UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2007
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
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Address: 1211 Southwest Fifth Avenue, Suite 2910
Portland, OR 97204
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Form 13F File Number:
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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: /s/ Barnes Ellis
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Title: Chief Compliance Officer
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Phone: 503-227-5778
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Signature, Place, and Date of Signing:
/s/ Barnes Ellis Portland, OR 10/30/2007
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[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 reported are 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).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
13F File Number Name
28-____________ ________________________________________
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 170
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Form 13F Information Table Value Total: $159,664,372
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List of Other Included Managers:
Provide a numbered list of the name(s) and 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
<TABLE>
<CAPTION>
FORM 13F INFORMATION TABLE
SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- ------- --- ---- ------- -------- ------ ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3m Company Common Stock 88579Y101 561480 6000 Sole None 6000 0 0
Abbott Laboratories Common Stock 002824100 5193365 96855 Sole None 96855 0 0
Aberdeen Asia Income Fd 003009107 788197 126313 Sole None 126313 0 0
Aetna Inc. Common Stock 00817Y108 379890 7000 Sole None 7000 0 0
Albany Intl Corp Newcl A Common Stock 012348108 1130323 30150 Sole None 30150 0 0
Albemarle Corp Common Stock 012653101 216801 4905 Sole None 4905 0 0
Alcoa Common Stock 013817101 312960 8000 Sole None 8000 0 0
Alexander & Baldwin Inc. Common Stock 014482103 300780 6000 Sole None 6000 0 0
Allstate Common Stock 020002101 498010 8708 Sole None 8708 0 0
Altria Group Common Stock 718154107 1355835 19500 Sole None 19500 0 0
Amerco 8.5% Ser A Pfd 023586209 253164 10200 Sole None 10200 0 0
America Movil SA de C.V. Common Stock 02364W105 377536 5899 Sole None 5899 0 0
American Express Common Stock 025816109 2131086 35895 Sole None 35895 0 0
American Safety Insurance Common Stock G02995101 311174 15700 Sole None 15700 0 0
Anadarko Pete Corp Common Stock 032511107 722185 13436 Sole None 13436 0 0
Apollo Investment Common Stock 03761U106 284960 13700 Sole None 13700 0 0
AptarGroup Inc Common Stock 038336103 302960 8000 Sole None 8000 0 0
Ares Cap Corp Com Common Stock 04010L103 242878 14928 Sole None 14928 0 0
AT&T Common Stock 00206R102 642308 15181 Sole None 15181 0 0
Automatic Data Processing Common Stock 053015103 1194180 26000 Sole None 26000 0 0
Baldwin Technology Inc Cl A Common Stock 058264102 491481 98100 Sole None 98100 0 0
Ball Corp Common Stock 058498106 430000 8000 Sole None 8000 0 0
Bank of America Common Stock 060505104 1027971 20449 Sole None 20449 0 0
Bank of New York Mellon Common Stock 064058100 666249 15094 Sole None 15094 0 0
Bank Of Nova Scotia Halifax Common Stock 064149107 222652 4241 Sole None 4241 0 0
BCE Common Stock 05534B760 419483 10474 Sole None 10474 0 0
Beckman Coulter Common Stock 075811109 455836 6180 Sole None 6180 0 0
Berkshire Hathaway Cl A Common Stock 084670108 1422120 12 Sole None 12 0 0
Berkshire Hathaway Cl B Common Stock 084670207 3975712 1006 Sole None 1006 0 0
BJ Services Co Common Stock 055482103 431437 16250 Sole None 16250 0 0
Boeing Common Stock 097023105 342372 3261 Sole None 3261 0 0
BP p.l.c. Common Stock 055622104 1462383 21087 Sole None 21087 0 0
Bristol Myers Squibb Common Stock 110122108 754738 26188 Sole None 26188 0 0
BSD Medical Corp Del Common Stock 055662100 347522 55250 Sole None 55250 0 0
Canon Inc Adr New Common Stock 138006309 261134 4810 Sole None 4810 0 0
Cedar Shopping Ctrs Inc Common Stock 150602209 723222 53100 Sole None 53100 0 0
Cemex SAB de CV Common Stock 151290889 1644343 54958 Sole None 54958 0 0
Central European Equity 153436100 238658 4261 Sole None 4261 0 0
Central Fd Cda Cl A 153501101 311291 31500 Sole None 31500 0 0
ChevronTexaco Common Stock 166764100 3339286 35683 Sole None 35683 0 0
Citigroup Common Stock 172967101 1932519 41408 Sole None 41408 0 0
Clorox Co Del Common Stock 189054109 460474 7550 Sole None 7550 0 0
Conoco Phillips Common Stock 718507106 3534507 40270 Sole None 40270 0 0
Costco Wholesale Common Stock 22160K105 811618 13225 Sole None 13225 0 0
Deere & Company Common Stock 244199105 1467576 9888 Sole None 9888 0 0
Deutsche Telekom A Gspon Adr Common Stock 251566105 740051 37700 Sole None 37700 0 0
Dominion Resources Inc Va Common Stock 25746U109 424029 5030 Sole None 5030 0 0
Donnelley R R & Sons Common Stock 257867101 252997 6920 Sole None 6920 0 0
Dow Chemical Common Stock 260543103 286133 6645 Sole None 6645 0 0
Dow Jones & Co Common Stock 260561105 232591 3896 Sole None 3896 0 0
Du Pont Common Stock 263534109 982279 19820 Sole None 19820 0 0
Eli Lilly Common Stock 532457108 265521 4664 Sole None 4664 0 0
Emc Ins Group Inc Common Stock 268664109 457306 17595 Sole None 17595 0 0
Encana Common Stock 292505104 1935344 31290 Sole None 31290 0 0
EOG Resources Common Stock 26875P101 433980 6000 Sole None 6000 0 0
Euro Currency Tst 23130C108 634338 4435 Sole None 4435 0 0
Exxon Mobil Common Stock 30231G102 1423626 15380 Sole None 15380 0 0
Fedex Corp. Common Stock 31428X106 519350 4958 Sole None 4958 0 0
Fiserv Inc Common Stock 337733108 203440 4000 Sole None 4000 0 0
Flextronics Common Stock Y2573F102 559838 50075 Sole None 50075 0 0
Fomento Economico Mexicano Common Stock 344419106 1716660 45900 Sole None 45900 0 0
General Electric Common Stock 369604103 2156443 52088 Sole None 52088 0 0
GlaxoSmithKline Plc Adr Common Stock 37733W105 242166 4552 Sole None 4552 0 0
Gorman Rupp Co Common Stock 383082104 207250 6250 Sole None 6250 0 0
Gruma ADR Common Stock 400131306 2111963 161095 Sole None 161095 0 0
H.J. Heinz Common Stock 423074103 659274 14270 Sole None 14270 0 0
Hartford Financial Services Common Stock 416515104 372051 4020 Sole None 4020 0 0
Hawkins Common Stock 420261109 300427 20863 Sole None 20863 0 0
Hercules Offshore Common Stock 427093109 268384 10279 Sole None 10279 0 0
Hershey Co Common Stock 427866108 204204 4400 Sole None 4400 0 0
Hewlett-Packard Common Stock 428236103 1210564 24313 Sole None 24313 0 0
Honda Motors Common Stock 438128308 504570 15125 Sole None 15125 0 0
Honeywell International Common Stock 438516106 690446 11610 Sole None 11610 0 0
Hospira Inc Common Stock 441060100 414707 10005 Sole None 10005 0 0
Hsbc Holdings Plc Adr Common Stock 404280406 455129 4915 Sole None 4915 0 0
Imperial Oil Ltd Com New Common Stock 453038408 1896795 38272 Sole None 38272 0 0
India Fund 454089103 683230 12582 Sole None 12582 0 0
Industrias Bachoco SA ADR Common Stock 456463108 600077 19804 Sole None 19804 0 0
Ingersoll Rand Common Stock G4776G101 497855 9140 Sole None 9140 0 0
Ingram Micro Inc Common Stock 457153104 410829 20950 Sole None 20950 0 0
Intel Common Stock 458140100 2406479 93058 Sole None 93058 0 0
Investors Title Common Stock 461804106 447308 11399 Sole None 11399 0 0
Ishares 1-3 Yr Treas Index Fd 464287457 3136636 38600 Sole None 38600 0 0
Ishares Hong Kong Index Fd 464286871 546780 26000 Sole None 26000 0 0
Ishares Japan Index Fd 464286848 694271 48415 Sole None 48415 0 0
Ishares Malaysia Free Index 464286830 2182457 183554 Sole None 183554 0 0
Ishares Msci Germany Index Fd 464286806 417553 12075 Sole None 12075 0 0
Ishares Singapore Index Fd 464286673 8453698 570425 Sole None 570425 0 0
Ishares Taiwan Index Fd 464286731 281416 16750 Sole None 16750 0 0
ITT Inds Inc Common Stock 450911102 379796 5591 Sole None 5591 0 0
Johnson & Johnson Common Stock 478160104 760477 11575 Sole None 11575 0 0
K Tron Int'l Common Stock 482730108 1798825 18935 Sole None 18935 0 0
Kellogg Common Stock 487836108 229600 4100 Sole None 4100 0 0
Khd Humboldt Wedag Intl Common Stock 482462108 2495998 81836 Sole None 81836 0 0
Kraft Foods Inc Cl A Common Stock 50075N104 465677 13494 Sole None 13494 0 0
Kroger Common Stock 501044101 2071550 72635 Sole None 72635 0 0
Liberty Global Inc Common Stock 530555101 351992 8581 Sole None 8581 0 0
Lincoln National Common Stock 534187109 527760 8000 Sole None 8000 0 0
Macys Inc Common Stock 55616P104 445369 13780 Sole None 13780 0 0
Marathon Oil Corp Common Stock 565849106 1006517 17652 Sole None 17652 0 0
Markel Corp Common Stock 570535104 242000 500 Sole None 500 0 0
Mercer Ins Group Common Stock 587902107 336393 19016 Sole None 19016 0 0
Merck Common Stock 589331107 389432 7534 Sole None 7534 0 0
Mexican Restaurants Common Stock 59283R104 121849 16900 Sole None 16900 0 0
Mfri Inc Common Stock 552721102 1035041 58018 Sole None 58018 0 0
Microsoft Common Stock 594918104 998578 33896 Sole None 33896 0 0
Mine Safety Appliances Common Stock 602720104 282660 6000 Sole None 6000 0 0
Molson Coors Co Cl B Common Stock 60871R209 607987 6100 Sole None 6100 0 0
Monsanto Co New Common Stock 61166W101 457937 5341 Sole None 5341 0 0
Morgan Stanley India Fund Common Stock 61745C105 401794 7900 Sole None 7900 0 0
Multi Color Corp. Common Stock 625383104 423598 18562 Sole None 18562 0 0
Natco Group Inc Cl A Common Stock 63227W203 884925 17100 Sole None 17100 0 0
New York Times Common Stock 650111107 1227096 62100 Sole None 62100 0 0
Nexen Common Stock 65334H102 1735588 56830 Sole None 56830 0 0
Norfolk Southern Crp Common Stock 655844108 323139 6225 Sole None 6225 0 0
Norsk Hydro ASA Common Stock 656531605 2163165 49900 Sole None 49900 0 0
Northrop Grumman Corp. Common Stock 666807102 224952 2884 Sole None 2884 0 0
Northwest Natural Gas Common Stock 667655104 248470 5437 Sole None 5437 0 0
Northwest Pipe Common Stock 667746101 1755226 46410 Sole None 46410 0 0
Novartis Ag Adr Common Stock 66987V109 1982407 36070 Sole None 36070 0 0
Nuveen Floating Rate Income Common Stock 67072T108 134296 10650 Sole None 10650 0 0
Paccar Inc Common Stock 693718108 255750 3000 Sole None 3000 0 0
Penn Virginia Common Stock 707882106 250686 5700 Sole None 5700 0 0
Pepsico Common Stock 713448108 644688 8800 Sole None 8800 0 0
Perini Corp Common Stock 713839108 604044 10800 Sole None 10800 0 0
Petroleo Brasileiro Common Stock 71654V408 1235180 16360 Sole None 16360 0 0
Petroleo Brasileiro Cl A Common Stock 71654V101 2262229 34964 Sole None 34964 0 0
Pfizer Common Stock 717081103 1436607 58805 Sole None 58805 0 0
Pimco Floating Rate Strategy 72201J104 515540 29800 Sole None 29800 0 0
Plum Creek Timber Common Stock 729251108 402840 9000 Sole None 9000 0 0
PNM Resources Inc Common Stock 69349H107 215340 9250 Sole None 9250 0 0
Potlatch Corp Common Stock 737630103 236407 5250 Sole None 5250 0 0
Powershares Ftse Rafi US 1000 73935X583 857223 13925 Sole None 13925 0 0
Procter & Gamble Common Stock 742718109 1326260 18855 Sole None 18855 0 0
ProLogis Common Stock 743410102 471284 7103 Sole None 7103 0 0
Radvision Ltd Common Stock M81869105 335396 19100 Sole None 19100 0 0
Rayonier Common Stock 754907103 1822279 37932 Sole None 37932 0 0
Regis Corp Common Stock 758932107 331864 10400 Sole None 10400 0 0
Rush Enterprises Cl B Common Stock 781846308 413450 17350 Sole None 17350 0 0
Schering Plough Common Stock 806605101 1734083 54824 Sole None 54824 0 0
Schlumberger Limited Common Stock 806857108 703290 6698 Sole None 6698 0 0
SK Telecom Co Ltd Adr Common Stock 78440P108 357885 12050 Sole None 12050 0 0
Southern Co Common Stock 842587107 339218 9350 Sole None 9350 0 0
Southern Union Co Common Stock 844030106 867471 27884 Sole None 27884 0 0
St Mary Ld & Expl Co Common Stock 792228108 274659 7700 Sole None 7700 0 0
Stancorp Financial Common Stock 852891100 1777656 35905 Sole None 35905 0 0
Streettracks Gold Shrs Common Stock 863307104 1910524 25990 Sole None 25990 0 0
Swiss Franc Currency Tst 23129V109 929232 10800 Sole None 10800 0 0
Syngenta AG Common Stock 87160A100 2326604 53695 Sole None 53695 0 0
Temple Inland Common Stock 879868107 510511 9700 Sole None 9700 0 0
Texas Instruments Common Stock 882508104 336810 9205 Sole None 9205 0 0
Tidewater Common Stock 886423102 369509 5880 Sole None 5880 0 0
Toronto Dominion Bk Common Stock 891160509 258795 3375 Sole None 3375 0 0
Transocean Sedco Forex Common Stock G90078109 638732 5650 Sole None 5650 0 0
Travelers Cos Inc Common Stock 89417e109 252584 5017 Sole None 5017 0 0
UGI Corp Common Stock 902681105 585849 22550 Sole None 22550 0 0
Union Pacific Common Stock 907818108 1010191 8935 Sole None 8935 0 0
United Parcel Svc Inc Common Stock 911312106 341705 4550 Sole None 4550 0 0
United Technologies Common Stock 913017109 5190960 64500 Sole None 64500 0 0
US Bancorp Common Stock 902973304 1457734 44812 Sole None 44812 0 0
Veolia Environnement SA Common Stock 92334N103 518993 6025 Sole None 6025 0 0
Verizon Communications Common Stock 92343V104 740400 16720 Sole None 16720 0 0
Walt Disney Common Stock 254687106 606639 17640 Sole None 17640 0 0
Washington Group Int'l Common Stock 938862208 942201 10730 Sole None 10730 0 0
Wells Fargo & Co Common Stock 949746101 3272445 91871 Sole None 91871 0 0
Willis Group Holding Common Stock G96655108 204700 5000 Sole None 5000 0 0
Wyeth Common Stock 983024100 1891771 42464 Sole None 42464 0 0
Yamana Gold Inc Common Stock 98462Y100 427614 36300 Sole None 36300 0 0
Yum! Brands Common Stock 988498101 585664 17312 Sole None 17312 0 0
Zimmer Holdings Common Stock 98956P102 277633 3428 Sole None 3428 0 0
</TABLE>