 | 919 | SH |  | SOLE |  | 919 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 5646985 | 50966 | SH |  | SOLE |  | 50966 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 540981 | 21700 | SH |  | SOLE |  | 21700 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 |  | 1002412 | 35160 | SH |  | SOLE |  | 35160 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1331439 | 14335 | SH |  | SOLE |  | 14335 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 534433 | 10118 | SH |  | SOLE |  | 10118 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 315700 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 6298037 | 9231 | SH |  | SOLE |  | 9181 | 0 | 50 |
| NOV INC | COM | 62955J103 |  | 346104 | 18400 | SH |  | SOLE |  | 18400 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 2283613 | 14950 | SH |  | SOLE |  | 14800 | 0 | 150 |
| NUTRIEN LTD | COM | 67077M108 |  | 226380 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 340080 | 1950 | SH |  | SOLE |  | 1950 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 4880287 | 78816 | SH |  | SOLE |  | 78456 | 0 | 360 |
| ORACLE CORP | COM | 68389X105 |  | 446332 | 3034 | SH |  | SOLE |  | 2634 | 0 | 400 |
| OSHKOSH CORP | COM | 688239201 |  | 8346547 | 56698 | SH |  | SOLE |  | 56548 | 0 | 150 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 259638 | 290 | SH |  | SOLE |  | 290 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 224280 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 4736965 | 30504 | SH |  | SOLE |  | 29264 | 0 | 1240 |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 |  | 249000 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1030139 | 5655 | SH |  | SOLE |  | 5655 | 0 | 0 |
| PIMCO EQUITY SER | RAFI DYN ML US | 72202L363 |  | 13354874 | 228668 | SH |  | SOLE |  | 227348 | 0 | 1320 |
| PIMCO ETF TR | 15+ YR US TIPS | 72201R304 |  | 240351 | 4710 | SH |  | SOLE |  | 4710 | 0 | 0 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 4991558 | 49544 | SH |  | SOLE |  | 49294 | 0 | 250 |
| PINTEREST INC | CL A | 72352L106 |  | 943501 | 51445 | SH |  | SOLE |  | 51445 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 487971 | 2345 | SH |  | SOLE |  | 2345 | 0 | 0 |
| PREFORMED LINE PRODS CO | COM | 740444104 |  | 806835 | 2980 | SH |  | SOLE |  | 2980 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 288448 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 571345 | 2281 | SH |  | SOLE |  | 2281 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 878484 | 6082 | SH |  | SOLE |  | 5582 | 0 | 500 |
| PROLOGIS INC. | COM | 74340W103 |  | 1099870 | 8321 | SH |  | SOLE |  | 8321 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 4933296 | 18212 | SH |  | SOLE |  | 18162 | 0 | 50 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 235176 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 773106 | 37493 | SH |  | SOLE |  | 37493 | 0 | 0 |
| RBC BEARINGS INC | COM | 75524B104 |  | 626760 | 1154 | SH |  | SOLE |  | 1154 | 0 | 0 |
| REGENCY CTRS CORP | COM | 758849103 |  | 1604256 | 21203 | SH |  | SOLE |  | 21203 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 541082 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| RIVERVIEW BANCORP INC | COM | 769397100 |  | 225500 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 11325205 | 58710 | SH |  | SOLE |  | 58645 | 0 | 65 |
| RUSH ENTERPRISES INC | CL A | 781846209 |  | 208247 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 4002168 | 83067 | SH |  | SOLE |  | 83067 | 0 | 0 |
| SCHEIN HENRY INC | COM | 806407102 |  | 3562898 | 48343 | SH |  | SOLE |  | 48103 | 0 | 240 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 11762674 | 383399 | SH |  | SOLE |  | 382243 | 0 | 1156 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 2338487 | 87880 | SH |  | SOLE |  | 87880 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 397332 | 12252 | SH |  | SOLE |  | 12252 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 6055871 | 217446 | SH |  | SOLE |  | 217046 | 0 | 400 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 465918 | 10050 | SH |  | SOLE |  | 10050 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1989549 | 21393 | SH |  | SOLE |  | 20993 | 0 | 400 |
| SIRIUSPOINT LTD | COM | G8192H106 |  | 323100 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 292842 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 5593802 | 108850 | SH |  | SOLE |  | 108850 | 0 | 0 |
| SONOCO PRODS CO | COM | 835495102 |  | 287042 | 5307 | SH |  | SOLE |  | 5307 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 217868 | 10525 | SH |  | SOLE |  | 10525 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 521400 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3314954 | 7704 | SH |  | SOLE |  | 7704 | 0 | 0 |
| SPDR SERIES TRUST | FTSE INT GVT ETF | 78464A490 |  | 277200 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A631 |  | 292077 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 531600 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 434870 | 4854 | SH |  | SOLE |  | 4854 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 529257 | 30735 | SH |  | SOLE |  | 30235 | 0 | 500 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 5684622 | 8741 | SH |  | SOLE |  | 8725 | 0 | 16 |
| STELLANTIS N.V | SHS | N82405106 |  | 161936 | 22840 | SH |  | SOLE |  | 21840 | 0 | 1000 |
| STERIS PLC | SHS USD | G8473T100 |  | 366634 | 1658 | SH |  | SOLE |  | 1658 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 20962187 | 51470 | SH |  | SOLE |  | 51260 | 0 | 210 |
| STRYKER CORPORATION | COM | 863667101 |  | 6875416 | 20924 | SH |  | SOLE |  | 20674 | 0 | 250 |
| TARGET CORP | COM | 87612E106 |  | 244824 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 377420 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 1393362 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 136320 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| TIMKEN CO | COM | 887389104 |  | 6452842 | 64163 | SH |  | SOLE |  | 63913 | 0 | 250 |
| TJX COS INC NEW | COM | 872540109 |  | 1529128 | 9575 | SH |  | SOLE |  | 9575 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 587094 | 6453 | SH |  | SOLE |  | 6453 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 979339 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 787536 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 202802 | 4540 | SH |  | SOLE |  | 4540 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 1455358 | 37250 | SH |  | SOLE |  | 37250 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2418532 | 9968 | SH |  | SOLE |  | 9668 | 0 | 300 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 547151 | 2214 | SH |  | SOLE |  | 2214 | 0 | 0 |
| VANECK MERK GOLD ETF | GOLD SHS | 921078101 |  | 1486650 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 GRTH IDX F | 921932505 |  | 204660 | 502 | SH |  | SOLE |  | 502 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 572393 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 71261392 | 222130 | SH |  | SOLE |  | 221592 | 0 | 538 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 874305 | 9857 | SH |  | SOLE |  | 9857 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 812268 | 4140 | SH |  | SOLE |  | 4140 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 1610473 | 7413 | SH |  | SOLE |  | 7413 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 17092275 | 28604 | SH |  | SOLE |  | 28254 | 0 | 350 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 760155 | 4125 | SH |  | SOLE |  | 4055 | 0 | 70 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 3760789 | 18274 | SH |  | SOLE |  | 18274 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 361995 | 2483 | SH |  | SOLE |  | 2483 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 526013 | 9732 | SH |  | SOLE |  | 9732 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 2450213 | 32626 | SH |  | SOLE |  | 32626 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 4927648 | 35625 | SH |  | SOLE |  | 35625 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 1893105 | 37900 | SH |  | SOLE |  | 37900 | 0 | 0 |
| VANGUARD MUN BD FDS | SHORT TAX EXEMPT | 922907696 |  | 1174866 | 15400 | SH |  | SOLE |  | 15400 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 868875 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 254463 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 19917114 | 134484 | SH |  | SOLE |  | 134334 | 0 | 150 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 1509774 | 8725 | SH |  | SOLE |  | 8725 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 |  | 8396570 | 35526 | SH |  | SOLE |  | 35526 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 822716 | 6810 | SH |  | SOLE |  | 6810 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 22447746 | 32173 | SH |  | SOLE |  | 32173 | 0 | 0 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 1194784 | 6030 | SH |  | SOLE |  | 6030 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 3523133 | 12937 | SH |  | SOLE |  | 12937 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3561227 | 70941 | SH |  | SOLE |  | 69886 | 0 | 1055 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 826992 | 1852 | SH |  | SOLE |  | 1852 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1942496 | 6427 | SH |  | SOLE |  | 6427 | 0 | 0 |
| VODAFONE GROUP PLC | SPONSORED ADR | 92857W308 |  | 390520 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 249910 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2198160 | 17687 | SH |  | SOLE |  | 16187 | 0 | 1500 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 2023531 | 8806 | SH |  | SOLE |  | 8806 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 385254 | 1059 | SH |  | SOLE |  | 1059 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 274639 | 2372 | SH |  | SOLE |  | 2372 | 0 | 0 |
| WEYERHAEUSER CO | COM NEW | 962166104 |  | 3317973 | 135816 | SH |  | SOLE |  | 135416 | 0 | 400 |
| WHIRLPOOL CORP | COM | 963320106 |  | 408444 | 7575 | SH |  | SOLE |  | 7375 | 0 | 200 |
| WISDOMTREE TR | EM LCL DEBT FD | 97717X867 |  | 225342 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 9884319 | 164465 | SH |  | SOLE |  | 164443 | 0 | 22 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 5066899 | 54665 | SH |  | SOLE |  | 53815 | 0 | 850 |

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