# EDGAR Filing Document

**Accession Number:** 0001690717
**File Stem:** 0001398344-23-003193
**Filing Date:** 2023-2
**Character Count:** 18257
**Document Hash:** 5af8c86f9393b955733963933301c89c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003193.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003193

**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:** ELCO Management Co., LLC
- **CENTRAL INDEX KEY:** 0001690717
- **IRS NUMBER:** 133811111
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17577
- **FILM NUMBER:** 23624029

**BUSINESS ADDRESS:**
- **STREET 1:** 369 LEXINGTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-603-7852

**MAIL ADDRESS:**
- **STREET 1:** 369 LEXINGTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### 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:** ELCO Management Co. LLC<br>**Address:** 369 LEXINGTON AVENUE<br>3RD FLOOR<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-17577

**CRD Number (if applicable):** 000137036

**SEC File Number (if applicable):** 801-64940

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:** JAMES ELLIOT<br>**Title:** MEMBER<br>**Phone:** 212-603-7582

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

/s/ JAMES ELLIOT  NEW YORK, NY  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 144

**Form 13F Information Table Value Total:** $133058373

      (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.]

|   No. | Name                         | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | MENDON CAPITAL ADVISORS CORP | 028-10662              |  |  |
|     2 | Water Asset Management LLC   | 028-14357              |  |  |

### 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 |
| VERSABANK NEW | COM | 92512j106 |  | 1043445 | 138756 | SH |  | DFND |  | 0 | 138756 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 2048132 | 18655 | SH |  | SOLE |  | 0 | 0 | 18655 |
| ABBVIE INC | COM | 00287y109 |  | 2955847 | 18290 | SH |  | SOLE |  | 0 | 0 | 18290 |
| ALPHABET INC | CAP STK CL C | 02079k107 |  | 2668732 | 30077 | SH |  | SOLE |  | 1915 | 0 | 28162 |
| AMAZON COM INC | COM | 023135106 |  | 2370732 | 28223 | SH |  | SOLE |  | 1600 | 0 | 26623 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1867450 | 12252 | SH |  | SOLE |  | 680 | 0 | 11572 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1142998 | 7499 | SH |  | DFND |  | 0 | 7499 | 0 |
| APPLE INC | COM | 037833100 |  | 4724515 | 36362 | SH |  | SOLE |  | 1980 | 0 | 34382 |
| ARES CAPITAL CORP | COM | 04010l103 |  | 230875 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| ARTESIAN RES CORP | CL A | 043113208 |  | 344216 | 5876 | SH |  | DFND |  | 0 | 5876 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | n07059210 |  | 219106 | 401 | SH |  | SOLE |  | 0 | 0 | 401 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 276466 | 895 | SH |  | SOLE |  | 0 | 0 | 895 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258a107 |  | 143521 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| BLACKROCK SCIENCE  TECHNOLO | SHS | 09258g104 |  | 212775 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| BOEING CO | COM | 097023105 |  | 1157608 | 6077 | SH |  | SOLE |  | 355 | 0 | 5722 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 522600 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| BUSINESS FIRST BANCSHARES IN | COM | 12326c105 |  | 617573 | 27894 | SH |  | DFND |  | 0 | 27894 | 0 |
| CALIFORNIA BANCORP INC | COM | 13005u101 |  | 361955 | 15221 | SH |  | DFND |  | 0 | 15221 | 0 |
| CAPSTAR FINL HLDGS INC | COM | 14070t102 |  | 223841 | 12675 | SH |  | DFND |  | 0 | 12675 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448c104 |  | 619410 | 15016 | SH |  | SOLE |  | 1425 | 0 | 13591 |
| CHENIERE ENERGY INC | COM NEW | 16411r208 |  | 7947430 | 52997 | SH |  | SOLE |  | 23300 | 0 | 29697 |
| CHINA LIBERAL ED HLDGS LTD | ORD | g2161y109 |  | 10000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441a102 |  | 120810 | 11333 | SH |  | DFND |  | 0 | 11333 | 0 |
| CLEARWAY ENERGY INC | CL C | 18539c204 |  | 1147447 | 36004 | SH |  | SOLE |  | 10200 | 0 | 25804 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1063665 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| COMMUNITY FINL CORP MD | COM | 20368x101 |  | 387708 | 9717 | SH |  | DFND |  | 0 | 9717 | 0 |
| CONSOLIDATED WATER CO INC | ORD | g23773107 |  | 237096 | 16020 | SH |  | DFND |  | 0 | 16020 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036p108 |  | 891311 | 3846 | SH |  | SOLE |  | 280 | 0 | 3566 |
| CORE  MAIN INC | CL A | 21874C102 |  | 273526 | 14165 | SH |  | DFND |  | 0 | 14165 | 0 |
| CORNING INC | COM | 219350105 |  | 866181 | 27119 | SH |  | SOLE |  | 1500 | 0 | 25619 |
| CUMMINS INC | COM | 231021106 |  | 495968 | 2047 | SH |  | SOLE |  | 155 | 0 | 1892 |
| CVS HEALTH CORP | COM | 126650100 |  | 766581 | 8226 | SH |  | SOLE |  | 680 | 0 | 7546 |
| DANAHER CORPORATION | COM | 235851102 |  | 300455 | 1132 | SH |  | SOLE |  | 0 | 0 | 1132 |
| DEERE  CO | COM | 244199105 |  | 214380 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| DOMINION ENERGY INC | COM | 25746u109 |  | 432061 | 7046 | SH |  | SOLE |  | 0 | 0 | 7046 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829g106 |  | 260438 | 34725 | SH |  | SOLE |  | 0 | 0 | 34725 |
| EATON VANCE SHORT DURATION D | COM | 27828v104 |  | 515614 | 50600 | SH |  | SOLE |  | 0 | 0 | 50600 |
| ECOLAB INC | COM | 278865100 |  | 330858 | 2273 | SH |  | DFND |  | 0 | 2273 | 0 |
| EQT CORP | COM | 26884l109 |  | 1136688 | 33600 | SH |  | SOLE |  | 12000 | 0 | 21600 |
| EQUITRANS MIDSTREAM CORP | COM | 294600101 |  | 350149 | 52261 | SH |  | SOLE |  | 34000 | 0 | 18261 |
| EQUITY BANCSHARES INC | COM CL A | 29460x109 |  | 325557 | 9965 | SH |  | DFND |  | 0 | 9965 | 0 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 681537 | 14279 | SH |  | SOLE |  | 1130 | 0 | 13149 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 473004 | 9910 | SH |  | DFND |  | 0 | 9910 | 0 |
| FINWISE BANCORP | COM | 31813A109 |  | 264827 | 28599 | SH |  | DFND |  | 0 | 28599 | 0 |
| FIRST BANCSHARES INC MS | COM | 318916103 |  | 327942 | 10245 | SH |  | DFND |  | 0 | 10245 | 0 |
| FIRST FNDTN INC | COM | 32026V104 |  | 279220 | 19485 | SH |  | DFND |  | 0 | 19485 | 0 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055y201 |  | 229001 | 5925 | SH |  | SOLE |  | 0 | 0 | 5925 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055y201 |  | 359986 | 9314 | SH |  | DFND |  | 0 | 9314 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 327948 | 11650 | SH |  | DFND |  | 0 | 11650 | 0 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 571409 | 7165 | SH |  | DFND |  | 0 | 7165 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 507588 | 38222 | SH |  | DFND |  | 0 | 38222 | 0 |
| GLOBAL X FDS | NASDAQ 100 COVER | 37954y483 |  | 300699 | 18900 | SH |  | SOLE |  | 0 | 0 | 18900 |
| GLOBAL X FDS | S 500 COVERED | 37954y475 |  | 2291334 | 58200 | SH |  | SOLE |  | 0 | 0 | 58200 |
| HEXCEL CORP NEW | COM | 428291108 |  | 4623374 | 78562 | SH |  | SOLE |  | 18200 | 0 | 60362 |
| HOME DEPOT INC | COM | 437076102 |  | 2650697 | 8392 | SH |  | SOLE |  | 520 | 0 | 7872 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1926128 | 8988 | SH |  | SOLE |  | 495 | 0 | 8493 |
| HUBBELL INC | COM | 443510607 |  | 1223622 | 5214 | SH |  | SOLE |  | 380 | 0 | 4834 |
| ILLUMINA INC | COM | 452327109 |  | 2210653 | 10933 | SH |  | SOLE |  | 355 | 0 | 10578 |
| IMAX CORP | COM | 45245e109 |  | 153930 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866f104 |  | 1027644 | 10017 | SH |  | SOLE |  | 0 | 0 | 10017 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137v100 |  | 438883 | 5598 | SH |  | SOLE |  | 0 | 0 | 5598 |
| INVESTAR HLDG CORP | COM | 46134l105 |  | 352403 | 16368 | SH |  | DFND |  | 0 | 16368 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 732005 | 8624 | SH |  | SOLE |  | 0 | 0 | 8624 |
| JD.COM INC | SPON ADR CL A | 47215p106 |  | 280650 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| JETBLUE AWYS CORP | COM | 477143101 |  | 71280 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 936598 | 5302 | SH |  | SOLE |  | 250 | 0 | 5052 |
| JPMORGAN CHASE  CO | COM | 46625h100 |  | 1035923 | 7725 | SH |  | SOLE |  | 405 | 0 | 7320 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641q332 |  | 1198780 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| KINDER MORGAN INC DEL | COM | 49456b101 |  | 258056 | 14273 | SH |  | SOLE |  | 0 | 0 | 14273 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077b207 |  | 140352 | 13600 | SH |  | SOLE |  | 0 | 0 | 13600 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566p109 |  | 16680 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| LINKBANCORP INC | COM | 53578P105 |  | 1164720 | 124569 | SH |  | DFND |  | 0 | 124569 | 0 |
| MADISON COVERED CALL  EQUIT | COM | 557437100 |  | 177475 | 22900 | SH |  | SOLE |  | 0 | 0 | 22900 |
| MAINSTREET BANCSHARES INC | COM | 56064y100 |  | 979634 | 35636 | SH |  | DFND |  | 0 | 35636 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 611193 | 4105 | SH |  | SOLE |  | 350 | 0 | 3755 |
| MASCO CORP | COM | 574599106 |  | 327530 | 7018 | SH |  | DFND |  | 0 | 7018 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1132388 | 4297 | SH |  | SOLE |  | 155 | 0 | 4142 |
| MEDTRONIC PLC | SHS | g5960l103 |  | 927666 | 11936 | SH |  | SOLE |  | 1000 | 0 | 10936 |
| MERIDIAN CORPORATION | COM | 58958p104 |  | 383623 | 12665 | SH |  | DFND |  | 0 | 12665 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2912374 | 12144 | SH |  | SOLE |  | 820 | 0 | 11324 |
| MYOVANT SCIENCES LTD | COM | g637am102 |  | 215680 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 103045 | 11982 | SH |  | DFND |  | 0 | 11982 | 0 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 678414 | 8115 | SH |  | SOLE |  | 0 | 0 | 8115 |
| NEXTERA ENERGY PARTNERS LP | COM UNIT PART IN | 65341b106 |  | 372879 | 5320 | SH |  | SOLE |  | 0 | 0 | 5320 |
| ONEOK INC NEW | COM | 682680103 |  | 287173 | 4365 | SH |  | SOLE |  | 0 | 0 | 4365 |
| OTIS WORLDWIDE CORP | COM | 68902v107 |  | 600638 | 7670 | SH |  | SOLE |  | 702 | 0 | 6968 |
| PEAPACK-GLADSTONE FINL CORP | COM | 704699107 |  | 368106 | 9890 | SH |  | DFND |  | 0 | 9890 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 1256145 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| PRIMERICA INC | COM | 74164m108 |  | 567280 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| PRIMIS FINANCIAL CORP | COM | 74167b109 |  | 1363 | 115 | SH |  | SOLE |  | 0 | 0 | 115 |
| PRIMIS FINANCIAL CORP | COM | 74167b109 |  | 515131 | 43471 | SH |  | DFND |  | 0 | 43471 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1448914 | 9560 | SH |  | SOLE |  | 620 | 0 | 8940 |
| PROVIDENT FINL SVCS INC | COM | 74386t105 |  | 1034636 | 48438 | SH |  | SOLE |  | 5500 | 0 | 42938 |
| PROVIDENT FINL SVCS INC | COM | 74386t105 |  | 155843 | 7296 | SH |  | DFND |  | 0 | 7296 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 269353 | 2450 | SH |  | SOLE |  | 0 | 0 | 2450 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513e101 |  | 1015356 | 10061 | SH |  | SOLE |  | 535 | 0 | 9526 |
| RIVERVIEW BANCORP INC | COM | 769397100 |  | 148047 | 19277 | SH |  | DFND |  | 0 | 19277 | 0 |
| SELECT ENERGY SVCS INC | CL A COM | 81617j301 |  | 941029 | 101843 | SH |  | DFND |  | 0 | 101843 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369y209 |  | 393965 | 2900 | SH |  | SOLE |  | 260 | 0 | 2640 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369y704 |  | 294630 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369y605 |  | 297711 | 8705 | SH |  | SOLE |  | 0 | 0 | 8705 |
| SEMPRA | COM | 816851109 |  | 1382206 | 8944 | SH |  | SOLE |  | 510 | 0 | 8434 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 415461 | 23836 | SH |  | DFND |  | 0 | 23836 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 |  | 493917 | 10796 | SH |  | DFND |  | 0 | 10796 | 0 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 |  | 269100 | 46000 | SH |  | SOLE |  | 0 | 0 | 46000 |
| SPDR GOLD TR | GOLD SHS | 78463v107 |  | 237496 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| SPDR S 500 ETF TR | TR UNIT | 78462f103 |  | 3366531 | 8803 | SH |  | SOLE |  | 7231 | 0 | 1572 |
| STANTEC INC | COM | 85472N109 |  | 270828 | 4173 | SH |  | DFND |  | 0 | 4173 | 0 |
| STARWOOD PPTY TR INC | COM | 85571b105 |  | 203463 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| TARGA RES CORP | COM | 87612g101 |  | 4211109 | 57294 | SH |  | SOLE |  | 24000 | 0 | 33294 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369y803 |  | 440891 | 3543 | SH |  | SOLE |  | 0 | 0 | 3543 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 233175 | 1606 | SH |  | DFND |  | 0 | 1606 | 0 |
| COCA COLA CO | COM | 191216100 |  | 469569 | 7382 | SH |  | SOLE |  | 580 | 0 | 6802 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 254187 | 13792 | SH |  | DFND |  | 0 | 13792 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 235553 | 1355 | SH |  | SOLE |  | 0 | 0 | 1355 |
| UNIVERSAL DISPLAY CORP | COM | 91347p105 |  | 324120 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| USCB FINANCIAL HOLDINGS INC | CLASS A COM | 90355n101 |  | 795037 | 65167 | SH |  | DFND |  | 0 | 65167 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343v104 |  | 300267 | 7621 | SH |  | SOLE |  | 0 | 0 | 7621 |
| VISA INC | COM CL A | 92826c839 |  | 212331 | 1022 | SH |  | SOLE |  | 0 | 0 | 1022 |
| WALMART INC | COM | 931142103 |  | 239625 | 1690 | SH |  | SOLE |  | 345 | 0 | 1345 |
| DISNEY WALT CO | COM | 254687106 |  | 1020232 | 11743 | SH |  | SOLE |  | 600 | 0 | 11143 |
| WILLIAMS COS INC | COM | 969457100 |  | 8298893 | 252246 | SH |  | SOLE |  | 56930 | 0 | 195316 |
| XYLEM INC | COM | 98419m100 |  | 327951 | 2966 | SH |  | SOLE |  | 0 | 0 | 2966 |
| XYLEM INC | COM | 98419m100 |  | 304952 | 2758 | SH |  | DFND |  | 0 | 2758 | 0 |
| YORK WTR CO | COM | 987184108 |  | 526311 | 11701 | SH |  | DFND |  | 0 | 11701 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956p102 |  | 588923 | 4619 | SH |  | SOLE |  | 400 | 0 | 4219 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273v100 |  | 6705743 | 564932 | SH |  | SOLE |  | 221700 | 0 | 343232 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1389698 | 57616 | SH |  | SOLE |  | 22000 | 0 | 35616 |
| GENESIS ENERGY L P | UNIT LTD PARTN | 371927104 |  | 247541 | 24245 | SH |  | SOLE |  | 0 | 0 | 24245 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 371253 | 7394 | SH |  | SOLE |  | 0 | 0 | 7394 |
| MPLX LP | COM UNIT REP LTD | 55336v100 |  | 2750810 | 83764 | SH |  | SOLE |  | 54000 | 0 | 29764 |
| NGL ENERGY PARTNERS LP | COM UNIT REPST | 62913m107 |  | 88028 | 72750 | SH |  | SOLE |  | 50000 | 0 | 22750 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 1817214 | 154525 | SH |  | SOLE |  | 124000 | 0 | 30525 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651a207 |  | 176051 | 14152 | SH |  | SOLE |  | 0 | 0 | 14152 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765k109 |  | 2126554 | 49340 | SH |  | SOLE |  | 0 | 0 | 49340 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 2195632 | 81774 | SH |  | SOLE |  | 52000 | 0 | 29774 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251a104 |  | 497352 | 55200 | SH |  | SOLE |  | 0 | 0 | 55200 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 332816 | 24800 | SH |  | SOLE |  | 0 | 0 | 24800 |
| EATON VANCE TAX-MANAGED DIVE | COM | 27828n102 |  | 672234 | 61900 | SH |  | SOLE |  | 0 | 0 | 61900 |
| FRANKLIN LTD DURATION INCOME | COM | 35472t101 |  | 173880 | 28000 | SH |  | SOLE |  | 0 | 0 | 28000 |
| GOLDMAN SACHS MLP ENERGY REN | COM | 38148g206 |  | 149705 | 11714 | SH |  | SOLE |  | 0 | 0 | 11714 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 182970 | 32100 | SH |  | SOLE |  | 0 | 0 | 32100 |
| VIRTUS CONVERTIBLE  INCOME | COM | 92838x102 |  | 44200 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 414750 | 350 | SH |  | SOLE |  | 0 | 0 | 350 |

---