9AT: BAKER ELLIS ASSET MANAGEMENT LLC

BAKER ELLIS ASSET MANAGEMENT LLC

BAKER ELLIS ASSET MANAGEMENT LLC

Adviser Profile

As of Date	08/11/2026
Registration	SEC, Approved, 09/20/2002
Other registrations (1)	California, Cancelled, 01/06/2006
ADV Location	VANCOUVER, WA, United States
Contact Info	503 xxxxxxx
Websites

AUM^*	1,047,120,232 32%
of that, discretionary	1,047,120,232 32%
Number of Employees	5
of those in investment advisory functions	3
Private Fund GAV^*	0
Avg Account Size	3,052,829 27%
% High Net Worth	40.23% -2%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

1B 898M 748M 598M 449M 299M 150M

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker922908769	Stock NameVANGUARD INDEX FDS	$ Position$80,692,453	% Position8.00%	$ Change13.00%	# Change-2.00%
Stck Ticker512807306	Stock NameLAM RESEARCH CORP	$ Position$45,929,604	% Position5.00%	$ Change91.00%	# Change-6.00%
Stck Ticker084670702	Stock NameBERKSHIRE HATHAWAY INC DEL	$ Position$37,088,474	% Position4.00%	$ Change8.00%	# Change3.00%
Stck Ticker859241101	Stock NameSTERLING INFRASTRUCTURE INC	$ Position$40,840,740	% Position4.00%	$ Change95.00%	# Change-5.00%
Stck Ticker92204A702	Stock NameVANGUARD WORLD FD	$ Position$30,293,420	% Position3.00%	$ Change35.00%	# Change688.00%
Stck Ticker922908363	Stock NameVANGUARD INDEX FDS	$ Position$21,157,060	% Position2.00%	$ Change24.00%	# Change8.00%
Stck Ticker46625H100	Stock NameJPMORGAN CHASE & CO	$ Position$17,921,468	% Position2.00%	$ Change10.00%	# Change-1.00%
Stck Ticker921946406	Stock NameVANGUARD WHITEHALL FDS	$ Position$20,958,806	% Position2.00%	$ Change5.00%	# Change-1.00%
Stck Ticker46137V613	Stock NameINVESCO EXCHANGE TRADED FD T	$ Position$17,062,476	% Position2.00%	$ Change13.00%	# Change-1.00%
Stck Ticker11135F101	Stock NameBROADCOM INC	$ Position$15,168,435	% Position2.00%	$ Change22.00%	# Change0.00%

Brochure Summary

Overview

1. Our history: Baker Ellis was founded in March 2002 by Brian C. Baker, CFA, and Barnes C. Ellis. Both of us have extensive experience in the investment industry. We each own 50% of the firm. We have no outside owners or affiliated firms. The investment team includes firm founders Brian C. Baker and Barnes Ellis, as well as all Portfolio Managers. 2. Our services: Baker Ellis manages investment accounts for individuals, trusts, businesses, and foundations. We utilize fundamental analysis to identify what we consider attractive investments. Our accounts may include equities of any market capitalization or country; mutual funds; bonds; and other assets. 3. Individual accounts: Our accounts are individually managed, and client funds are not co-mingled. We are able to customize accounts to address the

unique needs of individual clients, including complex tax considerations and socially conscious restrictions. Each of our services is customized to the client’s needs. Therefore, we do not manage “model” portfolios. Each client can instruct us to avoid trading a security, industry, or investment vehicle if so desired. Due to the unique treatment of each client account, there may be instances where one account will not hold the same securities or perform similarly to other managed accounts. 4. Assets under management: As of December 31, 2022, we managed approximately $750 million in discretionary assets. Our advisory contracts give us full discretion over all accounts, although we may occasionally accommodate requests from clients to manage all or part of their accounts on a consultative basis.