# EDGAR Filing Document

**Accession Number:** 0001697719
**File Stem:** 0001085146-23-000755
**Filing Date:** 2023-2
**Character Count:** 19376
**Document Hash:** 3edab0cf7965aa7d718b6fba111a8f75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000755.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001085146-23-000755

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KCS Wealth Advisory
- **CENTRAL INDEX KEY:** 0001697719
- **IRS NUMBER:** 464375778
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18198
- **FILM NUMBER:** 23596753

**BUSINESS ADDRESS:**
- **STREET 1:** 11150 W. OLYMPIC BLVD., # 790
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064
- **BUSINESS PHONE:** 3107344740

**MAIL ADDRESS:**
- **STREET 1:** 11150 W. OLYMPIC BLVD., # 790
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064

### 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:** KCS Wealth Advisory<br>**Address:** 11150 W. OLYMPIC BLVD. # 790<br>LOS ANGELES, CA 90064

**Form 13F File Number:** 028-18198

**CRD Number (if applicable):** 000169846

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:** Kenneth B. Waltzer<br>**Title:** Managing Director<br>**Phone:** 310-734-4740

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

/s/  Kenneth B. Waltzer  Los Angeles, CA  02-07-2023<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:** 143

**Form 13F Information Table Value Total:** $240669611

      (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 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 244354 | 1512 | SH |  | SOLE |  | 1512 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG001S5NCQ5 | 252734 | 751 | SH |  | SOLE |  | 751 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 | BBG001SNX4Y4 | 1158119 | 19858 | SH |  | SOLE |  | 19858 | 0 | 0 |
| ALEXANDERS INC | COM | 014752109 | BBG001S5NM92 | 1405303 | 6386 | SH |  | SOLE |  | 6386 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 1185251 | 13455 | SH |  | SOLE |  | 13455 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 | BBG001S5RLN4 | 848733 | 34713 | SH |  | SOLE |  | 34713 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 587524 | 6659 | SH |  | SOLE |  | 6659 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 2951781 | 33267 | SH |  | SOLE |  | 33267 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 1687308 | 20087 | SH |  | SOLE |  | 20087 | 0 | 0 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 | BBG00Q6ZDXT0 | 303003 | 6006 | SH |  | SOLE |  | 6006 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 465661 | 1773 | SH |  | SOLE |  | 1773 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPR9 | 931935 | 3105 | SH |  | SOLE |  | 3105 | 0 | 0 |
| APARTMENT INVT  MGMT CO | CL A | 03748R747 | BBG001S876N3 | 2351344 | 330245 | SH |  | SOLE |  | 330245 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 22843123 | 175811 | SH |  | SOLE |  | 175811 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 2639193 | 27102 | SH |  | SOLE |  | 27102 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 214845 | 11670 | SH |  | SOLE |  | 11670 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG001S7J2H8 | 372465 | 2306 | SH |  | SOLE |  | 2306 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 | BBG001SF7657 | 308753 | 107206 | SH |  | SOLE |  | 107206 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG001S5P6Q6 | 2132293 | 46843 | SH |  | SOLE |  | 46843 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG001S5P374 | 2019142 | 7940 | SH |  | SOLE |  | 7940 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 4695589 | 15201 | SH |  | SOLE |  | 15201 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 | BBG001SDBP55 | 1704964 | 2406 | SH |  | SOLE |  | 2406 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 1756228 | 24409 | SH |  | SOLE |  | 24409 | 0 | 0 |
| CENOVUS ENERGY INC | *W EXP 01/01/202 | 15135U117 |  | 3082225 | 211863 | SH |  | SOLE |  | 211863 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 298893 | 6274 | SH |  | SOLE |  | 6274 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG001S5STN6 | 407422 | 7124 | SH |  | SOLE |  | 7124 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 3464233 | 99063 | SH |  | SOLE |  | 99063 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 2470122 | 5411 | SH |  | SOLE |  | 5411 | 0 | 0 |
| CSX CORP | COM | 126408103 | BBG001S5Q7Q3 | 376283 | 12146 | SH |  | SOLE |  | 12146 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 242063 | 912 | SH |  | SOLE |  | 912 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | BBG001S7V596 | 483964 | 2716 | SH |  | SOLE |  | 2716 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 422237 | 4860 | SH |  | SOLE |  | 4860 | 0 | 0 |
| EDISON INTL | COM | 281020107 | BBG001S7MY75 | 891762 | 14017 | SH |  | SOLE |  | 14017 | 0 | 0 |
| EL PASO ENERGY CAP TR I | PFD CV TR SEC 28 | 283678209 |  | 3113868 | 69137 | SH |  | SOLE |  | 69137 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 | BBG001S6KBQ8 | 2734130 | 5330 | SH |  | SOLE |  | 5330 | 0 | 0 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 | BBG001S63XQ9 | 684295 | 62607 | SH |  | SOLE |  | 62607 | 0 | 0 |
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 |  | 1162790 | 45192 | SH |  | SOLE |  | 45192 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 1603312 | 9257 | SH |  | SOLE |  | 9257 | 0 | 0 |
| FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 316092808 | BBG005FHWBL1 | 490049 | 5185 | SH |  | SOLE |  | 5185 | 0 | 0 |
| FIDELITY COVINGTON TRUST | QLTY FCTOR ETF | 316092790 | BBG00DRGLM86 | 2637980 | 59413 | SH |  | SOLE |  | 59413 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | MUNI HI INCM ETF | 33739P301 | BBG00J3TCQF4 | 333149 | 7197 | SH |  | SOLE |  | 7197 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG001S5R6Q4 | 445314 | 4406 | SH |  | SOLE |  | 4406 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FRANKLIN ASIA | 35473P660 | BBG00JYXTHZ1 | 260002 | 12667 | SH |  | SOLE |  | 12667 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE JAPAN ETF | 35473P744 | BBG00J3MDYR8 | 962012 | 40017 | SH |  | SOLE |  | 40017 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE SOUTH KOREA | 35473P710 | BBG00J3N5C11 | 312424 | 16029 | SH |  | SOLE |  | 16029 | 0 | 0 |
| GARRETT MOTION INC | PFD CONV SER A | 366505204 |  | 2540391 | 291999 | SH |  | SOLE |  | 291999 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 1802566 | 53584 | SH |  | SOLE |  | 53584 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACES ULTRA SHR | 381430230 | BBG00NW3TGY3 | 8024971 | 161940 | SH |  | SOLE |  | 161940 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 833727 | 2428 | SH |  | SOLE |  | 2428 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 | BBG001SD6SM6 | 639935 | 18211 | SH |  | SOLE |  | 18211 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 | BBG018GZNDB0 | 104648 | 13081 | SH |  | SOLE |  | 13081 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 457997 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| HP INC | COM | 40434L105 | BBG001S6W7N7 | 962510 | 35821 | SH |  | SOLE |  | 35821 | 0 | 0 |
| HUMANA INC | COM | 444859102 | BBG001S5S1X6 | 302704 | 591 | SH |  | SOLE |  | 591 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 | BBG001SCD3Z1 | 223322 | 10202 | SH |  | SOLE |  | 10202 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 | BBG001S5T1N6 | 360237 | 7391 | SH |  | SOLE |  | 7391 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 | BBG001S6ZLV4 | 983544 | 54611 | SH |  | SOLE |  | 54611 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 | BBG007HL81B6 | 591042 | 39989 | SH |  | SOLE |  | 39989 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 | BBG003HC3DG9 | 750278 | 16065 | SH |  | SOLE |  | 16065 | 0 | 0 |
| ISHARES INC | JP MRG EM CRP BD | 464286251 | BBG002WGKJD6 | 1376102 | 32182 | SH |  | SOLE |  | 32182 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 | BBG001S8SYQ6 | 396292 | 8014 | SH |  | SOLE |  | 8014 | 0 | 0 |
| ISHARES TR | 10+ YR INVST GRD | 464289511 | BBG001T5MKD1 | 618442 | 12421 | SH |  | SOLE |  | 12421 | 0 | 0 |
| ISHARES TR | A RATE CP BD ETF | 46429B291 | BBG002NCM1M2 | 618507 | 13351 | SH |  | SOLE |  | 13351 | 0 | 0 |
| ISHARES TR | CONV BD ETF | 46435G102 | BBG009BKDMM6 | 621201 | 8942 | SH |  | SOLE |  | 8942 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 | BBG003H6TRS0 | 3104323 | 50362 | SH |  | SOLE |  | 50362 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 | BBG006MJ8984 | 3013921 | 63450 | SH |  | SOLE |  | 63450 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 8787320 | 22871 | SH |  | SOLE |  | 22871 | 0 | 0 |
| ISHARES TR | ESG SCRND S | 46436E569 | BBG00XDJC7F6 | 259159 | 9117 | SH |  | SOLE |  | 9117 | 0 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 | BBG001SJX8Q3 | 499220 | 5881 | SH |  | SOLE |  | 5881 | 0 | 0 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 | BBG001S60KQ0 | 377513 | 8421 | SH |  | SOLE |  | 8421 | 0 | 0 |
| ISHARES TR | INVESTMENT GRADE | 46435G219 | BBG00H4BPM52 | 860504 | 19868 | SH |  | SOLE |  | 19868 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 2484025 | 49860 | SH |  | SOLE |  | 49860 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 | BBG001SSD849 | 1192799 | 24092 | SH |  | SOLE |  | 24092 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 | BBG001SQS9Y2 | 4936892 | 58362 | SH |  | SOLE |  | 58362 | 0 | 0 |
| ISHARES TR | TRS FLT RT BD | 46434V860 | BBG005YTNMS3 | 282598 | 5606 | SH |  | SOLE |  | 5606 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 | BBG001S65TL1 | 217361 | 46247 | SH |  | SOLE |  | 46247 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS CDA | 46641Q225 | BBG00LN4CWM1 | 1248081 | 21785 | SH |  | SOLE |  | 21785 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | DIV RTN EM EQT | 46641Q308 | BBG007VDWC09 | 1200243 | 24350 | SH |  | SOLE |  | 24350 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | HIGH YLD RESRCH | 46641Q878 | BBG00DRLJ399 | 780185 | 17796 | SH |  | SOLE |  | 17796 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | SHORT DURA CORE | 46641Q274 | BBG00Z6Q0T95 | 292480 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| JANUS DETROIT STR TR | B-BBB CLO ETF | 47103U753 | BBG014GFHJN4 | 863931 | 19375 | SH |  | SOLE |  | 19375 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 | BBG00XX898D2 | 10028449 | 203582 | SH |  | SOLE |  | 203582 | 0 | 0 |
| JD.COM INC | SPON ADR CL A | 47215P106 | BBG005YHY0R6 | 617486 | 11001 | SH |  | SOLE |  | 11001 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 325743 | 1844 | SH |  | SOLE |  | 1844 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 3159262 | 23559 | SH |  | SOLE |  | 23559 | 0 | 0 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 | BBG001T309X3 | 562580 | 14552 | SH |  | SOLE |  | 14552 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 1575608 | 4179 | SH |  | SOLE |  | 4179 | 0 | 0 |
| KONINKLIJKE PHILIPS N V | NY REGIS SHS NEW | 500472303 | BBG001S5V5G2 | 838885 | 55963 | SH |  | SOLE |  | 55963 | 0 | 0 |
| KROGER CO | COM | 501044101 | BBG001S5SN40 | 3098310 | 69500 | SH |  | SOLE |  | 69500 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 292086 | 1466 | SH |  | SOLE |  | 1466 | 0 | 0 |
| LXP INDUSTRIAL TRUST | PFD CONV SER C | 529043309 |  | 1576240 | 33184 | SH |  | SOLE |  | 33184 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 | BBG001S7HGC4 | 1411769 | 30571 | SH |  | SOLE |  | 30571 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 | BBG001S5SY91 | 605901 | 10785 | SH |  | SOLE |  | 10785 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 | BBG001S78K44 | 959149 | 6442 | SH |  | SOLE |  | 6442 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 1099780 | 6646 | SH |  | SOLE |  | 6646 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 217331 | 625 | SH |  | SOLE |  | 625 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 1894356 | 5050 | SH |  | SOLE |  | 5050 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 2036900 | 2407 | SH |  | SOLE |  | 2407 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 1538100 | 13863 | SH |  | SOLE |  | 13863 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 3035336 | 25223 | SH |  | SOLE |  | 25223 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 4558259 | 19007 | SH |  | SOLE |  | 19007 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 3665722 | 43116 | SH |  | SOLE |  | 43116 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 514860 | 1746 | SH |  | SOLE |  | 1746 | 0 | 0 |
| NEW YORK CMNTY CAP TR V | UNIT 05/07/2051 | 64944P307 |  | 1057084 | 24368 | SH |  | SOLE |  | 24368 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 | BBG0035M2ZC6 | 2736385 | 148394 | SH |  | SOLE |  | 148394 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 | BBG001S5TSK0 | 3170475 | 23426 | SH |  | SOLE |  | 23426 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 462241 | 3163 | SH |  | SOLE |  | 3163 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG001SF62F6 | 623744 | 3947 | SH |  | SOLE |  | 3947 | 0 | 0 |
| OPPENHEIMER HLDGS INC | CL A NON VTG | 683797104 | BBG001S77PP1 | 1671315 | 39483 | SH |  | SOLE |  | 39483 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 | BBG001SQ7PD2 | 212909 | 2496 | SH |  | SOLE |  | 2496 | 0 | 0 |
| PACCAR INC | COM | 693718108 | BBG001S5V1S8 | 3004531 | 30358 | SH |  | SOLE |  | 30358 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 | BBG001S5V741 | 2476466 | 19361 | SH |  | SOLE |  | 19361 | 0 | 0 |
| PARAMOUNT GLOBAL | 5.75% CONV PFD A | 92556H305 |  | 346483 | 13988 | SH |  | SOLE |  | 13988 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 1284951 | 18042 | SH |  | SOLE |  | 18042 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 2157261 | 11941 | SH |  | SOLE |  | 11941 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG001SF6W88 | 642152 | 60296 | SH |  | SOLE |  | 60296 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 856579 | 16717 | SH |  | SOLE |  | 16717 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 675200 | 4455 | SH |  | SOLE |  | 4455 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG001SB0LX9 | 1351661 | 18984 | SH |  | SOLE |  | 18984 | 0 | 0 |
| RPT REALTY | 7.25 PFD D CONV | 74971D200 |  | 1885995 | 37735 | SH |  | SOLE |  | 37735 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 | BBG001S6RD41 | 1187614 | 11509 | SH |  | SOLE |  | 11509 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 | BBG0084BC0P2 | 302532 | 1068 | SH |  | SOLE |  | 1068 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 | BBG001S5W6H8 | 629463 | 8252 | SH |  | SOLE |  | 8252 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 352218 | 921 | SH |  | SOLE |  | 921 | 0 | 0 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 | BBG001T2PMD1 | 347179 | 5396 | SH |  | SOLE |  | 5396 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SH TSR | 78468R101 | BBG0029J2KF1 | 275033 | 9520 | SH |  | SOLE |  | 9520 | 0 | 0 |
| SPECIAL OPPORTUNITIES FD INC | 2.75% CNV PFD C | 84741T401 |  | 718456 | 31664 | SH |  | SOLE |  | 31664 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG001S5YSF0 | 2422681 | 76353 | SH |  | SOLE |  | 76353 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG001S5WJS8 | 255955 | 3348 | SH |  | SOLE |  | 3348 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 2422638 | 32523 | SH |  | SOLE |  | 32523 | 0 | 0 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 | BBG001SJTT37 | 2676368 | 84242 | SH |  | SOLE |  | 84242 | 0 | 0 |
| TORTOISE MIDSTRM ENERGY FD I | COM | 89148B200 | BBG001SS8R16 | 503845 | 14570 | SH |  | SOLE |  | 14570 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 | BBG001TCN6V6 | 257379 | 13845 | SH |  | SOLE |  | 13845 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 | BBG007936GX0 | 2250911 | 120563 | SH |  | SOLE |  | 120563 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG001SDGSH1 | 491967 | 2830 | SH |  | SOLE |  | 2830 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 2552287 | 4814 | SH |  | SOLE |  | 4814 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 | BBG001SHTTQ6 | 291785 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 723326 | 13047 | SH |  | SOLE |  | 13047 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG001T62M38 | 4740589 | 61161 | SH |  | SOLE |  | 61161 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | BBG001T62M74 | 9489374 | 164119 | SH |  | SOLE |  | 164119 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 3261506 | 82779 | SH |  | SOLE |  | 82779 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 2942089 | 14161 | SH |  | SOLE |  | 14161 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 799727 | 34471 | SH |  | SOLE |  | 34471 | 0 | 0 |

---