# EDGAR Filing Document

**Accession Number:** 0001365559
**File Stem:** 0001941040-25-000336
**Filing Date:** 2025-7
**Character Count:** 25080
**Document Hash:** 75765f6d8ac5fc8388a03c6911386724
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-25-000336.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001941040-25-000336

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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:** 251110793

**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:** 06-30-2025

**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  07-08-2025<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:** 216

**Form 13F Information Table Value Total:** $728563501

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 343833 | 2528 | SH |  | SOLE |  | 2128 | 0 | 400 |
| ABBVIE INC | COM | 00287Y109 |  | 1214512 | 6543 | SH |  | SOLE |  | 6343 | 0 | 200 |
| AGCO CORP | COM | 001084102 |  | 3257199 | 31574 | SH |  | SOLE |  | 31494 | 0 | 80 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 902322 | 7587 | SH |  | SOLE |  | 7587 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 297926 | 4650 | SH |  | SOLE |  | 4650 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3840052 | 21790 | SH |  | SOLE |  | 21790 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5293846 | 29843 | SH |  | SOLE |  | 29443 | 0 | 400 |
| AMAZON COM INC | COM | 023135106 |  | 4067271 | 18539 | SH |  | SOLE |  | 18539 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 101220 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 1255002 | 15830 | SH |  | SOLE |  | 15830 | 0 | 0 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 266923 | 2930 | SH |  | SOLE |  | 2930 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 345625 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 6085007 | 25565 | SH |  | SOLE |  | 25490 | 0 | 75 |
| APPLE INC | COM | 037833100 |  | 8977553 | 43757 | SH |  | SOLE |  | 43157 | 0 | 600 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 351105 | 44500 | SH |  | SOLE |  | 44500 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 885416 | 2871 | SH |  | SOLE |  | 2871 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 317840 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| BALL CORP | COM | 058498106 |  | 632695 | 11280 | SH |  | SOLE |  | 11280 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 697260 | 14735 | SH |  | SOLE |  | 12235 | 0 | 2500 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 472861 | 5190 | SH |  | SOLE |  | 5190 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 2666305 | 88055 | SH |  | SOLE |  | 87585 | 0 | 470 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 33723555 | 69423 | SH |  | SOLE |  | 68944 | 0 | 479 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 9474400 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 143880 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 1351180 | 15563 | SH |  | SOLE |  | 15563 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 428224 | 12790 | SH |  | SOLE |  | 12790 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 3267578 | 109174 | SH |  | SOLE |  | 108774 | 0 | 400 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 242097 | 5230 | SH |  | SOLE |  | 4830 | 0 | 400 |
| BROADCOM INC | COM | 11135F101 |  | 11589779 | 42045 | SH |  | SOLE |  | 41955 | 0 | 90 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 6552582 | 30798 | SH |  | SOLE |  | 30697 | 0 | 101 |
| CARDIFF ONCOLOGY INC | COM | 14147L108 |  | 63000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 6901414 | 94295 | SH |  | SOLE |  | 93995 | 0 | 300 |
| CATERPILLAR INC | COM | 149123101 |  | 619971 | 1597 | SH |  | SOLE |  | 1197 | 0 | 400 |
| CENCORA INC | COM | 03073E105 |  | 683658 | 2280 | SH |  | SOLE |  | 2280 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 934878 | 6529 | SH |  | SOLE |  | 6529 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 682001 | 2354 | SH |  | SOLE |  | 2354 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 451941 | 6514 | SH |  | SOLE |  | 6514 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 293613 | 4150 | SH |  | SOLE |  | 3550 | 0 | 600 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 860476 | 24110 | SH |  | SOLE |  | 23810 | 0 | 300 |
| CORNING INC | COM | 219350105 |  | 299763 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 12509374 | 12636 | SH |  | SOLE |  | 12596 | 0 | 40 |
| CRH PLC | ORD | G25508105 |  | 587520 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1108508 | 2180 | SH |  | SOLE |  | 2180 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 15479399 | 470355 | SH |  | SOLE |  | 469414 | 0 | 941 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 380270 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 374441 | 5587 | SH |  | SOLE |  | 5587 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 4126804 | 11560 | SH |  | SOLE |  | 11560 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 262004 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 311812 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 1014895 | 12210 | SH |  | SOLE |  | 12210 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 538034 | 8457 | SH |  | SOLE |  | 8457 | 0 | 0 |
| EXPONENT INC | COM | 30214U102 |  | 491218 | 6575 | SH |  | SOLE |  | 6575 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7818977 | 72532 | SH |  | SOLE |  | 72243 | 0 | 289 |
| FEDEX CORP | COM | 31428X106 |  | 379380 | 1669 | SH |  | SOLE |  | 1569 | 0 | 100 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 16380294 | 358039 | SH |  | SOLE |  | 355469 | 0 | 2570 |
| FISERV INC | COM | 337738108 |  | 6986139 | 40521 | SH |  | SOLE |  | 40521 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 4121378 | 40021 | SH |  | SOLE |  | 40021 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 2282819 | 217205 | SH |  | SOLE |  | 217205 | 0 | 0 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 176220 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 202440 | 3360 | SH |  | SOLE |  | 3360 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 |  | 12326764 | 123083 | SH |  | SOLE |  | 122403 | 0 | 680 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 14983710 | 377804 | SH |  | SOLE |  | 375050 | 0 | 2754 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2706436 | 3824 | SH |  | SOLE |  | 3824 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 3968113 | 54321 | SH |  | SOLE |  | 54161 | 0 | 160 |
| HOME DEPOT INC | COM | 437076102 |  | 1448228 | 3950 | SH |  | SOLE |  | 3700 | 0 | 250 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 |  | 289742 | 10050 | SH |  | SOLE |  | 10050 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1652516 | 7096 | SH |  | SOLE |  | 6846 | 0 | 250 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 571208 | 37188 | SH |  | SOLE |  | 37188 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 2796107 | 11580 | SH |  | SOLE |  | 11580 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 295268 | 3715 | SH |  | SOLE |  | 3715 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 1511676 | 23851 | SH |  | SOLE |  | 23801 | 0 | 50 |
| INVESCO CURRENCYSHARES EURO | EURO SHS | 46138K103 |  | 326370 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| INVESCO CURRENCYSHARES SWISS | SWISS FRANC | 46138R108 |  | 503100 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 3439175 | 18924 | SH |  | SOLE |  | 18924 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 |  | 13766688 | 325685 | SH |  | SOLE |  | 322310 | 0 | 3375 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3547045 | 6430 | SH |  | SOLE |  | 6230 | 0 | 200 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 660313 | 3125 | SH |  | SOLE |  | 3125 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 405340 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 223108 | 6800 | SH |  | SOLE |  | 5900 | 0 | 900 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 590474 | 7126 | SH |  | SOLE |  | 6900 | 0 | 226 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 442995 | 11275 | SH |  | SOLE |  | 11275 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 12171386 | 157436 | SH |  | SOLE |  | 156825 | 0 | 611 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 1044922 | 9561 | SH |  | SOLE |  | 9561 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 464736 | 3517 | SH |  | SOLE |  | 3517 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 10450414 | 103788 | SH |  | SOLE |  | 103788 | 0 | 0 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 1021327 | 12150 | SH |  | SOLE |  | 12150 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 308196 | 1587 | SH |  | SOLE |  | 1587 | 0 | 0 |
| ISHARES TR | INTL EQTY FACTOR | 46434V274 |  | 951594 | 27800 | SH |  | SOLE |  | 27800 | 0 | 0 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 6353690 | 130600 | SH |  | SOLE |  | 129000 | 0 | 1600 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 390506 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1491202 | 16214 | SH |  | SOLE |  | 16214 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 519838 | 2409 | SH |  | SOLE |  | 2409 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 491369 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 1340897 | 8550 | SH |  | SOLE |  | 8550 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 1466496 | 28800 | SH |  | SOLE |  | 28800 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 482068 | 9512 | SH |  | SOLE |  | 9212 | 0 | 300 |
| JBT MAREL CORPORATION | COM | 477839104 |  | 383629 | 3190 | SH |  | SOLE |  | 3190 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 328140 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| JOHN HANCOCK EXCHANGE TRADED | MULTIFACTOR MI | 47804J206 |  | 12562863 | 205511 | SH |  | SOLE |  | 204434 | 0 | 1077 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1340992 | 8779 | SH |  | SOLE |  | 8279 | 0 | 500 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 15099414 | 52083 | SH |  | SOLE |  | 51383 | 0 | 700 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 2852309 | 135695 | SH |  | SOLE |  | 134695 | 0 | 1000 |
| KLA CORP | COM NEW | 482480100 |  | 420998 | 470 | SH |  | SOLE |  | 470 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 4398663 | 128353 | SH |  | SOLE |  | 127853 | 0 | 500 |
| KROGER CO | COM | 501044101 |  | 4781665 | 66662 | SH |  | SOLE |  | 64262 | 0 | 2400 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 1930761 | 7355 | SH |  | SOLE |  | 7355 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 11963569 | 122905 | SH |  | SOLE |  | 122505 | 0 | 400 |
| LCNB CORP | COM | 50181P100 |  | 385045 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| LIMONEIRA CO | COM | 532746104 |  | 573573 | 36650 | SH |  | SOLE |  | 36650 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 248665 | 530 | SH |  | SOLE |  | 530 | 0 | 0 |
| LISTED FDS TR | HORIZON KINETICS | 53656F623 |  | 909607 | 21570 | SH |  | SOLE |  | 21570 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 280200 | 605 | SH |  | SOLE |  | 605 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 3072380 | 35730 | SH |  | SOLE |  | 35730 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 382494 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 828208 | 3788 | SH |  | SOLE |  | 3788 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 150944 | 11620 | SH |  | SOLE |  | 11620 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 861626 | 7738 | SH |  | SOLE |  | 7738 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 367687 | 1258 | SH |  | SOLE |  | 1258 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1036046 | 13088 | SH |  | SOLE |  | 12773 | 0 | 315 |
| META PLATFORMS INC | CL A | 30303M102 |  | 328450 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 201050 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 27574351 | 55436 | SH |  | SOLE |  | 54385 | 0 | 1050 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 6928052 | 46808 | SH |  | SOLE |  | 46508 | 0 | 300 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 7077803 | 147178 | SH |  | SOLE |  | 146853 | 0 | 325 |
| MUELLER INDS INC | COM | 624756102 |  | 3750203 | 47190 | SH |  | SOLE |  | 47190 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 |  | 1528854 | 44560 | SH |  | SOLE |  | 44560 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 451744 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 724884 | 10442 | SH |  | SOLE |  | 10442 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 752811 | 10597 | SH |  | SOLE |  | 10597 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 281567 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 4814807 | 9630 | SH |  | SOLE |  | 9630 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1762026 | 14561 | SH |  | SOLE |  | 14561 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 3793357 | 72379 | SH |  | SOLE |  | 72144 | 0 | 235 |
| ORACLE CORP | COM | 68389X105 |  | 1094025 | 5004 | SH |  | SOLE |  | 4604 | 0 | 400 |
| OSHKOSH CORP | COM | 688239201 |  | 6230213 | 54872 | SH |  | SOLE |  | 54622 | 0 | 250 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 234686 | 336 | SH |  | SOLE |  | 336 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 257715 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 4430667 | 33555 | SH |  | SOLE |  | 32215 | 0 | 1340 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 200343 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 845120 | 7084 | SH |  | SOLE |  | 7084 | 0 | 0 |
| PIMCO EQUITY SER | RAFI DYN ML US | 72202L363 |  | 12219632 | 228618 | SH |  | SOLE |  | 226603 | 0 | 2015 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 4302970 | 48094 | SH |  | SOLE |  | 47944 | 0 | 150 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 313905 | 8181 | SH |  | SOLE |  | 8181 | 0 | 0 |
| PREFORMED LINE PRODS CO | COM | 740444104 |  | 642436 | 4020 | SH |  | SOLE |  | 4020 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 784492 | 4924 | SH |  | SOLE |  | 4424 | 0 | 500 |
| PROLOGIS INC. | COM | 74340W103 |  | 1066968 | 10150 | SH |  | SOLE |  | 10150 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 4730887 | 16123 | SH |  | SOLE |  | 16073 | 0 | 50 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 215556 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 291223 | 13130 | SH |  | SOLE |  | 13130 | 0 | 0 |
| REGENCY CTRS CORP | COM | 758849103 |  | 1621586 | 22765 | SH |  | SOLE |  | 22765 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 8579040 | 58753 | SH |  | SOLE |  | 58753 | 0 | 0 |
| RUSH ENTERPRISES INC | CL B | 781846308 |  | 210550 | 4012 | SH |  | SOLE |  | 4012 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 4627808 | 95794 | SH |  | SOLE |  | 95444 | 0 | 350 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 3608995 | 106775 | SH |  | SOLE |  | 106475 | 0 | 300 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 10570333 | 398881 | SH |  | SOLE |  | 398725 | 0 | 156 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 422603 | 10050 | SH |  | SOLE |  | 10050 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 4837975 | 197147 | SH |  | SOLE |  | 196747 | 0 | 400 |
| SHELL PLC | SPON ADS | 780259305 |  | 1365954 | 19400 | SH |  | SOLE |  | 19100 | 0 | 300 |
| SIRIUSPOINT LTD | COM | G8192H106 |  | 305850 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SONOCO PRODS CO | COM | 835495102 |  | 279002 | 6405 | SH |  | SOLE |  | 6405 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 202383 | 7775 | SH |  | SOLE |  | 7775 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 483535 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2462722 | 8079 | SH |  | SOLE |  | 8079 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 3955476 | 6402 | SH |  | SOLE |  | 6386 | 0 | 16 |
| SPDR SERIES TRUST | AEROSPACE DEF | 78464A631 |  | 945011 | 4480 | SH |  | SOLE |  | 4480 | 0 | 0 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 429049 | 16925 | SH |  | SOLE |  | 16925 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 490587 | 5354 | SH |  | SOLE |  | 5354 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 616851 | 30735 | SH |  | SOLE |  | 30735 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 370438 | 36933 | SH |  | SOLE |  | 36933 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 12799747 | 55475 | SH |  | SOLE |  | 55340 | 0 | 135 |
| STRYKER CORPORATION | COM | 863667101 |  | 8377483 | 21175 | SH |  | SOLE |  | 20975 | 0 | 200 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 440000 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 57120 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| TIMKEN CO | COM | 887389104 |  | 4710416 | 64926 | SH |  | SOLE |  | 64676 | 0 | 250 |
| TJX COS INC NEW | COM | 872540109 |  | 355034 | 2875 | SH |  | SOLE |  | 2875 | 0 | 0 |
| TMC THE METALS COMPANY INC | COM | 87261Y106 |  | 66000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 552510 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 321327 | 5910 | SH |  | SOLE |  | 5910 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 1354498 | 40050 | SH |  | SOLE |  | 40050 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 343789 | 8420 | SH |  | SOLE |  | 8420 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2459186 | 10688 | SH |  | SOLE |  | 10388 | 0 | 300 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 293036 | 2180 | SH |  | SOLE |  | 2180 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 400587 | 13681 | SH |  | SOLE |  | 13681 | 0 | 0 |
| VANECK MERK GOLD ETF | GOLD SHS | 921078101 |  | 1179930 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 393500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 731704 | 4140 | SH |  | SOLE |  | 4140 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 817366 | 4970 | SH |  | SOLE |  | 4900 | 0 | 70 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 16133015 | 28402 | SH |  | SOLE |  | 28202 | 0 | 200 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 3723928 | 19324 | SH |  | SOLE |  | 19324 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 70406877 | 231655 | SH |  | SOLE |  | 231178 | 0 | 477 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 1398415 | 7171 | SH |  | SOLE |  | 7171 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 511020 | 10332 | SH |  | SOLE |  | 10332 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 333688 | 2483 | SH |  | SOLE |  | 2483 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 2361170 | 35126 | SH |  | SOLE |  | 35126 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 4710128 | 36649 | SH |  | SOLE |  | 36649 | 0 | 0 |
| VANGUARD MUN BD FDS | SHORT TAX EXEMPT | 922907696 |  | 810097 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 887244 | 10700 | SH |  | SOLE |  | 10200 | 0 | 500 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 227997 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 18984743 | 142410 | SH |  | SOLE |  | 141780 | 0 | 630 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 1450882 | 12180 | SH |  | SOLE |  | 12180 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 |  | 8458117 | 37605 | SH |  | SOLE |  | 37405 | 0 | 200 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 1138490 | 6450 | SH |  | SOLE |  | 6450 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 2934634 | 11817 | SH |  | SOLE |  | 11817 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 866913 | 6810 | SH |  | SOLE |  | 6810 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 22804230 | 34381 | SH |  | SOLE |  | 34281 | 0 | 100 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 2957928 | 68360 | SH |  | SOLE |  | 67510 | 0 | 850 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 468350 | 1052 | SH |  | SOLE |  | 1052 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1524585 | 4294 | SH |  | SOLE |  | 4294 | 0 | 0 |
| WABASH NATL CORP | COM | 929566107 |  | 119588 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 314025 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 1681523 | 17197 | SH |  | SOLE |  | 15697 | 0 | 1500 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1415481 | 6186 | SH |  | SOLE |  | 6186 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 3894629 | 151601 | SH |  | SOLE |  | 151101 | 0 | 500 |
| WHIRLPOOL CORP | COM | 963320106 |  | 374848 | 3696 | SH |  | SOLE |  | 3496 | 0 | 200 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 7136354 | 129188 | SH |  | SOLE |  | 128986 | 0 | 202 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 3734640 | 57000 | SH |  | SOLE |  | 56700 | 0 | 300 |

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