# EDGAR Filing Document

**Accession Number:** 0001564770
**File Stem:** 0001564770-23-000003
**Filing Date:** 2023-2
**Character Count:** 24509
**Document Hash:** 907076a859c9f6c2626469314d44aedc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564770-23-000003.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001564770-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oxbow Advisors, LLC
- **CENTRAL INDEX KEY:** 0001564770
- **IRS NUMBER:** 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:** 23576280

**BUSINESS ADDRESS:**
- **STREET 1:** 500 WEST 5TH STREET
- **STREET 2:** SUITE 1205
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-386-1088

**MAIL ADDRESS:**
- **STREET 1:** 500 WEST 5TH STREET
- **STREET 2:** SUITE 1205
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

### 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:** Oxbow Advisors LLC<br>**Address:** 500 West 5th Street<br>Suite 1205<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:** 513-386-1088

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

/s/ Kim Mathis-Doumis  Austin, TX  02-01-2023<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:** 210

**Form 13F Information Table Value Total:** $530590546

      (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 |  | 387102 | 3228 | SH |  | SOLE |  | 0 | 0 | 3228 |
| ABBOTT LABS | COM | 002824100 |  | 905987 | 8252 | SH |  | SOLE |  | 0 | 0 | 8252 |
| ABBVIE INC | COM | 00287Y109 |  | 1052243 | 6511 | SH |  | SOLE |  | 0 | 0 | 6511 |
| ABRDN ASIA PACIFIC INCOME FU | COM | 003009107 |  | 569583 | 216571 | SH |  | SOLE |  | 0 | 0 | 216571 |
| ABRDN GOLD ETF TRUST | PHYSCL GOLD SHS | 00326A104 |  | 493527 | 28250 | SH |  | SOLE |  | 0 | 0 | 28250 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 124254 | 15930 | SH |  | SOLE |  | 0 | 0 | 15930 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 6342257 | 23768 | SH |  | SOLE |  | 268 | 0 | 23500 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 6626949 | 19692 | SH |  | SOLE |  | 182 | 0 | 19510 |
| ADT INC DEL | COM | 00090Q103 |  | 3477211 | 383375 | SH |  | SOLE |  | 0 | 0 | 383375 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 618204 | 56716 | SH |  | SOLE |  | 0 | 0 | 18877 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 2452056 | 47164 | SH |  | SOLE |  | 0 | 0 | 47164 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 594223 | 58776 | SH |  | SOLE |  | 0 | 0 | 58776 |
| ALCOA CORP | COM | 013872106 |  | 345572 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 643108 | 7289 | SH |  | SOLE |  | 0 | 0 | 7289 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 12943400 | 145874 | SH |  | SOLE |  | 1120 | 0 | 144754 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 3042845 | 66568 | SH |  | SOLE |  | 0 | 0 | 66568 |
| AMAZON COM INC | COM | 023135106 |  | 584640 | 6960 | SH |  | SOLE |  | 0 | 0 | 6960 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 244231 | 1653 | SH |  | SOLE |  | 0 | 0 | 1653 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 7352023 | 34702 | SH |  | SOLE |  | 290 | 0 | 34412 |
| AMGEN INC | COM | 031162100 |  | 912930 | 3476 | SH |  | SOLE |  | 0 | 0 | 3476 |
| ANGLOGOLD ASHANTI LIMITED | SPONSORED ADR | 035128206 |  | 278386 | 14335 | SH |  | SOLE |  | 0 | 0 | 14335 |
| APPLE INC | COM | 037833100 |  | 19723472 | 151801 | SH |  | SOLE |  | 1909 | 0 | 149892 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 2162512 | 126908 | SH |  | SOLE |  | 0 | 0 | 126908 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 652796 | 18577 | SH |  | SOLE |  | 0 | 0 | 18577 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1435549 | 6010 | SH |  | SOLE |  | 0 | 0 | 6010 |
| BANK AMERICA CORP | COM | 060505104 |  | 685319 | 20692 | SH |  | SOLE |  | 0 | 0 | 20692 |
| BARRICK GOLD CORP | COM | 067901108 |  | 887416 | 51654 | SH |  | SOLE |  | 0 | 0 | 51654 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 352714 | 1387 | SH |  | SOLE |  | 0 | 0 | 1387 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 468711 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 377785 | 1223 | SH |  | SOLE |  | 0 | 0 | 1223 |
| BK OF AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 14661868 | 12640 | SH |  | SOLE |  | 0 | 0 | 12640 |
| BLACKROCK LTD DURATION INCOM | COM SHS | 09249W101 |  | 459280 | 35140 | SH |  | SOLE |  | 0 | 0 | 22810 |
| BLACKSTONE INC | COM | 09260D107 |  | 1836573 | 24755 | SH |  | SOLE |  | 0 | 0 | 24755 |
| BLACKSTONE SENIOR FLOATNG RA | COM | 09256U105 |  | 425603 | 34240 | SH |  | SOLE |  | 0 | 0 | 34240 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 1416891 | 35440 | SH |  | SOLE |  | 0 | 0 | 35440 |
| BROADCOM INC | COM | 11135F101 |  | 1226731 | 2194 | SH |  | SOLE |  | 0 | 0 | 2194 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 1034354 | 7712 | SH |  | SOLE |  | 0 | 0 | 7712 |
| CALAMOS CONV  HIGH INCOME F | COM SHS | 12811P108 |  | 191588 | 18160 | SH |  | SOLE |  | 0 | 0 | 18160 |
| CATERPILLAR INC | COM | 149123101 |  | 2084172 | 8700 | SH |  | SOLE |  | 0 | 0 | 8700 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2296844 | 12797 | SH |  | SOLE |  | 0 | 0 | 12797 |
| CISCO SYS INC | COM | 17275R102 |  | 516418 | 10840 | SH |  | SOLE |  | 0 | 0 | 10840 |
| CLEARBRIDGE MLP AND MIDSTRM | COM | 184692200 |  | 284561 | 8530 | SH |  | SOLE |  | 0 | 0 | 8530 |
| CLEARBRIDGE MLP AND MIDSTRM | COM | 18469Q207 |  | 1038498 | 36735 | SH |  | SOLE |  | 0 | 0 | 36735 |
| CLOROX CO DEL | COM | 189054109 |  | 526799 | 3754 | SH |  | SOLE |  | 0 | 0 | 3754 |
| COCA COLA CO | COM | 191216100 |  | 233767 | 3675 | SH |  | SOLE |  | 0 | 0 | 3675 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1016570 | 8615 | SH |  | SOLE |  | 0 | 0 | 8615 |
| CORNING INC | COM | 219350105 |  | 691118 | 21638 | SH |  | SOLE |  | 0 | 0 | 21638 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 601210 | 1317 | SH |  | SOLE |  | 0 | 0 | 1317 |
| CRESTWOOD EQUITY PARTNERS LP | UNIT LTD PARTNER | 226344208 |  | 310351 | 11850 | SH |  | SOLE |  | 0 | 0 | 11850 |
| DANAHER CORPORATION | COM | 235851102 |  | 241798 | 911 | SH |  | SOLE |  | 0 | 0 | 911 |
| DEERE  CO | COM | 244199105 |  | 929552 | 2168 | SH |  | SOLE |  | 0 | 0 | 2168 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 685834 | 11150 | SH |  | SOLE |  | 0 | 0 | 11150 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 457248 | 3343 | SH |  | SOLE |  | 0 | 0 | 3343 |
| DOW INC | COM | 260557103 |  | 497299 | 9869 | SH |  | SOLE |  | 0 | 0 | 9869 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 361611 | 5269 | SH |  | SOLE |  | 0 | 0 | 5269 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 368393 | 33674 | SH |  | SOLE |  | 0 | 0 | 15000 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 488860 | 953 | SH |  | SOLE |  | 0 | 0 | 953 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 342122 | 50760 | SH |  | SOLE |  | 0 | 0 | 50760 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 804086 | 67741 | SH |  | SOLE |  | 0 | 0 | 67741 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 31833747 | 1319807 | SH |  | SOLE |  | 0 | 0 | 1319807 |
| EQT CORP | COM | 26884L109 |  | 207107 | 6122 | SH |  | SOLE |  | 0 | 0 | 6122 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 |  | 7149651 | 175237 | SH |  | SOLE |  | 0 | 0 | 175237 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4690477 | 42525 | SH |  | SOLE |  | 0 | 0 | 42525 |
| FIRST TR ABRDN GBL OPP INCM | COM SHS | 337319107 |  | 710568 | 118428 | SH |  | SOLE |  | 0 | 0 | 27200 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 511608 | 30453 | SH |  | SOLE |  | 0 | 0 | 30453 |
| FIRST TR EXCHANGE-TRADED FD | NY ARCA BIOTECH | 33733E203 |  | 1890404 | 12265 | SH |  | SOLE |  | 0 | 0 | 12265 |
| FIRST TR NAS100 EQ WEIGHTED | SHS | 337344105 |  | 872441 | 9827 | SH |  | SOLE |  | 0 | 0 | 9827 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 679585 | 36322 | SH |  | SOLE |  | 0 | 0 | 36322 |
| FLAHERTY  CRUMRINE PFD SECS | COM | 338478100 |  | 210300 | 14001 | SH |  | SOLE |  | 0 | 0 | 14001 |
| FRANCO NEV CORP | COM | 351858105 |  | 7025726 | 51478 | SH |  | SOLE |  | 0 | 0 | 51478 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 242326 | 6377 | SH |  | SOLE |  | 0 | 0 | 6377 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 333153 | 91778 | SH |  | SOLE |  | 0 | 0 | 91778 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 196864 | 38450 | SH |  | SOLE |  | 0 | 0 | 38450 |
| GENERAL MLS INC | COM | 370334104 |  | 692601 | 8260 | SH |  | SOLE |  | 0 | 0 | 8260 |
| GETTY RLTY CORP NEW | COM | 374297109 |  | 10005637 | 295587 | SH |  | SOLE |  | 0 | 0 | 295587 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 406641 | 39289 | SH |  | SOLE |  | 0 | 0 | 39289 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 296337 | 863 | SH |  | SOLE |  | 0 | 0 | 863 |
| HALLIBURTON CO | COM | 406216101 |  | 250581 | 6368 | SH |  | SOLE |  | 0 | 0 | 6368 |
| HANESBRANDS INC | COM | 410345102 |  | 743090 | 116838 | SH |  | SOLE |  | 0 | 0 | 116838 |
| HARLEY DAVIDSON INC | COM | 412822108 |  | 913536 | 21960 | SH |  | SOLE |  | 0 | 0 | 21960 |
| HOME DEPOT INC | COM | 437076102 |  | 656357 | 2078 | SH |  | SOLE |  | 0 | 0 | 2078 |
| HONEYWELL INTL INC | COM | 438516106 |  | 330665 | 1543 | SH |  | SOLE |  | 0 | 0 | 1543 |
| INTEL CORP | COM | 458140100 |  | 279971 | 10593 | SH |  | SOLE |  | 0 | 0 | 10593 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 2166606 | 15378 | SH |  | SOLE |  | 0 | 0 | 15378 |
| INVESCO ACTIVELY MANAGED ETF | ULTRA SHRT DUR | 46090A887 |  | 2361468 | 47745 | SH |  | SOLE |  | 0 | 0 | 47745 |
| INVESCO EXCH TRADED FD TR II | PFD ETF | 46138E511 |  | 436323 | 39027 | SH |  | SOLE |  | 0 | 0 | 39027 |
| INVESCO EXCH TRADED FD TR II | CEF INM COMPSI | 46138E404 |  | 890507 | 49145 | SH |  | SOLE |  | 0 | 0 | 49145 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2023 HY | 46138J858 |  | 212867 | 9132 | SH |  | SOLE |  | 0 | 0 | 9132 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 14801857 | 104792 | SH |  | SOLE |  | 0 | 0 | 104792 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1531643 | 5752 | SH |  | SOLE |  | 0 | 0 | 5752 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 49790 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 25520900 | 737811 | SH |  | SOLE |  | 0 | 0 | 737811 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 274182 | 3280 | SH |  | SOLE |  | 0 | 0 | 3280 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 244169 | 3620 | SH |  | SOLE |  | 0 | 0 | 3620 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 377459 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 1263790 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1365433 | 13715 | SH |  | SOLE |  | 0 | 0 | 13715 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 8786271 | 72855 | SH |  | SOLE |  | 0 | 0 | 72855 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 262016 | 1223 | SH |  | SOLE |  | 0 | 0 | 1223 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 1211107 | 14921 | SH |  | SOLE |  | 0 | 0 | 14921 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 598043 | 2710 | SH |  | SOLE |  | 0 | 0 | 2710 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 5820212 | 115457 | SH |  | SOLE |  | 0 | 0 | 115457 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 6857211 | 136789 | SH |  | SOLE |  | 2470 | 0 | 134319 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 4369485 | 125596 | SH |  | SOLE |  | 0 | 0 | 125596 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3067640 | 17366 | SH |  | SOLE |  | 0 | 0 | 17366 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 722928 | 5325 | SH |  | SOLE |  | 0 | 0 | 5325 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5703694 | 315470 | SH |  | SOLE |  | 0 | 0 | 315470 |
| KROGER CO | COM | 501044101 |  | 878360 | 19703 | SH |  | SOLE |  | 0 | 0 | 19703 |
| LILLY ELI  CO | COM | 532457108 |  | 290111 | 793 | SH |  | SOLE |  | 0 | 0 | 793 |
| LOWES COS INC | COM | 548661107 |  | 255027 | 1280 | SH |  | SOLE |  | 0 | 0 | 1280 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 9617214 | 191540 | SH |  | SOLE |  | 0 | 0 | 191540 |
| MANAGED PORTFOLIO SERIES | TORTOISE NRAM PI | 56167N720 |  | 6128761 | 248228 | SH |  | SOLE |  | 0 | 0 | 248228 |
| MARATHON PETE CORP | COM | 56585A102 |  | 249317 | 2142 | SH |  | SOLE |  | 0 | 0 | 2142 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 9821572 | 28245 | SH |  | SOLE |  | 248 | 0 | 27997 |
| MCDONALDS CORP | COM | 580135101 |  | 1268484 | 4813 | SH |  | SOLE |  | 0 | 0 | 4813 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 250487 | 296 | SH |  | SOLE |  | 0 | 0 | 296 |
| MERCK  CO INC | COM | 58933Y105 |  | 1235927 | 11139 | SH |  | SOLE |  | 0 | 0 | 11139 |
| METLIFE INC | COM | 59156R108 |  | 275006 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 325000 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| MICROSOFT CORP | COM | 594918104 |  | 22236669 | 92722 | SH |  | SOLE |  | 1146 | 0 | 91576 |
| MOODYS CORP | COM | 615369105 |  | 6251599 | 22438 | SH |  | SOLE |  | 240 | 0 | 22198 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1282365 | 4976 | SH |  | SOLE |  | 0 | 0 | 4976 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 789013 | 24026 | SH |  | SOLE |  | 0 | 0 | 24026 |
| NEW GOLD INC CDA | COM | 644535106 |  | 119928 | 122376 | SH |  | SOLE |  | 0 | 0 | 122376 |
| NEWMONT CORP | COM | 651639106 |  | 7190577 | 152343 | SH |  | SOLE |  | 0 | 0 | 152343 |
| NEXTERA ENERGY INC | UNIT 09/01/2025 | 65339F713 |  | 10673556 | 212663 | SH |  | SOLE |  | 0 | 0 | 212663 |
| NEXTERA ENERGY INC | UNIT 09/01/2023 | 65339F739 |  | 703225 | 13928 | SH |  | SOLE |  | 0 | 0 | 13928 |
| NIKE INC | CL B | 654106103 |  | 4520042 | 38630 | SH |  | SOLE |  | 445 | 0 | 38185 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 327366 | 600 | SH |  | SOLE |  | 0 | 0 | 600 |
| NUSTAR ENERGY LP | UNIT COM | 67058H102 |  | 480448 | 30028 | SH |  | SOLE |  | 0 | 0 | 30028 |
| NUTRIEN LTD | COM | 67077M108 |  | 423574 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 387667 | 34096 | SH |  | SOLE |  | 0 | 0 | 34096 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 151208 | 12517 | SH |  | SOLE |  | 0 | 0 | 12517 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 |  | 121212 | 16650 | SH |  | SOLE |  | 0 | 0 | 16650 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 387066 | 32802 | SH |  | SOLE |  | 0 | 0 | 32802 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 300066 | 7800 | SH |  | SOLE |  | 0 | 0 | 7800 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 683058 | 4674 | SH |  | SOLE |  | 0 | 0 | 4674 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 8949077 | 320182 | SH |  | SOLE |  | 0 | 0 | 320182 |
| ONEOK INC NEW | COM | 682680103 |  | 1539079 | 23426 | SH |  | SOLE |  | 0 | 0 | 23426 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 13241987 | 15689 | SH |  | SOLE |  | 248 | 0 | 15441 |
| PDC ENERGY INC | COM | 69327R101 |  | 634800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| PEPSICO INC | COM | 713448108 |  | 1610813 | 8916 | SH |  | SOLE |  | 0 | 0 | 8916 |
| PFIZER INC | COM | 717081103 |  | 978777 | 19102 | SH |  | SOLE |  | 0 | 0 | 19102 |
| PHYSICIANS RLTY TR | COM | 71943U104 |  | 7722352 | 533680 | SH |  | SOLE |  | 0 | 0 | 533680 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 836760 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 1323207 | 112518 | SH |  | SOLE |  | 0 | 0 | 112518 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 8085095 | 649927 | SH |  | SOLE |  | 0 | 0 | 649927 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1504688 | 9928 | SH |  | SOLE |  | 0 | 0 | 9928 |
| PROSHARES TR | SHORT QQQ NEW | 74347B714 |  | 653568 | 44400 | SH |  | SOLE |  | 0 | 0 | 44400 |
| PROSHARES TR | SHORT S 500 NE | 74347B425 |  | 29321387 | 1829157 | SH |  | SOLE |  | 16020 | 0 | 1813137 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 392986 | 3894 | SH |  | SOLE |  | 0 | 0 | 3894 |
| REALTY INCOME CORP | COM | 756109104 |  | 296218 | 4670 | SH |  | SOLE |  | 0 | 0 | 4670 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 479198 | 3715 | SH |  | SOLE |  | 0 | 0 | 3715 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 1358322 | 15939 | SH |  | SOLE |  | 0 | 0 | 15939 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 281041 | 3213 | SH |  | SOLE |  | 0 | 0 | 3213 |
| SEMA4 HOLDINGS CORP | COM CL A | 81663L101 |  | 8046 | 30500 | SH |  | SOLE |  | 0 | 0 | 30500 |
| SERVICENOW INC | COM | 81762P102 |  | 4491507 | 11568 | SH |  | SOLE |  | 120 | 0 | 11448 |
| SHELL PLC | SPON ADS | 780259305 |  | 632430 | 11105 | SH |  | SOLE |  | 0 | 0 | 11105 |
| SITIO ROYALTIES CORP | CLASS A COM | 82983N108 |  | 5519515 | 191318 | SH |  | SOLE |  | 0 | 0 | 191318 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 1275897 | 37838 | SH |  | SOLE |  | 0 | 0 | 37838 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 455944 | 7550 | SH |  | SOLE |  | 0 | 0 | 7550 |
| SOUTHSTATE CORPORATION | COM | 840441109 |  | 1437477 | 18825 | SH |  | SOLE |  | 0 | 0 | 18825 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 |  | 264373 | 45192 | SH |  | SOLE |  | 0 | 0 | 45192 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2957673 | 17435 | SH |  | SOLE |  | 0 | 0 | 17435 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1568728 | 4102 | SH |  | SOLE |  | 0 | 0 | 4102 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 485550 | 5850 | SH |  | SOLE |  | 0 | 0 | 5850 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 171343 | 12152 | SH |  | SOLE |  | 0 | 0 | 12152 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 145436 | 17650 | SH |  | SOLE |  | 0 | 0 | 17650 |
| SSR MNG INC | COM | 784730103 |  | 552054 | 35230 | SH |  | SOLE |  | 0 | 0 | 35230 |
| STARBUCKS CORP | COM | 855244109 |  | 657884 | 6632 | SH |  | SOLE |  | 0 | 0 | 6632 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 170972 | 11263 | SH |  | SOLE |  | 0 | 0 | 11263 |
| SYSCO CORP | COM | 871829107 |  | 733920 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| TC ENERGY CORP | COM | 87807B107 |  | 351565 | 8820 | SH |  | SOLE |  | 0 | 0 | 8820 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 406565 | 10750 | SH |  | SOLE |  | 0 | 0 | 10750 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 844340 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| TEXAS INSTRS INC | COM | 882508104 |  | 472703 | 2861 | SH |  | SOLE |  | 0 | 0 | 2861 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 431190 | 783 | SH |  | SOLE |  | 0 | 0 | 783 |
| TJX COS INC NEW | COM | 872540109 |  | 207199 | 2603 | SH |  | SOLE |  | 0 | 0 | 2603 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 5005934 | 99423 | SH |  | SOLE |  | 0 | 0 | 99423 |
| UNITED RENTALS INC | COM | 911363109 |  | 408733 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 15619965 | 29462 | SH |  | SOLE |  | 407 | 0 | 29055 |
| URSTADT BIDDLE PPTYS INC | CL A | 917286205 |  | 3038670 | 160352 | SH |  | SOLE |  | 0 | 0 | 160352 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 560721 | 4420 | SH |  | SOLE |  | 0 | 0 | 4420 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 643839 | 18060 | SH |  | SOLE |  | 0 | 0 | 18060 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 260420 | 1222 | SH |  | SOLE |  | 0 | 0 | 1222 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1307648 | 3722 | SH |  | SOLE |  | 390 | 0 | 3332 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1000293 | 5450 | SH |  | SOLE |  | 0 | 0 | 5450 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 774478 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 272100 | 1562 | SH |  | SOLE |  | 0 | 0 | 1562 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 301179 | 2227 | SH |  | SOLE |  | 0 | 0 | 2227 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 272400 | 3303 | SH |  | SOLE |  | 0 | 0 | 3303 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1881396 | 9840 | SH |  | SOLE |  | 0 | 0 | 9840 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 285961 | 1641 | SH |  | SOLE |  | 0 | 0 | 1641 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 284438 | 4616 | SH |  | SOLE |  | 0 | 0 | 4616 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 289008 | 4942 | SH |  | SOLE |  | 0 | 0 | 4942 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 894764 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| VENTAS INC | COM | 92276F100 |  | 980182 | 21758 | SH |  | SOLE |  | 0 | 0 | 21758 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1210683 | 30728 | SH |  | SOLE |  | 0 | 0 | 30728 |
| VIRTUS CONVERTIBLE  INCOME | COM | 92838X102 |  | 78154 | 22986 | SH |  | SOLE |  | 0 | 0 | 22986 |
| VISA INC | COM CL A | 92826C839 |  | 8549267 | 41150 | SH |  | SOLE |  | 364 | 0 | 40786 |
| VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 |  | 91069 | 17649 | SH |  | SOLE |  | 0 | 0 | 17649 |
| WALMART INC | COM | 931142103 |  | 848188 | 5982 | SH |  | SOLE |  | 0 | 0 | 5982 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1293946 | 8248 | SH |  | SOLE |  | 0 | 0 | 8248 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 14137955 | 11931 | SH |  | SOLE |  | 0 | 0 | 11931 |
| WESTERN ASSET HIGH INCOME OP | COM | 95766K109 |  | 39500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| WESTERN UN CO | COM | 959802109 |  | 1667079 | 121066 | SH |  | SOLE |  | 0 | 0 | 121066 |
| WILLIAMS COS INC | COM | 969457100 |  | 2401141 | 72983 | SH |  | SOLE |  | 0 | 0 | 72983 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 1595549 | 13884 | SH |  | SOLE |  | 0 | 0 | 13884 |
| YUM BRANDS INC | COM | 988498101 |  | 280627 | 2191 | SH |  | SOLE |  | 0 | 0 | 2191 |
| ZOETIS INC | CL A | 98978V103 |  | 447710 | 3055 | SH |  | SOLE |  | 0 | 0 | 3055 |

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