# EDGAR Filing Document

**Accession Number:** 0001775446
**File Stem:** 0001398344-23-003184
**Filing Date:** 2023-2
**Character Count:** 21836
**Document Hash:** 30e00892e2c22f759892257c19b153a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003184.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003184

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cornerstone Advisors, LLC
- **CENTRAL INDEX KEY:** 0001775446
- **IRS NUMBER:** 833627856
- **STATE OF INCORPORATION:** NC

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19858
- **FILM NUMBER:** 23623537

**BUSINESS ADDRESS:**
- **STREET 1:** 1075 HENDERSONVILLE RD. SUITE 250
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28803
- **BUSINESS PHONE:** 8282108184

**MAIL ADDRESS:**
- **STREET 1:** 1075 HENDERSONVILLE RD. SUITE 250
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cornerstone Advisors Asset Management LLC
- **DATE OF NAME CHANGE:** 20190501

### 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:** Cornerstone Advisors LLC<br>**Address:** 1075 HENDERSONVILLE RD. SUITE 250<br>ASHEVILLE, NC 28803

**Form 13F File Number:** 028-19858

**CRD Number (if applicable):** 000300891

**SEC File Number (if applicable):** 801-114872

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:** Rachel McNabb<br>**Title:** Chief Compliance Officer<br>**Phone:** 828-255-4834

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

/s/ Rachel McNabb  ASHEVILLE, NC  02-10-2023<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:** 184

**Form 13F Information Table Value Total:** $2025588122

      (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 |  | 7246140 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1066626 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 11064155 | 760946 | SH |  | SOLE |  | 760946 | 0 | 0 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 5366659 | 246177 | SH |  | SOLE |  | 246177 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 17499560 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 10557510 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 246608 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 3036040 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 7981818 | 707608 | SH |  | SOLE |  | 707608 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 82341440 | 928000 | SH |  | SOLE |  | 928000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 67956000 | 809000 | SH |  | SOLE |  | 809000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 3161835 | 33300 | SH |  | SOLE |  | 33300 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 9160500 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 12711600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 4115340 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1968360 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 8403920 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 132398670 | 1019000 | SH |  | SOLE |  | 1019000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 5745420 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 6406650 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 4111140 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 3068880 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| BALL CORP | COM | 058498106 |  | 1022800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 26827200 | 810000 | SH |  | SOLE |  | 810000 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 682800 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 55293100 | 179000 | SH |  | SOLE |  | 179000 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 4984560 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BLACKROCK HEALTH SCIENCS TR | COM SHS | 09260E105 |  | 33696713 | 2183844 | SH |  | SOLE |  | 2183844 | 0 | 0 |
| BLACKROCK INNOVATION AND GRW | SHS BEN INT | 09260Q108 |  | 28763778 | 4223756 | SH |  | SOLE |  | 4223756 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 14096260 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 10076400 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 5737480 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 22844125 | 317500 | SH |  | SOLE |  | 317500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3969823 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 4547263 | 299359 | SH |  | SOLE |  | 299359 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 3078400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 4264520 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 17068300 | 205000 | SH |  | SOLE |  | 205000 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 5866430 | 17300 | SH |  | SOLE |  | 17300 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3176973 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 4578717 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 13916280 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2048520 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 10402900 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| CLEARBRIDGE MLP AND MIDSTRM | COM | 18469Q207 |  | 3006967 | 106366 | SH |  | SOLE |  | 106366 | 0 | 0 |
| CLEARBRIDGE MLP AND MIDSTRM | COM | 184692200 |  | 1752000 | 52518 | SH |  | SOLE |  | 52518 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 31525116 | 495600 | SH |  | SOLE |  | 495600 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 18586555 | 531500 | SH |  | SOLE |  | 531500 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 8696600 | 73700 | SH |  | SOLE |  | 73700 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 4098330 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 5098500 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 2307497 | 26766 | SH |  | SOLE |  | 26766 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 6071974 | 103300 | SH |  | SOLE |  | 103300 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 27709550 | 60700 | SH |  | SOLE |  | 60700 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 298408 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 9170080 | 296000 | SH |  | SOLE |  | 296000 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 22215654 | 83700 | SH |  | SOLE |  | 83700 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 4428720 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 3609720 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 6402500 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 2545920 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 202356 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 226578 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 4255060 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 2405260 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 15902070 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4536416 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 18368700 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 375608 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 5895270 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 5546409 | 128300 | SH |  | SOLE |  | 128300 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 23394630 | 212100 | SH |  | SOLE |  | 212100 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 4901560 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 4545950 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| FIRST TR DYNAMIC EUROPE EQUI | COM SHS | 33740D107 |  | 216576 | 19200 | SH |  | SOLE |  | 19200 | 0 | 0 |
| FIRST TR ENERGY INFRASTRCTR | COM | 33738C103 |  | 159802 | 11082 | SH |  | SOLE |  | 11082 | 0 | 0 |
| FIRST TR MLP  ENERGY INCOM | COM | 33739B104 |  | 456604 | 58464 | SH |  | SOLE |  | 58464 | 0 | 0 |
| FST TR NEW OPPORT MLP  ENE | COM | 33739M100 |  | 160640 | 26552 | SH |  | SOLE |  | 26552 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 6670620 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 7353000 | 193500 | SH |  | SOLE |  | 193500 | 0 | 0 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 |  | 2137257 | 103700 | SH |  | SOLE |  | 103700 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 497012 | 44297 | SH |  | SOLE |  | 44297 | 0 | 0 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 1048750 | 204834 | SH |  | SOLE |  | 204834 | 0 | 0 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 11092447 | 306845 | SH |  | SOLE |  | 306845 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 7691410 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 5146920 | 153000 | SH |  | SOLE |  | 153000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 10302000 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2747040 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| GOLDMAN SACHS MLP ENERGY REN | COM | 38148G206 |  | 4053433 | 317170 | SH |  | SOLE |  | 317170 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 6238960 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 4043520 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2400536 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 19608450 | 91500 | SH |  | SOLE |  | 91500 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 376180 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 7170660 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 10043400 | 380000 | SH |  | SOLE |  | 380000 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 3145200 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 8173620 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 21036120 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 4712470 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 23821020 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 1901634 | 293462 | SH |  | SOLE |  | 293462 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 724265 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 34463700 | 257000 | SH |  | SOLE |  | 257000 | 0 | 0 |
| KAYNE ANDERSON NEXTGEN ENRGY | COM | 48661E108 |  | 4982299 | 663422 | SH |  | SOLE |  | 663422 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 4248800 | 235000 | SH |  | SOLE |  | 235000 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 7145100 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 21527880 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| LMP CAP  INCOME FD INC | COM | 50208A102 |  | 2387544 | 198301 | SH |  | SOLE |  | 198301 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 15081190 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 17931600 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| MACQUARIE GLOBAL INFRASTRUCT | COM | 55608D101 |  | 1376219 | 60573 | SH |  | SOLE |  | 60573 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1606182 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 1488900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 30947970 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 553413 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 7127280 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 22190000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 20217120 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 5997600 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 121828560 | 508000 | SH |  | SOLE |  | 508000 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1999500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 4670380 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 5851020 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 14461902 | 170100 | SH |  | SOLE |  | 170100 | 0 | 0 |
| MORGAN STANLEY INDIA INVT FD | COM | 61745C105 |  | 2874642 | 141608 | SH |  | SOLE |  | 141608 | 0 | 0 |
| NEUBERGER BERMAN NEXT GENERA | COMMON STOCK | 64133Q108 |  | 10332402 | 1136053 | SH |  | SOLE |  | 1136053 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 13564480 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 3304000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1797400 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1766851 | 15100 | SH |  | SOLE |  | 15100 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 7885440 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| NEUBERGER BERMAN MLP  ENERG | COM | 64129H104 |  | 1452326 | 218067 | SH |  | SOLE |  | 218067 | 0 | 0 |
| NUVEEN REAL ASSET INCOME  G | COM | 67074Y105 |  | 7325417 | 626104 | SH |  | SOLE |  | 626104 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 33699884 | 230600 | SH |  | SOLE |  | 230600 | 0 | 0 |
| NXG NEXTGEN INFRASTR INCM FD | COM | 231647207 |  | 1294751 | 33832 | SH |  | SOLE |  | 33832 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 5209273 | 82700 | SH |  | SOLE |  | 82700 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2043500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 2910000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 7122000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 24660090 | 136500 | SH |  | SOLE |  | 136500 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2039352 | 39800 | SH |  | SOLE |  | 39800 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 17731992 | 175200 | SH |  | SOLE |  | 175200 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 6052335 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 227340 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 9598540 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 5043420 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 9784660 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 17338056 | 171800 | SH |  | SOLE |  | 171800 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 7214900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 6049260 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 14402420 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 15247850 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 3644030 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 6490680 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2626260 | 78000 | SH |  | SOLE |  | 78000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 18165425 | 47500 | SH |  | SOLE |  | 47500 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 14310600 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| TEKLA HEALTHCARE INVS | SH BEN INT | 87911J103 |  | 4874400 | 270800 | SH |  | SOLE |  | 270800 | 0 | 0 |
| TEKLA LIFE SCIENCES INVS | SH BEN INT | 87911K100 |  | 3559463 | 250490 | SH |  | SOLE |  | 250490 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 36584460 | 297000 | SH |  | SOLE |  | 297000 | 0 | 0 |
| GABELLI HLTHCARE  WELLNESS | SHS | 36246K103 |  | 1221994 | 118871 | SH |  | SOLE |  | 118871 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 1761405 | 224669 | SH |  | SOLE |  | 224669 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 3010410 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 147400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 8319265 | 116500 | SH |  | SOLE |  | 116500 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 12736000 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 9991200 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 4075106 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 13958000 | 99700 | SH |  | SOLE |  | 99700 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 4407550 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 17808020 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 15297920 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 59433178 | 112100 | SH |  | SOLE |  | 112100 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 735788 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 5775600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| VIRTUS ARTIFICIAL INTELLIGEN | COM | 92838Y100 |  | 7749975 | 478689 | SH |  | SOLE |  | 478689 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 32826080 | 158000 | SH |  | SOLE |  | 158000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 2839360 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 12108866 | 85400 | SH |  | SOLE |  | 85400 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 8000880 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 2062720 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 19488880 | 472000 | SH |  | SOLE |  | 472000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1752750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |

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