# EDGAR Filing Document

**Accession Number:** 0001564770
**File Stem:** 0002085853-26-000196
**Filing Date:** 2026-2
**Character Count:** 28366
**Document Hash:** 8fa4c0e8b14c85253f859acb9fa0c60d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000196.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0002085853-26-000196

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oxbow Advisors, LLC
- **CENTRAL INDEX KEY:** 0001564770

**ORGANIZATION NAME:**
- **EIN:** 261399473
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15434
- **FILM NUMBER:** 26594912

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST 6TH STREET
- **STREET 2:** SUITE 1920
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-386-1088

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST 6TH STREET
- **STREET 2:** SUITE 1920
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Oxbow Advisors LLC<br>**Address:** 200 West 6th Street<br>Suite 1920<br>Austin, TX 78701

**Form 13F File Number:** 028-15434

**CRD Number (if applicable):** 000156393

**SEC File Number (if applicable):** 801-72387

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:** Kim Mathis-Doumis<br>**Title:** Chief Compliance Officer<br>**Phone:** 512-386-1088

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

/s/ Kim Mathis-Doumis  Austin, TX  02-03-2026<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:** 250

**Form 13F Information Table Value Total:** $1136729324

      (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 |  | 452763 | 2828 | SH |  | SOLE |  | 0 | 0 | 2828 |
| ABBOTT LABS | COM | 002824100 |  | 1011748 | 8075 | SH |  | SOLE |  | 0 | 0 | 8075 |
| ABBVIE INC | COM | 00287Y109 |  | 5283183 | 23122 | SH |  | SOLE |  | 51 | 0 | 23071 |
| ABRDN ASIA PACIFIC INCOME FU | COM NEW | 003009867 |  | 468008 | 30509 | SH |  | SOLE |  | 0 | 0 | 30509 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 149338 | 27604 | SH |  | SOLE |  | 0 | 0 | 27604 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 147371 | 15115 | SH |  | SOLE |  | 0 | 0 | 15115 |
| ADOBE INC | COM | 00724F101 |  | 5651639 | 16148 | SH |  | SOLE |  | 58 | 0 | 16090 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 184288 | 14696 | SH |  | SOLE |  | 0 | 0 | 14696 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 14645923 | 86391 | SH |  | SOLE |  | 0 | 0 | 86391 |
| AIRBNB INC | COM CL A | 009066101 |  | 6842188 | 50414 | SH |  | SOLE |  | 163 | 0 | 50251 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 2255917 | 58474 | SH |  | SOLE |  | 0 | 0 | 58474 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 271675 | 11695 | SH |  | SOLE |  | 0 | 0 | 11695 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 319589 | 4916 | SH |  | SOLE |  | 0 | 0 | 4916 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2391054 | 7639 | SH |  | SOLE |  | 0 | 0 | 7639 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 40661370 | 129577 | SH |  | SOLE |  | 260 | 0 | 129317 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 10638746 | 226260 | SH |  | SOLE |  | 0 | 0 | 226260 |
| AMAZON COM INC | COM | 023135106 |  | 1772928 | 7681 | SH |  | SOLE |  | 0 | 0 | 7681 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 3850727 | 33395 | SH |  | SOLE |  | 106 | 0 | 33289 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 618629 | 1672 | SH |  | SOLE |  | 0 | 0 | 1672 |
| AMGEN INC | COM | 031162100 |  | 3802701 | 11618 | SH |  | SOLE |  | 35 | 0 | 11583 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 |  | 240591 | 8695 | SH |  | SOLE |  | 0 | 0 | 8695 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 977138 | 11458 | SH |  | SOLE |  | 0 | 0 | 11458 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 5043255 | 146351 | SH |  | SOLE |  | 0 | 0 | 146351 |
| APA CORPORATION | COM | 03743Q108 |  | 11147697 | 455752 | SH |  | SOLE |  | 0 | 0 | 455752 |
| APPLE INC | COM | 037833100 |  | 34757477 | 127851 | SH |  | SOLE |  | 273 | 0 | 127578 |
| APPLIED MATLS INC | COM | 038222105 |  | 205592 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 8085054 | 84290 | SH |  | SOLE |  | 273 | 0 | 84017 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 3122929 | 54321 | SH |  | SOLE |  | 0 | 0 | 54321 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 237620 | 10890 | SH |  | SOLE |  | 0 | 0 | 10890 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 7197002 | 78288 | SH |  | SOLE |  | 244 | 0 | 78044 |
| AUTODESK INC | COM | 052769106 |  | 2948260 | 9960 | SH |  | SOLE |  | 32 | 0 | 9928 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 7878955 | 30630 | SH |  | SOLE |  | 76 | 0 | 30554 |
| B2GOLD CORP | COM | 11777Q209 |  | 344947 | 76485 | SH |  | SOLE |  | 0 | 0 | 76485 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 411550 | 329 | SH |  | SOLE |  | 0 | 0 | 329 |
| BANK AMERICA CORP | COM | 060505104 |  | 570421 | 10371 | SH |  | SOLE |  | 0 | 0 | 10371 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1075903 | 24705 | SH |  | SOLE |  | 0 | 0 | 24705 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1126439 | 2241 | SH |  | SOLE |  | 0 | 0 | 2241 |
| BEST BUY INC | COM | 086516101 |  | 6294833 | 94051 | SH |  | SOLE |  | 0 | 0 | 94051 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 7242830 | 119974 | SH |  | SOLE |  | 0 | 0 | 119974 |
| BLACKSTONE INC | COM | 09260D107 |  | 3701980 | 24017 | SH |  | SOLE |  | 0 | 0 | 24017 |
| BOEING CO | COM | 097023105 |  | 339793 | 1565 | SH |  | SOLE |  | 0 | 0 | 1565 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 15661367 | 226779 | SH |  | SOLE |  | 0 | 0 | 226779 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 10743679 | 2006 | SH |  | SOLE |  | 6 | 0 | 2000 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 9683514 | 179524 | SH |  | SOLE |  | 0 | 0 | 179524 |
| BROADCOM INC | COM | 11135F101 |  | 2887492 | 8343 | SH |  | SOLE |  | 0 | 0 | 8343 |
| CALAMOS CONV  HIGH INCOME F | COM SHS | 12811P108 |  | 197925 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| CATERPILLAR INC | COM | 149123101 |  | 3792312 | 6620 | SH |  | SOLE |  | 0 | 0 | 6620 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 3009783 | 16220 | SH |  | SOLE |  | 51 | 0 | 16169 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 9738195 | 50096 | SH |  | SOLE |  | 156 | 0 | 49940 |
| CHEVRON CORP NEW | COM | 166764100 |  | 13295269 | 87234 | SH |  | SOLE |  | 109 | 0 | 87125 |
| CISCO SYS INC | COM | 17275R102 |  | 602287 | 7819 | SH |  | SOLE |  | 0 | 0 | 7819 |
| CLEARBRIDGE ENERGY MIDSTRM O | COM | 18469P209 |  | 2611311 | 58484 | SH |  | SOLE |  | 0 | 0 | 58484 |
| CLOROX CO DEL | COM | 189054109 |  | 321043 | 3184 | SH |  | SOLE |  | 0 | 0 | 3184 |
| COCA COLA CONS INC | COM | 191098102 |  | 364854 | 2380 | SH |  | SOLE |  | 0 | 0 | 2380 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 3133891 | 39659 | SH |  | SOLE |  | 122 | 0 | 39537 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6997714 | 74754 | SH |  | SOLE |  | 221 | 0 | 74533 |
| CORTEVA INC | COM | 22052L104 |  | 3386185 | 50517 | SH |  | SOLE |  | 164 | 0 | 50353 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1886800 | 2188 | SH |  | SOLE |  | 0 | 0 | 2188 |
| CROWN HLDGS INC | COM | 228368106 |  | 3101454 | 30120 | SH |  | SOLE |  | 94 | 0 | 30026 |
| CVR PARTNERS LP | COM | 126633205 |  | 6768050 | 66030 | SH |  | SOLE |  | 0 | 0 | 66030 |
| DANAHER CORPORATION | COM | 235851102 |  | 202594 | 885 | SH |  | SOLE |  | 0 | 0 | 885 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 431807 | 10907 | SH |  | SOLE |  | 0 | 0 | 10907 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 3082115 | 7394 | SH |  | SOLE |  | 23 | 0 | 7371 |
| DTE ENERGY CO | COM | 233331107 |  | 3144919 | 24383 | SH |  | SOLE |  | 76 | 0 | 24307 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 310489 | 2649 | SH |  | SOLE |  | 0 | 0 | 2649 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 240489 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 128110 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 8538863 | 517821 | SH |  | SOLE |  | 0 | 0 | 517821 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 42610457 | 1329085 | SH |  | SOLE |  | 0 | 0 | 1329085 |
| EOG RES INC | COM | 26875P101 |  | 5030228 | 47902 | SH |  | SOLE |  | 158 | 0 | 47744 |
| EQT CORP | COM | 26884L109 |  | 335451 | 6258 | SH |  | SOLE |  | 0 | 0 | 6258 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 273148 | 19455 | SH |  | SOLE |  | 0 | 0 | 19455 |
| ETF SER SOLUTIONS | DISTILLATE SMLMD | 26922B667 |  | 1039876 | 29317 | SH |  | SOLE |  | 0 | 0 | 29317 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 |  | 9360830 | 158927 | SH |  | SOLE |  | 0 | 0 | 158927 |
| EVERGY INC | COM | 30034W106 |  | 3471615 | 47891 | SH |  | SOLE |  | 154 | 0 | 47737 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 442344 | 4008 | SH |  | SOLE |  | 0 | 0 | 4008 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 10704631 | 37784 | SH |  | SOLE |  | 130 | 0 | 37654 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9369990 | 77863 | SH |  | SOLE |  | 159 | 0 | 77704 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 674264 | 40472 | SH |  | SOLE |  | 0 | 0 | 40472 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 293867 | 12553 | SH |  | SOLE |  | 0 | 0 | 12553 |
| FRANCO NEV CORP | COM | 351858105 |  | 7323612 | 35332 | SH |  | SOLE |  | 105 | 0 | 35227 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 323888 | 6377 | SH |  | SOLE |  | 0 | 0 | 6377 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 3705873 | 14320 | SH |  | SOLE |  | 0 | 0 | 14320 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 473430 | 91750 | SH |  | SOLE |  | 0 | 0 | 91750 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 286453 | 38450 | SH |  | SOLE |  | 0 | 0 | 38450 |
| GE AEROSPACE | COM NEW | 369604301 |  | 327744 | 1064 | SH |  | SOLE |  | 0 | 0 | 1064 |
| GENERAL MLS INC | COM | 370334104 |  | 353586 | 7604 | SH |  | SOLE |  | 0 | 0 | 7604 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 5603130 | 89707 | SH |  | SOLE |  | 282 | 0 | 89425 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 |  | 497278 | 5954 | SH |  | SOLE |  | 0 | 0 | 5954 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 240497 | 3350 | SH |  | SOLE |  | 0 | 0 | 3350 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 1688551 | 38675 | SH |  | SOLE |  | 0 | 0 | 38675 |
| GRACO INC | COM | 384109104 |  | 3157075 | 38515 | SH |  | SOLE |  | 122 | 0 | 38393 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 683600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 7002814 | 142798 | SH |  | SOLE |  | 0 | 0 | 142798 |
| HECLA MNG CO | COM | 422704106 |  | 8513261 | 443630 | SH |  | SOLE |  | 0 | 0 | 443630 |
| HOME DEPOT INC | COM | 437076102 |  | 872818 | 2537 | SH |  | SOLE |  | 0 | 0 | 2537 |
| HONEYWELL INTL INC | COM | 438516106 |  | 272962 | 1399 | SH |  | SOLE |  | 0 | 0 | 1399 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1292364 | 4363 | SH |  | SOLE |  | 0 | 0 | 4363 |
| INTUIT | COM | 461202103 |  | 12663096 | 19116 | SH |  | SOLE |  | 58 | 0 | 19058 |
| INVESCO EXCH TRADED FD TR II | PFD ETF | 46138E511 |  | 205711 | 18302 | SH |  | SOLE |  | 0 | 0 | 18302 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 4442032 | 23189 | SH |  | SOLE |  | 0 | 0 | 23189 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2596824 | 4227 | SH |  | SOLE |  | 0 | 0 | 4227 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 65132716 | 802424 | SH |  | SOLE |  | 0 | 0 | 802424 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 237636 | 3227 | SH |  | SOLE |  | 0 | 0 | 3227 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 18964990 | 294396 | SH |  | SOLE |  | 0 | 0 | 294396 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 497107 | 4511 | SH |  | SOLE |  | 0 | 0 | 4511 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 3622433 | 43739 | SH |  | SOLE |  | 0 | 0 | 43739 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 256098 | 2146 | SH |  | SOLE |  | 0 | 0 | 2146 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 7462493 | 147889 | SH |  | SOLE |  | 0 | 0 | 147889 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 709870 | 1835 | SH |  | SOLE |  | 0 | 0 | 1835 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 259795 | 549 | SH |  | SOLE |  | 0 | 0 | 549 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 212231 | 6855 | SH |  | SOLE |  | 0 | 0 | 6855 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 249278 | 2860 | SH |  | SOLE |  | 0 | 0 | 2860 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 211335 | 2061 | SH |  | SOLE |  | 0 | 0 | 2061 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 411827 | 3007 | SH |  | SOLE |  | 0 | 0 | 3007 |
| ISHARES TR | CORE S ETF | 464287200 |  | 219866 | 321 | SH |  | SOLE |  | 0 | 0 | 321 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 2082380 | 14754 | SH |  | SOLE |  | 0 | 0 | 14754 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 3898626 | 77063 | SH |  | SOLE |  | 0 | 0 | 77063 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 1693069 | 15875 | SH |  | SOLE |  | 0 | 0 | 15875 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9301901 | 44948 | SH |  | SOLE |  | 114 | 0 | 44834 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 456741 | 1417 | SH |  | SOLE |  | 0 | 0 | 1417 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 485785 | 4815 | SH |  | SOLE |  | 0 | 0 | 4815 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5108544 | 185833 | SH |  | SOLE |  | 0 | 0 | 185833 |
| KINROSS GOLD CORP | COM | 496902404 |  | 543910 | 19315 | SH |  | SOLE |  | 0 | 0 | 19315 |
| KROGER CO | COM | 501044101 |  | 1093811 | 17507 | SH |  | SOLE |  | 0 | 0 | 17507 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 10295706 | 231208 | SH |  | SOLE |  | 0 | 0 | 231208 |
| LOWES COS INC | COM | 548661107 |  | 3429344 | 14220 | SH |  | SOLE |  | 39 | 0 | 14181 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 4615601 | 106596 | SH |  | SOLE |  | 0 | 0 | 106596 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 |  | 411529 | 25964 | SH |  | SOLE |  | 70 | 0 | 25894 |
| MARATHON PETE CORP | COM | 56585A102 |  | 354238 | 2178 | SH |  | SOLE |  | 0 | 0 | 2178 |
| MASCO CORP | COM | 574599106 |  | 3271319 | 51549 | SH |  | SOLE |  | 156 | 0 | 51393 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 14032446 | 24580 | SH |  | SOLE |  | 66 | 0 | 24514 |
| MATADOR RES CO | COM | 576485205 |  | 6475906 | 152590 | SH |  | SOLE |  | 0 | 0 | 152590 |
| MCDONALDS CORP | COM | 580135101 |  | 7916835 | 25903 | SH |  | SOLE |  | 67 | 0 | 25836 |
| MCKESSON CORP | COM | 58155Q103 |  | 4474152 | 5454 | SH |  | SOLE |  | 19 | 0 | 5435 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 5166057 | 9198 | SH |  | SOLE |  | 31 | 0 | 9167 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 4515971 | 2242 | SH |  | SOLE |  | 7 | 0 | 2235 |
| MERCK  CO INC | COM | 58933Y105 |  | 345575 | 3283 | SH |  | SOLE |  | 0 | 0 | 3283 |
| META PLATFORMS INC | CL A | 30303M102 |  | 350077 | 530 | SH |  | SOLE |  | 0 | 0 | 530 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 7260942 | 5208 | SH |  | SOLE |  | 17 | 0 | 5191 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 730500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| MICROSOFT CORP | COM | 594918104 |  | 37795483 | 78151 | SH |  | SOLE |  | 211 | 0 | 77940 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 3855428 | 50286 | SH |  | SOLE |  | 161 | 0 | 50125 |
| MOODYS CORP | COM | 615369105 |  | 17395773 | 34053 | SH |  | SOLE |  | 105 | 0 | 33948 |
| MOSAIC CO NEW | COM | 61945C103 |  | 4588428 | 190470 | SH |  | SOLE |  | 0 | 0 | 190470 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 975549 | 2545 | SH |  | SOLE |  | 0 | 0 | 2545 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 21624126 | 405174 | SH |  | SOLE |  | 0 | 0 | 405174 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 4101511 | 261910 | SH |  | SOLE |  | 0 | 0 | 261910 |
| NETFLIX INC | COM | 64110L106 |  | 320659 | 3420 | SH |  | SOLE |  | 0 | 0 | 3420 |
| NEW GOLD INC CDA | COM | 644535106 |  | 2372256 | 272360 | SH |  | SOLE |  | 0 | 0 | 272360 |
| NEWMONT CORP | COM | 651639106 |  | 228085 | 2284 | SH |  | SOLE |  | 0 | 0 | 2284 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 3930334 | 28508 | SH |  | SOLE |  | 93 | 0 | 28415 |
| NUTRIEN LTD | COM | 67077M108 |  | 8824757 | 142981 | SH |  | SOLE |  | 0 | 0 | 142981 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 551153 | 43535 | SH |  | SOLE |  | 0 | 0 | 43535 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 134441 | 14839 | SH |  | SOLE |  | 0 | 0 | 14839 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2460868 | 13195 | SH |  | SOLE |  | 0 | 0 | 13195 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 289690 | 7045 | SH |  | SOLE |  | 0 | 0 | 7045 |
| ONEOK INC NEW | COM | 682680103 |  | 846926 | 11523 | SH |  | SOLE |  | 0 | 0 | 11523 |
| ORACLE CORP | COM | 68389X105 |  | 525589 | 2697 | SH |  | SOLE |  | 0 | 0 | 2697 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 6229552 | 68299 | SH |  | SOLE |  | 195 | 0 | 68104 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 2769534 | 31706 | SH |  | SOLE |  | 95 | 0 | 31611 |
| PACER FDS TR | US CHS CWS GWT | 69374H667 |  | 1347942 | 24468 | SH |  | SOLE |  | 0 | 0 | 24468 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 552398 | 10662 | SH |  | SOLE |  | 0 | 0 | 10662 |
| PEPSICO INC | COM | 713448108 |  | 1467531 | 10225 | SH |  | SOLE |  | 0 | 0 | 10225 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 4954912 | 418136 | SH |  | SOLE |  | 0 | 0 | 418136 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 265462 | 1655 | SH |  | SOLE |  | 0 | 0 | 1655 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 178428 | 10075 | SH |  | SOLE |  | 0 | 0 | 10075 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 834838 | 8750 | SH |  | SOLE |  | 0 | 0 | 8750 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 2046219 | 113932 | SH |  | SOLE |  | 0 | 0 | 113932 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 6852691 | 358030 | SH |  | SOLE |  | 0 | 0 | 358030 |
| PRIMERICA INC | COM | 74164M108 |  | 3170077 | 12270 | SH |  | SOLE |  | 39 | 0 | 12231 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1510105 | 10537 | SH |  | SOLE |  | 0 | 0 | 10537 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 237617 | 2283 | SH |  | SOLE |  | 0 | 0 | 2283 |
| PROSHARES TR | SHORT S 500 NE | 74349Y753 |  | 253903 | 7047 | SH |  | SOLE |  | 0 | 0 | 7047 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 6545347 | 57985 | SH |  | SOLE |  | 0 | 0 | 57985 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 229139 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| RBB FD INC | US TREAS 3 MNTH | 74933W452 |  | 1016105 | 20371 | SH |  | SOLE |  | 0 | 0 | 20371 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 4111883 | 5327 | SH |  | SOLE |  | 17 | 0 | 5310 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 535554 | 2527 | SH |  | SOLE |  | 0 | 0 | 2527 |
| RESMED INC | COM | 761152107 |  | 6640975 | 27571 | SH |  | SOLE |  | 87 | 0 | 27484 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 5444106 | 68026 | SH |  | SOLE |  | 0 | 0 | 68026 |
| ROYAL GOLD INC | COM | 780287108 |  | 12927062 | 58154 | SH |  | SOLE |  | 57 | 0 | 58097 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 3335324 | 86318 | SH |  | SOLE |  | 270 | 0 | 86048 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 258372 | 3768 | SH |  | SOLE |  | 0 | 0 | 3768 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 588499 | 21455 | SH |  | SOLE |  | 0 | 0 | 21455 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 234797 | 7935 | SH |  | SOLE |  | 0 | 0 | 7935 |
| SERVICENOW INC | COM | 81762P102 |  | 5253038 | 34291 | SH |  | SOLE |  | 110 | 0 | 34181 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 213860 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 525152 | 12706 | SH |  | SOLE |  | 0 | 0 | 12706 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 7575069 | 19114 | SH |  | SOLE |  | 0 | 0 | 19114 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2126908 | 3119 | SH |  | SOLE |  | 0 | 0 | 3119 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A755 |  | 422211 | 4075 | SH |  | SOLE |  | 0 | 0 | 4075 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1329881 | 40275 | SH |  | SOLE |  | 0 | 0 | 40275 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 865897 | 36613 | SH |  | SOLE |  | 0 | 0 | 36613 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 655204 | 14306 | SH |  | SOLE |  | 0 | 0 | 14306 |
| SSR MINING IN | COM | 784730103 |  | 772421 | 35230 | SH |  | SOLE |  | 0 | 0 | 35230 |
| STELLAR BANCORP INC | COM | 858927106 |  | 877706 | 28368 | SH |  | SOLE |  | 0 | 0 | 28368 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 205423 | 11080 | SH |  | SOLE |  | 0 | 0 | 11080 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 4818046 | 108612 | SH |  | SOLE |  | 351 | 0 | 108261 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 555284 | 10595 | SH |  | SOLE |  | 0 | 0 | 10595 |
| SYSCO CORP | COM | 871829107 |  | 707424 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| TARGA RES CORP | COM | 87612G101 |  | 214389 | 1162 | SH |  | SOLE |  | 0 | 0 | 1162 |
| TARGET CORP | COM | 87612E106 |  | 413678 | 4232 | SH |  | SOLE |  | 0 | 0 | 4232 |
| TC ENERGY CORP | COM | 87807B107 |  | 670077 | 12181 | SH |  | SOLE |  | 0 | 0 | 12181 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 411097 | 1431 | SH |  | SOLE |  | 0 | 0 | 1431 |
| THE CIGNA GROUP | COM | 125523100 |  | 5581851 | 20281 | SH |  | SOLE |  | 69 | 0 | 20212 |
| TJX COS INC NEW | COM | 872540109 |  | 362827 | 2362 | SH |  | SOLE |  | 0 | 0 | 2362 |
| TORTOISE CAPITAL SERIES TRUS | NORTH AMERN PIPE | 890930308 |  | 5886371 | 166782 | SH |  | SOLE |  | 0 | 0 | 166782 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5961235 | 72956 | SH |  | SOLE |  | 235 | 0 | 72721 |
| UGI CORP NEW | COM | 902681105 |  | 11525969 | 307934 | SH |  | SOLE |  | 0 | 0 | 307934 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 7645325 | 116901 | SH |  | SOLE |  | 317 | 0 | 116584 |
| UNION PAC CORP | COM | 907818108 |  | 3616587 | 15635 | SH |  | SOLE |  | 44 | 0 | 15591 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 725582 | 2198 | SH |  | SOLE |  | 0 | 0 | 2198 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 7124574 | 546782 | SH |  | SOLE |  | 0 | 0 | 546782 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 379496 | 2331 | SH |  | SOLE |  | 0 | 0 | 2331 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 737067 | 6478 | SH |  | SOLE |  | 0 | 0 | 6478 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 4919561 | 57358 | SH |  | SOLE |  | 0 | 0 | 57358 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2558110 | 7630 | SH |  | SOLE |  | 0 | 0 | 7630 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 522010 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1156648 | 4484 | SH |  | SOLE |  | 0 | 0 | 4484 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 371768 | 2096 | SH |  | SOLE |  | 0 | 0 | 2096 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2466339 | 3933 | SH |  | SOLE |  | 251 | 0 | 3682 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 930155 | 3205 | SH |  | SOLE |  | 0 | 0 | 3205 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 393185 | 1249 | SH |  | SOLE |  | 0 | 0 | 1249 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 |  | 131083195 | 1737812 | SH |  | SOLE |  | 934 | 0 | 1736878 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 321402 | 1040 | SH |  | SOLE |  | 0 | 0 | 1040 |
| VANGUARD WELLINGTON FD | SHORT TRM TAX EX | 921935870 |  | 474051 | 4667 | SH |  | SOLE |  | 0 | 0 | 4667 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 200497 | 1397 | SH |  | SOLE |  | 0 | 0 | 1397 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 1618058 | 3920 | SH |  | SOLE |  | 0 | 0 | 3920 |
| VENTAS INC | COM | 92276F100 |  | 1649567 | 21318 | SH |  | SOLE |  | 0 | 0 | 21318 |
| VERISIGN INC | COM | 92343E102 |  | 6563082 | 27014 | SH |  | SOLE |  | 84 | 0 | 26930 |
| VICI PPTYS INC | COM | 925652109 |  | 6670932 | 237231 | SH |  | SOLE |  | 0 | 0 | 237231 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 436346 | 11296 | SH |  | SOLE |  | 0 | 0 | 11296 |
| VISA INC | COM CL A | 92826C839 |  | 13599698 | 38778 | SH |  | SOLE |  | 120 | 0 | 38658 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 700505 | 36371 | SH |  | SOLE |  | 0 | 0 | 36371 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 471076 | 86120 | SH |  | SOLE |  | 0 | 0 | 86120 |
| WALMART INC | COM | 931142103 |  | 3194288 | 28671 | SH |  | SOLE |  | 0 | 0 | 28671 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1796129 | 8175 | SH |  | SOLE |  | 0 | 0 | 8175 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 269239 | 2553 | SH |  | SOLE |  | 0 | 0 | 2553 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 252313 | 2707 | SH |  | SOLE |  | 0 | 0 | 2707 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 440654 | 364 | SH |  | SOLE |  | 0 | 0 | 364 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 6641100 | 56510 | SH |  | SOLE |  | 163 | 0 | 56347 |
| WILLIAMS COS INC | COM | 969457100 |  | 2908603 | 48388 | SH |  | SOLE |  | 0 | 0 | 48388 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 2547059 | 28481 | SH |  | SOLE |  | 0 | 0 | 28481 |
| WORKDAY INC | CL A | 98138H101 |  | 5755674 | 26798 | SH |  | SOLE |  | 85 | 0 | 26713 |
| WW GRAINGER INC | COM | 384802104 |  | 292625 | 290 | SH |  | SOLE |  | 0 | 0 | 290 |
| YUM BRANDS INC | COM | 988498101 |  | 3479204 | 22998 | SH |  | SOLE |  | 65 | 0 | 22933 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 3308617 | 38343 | SH |  | SOLE |  | 121 | 0 | 38222 |
| ZSCALER INC | COM | 98980G102 |  | 2939255 | 13068 | SH |  | SOLE |  | 41 | 0 | 13027 |

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