# EDGAR Filing Document

**Accession Number:** 0001564770
**File Stem:** 0002085853-26-000513
**Filing Date:** 2026-4
**Character Count:** 27926
**Document Hash:** b01b23117c6079863c9a74aa946631cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000513.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0002085853-26-000513

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**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:** 26901719

**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:** 03-31-2026

**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  04-27-2026<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:** 245

**Form 13F Information Table Value Total:** $1176504775

      (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 |  | 383117 | 2638 | SH |  | SOLE |  | 0 | 0 | 2638 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 654977 | 6379 | SH |  | SOLE |  | 0 | 0 | 6379 |
| ABBVIE INC | COM | 00287Y109 |  | 5105345 | 23474 | SH |  | SOLE |  | 51 | 0 | 23423 |
| ABRDN ASIA PACIFIC INCOME FU | COM NEW | 003009867 |  | 439940 | 30509 | SH |  | SOLE |  | 0 | 0 | 30509 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 140780 | 27604 | SH |  | SOLE |  | 0 | 0 | 27604 |
| ADOBE INC | COM | 00724F101 |  | 350521 | 1442 | SH |  | SOLE |  | 0 | 0 | 1442 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 |  | 3182513 | 23208 | SH |  | SOLE |  | 71 | 0 | 23137 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 168806 | 15126 | SH |  | SOLE |  | 0 | 0 | 15126 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 17713951 | 87269 | SH |  | SOLE |  | 0 | 0 | 87269 |
| AIRBNB INC | COM CL A | 009066101 |  | 6422727 | 50861 | SH |  | SOLE |  | 163 | 0 | 50698 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 8847423 | 199132 | SH |  | SOLE |  | 0 | 0 | 199132 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 323367 | 11695 | SH |  | SOLE |  | 0 | 0 | 11695 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 229632 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| ALMONTY INDS INC | COM NEW | 020398707 |  | 3762570 | 259846 | SH |  | SOLE |  | 0 | 0 | 259846 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1855124 | 6451 | SH |  | SOLE |  | 0 | 0 | 6451 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 25344879 | 88353 | SH |  | SOLE |  | 135 | 0 | 88218 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 23864648 | 453356 | SH |  | SOLE |  | 0 | 0 | 453356 |
| AMAZON COM INC | COM | 023135106 |  | 1407905 | 6760 | SH |  | SOLE |  | 0 | 0 | 6760 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 4416732 | 33695 | SH |  | SOLE |  | 106 | 0 | 33589 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 500059 | 1653 | SH |  | SOLE |  | 0 | 0 | 1653 |
| AMGEN INC | COM | 031162100 |  | 4083605 | 11606 | SH |  | SOLE |  | 35 | 0 | 11571 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 |  | 258415 | 8695 | SH |  | SOLE |  | 0 | 0 | 8695 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 663898 | 6819 | SH |  | SOLE |  | 0 | 0 | 6819 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 413875 | 9752 | SH |  | SOLE |  | 0 | 0 | 9752 |
| APPLE INC | COM | 037833100 |  | 26293828 | 103605 | SH |  | SOLE |  | 153 | 0 | 103452 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 8131942 | 84717 | SH |  | SOLE |  | 273 | 0 | 84444 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 4232321 | 58224 | SH |  | SOLE |  | 0 | 0 | 58224 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 7997748 | 40552 | SH |  | SOLE |  | 121 | 0 | 40431 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1174380 | 5780 | SH |  | SOLE |  | 0 | 0 | 5780 |
| B2GOLD CORP | COM | 11777Q209 |  | 346477 | 76485 | SH |  | SOLE |  | 0 | 0 | 76485 |
| BANK AMERICA CORP | COM | 060505104 |  | 418178 | 8578 | SH |  | SOLE |  | 0 | 0 | 8578 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 344521 | 289 | SH |  | SOLE |  | 0 | 0 | 289 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 640184 | 15695 | SH |  | SOLE |  | 0 | 0 | 15695 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1009195 | 2106 | SH |  | SOLE |  | 0 | 0 | 2106 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 718140 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BHP BILLITON LIMITED | SPONSORED ADS | 088606108 |  | 9253319 | 127211 | SH |  | SOLE |  | 0 | 0 | 127211 |
| BKV CORP | COM | 05603J108 |  | 3711650 | 130142 | SH |  | SOLE |  | 0 | 0 | 130142 |
| BLACKSTONE INC | COM | 09260D107 |  | 1961844 | 17061 | SH |  | SOLE |  | 0 | 0 | 17061 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 16312736 | 251429 | SH |  | SOLE |  | 0 | 0 | 251429 |
| BOEING CO | COM | 097023105 |  | 341336 | 1715 | SH |  | SOLE |  | 0 | 0 | 1715 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 8539527 | 2028 | SH |  | SOLE |  | 6 | 0 | 2022 |
| BP PLC | SPONSORED ADR | 055622104 |  | 214320 | 4560 | SH |  | SOLE |  | 0 | 0 | 4560 |
| BROADCOM INC | COM | 11135F101 |  | 2045843 | 6610 | SH |  | SOLE |  | 0 | 0 | 6610 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 2862061 | 10300 | SH |  | SOLE |  | 33 | 0 | 10267 |
| CALAMOS CONV  HIGH INCOME F | COM SHS | 12811P108 |  | 190575 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| CATERPILLAR INC | COM | 149123101 |  | 3694511 | 5215 | SH |  | SOLE |  | 0 | 0 | 5215 |
| CF INDUSTRIES HOLD | COM | 125269100 |  | 5657908 | 43576 | SH |  | SOLE |  | 0 | 0 | 43576 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 14152213 | 49874 | SH |  | SOLE |  | 156 | 0 | 49718 |
| CHEVRON CORPORATION | COM | 166764100 |  | 16846420 | 81423 | SH |  | SOLE |  | 109 | 0 | 81314 |
| CISCO SYS INC | COM | 17275R102 |  | 334878 | 4316 | SH |  | SOLE |  | 0 | 0 | 4316 |
| CLEARBRIDGE ENERGY MIDSTREAM | COM | 18469P209 |  | 3089125 | 58484 | SH |  | SOLE |  | 0 | 0 | 58484 |
| CLOROX CO DEL | COM | 189054109 |  | 329958 | 3184 | SH |  | SOLE |  | 0 | 0 | 3184 |
| COCA COLA CONS INC | COM | 191098102 |  | 346666 | 1808 | SH |  | SOLE |  | 0 | 0 | 1808 |
| COEUR MNG INC | COM NEW | 192108504 |  | 2655899 | 141497 | SH |  | SOLE |  | 0 | 0 | 141497 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 3402423 | 39920 | SH |  | SOLE |  | 122 | 0 | 39798 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 9852380 | 74639 | SH |  | SOLE |  | 221 | 0 | 74418 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 6155820 | 58778 | SH |  | SOLE |  | 0 | 0 | 58778 |
| CORTEVA INC | COM | 22052L104 |  | 7968273 | 95189 | SH |  | SOLE |  | 291 | 0 | 94898 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 2143321 | 2151 | SH |  | SOLE |  | 0 | 0 | 2151 |
| CROWN HLDGS INC | COM | 228368106 |  | 3064092 | 30565 | SH |  | SOLE |  | 94 | 0 | 30471 |
| CVR PARTNERS LP/CVR NITROGEN | COM | 126633205 |  | 8837565 | 69768 | SH |  | SOLE |  | 0 | 0 | 69768 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 4620128 | 252881 | SH |  | SOLE |  | 0 | 0 | 252881 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 242645 | 1227 | SH |  | SOLE |  | 0 | 0 | 1227 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 423845 | 10907 | SH |  | SOLE |  | 0 | 0 | 10907 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 2693064 | 7506 | SH |  | SOLE |  | 23 | 0 | 7483 |
| DTE ENERGY CO | COM | 233331107 |  | 3602499 | 24638 | SH |  | SOLE |  | 76 | 0 | 24562 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 355764 | 2717 | SH |  | SOLE |  | 0 | 0 | 2717 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 249872 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 121210 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| ENERGY TRANSFER L P | 9.250% FXD PFD I | 29273V704 |  | 280698 | 24261 | SH |  | SOLE |  | 0 | 0 | 24261 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 11310825 | 586053 | SH |  | SOLE |  | 0 | 0 | 586053 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 51643527 | 1364787 | SH |  | SOLE |  | 0 | 0 | 1364787 |
| EOG RES INC | COM | 26875P101 |  | 6959871 | 48142 | SH |  | SOLE |  | 158 | 0 | 47984 |
| EQT CORP | COM | 26884L109 |  | 398286 | 6258 | SH |  | SOLE |  | 0 | 0 | 6258 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 281319 | 19455 | SH |  | SOLE |  | 0 | 0 | 19455 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 |  | 7241848 | 125118 | SH |  | SOLE |  | 0 | 0 | 125118 |
| EVERGY INC | COM | 30034W106 |  | 3972549 | 48493 | SH |  | SOLE |  | 154 | 0 | 48339 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 430008 | 3917 | SH |  | SOLE |  | 0 | 0 | 3917 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 8847312 | 38318 | SH |  | SOLE |  | 104 | 0 | 38214 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 13202909 | 77820 | SH |  | SOLE |  | 159 | 0 | 77661 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 869339 | 40472 | SH |  | SOLE |  | 0 | 0 | 40472 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 555296 | 17523 | SH |  | SOLE |  | 0 | 0 | 17523 |
| FORTINET INC | COM | 34959E109 |  | 3283346 | 40178 | SH |  | SOLE |  | 130 | 0 | 40048 |
| FRANCO NEV CORP | COM | 351858105 |  | 8726979 | 35325 | SH |  | SOLE |  | 105 | 0 | 35220 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 241497 | 4108 | SH |  | SOLE |  | 0 | 0 | 4108 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 2988804 | 13800 | SH |  | SOLE |  | 0 | 0 | 13800 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 488110 | 91750 | SH |  | SOLE |  | 0 | 0 | 91750 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 321058 | 38450 | SH |  | SOLE |  | 0 | 0 | 38450 |
| GE AEROSPACE | COM NEW | 369604301 |  | 287743 | 1014 | SH |  | SOLE |  | 0 | 0 | 1014 |
| GE VERNOVA INC | COM | 36828A101 |  | 226954 | 260 | SH |  | SOLE |  | 0 | 0 | 260 |
| GENERAL MILLS INC | COM | 370334104 |  | 282276 | 7584 | SH |  | SOLE |  | 0 | 0 | 7584 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 6452033 | 115939 | SH |  | SOLE |  | 357 | 0 | 115582 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 255773 | 3350 | SH |  | SOLE |  | 0 | 0 | 3350 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 |  | 536411 | 5955 | SH |  | SOLE |  | 0 | 0 | 5955 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 1755845 | 38675 | SH |  | SOLE |  | 0 | 0 | 38675 |
| GRACO INC | COM | 384109104 |  | 3289738 | 38863 | SH |  | SOLE |  | 122 | 0 | 38741 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 527600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 3146661 | 37653 | SH |  | SOLE |  | 118 | 0 | 37535 |
| HECLA MINING COMPANY | COM | 422704106 |  | 4871280 | 261475 | SH |  | SOLE |  | 0 | 0 | 261475 |
| HOME DEPOT INC | COM | 437076102 |  | 594016 | 1806 | SH |  | SOLE |  | 0 | 0 | 1806 |
| HONEYWELL INTL INC | COM | 438516106 |  | 263587 | 1166 | SH |  | SOLE |  | 0 | 0 | 1166 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 926172 | 3821 | SH |  | SOLE |  | 0 | 0 | 3821 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 3494619 | 18209 | SH |  | SOLE |  | 0 | 0 | 18209 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2607250 | 4517 | SH |  | SOLE |  | 0 | 0 | 4517 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 59989133 | 680458 | SH |  | SOLE |  | 0 | 0 | 680458 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 254868 | 3227 | SH |  | SOLE |  | 0 | 0 | 3227 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 9287686 | 136303 | SH |  | SOLE |  | 0 | 0 | 136303 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 4359243 | 86100 | SH |  | SOLE |  | 0 | 0 | 86100 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 247933 | 2860 | SH |  | SOLE |  | 0 | 0 | 2860 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 5478729 | 66353 | SH |  | SOLE |  | 0 | 0 | 66353 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 244381 | 1907 | SH |  | SOLE |  | 0 | 0 | 1907 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1910946 | 12621 | SH |  | SOLE |  | 0 | 0 | 12621 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 614217 | 1657 | SH |  | SOLE |  | 0 | 0 | 1657 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 421371 | 3553 | SH |  | SOLE |  | 0 | 0 | 3553 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 207844 | 6855 | SH |  | SOLE |  | 0 | 0 | 6855 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 4479989 | 88520 | SH |  | SOLE |  | 0 | 0 | 88520 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 1628617 | 15405 | SH |  | SOLE |  | 0 | 0 | 15405 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 10810206 | 44224 | SH |  | SOLE |  | 95 | 0 | 44129 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 294787 | 1002 | SH |  | SOLE |  | 0 | 0 | 1002 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 288928 | 2995 | SH |  | SOLE |  | 0 | 0 | 2995 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5939083 | 177127 | SH |  | SOLE |  | 0 | 0 | 177127 |
| KINROSS GOLD CORP | COM | 496902404 |  | 589494 | 19315 | SH |  | SOLE |  | 0 | 0 | 19315 |
| KROGER CO | COM | 501044101 |  | 1244809 | 17203 | SH |  | SOLE |  | 0 | 0 | 17203 |
| LOWES COS INC | COM | 548661107 |  | 3378798 | 14300 | SH |  | SOLE |  | 39 | 0 | 14261 |
| MARATHON PETE CORP | COM | 56585A102 |  | 532508 | 2181 | SH |  | SOLE |  | 0 | 0 | 2181 |
| MASCO CORP | COM | 574599106 |  | 5147690 | 85269 | SH |  | SOLE |  | 258 | 0 | 85011 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 12416649 | 24850 | SH |  | SOLE |  | 66 | 0 | 24784 |
| MATADOR RES CO | COM | 576485205 |  | 10307676 | 163148 | SH |  | SOLE |  | 0 | 0 | 163148 |
| MCDONALDS CORP | COM | 580135101 |  | 8145856 | 26210 | SH |  | SOLE |  | 67 | 0 | 26143 |
| MCKESSON CORP | COM | 58155Q103 |  | 4710520 | 5443 | SH |  | SOLE |  | 15 | 0 | 5428 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 4418228 | 9201 | SH |  | SOLE |  | 31 | 0 | 9170 |
| MERCK  CO INC | COM | 58933Y105 |  | 394922 | 3283 | SH |  | SOLE |  | 0 | 0 | 3283 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 6638957 | 5264 | SH |  | SOLE |  | 17 | 0 | 5247 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 656250 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| MICROSOFT CORP | COM | 594918104 |  | 22793390 | 61575 | SH |  | SOLE |  | 146 | 0 | 61429 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 6218082 | 85814 | SH |  | SOLE |  | 270 | 0 | 85544 |
| MOODYS CORP | COM | 615369105 |  | 15074603 | 34555 | SH |  | SOLE |  | 105 | 0 | 34450 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 768127 | 1770 | SH |  | SOLE |  | 0 | 0 | 1770 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 24769050 | 434012 | SH |  | SOLE |  | 0 | 0 | 434012 |
| MSCI INC | COM | 55354G100 |  | 3058517 | 5674 | SH |  | SOLE |  | 17 | 0 | 5657 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 3759977 | 175127 | SH |  | SOLE |  | 0 | 0 | 175127 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 5633278 | 59954 | SH |  | SOLE |  | 0 | 0 | 59954 |
| NEWMONT CORP | COM | 651639106 |  | 200804 | 1855 | SH |  | SOLE |  | 0 | 0 | 1855 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 4360305 | 28545 | SH |  | SOLE |  | 93 | 0 | 28452 |
| NUTRIEN LTD | COM | 67077M108 |  | 11474354 | 152059 | SH |  | SOLE |  | 0 | 0 | 152059 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 533174 | 43242 | SH |  | SOLE |  | 0 | 0 | 43242 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 133403 | 14839 | SH |  | SOLE |  | 0 | 0 | 14839 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1806784 | 10360 | SH |  | SOLE |  | 0 | 0 | 10360 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 456300 | 7020 | SH |  | SOLE |  | 0 | 0 | 7020 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 7372978 | 168256 | SH |  | SOLE |  | 0 | 0 | 168256 |
| ONEOK INC NEW | COM | 682680103 |  | 1015062 | 11230 | SH |  | SOLE |  | 0 | 0 | 11230 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 3668892 | 96499 | SH |  | SOLE |  | 287 | 0 | 96212 |
| ORACLE CORP | COM | 68389X105 |  | 382192 | 2598 | SH |  | SOLE |  | 0 | 0 | 2598 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 6414253 | 69486 | SH |  | SOLE |  | 195 | 0 | 69291 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 4813575 | 62449 | SH |  | SOLE |  | 186 | 0 | 62263 |
| PACER FDS TR | US CHS CWS GWT | 69374H667 |  | 3327232 | 61547 | SH |  | SOLE |  | 0 | 0 | 61547 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 504934 | 9243 | SH |  | SOLE |  | 0 | 0 | 9243 |
| PEPSICO INC | COM | 713448108 |  | 1285532 | 8278 | SH |  | SOLE |  | 0 | 0 | 8278 |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 |  | 9347430 | 450479 | SH |  | SOLE |  | 0 | 0 | 450479 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 216595 | 1310 | SH |  | SOLE |  | 0 | 0 | 1310 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 172383 | 10075 | SH |  | SOLE |  | 0 | 0 | 10075 |
| PINNACLE FINL PARTNERS INC | COM | 72348N109 |  | 753725 | 8750 | SH |  | SOLE |  | 0 | 0 | 8750 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 2483141 | 111202 | SH |  | SOLE |  | 0 | 0 | 111202 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 9492500 | 390960 | SH |  | SOLE |  | 0 | 0 | 390960 |
| PRIMERICA INC | COM | 74164M108 |  | 3113430 | 12430 | SH |  | SOLE |  | 39 | 0 | 12391 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 1333951 | 9235 | SH |  | SOLE |  | 0 | 0 | 9235 |
| PROSHARES TR | SHORT S 500 NE | 74349Y753 |  | 237063 | 6250 | SH |  | SOLE |  | 0 | 0 | 6250 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 20276604 | 301825 | SH |  | SOLE |  | 0 | 0 | 301825 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 210569 | 1825 | SH |  | SOLE |  | 0 | 0 | 1825 |
| RBB FD INC | F/M US TREASURY | 74933W452 |  | 653365 | 13104 | SH |  | SOLE |  | 0 | 0 | 13104 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 4121462 | 5334 | SH |  | SOLE |  | 17 | 0 | 5317 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 368173 | 1681 | SH |  | SOLE |  | 0 | 0 | 1681 |
| RESMED INC | COM | 761152107 |  | 6277094 | 27963 | SH |  | SOLE |  | 87 | 0 | 27876 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 6691861 | 71732 | SH |  | SOLE |  | 0 | 0 | 71732 |
| ROYAL GOLD INC | COM | 780287108 |  | 15078499 | 59250 | SH |  | SOLE |  | 57 | 0 | 59193 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 4150182 | 86516 | SH |  | SOLE |  | 270 | 0 | 86246 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 282600 | 3768 | SH |  | SOLE |  | 0 | 0 | 3768 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 1239482 | 40400 | SH |  | SOLE |  | 0 | 0 | 40400 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 210708 | 7435 | SH |  | SOLE |  | 0 | 0 | 7435 |
| SEI INVTS CO | COM | 784117103 |  | 3283342 | 41842 | SH |  | SOLE |  | 125 | 0 | 41717 |
| SHELL PLC | SPON ADS | 780259305 |  | 219480 | 2360 | SH |  | SOLE |  | 0 | 0 | 2360 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 211563 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| SLB LIMITED | COM STK | 806857108 |  | 4256523 | 82828 | SH |  | SOLE |  | 0 | 0 | 82828 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 3018101 | 145802 | SH |  | SOLE |  | 438 | 0 | 145364 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 477377 | 12706 | SH |  | SOLE |  | 0 | 0 | 12706 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 9934966 | 23089 | SH |  | SOLE |  | 0 | 0 | 23089 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A755 |  | 440141 | 4075 | SH |  | SOLE |  | 0 | 0 | 4075 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A375 |  | 699753 | 20863 | SH |  | SOLE |  | 0 | 0 | 20863 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 220110 | 2402 | SH |  | SOLE |  | 0 | 0 | 2402 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 682671 | 14306 | SH |  | SOLE |  | 0 | 0 | 14306 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 641408 | 26298 | SH |  | SOLE |  | 0 | 0 | 26298 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1269390 | 35818 | SH |  | SOLE |  | 0 | 0 | 35818 |
| SSR MINING IN | COM | 784730103 |  | 1034791 | 35230 | SH |  | SOLE |  | 0 | 0 | 35230 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 2061578 | 3170 | SH |  | SOLE |  | 0 | 0 | 3170 |
| STELLAR BANCORP INC | COM | 858927106 |  | 1038552 | 28368 | SH |  | SOLE |  | 0 | 0 | 28368 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 218165 | 11080 | SH |  | SOLE |  | 0 | 0 | 11080 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 7174205 | 108519 | SH |  | SOLE |  | 351 | 0 | 108168 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 719543 | 11075 | SH |  | SOLE |  | 0 | 0 | 11075 |
| SYSCO CORP | COM | 871829107 |  | 684768 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| TARGA RES CORP | COM | 87612G101 |  | 291348 | 1162 | SH |  | SOLE |  | 0 | 0 | 1162 |
| TARGET CORP | COM | 87612E106 |  | 477770 | 3942 | SH |  | SOLE |  | 0 | 0 | 3942 |
| TC ENERGY CORP | COM | 87807B107 |  | 669695 | 10698 | SH |  | SOLE |  | 0 | 0 | 10698 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 679270 | 1431 | SH |  | SOLE |  | 0 | 0 | 1431 |
| THE CIGNA GROUP | COM | 125523100 |  | 5563741 | 20858 | SH |  | SOLE |  | 69 | 0 | 20789 |
| TJX COS INC NEW | COM | 872540109 |  | 320837 | 2009 | SH |  | SOLE |  | 0 | 0 | 2009 |
| TORTOISE CAPITAL SERIES TRUS | NORTH AMRCN PIPE | 890930308 |  | 1241006 | 29297 | SH |  | SOLE |  | 0 | 0 | 29297 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 6135371 | 925395 | SH |  | SOLE |  | 0 | 0 | 925395 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5333753 | 74152 | SH |  | SOLE |  | 235 | 0 | 73917 |
| UGI CORP NEW | COM | 902681105 |  | 11920801 | 327315 | SH |  | SOLE |  | 0 | 0 | 327315 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 3023877 | 5785 | SH |  | SOLE |  | 19 | 0 | 5766 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 895341 | 15716 | SH |  | SOLE |  | 0 | 0 | 15716 |
| UNION PAC CORP | COM | 907818108 |  | 3833816 | 15802 | SH |  | SOLE |  | 44 | 0 | 15758 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 582580 | 2153 | SH |  | SOLE |  | 0 | 0 | 2153 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 4973712 | 312615 | SH |  | SOLE |  | 0 | 0 | 312615 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 377108 | 1526 | SH |  | SOLE |  | 0 | 0 | 1526 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 753491 | 6277 | SH |  | SOLE |  | 0 | 0 | 6277 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 5267323 | 57397 | SH |  | SOLE |  | 0 | 0 | 57397 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 297017 | 680 | SH |  | SOLE |  | 0 | 0 | 680 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 373264 | 1249 | SH |  | SOLE |  | 0 | 0 | 1249 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 920412 | 3205 | SH |  | SOLE |  | 0 | 0 | 3205 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2590224 | 4335 | SH |  | SOLE |  | 251 | 0 | 4084 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1174449 | 4484 | SH |  | SOLE |  | 0 | 0 | 4484 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2366295 | 7376 | SH |  | SOLE |  | 0 | 0 | 7376 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 256333 | 1391 | SH |  | SOLE |  | 0 | 0 | 1391 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 |  | 172912954 | 2285697 | SH |  | SOLE |  | 1257 | 0 | 2284440 |
| VANGUARD WELLINGTON FD | SHORT TRM TAX EX | 921935870 |  | 472020 | 4667 | SH |  | SOLE |  | 0 | 0 | 4667 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 206896 | 1397 | SH |  | SOLE |  | 0 | 0 | 1397 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 1441835 | 3924 | SH |  | SOLE |  | 0 | 0 | 3924 |
| VENTAS INC | COM | 92276F100 |  | 1613141 | 19725 | SH |  | SOLE |  | 0 | 0 | 19725 |
| VERISIGN INC | COM | 92343E102 |  | 6789794 | 27339 | SH |  | SOLE |  | 84 | 0 | 27255 |
| VICI PPTYS INC | COM | 925652109 |  | 6938702 | 253979 | SH |  | SOLE |  | 0 | 0 | 253979 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 531001 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| VISA INC | COM CL A | 92826C839 |  | 11877287 | 39298 | SH |  | SOLE |  | 120 | 0 | 39178 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 657338 | 36197 | SH |  | SOLE |  | 0 | 0 | 36197 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 284196 | 86120 | SH |  | SOLE |  | 0 | 0 | 86120 |
| WALMART INC | COM | 931142103 |  | 2410676 | 19397 | SH |  | SOLE |  | 0 | 0 | 19397 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1878533 | 8175 | SH |  | SOLE |  | 0 | 0 | 8175 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 228183 | 1971 | SH |  | SOLE |  | 0 | 0 | 1971 |
| WELLS FARGO  CO | PERP PFD CNV A | 949746804 |  | 412335 | 357 | SH |  | SOLE |  | 0 | 0 | 357 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 14148606 | 107996 | SH |  | SOLE |  | 165 | 0 | 107831 |
| WILLIAMS COS INC | COM | 969457100 |  | 3518913 | 48350 | SH |  | SOLE |  | 0 | 0 | 48350 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 3269981 | 37227 | SH |  | SOLE |  | 0 | 0 | 37227 |
| WW GRAINGER INC | COM | 384802104 |  | 316335 | 290 | SH |  | SOLE |  | 0 | 0 | 290 |
| YUM BRANDS INC | COM | 988498101 |  | 3633080 | 23367 | SH |  | SOLE |  | 65 | 0 | 23302 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 3104823 | 38622 | SH |  | SOLE |  | 121 | 0 | 38501 |

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