# EDGAR Filing Document

**Accession Number:** 0001564770
**File Stem:** 0001667731-25-000996
**Filing Date:** 2025-7
**Character Count:** 24281
**Document Hash:** 08a175f19dbce3c56bd909d144ac7f7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001667731-25-000996.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001667731-25-000996

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**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:** 251157802

**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:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

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

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

/s/ Kim Mathis-Doumis  Austin, TX  07-29-2025<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:** 209

**Form 13F Information Table Value Total:** $914975788

      (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 |  | 430535 | 2828 | SH |  | SOLE |  | 0 | 0 | 2828 |
| ABBOTT LABS | COM | 002824100 |  | 1105115 | 8125 | SH |  | SOLE |  | 0 | 0 | 8125 |
| ABBVIE INC | COM | 00287Y109 |  | 4266868 | 22987 | SH |  | SOLE |  | 51 | 0 | 22936 |
| ABRDN ASIA PACIFIC INCOME FU | COM NEW | 003009867 |  | 485703 | 30509 | SH |  | SOLE |  | 0 | 0 | 30509 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 162864 | 27604 | SH |  | SOLE |  | 0 | 0 | 27604 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 141140 | 15930 | SH |  | SOLE |  | 0 | 0 | 15930 |
| ADOBE INC | COM | 00724F101 |  | 8925708 | 23071 | SH |  | SOLE |  | 91 | 0 | 22980 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 169964 | 14035 | SH |  | SOLE |  | 0 | 0 | 14035 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 20431041 | 171790 | SH |  | SOLE |  | 0 | 0 | 171790 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 1553062 | 58474 | SH |  | SOLE |  | 0 | 0 | 58474 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 297271 | 4916 | SH |  | SOLE |  | 0 | 0 | 4916 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1484822 | 8425 | SH |  | SOLE |  | 0 | 0 | 8425 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 25178893 | 141941 | SH |  | SOLE |  | 420 | 0 | 141521 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 8870825 | 181556 | SH |  | SOLE |  | 0 | 0 | 181556 |
| AMAZON COM INC | COM | 023135106 |  | 1877978 | 8560 | SH |  | SOLE |  | 0 | 0 | 8560 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 3436102 | 33116 | SH |  | SOLE |  | 106 | 0 | 33010 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 543696 | 1704 | SH |  | SOLE |  | 0 | 0 | 1704 |
| AMGEN INC | COM | 031162100 |  | 3117059 | 11164 | SH |  | SOLE |  | 35 | 0 | 11129 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 953188 | 20917 | SH |  | SOLE |  | 0 | 0 | 20917 |
| APA CORPORATION | COM | 03743Q108 |  | 7876387 | 430639 | SH |  | SOLE |  | 0 | 0 | 430639 |
| APPLE INC | COM | 037833100 |  | 27041425 | 131800 | SH |  | SOLE |  | 293 | 0 | 131507 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 4059150 | 44582 | SH |  | SOLE |  | 154 | 0 | 44428 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 230021 | 10990 | SH |  | SOLE |  | 0 | 0 | 10990 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 2763799 | 39551 | SH |  | SOLE |  | 133 | 0 | 39418 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1884941 | 6112 | SH |  | SOLE |  | 0 | 0 | 6112 |
| B2GOLD CORP | COM | 11777Q209 |  | 276111 | 76485 | SH |  | SOLE |  | 0 | 0 | 76485 |
| BANK AMERICA CORP | COM | 060505104 |  | 518005 | 10947 | SH |  | SOLE |  | 0 | 0 | 10947 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 411362 | 339 | SH |  | SOLE |  | 0 | 0 | 339 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 777745 | 37356 | SH |  | SOLE |  | 0 | 0 | 37356 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1424763 | 2933 | SH |  | SOLE |  | 0 | 0 | 2933 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 728800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BLACKSTONE INC | COM | 09260D107 |  | 3648555 | 24392 | SH |  | SOLE |  | 0 | 0 | 24392 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 15339832 | 225586 | SH |  | SOLE |  | 0 | 0 | 225586 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 6154531 | 1063 | SH |  | SOLE |  | 4 | 0 | 1059 |
| BROADCOM INC | COM | 11135F101 |  | 2790858 | 10125 | SH |  | SOLE |  | 0 | 0 | 10125 |
| CALAMOS CONV  HIGH INCOME F | COM SHS | 12811P108 |  | 192325 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| CATERPILLAR INC | COM | 149123101 |  | 3015532 | 7768 | SH |  | SOLE |  | 0 | 0 | 7768 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 6067674 | 24917 | SH |  | SOLE |  | 93 | 0 | 24824 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12024587 | 83976 | SH |  | SOLE |  | 109 | 0 | 83867 |
| CISCO SYS INC | COM | 17275R102 |  | 531054 | 7654 | SH |  | SOLE |  | 0 | 0 | 7654 |
| CLEARBRIDGE ENERGY MIDSTRM O | COM | 18469P209 |  | 2485086 | 51805 | SH |  | SOLE |  | 0 | 0 | 51805 |
| CLOROX CO DEL | COM | 189054109 |  | 469634 | 3911 | SH |  | SOLE |  | 0 | 0 | 3911 |
| COCA COLA CONS INC | COM | 191098102 |  | 265727 | 2380 | SH |  | SOLE |  | 0 | 0 | 2380 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 2883286 | 31719 | SH |  | SOLE |  | 100 | 0 | 31619 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 14750023 | 164364 | SH |  | SOLE |  | 314 | 0 | 164050 |
| CORTEVA INC | COM | 22052L104 |  | 3704898 | 49710 | SH |  | SOLE |  | 164 | 0 | 49546 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2295671 | 2319 | SH |  | SOLE |  | 0 | 0 | 2319 |
| CVR PARTNERS LP | COM | 126633205 |  | 230984 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 390906 | 10907 | SH |  | SOLE |  | 0 | 0 | 10907 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 312582 | 2649 | SH |  | SOLE |  | 0 | 0 | 2649 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 361401 | 5269 | SH |  | SOLE |  | 0 | 0 | 5269 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 225612 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 140592 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 4864237 | 12506 | SH |  | SOLE |  | 39 | 0 | 12467 |
| ELI LILLY  CO | COM | 532457108 |  | 566452 | 727 | SH |  | SOLE |  | 0 | 0 | 727 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 8911686 | 491544 | SH |  | SOLE |  | 0 | 0 | 491544 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 41623902 | 1342274 | SH |  | SOLE |  | 0 | 0 | 1342274 |
| EOG RES INC | COM | 26875P101 |  | 5536055 | 46284 | SH |  | SOLE |  | 158 | 0 | 46126 |
| EQT CORP | COM | 26884L109 |  | 364991 | 6258 | SH |  | SOLE |  | 0 | 0 | 6258 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 111866 | 19455 | SH |  | SOLE |  | 0 | 0 | 19455 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 |  | 12215358 | 220693 | SH |  | SOLE |  | 0 | 0 | 220693 |
| ETF SER SOLUTIONS | DISTILLATE SMLMD | 26922B667 |  | 861592 | 26494 | SH |  | SOLE |  | 0 | 0 | 26494 |
| EVERGY INC | COM | 30034W106 |  | 3244259 | 47066 | SH |  | SOLE |  | 154 | 0 | 46912 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 458054 | 3917 | SH |  | SOLE |  | 0 | 0 | 3917 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 6460523 | 38300 | SH |  | SOLE |  | 130 | 0 | 38170 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9848340 | 91358 | SH |  | SOLE |  | 159 | 0 | 91199 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 283457 | 34275 | SH |  | SOLE |  | 0 | 0 | 34275 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 276443 | 6377 | SH |  | SOLE |  | 0 | 0 | 6377 |
| FRONTLINE PLC | COM | M46528101 |  | 6407433 | 390459 | SH |  | SOLE |  | 0 | 0 | 390459 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 4617411 | 14424 | SH |  | SOLE |  | 0 | 0 | 14424 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 402783 | 91750 | SH |  | SOLE |  | 0 | 0 | 91750 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 241851 | 38450 | SH |  | SOLE |  | 0 | 0 | 38450 |
| GE AEROSPACE | COM NEW | 369604301 |  | 235254 | 914 | SH |  | SOLE |  | 0 | 0 | 914 |
| GENERAL MLS INC | COM | 370334104 |  | 3017375 | 58239 | SH |  | SOLE |  | 161 | 0 | 58078 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 915437 | 38675 | SH |  | SOLE |  | 0 | 0 | 38675 |
| GRAINGER W W INC | COM | 384802104 |  | 509718 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 848300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| HECLA MNG CO | COM | 422704106 |  | 115685 | 19313 | SH |  | SOLE |  | 0 | 0 | 19313 |
| HOME DEPOT INC | COM | 437076102 |  | 870599 | 2375 | SH |  | SOLE |  | 0 | 0 | 2375 |
| HONEYWELL INTL INC | COM | 438516106 |  | 372412 | 1599 | SH |  | SOLE |  | 0 | 0 | 1599 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1314129 | 4458 | SH |  | SOLE |  | 0 | 0 | 4458 |
| INVESCO EXCH TRADED FD TR II | PFD ETF | 46138E511 |  | 279711 | 25131 | SH |  | SOLE |  | 0 | 0 | 25131 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 4424592 | 24346 | SH |  | SOLE |  | 0 | 0 | 24346 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2323508 | 4212 | SH |  | SOLE |  | 0 | 0 | 4212 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 59006747 | 946228 | SH |  | SOLE |  | 0 | 0 | 946228 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 6597829 | 201092 | SH |  | SOLE |  | 0 | 0 | 201092 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 427129 | 3080 | SH |  | SOLE |  | 0 | 0 | 3080 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 677079 | 1929 | SH |  | SOLE |  | 0 | 0 | 1929 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 2044212 | 15392 | SH |  | SOLE |  | 0 | 0 | 15392 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 252395 | 2860 | SH |  | SOLE |  | 0 | 0 | 2860 |
| ISHARES TR | CORE S ETF | 464287200 |  | 264503 | 426 | SH |  | SOLE |  | 0 | 0 | 426 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 225367 | 1892 | SH |  | SOLE |  | 0 | 0 | 1892 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 773678 | 9337 | SH |  | SOLE |  | 0 | 0 | 9337 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 15284113 | 301759 | SH |  | SOLE |  | 0 | 0 | 301759 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 261070 | 6960 | SH |  | SOLE |  | 0 | 0 | 6960 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 210311 | 6855 | SH |  | SOLE |  | 0 | 0 | 6855 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 232970 | 549 | SH |  | SOLE |  | 0 | 0 | 549 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 2093928 | 41317 | SH |  | SOLE |  | 0 | 0 | 41317 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 1604258 | 18068 | SH |  | SOLE |  | 0 | 0 | 18068 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6822314 | 44663 | SH |  | SOLE |  | 114 | 0 | 44549 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 488572 | 1685 | SH |  | SOLE |  | 0 | 0 | 1685 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 6645059 | 51544 | SH |  | SOLE |  | 148 | 0 | 51396 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5515186 | 187591 | SH |  | SOLE |  | 0 | 0 | 187591 |
| KINROSS GOLD CORP | COM | 496902404 |  | 301893 | 19315 | SH |  | SOLE |  | 0 | 0 | 19315 |
| KROGER CO | COM | 501044101 |  | 1263462 | 17614 | SH |  | SOLE |  | 0 | 0 | 17614 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 6590331 | 190472 | SH |  | SOLE |  | 0 | 0 | 190472 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 2758951 | 5957 | SH |  | SOLE |  | 17 | 0 | 5940 |
| LOWES COS INC | COM | 548661107 |  | 5713404 | 25751 | SH |  | SOLE |  | 77 | 0 | 25674 |
| MARATHON PETE CORP | COM | 56585A102 |  | 360853 | 2172 | SH |  | SOLE |  | 0 | 0 | 2172 |
| MASCO CORP | COM | 574599106 |  | 6137342 | 95360 | SH |  | SOLE |  | 296 | 0 | 95064 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13433374 | 23905 | SH |  | SOLE |  | 66 | 0 | 23839 |
| MATADOR RES CO | COM | 576485205 |  | 6827985 | 143084 | SH |  | SOLE |  | 0 | 0 | 143084 |
| MCDONALDS CORP | COM | 580135101 |  | 7395669 | 25313 | SH |  | SOLE |  | 67 | 0 | 25246 |
| MCKESSON CORP | COM | 58155Q103 |  | 3976956 | 5427 | SH |  | SOLE |  | 19 | 0 | 5408 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 2883746 | 9188 | SH |  | SOLE |  | 31 | 0 | 9157 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 282272 | 108 | SH |  | SOLE |  | 0 | 0 | 108 |
| META PLATFORMS INC | CL A | 30303M102 |  | 446647 | 605 | SH |  | SOLE |  | 0 | 0 | 605 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 6019265 | 5124 | SH |  | SOLE |  | 17 | 0 | 5107 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 696000 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| MICROSOFT CORP | COM | 594918104 |  | 41115578 | 82659 | SH |  | SOLE |  | 226 | 0 | 82433 |
| MOODYS CORP | COM | 615369105 |  | 16206725 | 32311 | SH |  | SOLE |  | 105 | 0 | 32206 |
| MOSAIC CO NEW | COM | 61945C103 |  | 6400390 | 175449 | SH |  | SOLE |  | 0 | 0 | 175449 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1179390 | 2805 | SH |  | SOLE |  | 0 | 0 | 2805 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 20733225 | 402509 | SH |  | SOLE |  | 0 | 0 | 402509 |
| NETFLIX INC | COM | 64110L106 |  | 895878 | 669 | SH |  | SOLE |  | 0 | 0 | 669 |
| NEW GOLD INC CDA | COM | 644535106 |  | 7039177 | 1422056 | SH |  | SOLE |  | 0 | 0 | 1422056 |
| NEWMONT CORP | COM | 651639106 |  | 309361 | 5310 | SH |  | SOLE |  | 0 | 0 | 5310 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 6178344 | 217931 | SH |  | SOLE |  | 0 | 0 | 217931 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 3463129 | 28619 | SH |  | SOLE |  | 93 | 0 | 28526 |
| NUTRIEN LTD | COM | 67077M108 |  | 6112524 | 104954 | SH |  | SOLE |  | 0 | 0 | 104954 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 519373 | 43535 | SH |  | SOLE |  | 0 | 0 | 43535 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 128951 | 14839 | SH |  | SOLE |  | 0 | 0 | 14839 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2162567 | 13688 | SH |  | SOLE |  | 0 | 0 | 13688 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 295960 | 7045 | SH |  | SOLE |  | 0 | 0 | 7045 |
| ONEOK INC NEW | COM | 682680103 |  | 875303 | 10723 | SH |  | SOLE |  | 0 | 0 | 10723 |
| ORACLE CORP | COM | 68389X105 |  | 568001 | 2598 | SH |  | SOLE |  | 0 | 0 | 2598 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 5976971 | 66315 | SH |  | SOLE |  | 195 | 0 | 66120 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 3023237 | 30532 | SH |  | SOLE |  | 95 | 0 | 30437 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 12779579 | 449985 | SH |  | SOLE |  | 0 | 0 | 449985 |
| PEPSICO INC | COM | 713448108 |  | 1312971 | 9944 | SH |  | SOLE |  | 0 | 0 | 9944 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 301789 | 1657 | SH |  | SOLE |  | 0 | 0 | 1657 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 966088 | 8750 | SH |  | SOLE |  | 0 | 0 | 8750 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 2087234 | 113932 | SH |  | SOLE |  | 0 | 0 | 113932 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 6407904 | 329794 | SH |  | SOLE |  | 0 | 0 | 329794 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1631649 | 10241 | SH |  | SOLE |  | 0 | 0 | 10241 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 236569 | 2349 | SH |  | SOLE |  | 0 | 0 | 2349 |
| PROSHARES TR | SHORT S 500 NE | 74349Y753 |  | 279625 | 7047 | SH |  | SOLE |  | 0 | 0 | 7047 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 276695 | 943 | SH |  | SOLE |  | 0 | 0 | 943 |
| RBB FD INC | US TREAS 3 MNTH | 74933W452 |  | 103011454 | 2060435 | SH |  | SOLE |  | 2473 | 0 | 2057962 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 587178 | 2381 | SH |  | SOLE |  | 0 | 0 | 2381 |
| RESMED INC | COM | 761152107 |  | 7039836 | 27286 | SH |  | SOLE |  | 87 | 0 | 27199 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 3732401 | 63988 | SH |  | SOLE |  | 0 | 0 | 63988 |
| ROYAL GOLD INC | COM | 780287108 |  | 15311501 | 86097 | SH |  | SOLE |  | 57 | 0 | 86040 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 271847 | 4091 | SH |  | SOLE |  | 0 | 0 | 4091 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 397625 | 15005 | SH |  | SOLE |  | 0 | 0 | 15005 |
| SERVICENOW INC | COM | 81762P102 |  | 8852797 | 8611 | SH |  | SOLE |  | 29 | 0 | 8582 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 226618 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| SITIO ROYALTIES CORP | CLASS A COM | 82983N108 |  | 398890 | 21702 | SH |  | SOLE |  | 0 | 0 | 21702 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 5307090 | 17410 | SH |  | SOLE |  | 0 | 0 | 17410 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2297166 | 3718 | SH |  | SOLE |  | 0 | 0 | 3718 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 258608 | 10866 | SH |  | SOLE |  | 0 | 0 | 10866 |
| SPDR SERIES TRUST | BLOOMBERG SHT TE | 78468R408 |  | 259310 | 10177 | SH |  | SOLE |  | 0 | 0 | 10177 |
| SPDR SERIES TRUST | S METALS MNG | 78464A755 |  | 273922 | 4075 | SH |  | SOLE |  | 0 | 0 | 4075 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 400504 | 13306 | SH |  | SOLE |  | 0 | 0 | 13306 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 1001579 | 39510 | SH |  | SOLE |  | 0 | 0 | 39510 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 406417 | 33204 | SH |  | SOLE |  | 0 | 0 | 33204 |
| SSR MINING IN | COM | 784730103 |  | 449794 | 35230 | SH |  | SOLE |  | 0 | 0 | 35230 |
| STELLAR BANCORP INC | COM | 858927106 |  | 852383 | 30464 | SH |  | SOLE |  | 0 | 0 | 30464 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 208703 | 11263 | SH |  | SOLE |  | 0 | 0 | 11263 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 3921033 | 104700 | SH |  | SOLE |  | 351 | 0 | 104349 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 567786 | 10595 | SH |  | SOLE |  | 0 | 0 | 10595 |
| SYSCO CORP | COM | 871829107 |  | 727104 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| TARGA RES CORP | COM | 87612G101 |  | 202281 | 1162 | SH |  | SOLE |  | 0 | 0 | 1162 |
| TC ENERGY CORP | COM | 87807B107 |  | 628464 | 12881 | SH |  | SOLE |  | 0 | 0 | 12881 |
| TEEKAY TANKERS LTD | CL A | G8726X106 |  | 4074132 | 97654 | SH |  | SOLE |  | 0 | 0 | 97654 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 504128 | 477 | SH |  | SOLE |  | 0 | 0 | 477 |
| THE CIGNA GROUP | COM | 125523100 |  | 6662148 | 20153 | SH |  | SOLE |  | 69 | 0 | 20084 |
| TJX COS INC NEW | COM | 872540109 |  | 303538 | 2458 | SH |  | SOLE |  | 0 | 0 | 2458 |
| TORTOISE CAPITAL SERIES TRUS | NORTH AMERN PIPE | 890930308 |  | 6519659 | 182470 | SH |  | SOLE |  | 0 | 0 | 182470 |
| UGI CORP NEW | COM | 902681105 |  | 8199293 | 225132 | SH |  | SOLE |  | 0 | 0 | 225132 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 8295017 | 135606 | SH |  | SOLE |  | 358 | 0 | 135248 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 4839123 | 498365 | SH |  | SOLE |  | 0 | 0 | 498365 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 240881 | 1792 | SH |  | SOLE |  | 0 | 0 | 1792 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 4401136 | 84540 | SH |  | SOLE |  | 0 | 0 | 84540 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 1717327 | 25408 | SH |  | SOLE |  | 0 | 0 | 25408 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2071458 | 3647 | SH |  | SOLE |  | 251 | 0 | 3396 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 896855 | 3205 | SH |  | SOLE |  | 0 | 0 | 3205 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2318986 | 7630 | SH |  | SOLE |  | 0 | 0 | 7630 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 356340 | 1249 | SH |  | SOLE |  | 0 | 0 | 1249 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1091530 | 4606 | SH |  | SOLE |  | 0 | 0 | 4606 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 456813 | 1042 | SH |  | SOLE |  | 0 | 0 | 1042 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 412301 | 2507 | SH |  | SOLE |  | 0 | 0 | 2507 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 366803 | 1306 | SH |  | SOLE |  | 0 | 0 | 1306 |
| VANGUARD WELLINGTON FD | SHORT TRM TAX EX | 921935870 |  | 540682 | 5357 | SH |  | SOLE |  | 0 | 0 | 5357 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 1435386 | 3920 | SH |  | SOLE |  | 0 | 0 | 3920 |
| VENTAS INC | COM | 92276F100 |  | 1379853 | 21850 | SH |  | SOLE |  | 0 | 0 | 21850 |
| VERISIGN INC | COM | 92343E102 |  | 4258805 | 14747 | SH |  | SOLE |  | 51 | 0 | 14696 |
| VICI PPTYS INC | COM | 925652109 |  | 4396024 | 134847 | SH |  | SOLE |  | 0 | 0 | 134847 |
| VISA INC | COM CL A | 92826C839 |  | 13381673 | 37690 | SH |  | SOLE |  | 120 | 0 | 37570 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 532016 | 24084 | SH |  | SOLE |  | 0 | 0 | 24084 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 253193 | 86120 | SH |  | SOLE |  | 0 | 0 | 86120 |
| WALMART INC | COM | 931142103 |  | 2802403 | 28660 | SH |  | SOLE |  | 0 | 0 | 28660 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1872434 | 8183 | SH |  | SOLE |  | 0 | 0 | 8183 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 266023 | 2553 | SH |  | SOLE |  | 0 | 0 | 2553 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 429894 | 366 | SH |  | SOLE |  | 0 | 0 | 366 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 5136689 | 57201 | SH |  | SOLE |  | 163 | 0 | 57038 |
| WILLIAMS COS INC | COM | 969457100 |  | 2945538 | 46896 | SH |  | SOLE |  | 0 | 0 | 46896 |
| YUM BRANDS INC | COM | 988498101 |  | 3325752 | 22444 | SH |  | SOLE |  | 65 | 0 | 22379 |
| ZOETIS INC | CL A | 98978V103 |  | 4491501 | 28801 | SH |  | SOLE |  | 87 | 0 | 28714 |

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