# EDGAR Filing Document

**Accession Number:** 0001365559
**File Stem:** 0001941040-23-000067
**Filing Date:** 2023-2
**Character Count:** 24439
**Document Hash:** 6db8ceaed520979211a3f5ef9549f6e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-23-000067.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001941040-23-000067

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baker Ellis Asset Management LLC
- **CENTRAL INDEX KEY:** 0001365559
- **IRS NUMBER:** 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:** 23605852

**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:** 12-31-2022

**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  02-09-2023<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:** 208

**Form 13F Information Table Value Total:** $516038250

      (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 |  | 290806 | 2425 | SH |  | SOLE |  | 2175 | 0 | 250 |
| ABBVIE INC | COM | 00287Y109 |  | 1349282 | 8349 | SH |  | SOLE |  | 8149 | 0 | 200 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 250830 | 940 | SH |  | SOLE |  | 940 | 0 | 0 |
| AEGON N V | NY REGISTRY SHS | 007924103 |  | 126000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 747083 | 3445 | SH |  | SOLE |  | 3435 | 0 | 10 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 207400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | UNIT LTD PARTN | 01881G106 |  | 206220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2254188 | 25549 | SH |  | SOLE |  | 24749 | 0 | 800 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6149434 | 69305 | SH |  | SOLE |  | 67705 | 0 | 1600 |
| AMAZON COM INC | COM | 023135106 |  | 1403640 | 16710 | SH |  | SOLE |  | 16110 | 0 | 600 |
| ANALOG DEVICES INC | COM | 032654105 |  | 4259859 | 25970 | SH |  | SOLE |  | 25435 | 0 | 535 |
| APPLE INC | COM | 037833100 |  | 6572703 | 50586 | SH |  | SOLE |  | 49210 | 0 | 1377 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 5533883 | 59600 | SH |  | SOLE |  | 57890 | 0 | 1710 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 91960 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ARDMORE SHIPPING CORP | COM | Y0207T100 |  | 144100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ARMADA HOFFLER PPTYS INC | COM | 04208T108 |  | 214015 | 18610 | SH |  | SOLE |  | 18110 | 0 | 500 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 764352 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 224257 | 2090 | SH |  | SOLE |  | 2090 | 0 | 0 |
| BALL CORP | COM | 058498106 |  | 813331 | 15904 | SH |  | SOLE |  | 15904 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 394294 | 11905 | SH |  | SOLE |  | 9405 | 0 | 2500 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 418329 | 9190 | SH |  | SOLE |  | 9190 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 6093242 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 19789791 | 64065 | SH |  | SOLE |  | 62665 | 0 | 1400 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 303660 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 868676 | 12650 | SH |  | SOLE |  | 12650 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 4769956 | 136558 | SH |  | SOLE |  | 133448 | 0 | 3110 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 618985 | 8603 | SH |  | SOLE |  | 8203 | 0 | 400 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 213199 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 318368 | 7718 | SH |  | SOLE |  | 7618 | 0 | 100 |
| CATERPILLAR INC | COM | 149123101 |  | 215604 | 900 | SH |  | SOLE |  | 500 | 0 | 400 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 1129662 | 58200 | SH |  | SOLE |  | 58200 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1850362 | 10309 | SH |  | SOLE |  | 10309 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 278694 | 5850 | SH |  | SOLE |  | 5850 | 0 | 0 |
| CLARUS CORP NEW | COM | 18270P109 |  | 91062 | 11615 | SH |  | SOLE |  | 11335 | 0 | 280 |
| CLOROX CO DEL | COM | 189054109 |  | 224528 | 1600 | SH |  | SOLE |  | 1500 | 0 | 100 |
| COCA COLA CO | COM | 191216100 |  | 216274 | 3400 | SH |  | SOLE |  | 2800 | 0 | 600 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1035952 | 29624 | SH |  | SOLE |  | 29474 | 0 | 150 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 6282811 | 13763 | SH |  | SOLE |  | 13378 | 0 | 385 |
| DEERE  CO | COM | 244199105 |  | 994723 | 2320 | SH |  | SOLE |  | 2320 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 453084 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 3855676 | 39412 | SH |  | SOLE |  | 37949 | 0 | 1463 |
| DISNEY WALT CO | COM | 254687106 |  | 2992669 | 34446 | SH |  | SOLE |  | 33860 | 0 | 586 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 260668 | 2531 | SH |  | SOLE |  | 2531 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 321494 | 4309 | SH |  | SOLE |  | 4309 | 0 | 0 |
| ENCORE WIRE CORP | COM | 292562105 |  | 6791186 | 49369 | SH |  | SOLE |  | 48086 | 0 | 1283 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 849551 | 10133 | SH |  | SOLE |  | 10133 | 0 | 0 |
| EXPONENT INC | COM | 30214U102 |  | 1147462 | 11580 | SH |  | SOLE |  | 11580 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 508373 | 4609 | SH |  | SOLE |  | 4609 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 323711 | 1869 | SH |  | SOLE |  | 1669 | 0 | 200 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 7767166 | 172527 | SH |  | SOLE |  | 165676 | 0 | 6851 |
| FIRSTENERGY CORP | COM | 337932107 |  | 301507 | 7189 | SH |  | SOLE |  | 750 | 0 | 6439 |
| FISERV INC | COM | 337738108 |  | 4666877 | 46175 | SH |  | SOLE |  | 45435 | 0 | 740 |
| FMC CORP | COM NEW | 302491303 |  | 5769816 | 46233 | SH |  | SOLE |  | 45073 | 0 | 1160 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 3329604 | 42622 | SH |  | SOLE |  | 41622 | 0 | 1000 |
| FORD MTR CO DEL | COM | 345370860 |  | 127930 | 11000 | SH |  | SOLE |  | 7000 | 0 | 4000 |
| GARRETT MOTION INC | COM | 366505105 |  | 2251808 | 295513 | SH |  | SOLE |  | 281966 | 0 | 13547 |
| GENERAL MTRS CO | COM | 37045V100 |  | 343128 | 10200 | SH |  | SOLE |  | 9300 | 0 | 900 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 210333 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 92720 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 8534997 | 296560 | SH |  | SOLE |  | 285322 | 0 | 11238 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 |  | 3021713 | 30305 | SH |  | SOLE |  | 28985 | 0 | 1320 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2427010 | 7068 | SH |  | SOLE |  | 6953 | 0 | 115 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 871730 | 20420 | SH |  | SOLE |  | 19605 | 0 | 815 |
| HIGHWOODS PPTYS INC | COM | 431284108 |  | 214047 | 7650 | SH |  | SOLE |  | 7150 | 0 | 500 |
| HOME DEPOT INC | COM | 437076102 |  | 1869575 | 5919 | SH |  | SOLE |  | 5719 | 0 | 200 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 501777 | 21950 | SH |  | SOLE |  | 21950 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 4635309 | 21630 | SH |  | SOLE |  | 20734 | 0 | 896 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 597975 | 37257 | SH |  | SOLE |  | 36957 | 0 | 300 |
| HUMANA INC | COM | 444859102 |  | 204876 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 4443913 | 46070 | SH |  | SOLE |  | 45970 | 0 | 100 |
| INVESCO CURRENCYSHARES SWISS | SWISS FRANC | 46138R108 |  | 337785 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1000 | 46137V613 |  | 10026103 | 64622 | SH |  | SOLE |  | 63267 | 0 | 1355 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 2665811 | 18873 | SH |  | SOLE |  | 18873 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1992576 | 7483 | SH |  | SOLE |  | 7195 | 0 | 288 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 438961 | 2975 | SH |  | SOLE |  | 2975 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 4343032 | 87122 | SH |  | SOLE |  | 83727 | 0 | 3395 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 224835 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 493541 | 4490 | SH |  | SOLE |  | 4440 | 0 | 50 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 374381 | 3860 | SH |  | SOLE |  | 2260 | 0 | 1600 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 419255 | 4430 | SH |  | SOLE |  | 4430 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 242098 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 225467 | 1487 | SH |  | SOLE |  | 1487 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1084326 | 16076 | SH |  | SOLE |  | 16076 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 368690 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 1111215 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| ISHARES TR | IBONDS 24 TRM TS | 46436E874 |  | 8796238 | 368815 | SH |  | SOLE |  | 361445 | 0 | 7370 |
| ISHARES TR | INTL EQTY FACTOR | 46434V274 |  | 831507 | 33800 | SH |  | SOLE |  | 33800 | 0 | 0 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 1657662 | 26070 | SH |  | SOLE |  | 25420 | 0 | 650 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 9319838 | 161020 | SH |  | SOLE |  | 149889 | 0 | 11131 |
| ITT INC | COM | 45073V108 |  | 918863 | 11330 | SH |  | SOLE |  | 11330 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 1312052 | 26173 | SH |  | SOLE |  | 25258 | 0 | 915 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 5107067 | 101060 | SH |  | SOLE |  | 99760 | 0 | 1300 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 308520 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| JOHN BEAN TECHNOLOGIES CORP | COM | 477839104 |  | 604147 | 6615 | SH |  | SOLE |  | 6615 | 0 | 0 |
| JOHN HANCOCK EXCHANGE TRADED | MULTIFACTOR MI | 47804J206 |  | 9763068 | 209778 | SH |  | SOLE |  | 198996 | 0 | 10782 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7758646 | 43921 | SH |  | SOLE |  | 35558 | 0 | 8363 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 6819388 | 50853 | SH |  | SOLE |  | 49015 | 0 | 1838 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 2877579 | 135863 | SH |  | SOLE |  | 131063 | 0 | 4800 |
| KROGER CO | COM | 501044101 |  | 3855053 | 86475 | SH |  | SOLE |  | 83025 | 0 | 3450 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 5259447 | 22335 | SH |  | SOLE |  | 21675 | 0 | 660 |
| LAM RESEARCH CORP | COM | 512807108 |  | 5807287 | 13817 | SH |  | SOLE |  | 13425 | 0 | 392 |
| LIMONEIRA CO | COM | 532746104 |  | 195971 | 16050 | SH |  | SOLE |  | 16050 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 267468 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| LISTED FD TR | HORIZON KINETICS | 53656F623 |  | 769434 | 24442 | SH |  | SOLE |  | 24442 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 245677 | 505 | SH |  | SOLE |  | 505 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 10131602 | 171142 | SH |  | SOLE |  | 166752 | 0 | 4390 |
| LUXFER HLDGS PLC | SHS | G5698W116 |  | 192080 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 223335 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 284080 | 14362 | SH |  | SOLE |  | 14362 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 572779 | 9163 | SH |  | SOLE |  | 9163 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1183282 | 10665 | SH |  | SOLE |  | 10350 | 0 | 315 |
| METLIFE INC | COM | 59156R108 |  | 207340 | 2865 | SH |  | SOLE |  | 2865 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 13676350 | 57028 | SH |  | SOLE |  | 55502 | 0 | 1525 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 2862713 | 18235 | SH |  | SOLE |  | 18035 | 0 | 200 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 824320 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| NEUBERGER BERMAN MLP  ENERG | COM | 64129H104 |  | 83250 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 240240 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 |  | 303338 | 16450 | SH |  | SOLE |  | 16450 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 336233 | 1921 | SH |  | SOLE |  | 1921 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 932558 | 11155 | SH |  | SOLE |  | 11155 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1965183 | 16795 | SH |  | SOLE |  | 16792 | 0 | 3 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 394272 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 5850578 | 10723 | SH |  | SOLE |  | 10553 | 0 | 170 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1235516 | 13619 | SH |  | SOLE |  | 13519 | 0 | 100 |
| O-I GLASS INC | COM | 67098H104 |  | 311516 | 18800 | SH |  | SOLE |  | 18800 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 482593 | 5904 | SH |  | SOLE |  | 5504 | 0 | 400 |
| OSHKOSH CORP | COM | 688239201 |  | 439451 | 4983 | SH |  | SOLE |  | 4983 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 211124 | 2696 | SH |  | SOLE |  | 2696 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 264339 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 7662334 | 42413 | SH |  | SOLE |  | 40433 | 0 | 1980 |
| PFIZER INC | COM | 717081103 |  | 611601 | 11936 | SH |  | SOLE |  | 11036 | 0 | 900 |
| PHILLIPS 66 | COM | 718546104 |  | 872087 | 8379 | SH |  | SOLE |  | 8379 | 0 | 0 |
| PIMCO EQUITY SER | RAFI DYN ML US | 72202L363 |  | 7746462 | 203236 | SH |  | SOLE |  | 189299 | 0 | 13937 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 2891331 | 30674 | SH |  | SOLE |  | 29799 | 0 | 875 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 4123345 | 54226 | SH |  | SOLE |  | 53030 | 0 | 1196 |
| PINTEREST INC | CL A | 72352L106 |  | 339920 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 409419 | 9307 | SH |  | SOLE |  | 9307 | 0 | 0 |
| PREFORMED LINE PRODS CO | COM | 740444104 |  | 634670 | 7620 | SH |  | SOLE |  | 7620 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 524928 | 3464 | SH |  | SOLE |  | 2964 | 0 | 500 |
| PROLOGIS INC. | COM | 74340W103 |  | 1318941 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 203372 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 598554 | 18160 | SH |  | SOLE |  | 18160 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 5920775 | 58668 | SH |  | SOLE |  | 56993 | 0 | 1675 |
| REDWOOD TRUST INC | NOTE 4.750% 8/1 | 758075AC9 |  | 16575 | 17000 | PRN |  | SOLE |  | 17000 | 0 | 0 |
| RUSH ENTERPRISES INC | CL B | 781846308 |  | 222267 | 3950 | SH |  | SOLE |  | 3950 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 14385309 | 190433 | SH |  | SOLE |  | 185874 | 0 | 4559 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT SC | 808524748 |  | 590814 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US LG | 808524771 |  | 283232 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 513429 | 136 | SH |  | SOLE |  | 136 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 922590 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| SIRIUSPOINT LTD | COM | G8192H106 |  | 123900 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 |  | 4246766 | 101234 | SH |  | SOLE |  | 97279 | 0 | 3955 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 1724837 | 10885 | SH |  | SOLE |  | 10285 | 0 | 600 |
| SONOCO PRODS CO | COM | 835495102 |  | 693035 | 11416 | SH |  | SOLE |  | 11416 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1592411 | 9387 | SH |  | SOLE |  | 9287 | 0 | 100 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2444110 | 6391 | SH |  | SOLE |  | 6351 | 0 | 40 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 444150 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 596788 | 6016 | SH |  | SOLE |  | 6016 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 920166 | 50200 | SH |  | SOLE |  | 50200 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 1424062 | 100286 | SH |  | SOLE |  | 99386 | 0 | 900 |
| STRYKER CORPORATION | COM | 863667101 |  | 5512994 | 22549 | SH |  | SOLE |  | 21859 | 0 | 690 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 200375 | 6315 | SH |  | SOLE |  | 6315 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 2869914 | 19256 | SH |  | SOLE |  | 18441 | 0 | 815 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 86500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| TMC THE METALS COMPANY INC | COM | 87261Y106 |  | 10010 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 803936 | 12950 | SH |  | SOLE |  | 12950 | 0 | 0 |
| TRICON RESIDENTIAL INC | COM NPV | 89612W102 |  | 123360 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 301840 | 5490 | SH |  | SOLE |  | 5490 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 477952 | 25600 | SH |  | SOLE |  | 25600 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 3591037 | 17342 | SH |  | SOLE |  | 16642 | 0 | 700 |
| UNITED NAT FOODS INC | COM | 911163103 |  | 212905 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 627562 | 3610 | SH |  | SOLE |  | 3310 | 0 | 300 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 526999 | 994 | SH |  | SOLE |  | 994 | 0 | 0 |
| UNIVAR SOLUTIONS INC | COM | 91336L107 |  | 948435 | 29825 | SH |  | SOLE |  | 29825 | 0 | 0 |
| URSTADT BIDDLE PPTYS INC | COM | 917286106 |  | 578750 | 31782 | SH |  | SOLE |  | 31782 | 0 | 0 |
| URSTADT BIDDLE PPTYS INC | CL A | 917286205 |  | 1483663 | 78294 | SH |  | SOLE |  | 77694 | 0 | 600 |
| US BANCORP DEL | COM NEW | 902973304 |  | 392490 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 314613 | 2480 | SH |  | SOLE |  | 2480 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 1305066 | 48300 | SH |  | SOLE |  | 46707 | 0 | 1593 |
| VANECK MERK GOLD TR | GOLD TRUST | 921078101 |  | 725290 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 394844 | 5245 | SH |  | SOLE |  | 5245 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 1910941 | 14130 | SH |  | SOLE |  | 13960 | 0 | 170 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 1532578 | 9651 | SH |  | SOLE |  | 9551 | 0 | 100 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 1035783 | 12558 | SH |  | SOLE |  | 10668 | 0 | 1890 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 2715791 | 20441 | SH |  | SOLE |  | 20441 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 583237 | 4155 | SH |  | SOLE |  | 4155 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 50866269 | 266051 | SH |  | SOLE |  | 257716 | 0 | 8335 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 10081705 | 28695 | SH |  | SOLE |  | 28420 | 0 | 275 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 3374857 | 39156 | SH |  | SOLE |  | 39141 | 0 | 15 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 457297 | 4448 | SH |  | SOLE |  | 4448 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 639936 | 16417 | SH |  | SOLE |  | 13897 | 0 | 2520 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1850216 | 36901 | SH |  | SOLE |  | 36901 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 237956 | 3070 | SH |  | SOLE |  | 3070 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 18256948 | 168718 | SH |  | SOLE |  | 164377 | 0 | 4341 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 |  | 2481838 | 18745 | SH |  | SOLE |  | 18745 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 12742862 | 39895 | SH |  | SOLE |  | 39780 | 0 | 115 |
| VANGUARD WORLD FDS | UTILITIES ETF | 92204A876 |  | 1441584 | 9400 | SH |  | SOLE |  | 9200 | 0 | 200 |
| VANGUARD WORLD FDS | FINANCIALS ETF | 92204A405 |  | 1063907 | 12860 | SH |  | SOLE |  | 12860 | 0 | 0 |
| VANGUARD WORLD FDS | HEALTH CAR ETF | 92204A504 |  | 3589532 | 14471 | SH |  | SOLE |  | 14471 | 0 | 0 |
| VANGUARD WORLD FDS | ENERGY ETF | 92204A306 |  | 1374709 | 11335 | SH |  | SOLE |  | 11335 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3190162 | 80969 | SH |  | SOLE |  | 77017 | 0 | 3952 |
| VISA INC | COM CL A | 92826C839 |  | 1158054 | 5574 | SH |  | SOLE |  | 5574 | 0 | 0 |
| VMWARE INC | CL A COM | 928563402 |  | 2062859 | 16804 | SH |  | SOLE |  | 16227 | 0 | 577 |
| WALMART INC | COM | 931142103 |  | 864919 | 6100 | SH |  | SOLE |  | 5600 | 0 | 500 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1152440 | 7346 | SH |  | SOLE |  | 7196 | 0 | 150 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 5628143 | 181553 | SH |  | SOLE |  | 175504 | 0 | 6049 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 9438736 | 214566 | SH |  | SOLE |  | 208526 | 0 | 6040 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 2384016 | 65875 | SH |  | SOLE |  | 64250 | 0 | 1625 |

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