Shepherd Kaplan Krochuk 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBOTT LABS	COM	002824100	522	4,800	SH		SOLE		4,800	0	0
ABBVIE INC	COM	00287Y109	841	5,488	SH		SOLE		0	0	5,488
ABRDN EMRG MKTS EQTY INCM FD	COM	00301W105	202	36,680	SH		SOLE		36,680	0	0
ABRDN JAPAN EQUITY FUND INC	COM	00306J109	135	24,320	SH		SOLE		24,320	0	0
ADAM NAT RES FD INC	COM	00548F105	526	27,031	SH		SOLE		27,031	0	0
AGNICO EAGLE MINES LTD	COM	008474108	636	13,900	SH		SOLE		13,500	0	400
ALAMOS GOLD INC NEW	COM CL A	011532108	326	46,400	SH		SOLE		46,400	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	103	14,700	SH	Call	SOLE		14,700	0	0
ALPHABET INC	CAP STK CL C	02079K107	1,382	632	SH		SOLE		600	0	32
ALTRA INDL MOTION CORP	COM	02208R106	282	8,000	SH		SOLE		8,000	0	0
AMERICAN EXPRESS CO	COM	025816109	416	3,000	SH		SOLE		3,000	0	0
AMGEN INC	COM	031162100	1,439	5,915	SH		SOLE		900	0	5,015
ANTERO MIDSTREAM CORP	COM	03676B102	134	14,800	SH		SOLE		14,800	0	0
APPLE INC	COM	037833100	6,744	49,327	SH		SOLE		0	0	49,327
ARCH RESOURCES INC	CL A	03940R107	200	1,400	SH		SOLE		1,400	0	0
ASA GOLD AND PRECIOUS MTLS L	SHS	G3156P103	529	36,045	SH		SOLE		33,280	0	2,765
AT&T INC	COM	00206R102	295	14,076	SH		SOLE		0	0	14,076
ATI PHYSICAL THERAPY INC	COM CL A	00216W109	85	60,000	SH		SOLE		60,000	0	0
ATLAS AIR WORLDWIDE HLDGS IN	COM NEW	049164205	327	5,300	SH		SOLE		5,300	0	0
BANK NEW YORK MELLON CORP	COM	064058100	233	5,587	SH		SOLE		0	0	5,587
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,317	19,475	SH		SOLE		10,800	0	8,675
BERRY GLOBAL GROUP INC	COM	08579W103	246	4,500	SH		SOLE		4,500	0	0
BK OF AMERICA CORP	COM	060505104	261	8,400	SH		SOLE		8,400	0	0
BLACKROCK ENERGY & RES TR	COM	09250U101	252	23,010	SH		SOLE		23,010	0	0
BWX TECHNOLOGIES INC	COM	05605H100	303	5,500	SH		SOLE		5,500	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	12,466	323,800	SH		SOLE		323,800	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	385	10,000	SH	Call	SOLE		10,000	0	0
CAMPBELL SOUP CO	COM	134429109	2,136	44,450	SH		SOLE		0	0	44,450
CARDINAL HEALTH INC	COM	14149Y108	1,061	20,304	SH		SOLE		0	0	20,304
CENOVUS ENERGY INC	COM	15135U109	1,049	55,200	SH	Call	SOLE		55,200	0	0
CENOVUS ENERGY INC	COM	15135U109	570	30,000	SH		SOLE		30,000	0	0
CENTERRA GOLD INC	COM	152006102	90	13,350	SH		SOLE		13,350	0	0
CENTERRA GOLD INC	COM	152006102	81	12,000	SH	Call	SOLE		12,000	0	0
CENTRAL SECS CORP	COM	155123102	590	16,770	SH		SOLE		16,770	0	0
CIPHER MINING INC	COM	17253J106	49	36,000	SH		SOLE		0	0	36,000
CITIGROUP INC	COM NEW	172967424	414	9,000	SH		SOLE		9,000	0	0
CLARIVATE PLC	5.25% PFD CONV A	G21810208	274	4,800	SH		SOLE		4,800	0	0
CNX RES CORP	COM	12653C108	310	18,830	SH		SOLE		18,830	0	0
COCA COLA CO	COM	191216100	723	11,500	SH		SOLE		11,400	0	100
COMSTOCK RES INC	COM	205768302	841	69,620	SH		SOLE		69,620	0	0
COPART INC	COM	217204106	2,071	19,056	SH		SOLE		19,000	0	56
CORNERSTONE BLDG BRANDS INC	COM	21925D109	367	15,000	SH		SOLE		15,000	0	0
COTERRA ENERGY INC	COM	127097103	2,521	97,760	SH		SOLE		97,760	0	0
CUSHING MLP & INFRASTRUCT	COM NEW	231631300	323	11,630	SH		SOLE		11,630	0	0
DAVITA INC	COM	23918K108	1,919	24,000	SH		SOLE		24,000	0	0
DBX ETF TR	XTRACK MSCI EAFE	233051630	3,468	166,352	SH		SOLE		0	0	166,352
DEVON ENERGY CORP NEW	COM	25179M103	6,654	120,746	SH		SOLE		120,746	0	0
DHT HOLDINGS INC	SHS NEW	Y2065G121	507	82,765	SH		SOLE		82,765	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	3,287	27,135	SH		SOLE		27,135	0	0
ELEVANCE HEALTH INC	COM	036752103	724	1,500	SH		SOLE		1,500	0	0
ENBRIDGE INC	COM	29250N105	304	7,200	SH		SOLE		7,200	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	3,015	302,091	SH		SOLE		0	0	302,091
ENERPLUS CORP	COM	292766102	397	30,000	SH		SOLE		30,000	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	574	23,538	SH		SOLE		0	0	23,538
EQT CORP	COM	26884L109	16,450	478,207	SH		SOLE		478,207	0	0
FERROGLOBE PLC	SHS	G33856108	18	3,000	SH	Call	SOLE		3,000	0	0
FERROGLOBE PLC	SHS	G33856108	125	21,000	SH		SOLE		21,000	0	0
FIDELITY NATL INFORMATION SV	COM	31620M106	357	3,897	SH		SOLE		3,897	0	0
FMC CORP	COM NEW	302491303	332	3,100	SH		SOLE		3,100	0	0
FTI CONSULTING INC	COM	302941109	586	3,238	SH		SOLE		0	0	3,238
GABELLI DIVID & INCOME TR	COM	36242H104	583	28,490	SH		SOLE		28,490	0	0
GABELLI GLOBAL SMALL & MID C	COM	36249W104	228	20,620	SH		SOLE		20,620	0	0
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	265	24,760	SH		SOLE		24,760	0	0
GAIA INC NEW	CL A	36269P104	88	20,700	SH		SOLE		20,700	0	0
GALECTIN THERAPEUTICS INC	COM NEW	363225202	16	12,000	SH		SOLE		0	0	12,000
GAMCO NAT RES GOLD & INCOME	SH BEN INT	36465E101	141	30,130	SH		SOLE		30,130	0	0
GENERAL AMERN INVS CO INC	COM	368802104	577	16,330	SH		SOLE		16,330	0	0
GENERAL DYNAMICS CORP	COM	369550108	1,302	5,886	SH		SOLE		0	0	5,886
GILEAD SCIENCES INC	COM	375558103	229	3,700	SH		SOLE		3,700	0	0
GOLDMAN SACHS ETF TR	ACTIVEBETA INT	381430107	2,229	80,284	SH		SOLE		0	0	80,284
GOLDMAN SACHS ETF TR	ACTIVEBETA EME	381430206	2,090	70,267	SH		SOLE		0	0	70,267
GOLDMAN SACHS ETF TR	ACCESS INVT GR	381430479	3,526	76,562	SH		SOLE		0	0	76,562
GOLDMAN SACHS ETF TR	ACCES TREASURY	381430529	640	6,410	SH		SOLE		6,410	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	26	2,400	SH	Call	SOLE		2,400	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	181	16,860	SH		SOLE		16,800	0	60
GRAN TIERRA ENERGY INC	COM	38500T101	226	196,100	SH	Call	SOLE		196,100	0	0
GROUP 1 AUTOMOTIVE INC	COM	398905109	560	3,300	SH		SOLE		3,300	0	0
GTY TECHNOLOGY HOLDINGS INC	COM	362409104	389	62,100	SH		SOLE		62,100	0	0
HARBORONE BANCORP INC NEW	COM NEW	41165Y100	223	16,200	SH		SOLE		16,200	0	0
IMAC HLDGS INC	COM	44967K104	25	30,000	SH		SOLE		30,000	0	0
INVACARE CORP	COM	461203101	157	122,469	SH		SOLE		122,469	0	0
INVESCO EXCH TRADED FD TR II	RUSEL 1000 EQL	46138E420	445	11,331	SH		SOLE		0	0	11,331
INVESCO EXCH TRADED FD TR II	PFD ETF	46138E511	2,432	197,055	SH		SOLE		0	0	197,055
INVESCO EXCH TRADED FD TR II	S&P500 LOW VOL	46138E354	10,734	173,133	SH		SOLE		0	0	173,133
ISHARES TR	CORE S&P500 ETF	464287200	277	731	SH		SOLE		0	0	731
ISHARES TR	S&P 500 GRWT ETF	464287309	1,130	18,730	SH		SOLE		0	0	18,730
ISHARES TR	20 YR TR BD ETF	464287432	7,836	68,212	SH		SOLE		0	0	68,212
ISHARES TR	S&P MC 400GR ETF	464287606	201	3,158	SH		SOLE		0	0	3,158
ISHARES TR	CORE S&P SCP ETF	464287804	4,097	44,333	SH		SOLE		0	0	44,333
ISHARES TR	SHORT TREAS BD	464288679	3,591	32,613	SH		SOLE		5,670	0	26,943
ISHARES TR	MSCI USA MMENTM	46432F396	3,958	29,024	SH		SOLE		0	0	29,024
ISHARES TR	TRS FLT RT BD	46434V860	635	12,600	SH		SOLE		12,600	0	0
J P MORGAN EXCHANGE TRADED F	US QUALTY FCTR	46641Q761	5,137	137,949	SH		SOLE		0	0	137,949
JANUS DETROIT STR TR	HENDERSON MTG	47103U852	6,785	141,467	SH		SOLE		0	0	141,467
JAPAN SMALLER CAPITALIZATION	COM	47109U104	421	66,610	SH		SOLE		66,610	0	0
JOHNSON & JOHNSON	COM	478160104	514	2,896	SH		SOLE		2,400	0	496
KEARNY FINL CORP MD	COM	48716P108	256	23,000	SH		SOLE		23,000	0	0
KINDER MORGAN INC DEL	COM	49456B101	649	38,702	SH		SOLE		7,500	0	31,202
LUMEN TECHNOLOGIES INC	COM	550241103	330	30,205	SH		SOLE		0	0	30,205
MAG SILVER CORP	COM	55903Q104	821	67,500	SH		SOLE		67,500	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	495	10,366	SH		SOLE		0	0	10,366
MARATHON OIL CORP	COM	565849106	330	14,700	SH	Call	SOLE		14,700	0	0
MERIT MED SYS INC	COM	589889104	217	4,000	SH		SOLE		4,000	0	0
META PLATFORMS INC	CL A	30303M102	421	2,611	SH		SOLE		2,400	0	211
METHANEX CORP	COM	59151K108	218	5,700	SH		SOLE		5,700	0	0
MEXICO FD INC	COM	592835102	479	33,210	SH		SOLE		33,210	0	0
MICROSOFT CORP	COM	594918104	1,508	5,873	SH		SOLE		5,100	0	773
MONDELEZ INTL INC	CL A	609207105	559	9,000	SH		SOLE		9,000	0	0
MORGAN STANLEY EMERGING MKTS	COM	617477104	464	103,450	SH		SOLE		103,450	0	0
MORGAN STANLEY EMKT DBT FD I	COM	61744H105	175	26,450	SH		SOLE		26,450	0	0
MORGAN STANLEY INDIA INVT FD	COM	61745C105	299	13,360	SH		SOLE		13,360	0	0
NABORS INDUSTRIES LTD	SHS	G6359F137	3,803	28,400	SH		SOLE		28,400	0	0
NETFLIX INC	COM	64110L106	303	1,735	SH		SOLE		0	0	1,735
NEUBERGER BERMAN MLP & ENERG	COM	64129H104	603	100,510	SH		SOLE		100,510	0	0
NEW GERMANY FD INC	COM	644465106	140	16,580	SH		SOLE		16,580	0	0
NEW GOLD INC CDA	COM	644535106	39	36,000	SH		SOLE		36,000	0	0
NEW GOLD INC CDA	COM	644535106	61	57,200	SH	Call	SOLE		57,200	0	0
NEWMONT CORP	COM	651639106	681	11,411	SH		SOLE		0	0	11,411
NEXGEN ENERGY LTD	COM	65340P106	162	45,000	SH		SOLE		45,000	0	0
NORTHERN DYNASTY MINERALS LT	COM NEW	66510M204	102	390,000	SH		SOLE		390,000	0	0
NUTRIEN LTD	COM	67077M108	287	3,600	SH		SOLE		3,600	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	614	68,793	SH		SOLE		0	0	68,793
OCCIDENTAL PETE CORP	*W EXP 08/03/202	674599162	410	11,100	SH		SOLE		11,100	0	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	237	23,500	SH		SOLE		23,500	0	0
PAYPAL HLDGS INC	COM	70450Y103	293	4,200	SH		SOLE		4,200	0	0
PEPSICO INC	COM	713448108	850	5,100	SH		SOLE		5,100	0	0
PHILLIPS 66	COM	718546104	496	6,050	SH		SOLE		5,700	0	350
PIMCO ENERGY & TACTICAL CR O	COM SHS BEN INT	69346N107	567	44,120	SH		SOLE		44,120	0	0
PIONEER NAT RES CO	COM	723787107	3,052	13,680	SH		SOLE		13,680	0	0
PPL CORP	COM	69351T106	1,318	48,581	SH		SOLE		0	0	48,581
PROCTER AND GAMBLE CO	COM	742718109	524	3,644	SH		SOLE		3,600	0	44
PROSHARES TR	SHRT 20+YR TRE	74347X849	2,334	116,433	SH		SOLE		0	0	116,433
PRUDENTIAL FINL INC	COM	744320102	1,232	12,877	SH		SOLE		0	0	12,877
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	159	41,860	SH		SOLE		41,860	0	0
RIMINI STR INC DEL	COM	76674Q107	864	143,800	SH		SOLE		143,800	0	0
RMG ACQUISITION CORP III	UNIT 02/08/2026	G76088114	109	11,000	SH		SOLE		11,000	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	473	56,530	SH		SOLE		56,530	0	0
S&P GLOBAL INC	COM	78409V104	1,547	4,590	SH		SOLE		4,590	0	0
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	181	23,850	SH		SOLE		23,850	0	0
SCHWAB STRATEGIC TR	US DIVIDEND EQ	808524797	4,724	65,946	SH		SOLE		0	0	65,946
SCHWAB STRATEGIC TR	US LCAP VA ETF	808524409	6,680	107,022	SH		SOLE		0	0	107,022
SCORPIO TANKERS INC	SHS	Y7542C130	1,398	40,500	SH		SOLE		40,500	0	0
SEAGATE TECHNOLOGY HLDNGS PL	ORD SHS	G7997R103	393	5,500	SH		SOLE		5,500	0	0
SILVERCREST METALS INC	COM	828363101	739	121,000	SH		SOLE		121,000	0	0
SPDR GOLD TR	GOLD SHS	78463V107	424	2,514	SH		SOLE		940	0	1,574
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	645	7,052	SH		SOLE		6,930	0	122
SPROTT INC	COM NEW	852066208	886	25,500	SH		SOLE		25,500	0	0
SRH TOTAL RETURN FUND INC	COM	101507101	147	12,260	SH		SOLE		12,260	0	0
SUNCOR ENERGY INC NEW	COM	867224107	284	8,100	SH		SOLE		8,100	0	0
SURO CAPITAL CORP	COM NEW	86887Q109	100	15,550	SH		SOLE		15,550	0	0
SUSTAINABLE DEVELP ACQU I CO	UNIT 02/04/2026	86934L202	108	11,000	SH		SOLE		11,000	0	0
SWISS HELVETIA FD INC	COM	870875101	262	33,380	SH		SOLE		33,380	0	0
SYNTAX ETF TR	STRATIFIED US TT	87166N502	589	15,625	SH		SOLE		0	0	15,625
SYNTAX ETF TR	STRATIFD LRG CAP	87166N106	739	12,196	SH		SOLE		0	0	12,196
TAIWAN FD INC	COM	874036106	357	14,200	SH		SOLE		14,200	0	0
TASEKO MINES LTD	COM	876511106	305	282,400	SH		SOLE		282,400	0	0
TEMPLETON EMERGING MKTS FD	COM	880191101	120	10,040	SH		SOLE		10,040	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	1,317	2,425	SH		SOLE		2,400	0	25
TILRAY BRANDS INC	NOTE 5.000%10/0	88688TAB6	45	50,000	SH		SOLE		50,000	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	30	9,000	SH		SOLE		9,000	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	109	32,700	SH	Call	SOLE		32,700	0	0
TRAVELERS COMPANIES INC	COM	89417E109	389	2,300	SH		SOLE		2,300	0	0
TRI CONTL CORP	COM	895436103	272	10,380	SH		SOLE		10,380	0	0
TRICON RESIDENTIAL INC	COM NPV	89612W102	293	28,900	SH		SOLE		28,900	0	0
TRUIST FINL CORP	COM	89832Q109	1,026	21,637	SH		SOLE		0	0	21,637
TURQUOISE HILL RES LTD	COM	900435207	2,409	89,953	SH		SOLE		0	0	89,953
ULTRA CLEAN HLDGS INC	COM	90385V107	732	24,600	SH		SOLE		24,600	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	831	1,617	SH		SOLE		1,600	0	17
VALERO ENERGY CORP	COM	91913Y100	735	6,913	SH		SOLE		0	0	6,913
VANECK ETF TRUST	INVESTMENT GRD	92189F486	653	26,440	SH		SOLE		26,440	0	0
VANECK ETF TRUST	VANECK RUSSIA ET	92189F403	80	14,200	SH		SOLE		14,200	0	0
VANECK ETF TRUST	FALLEN ANGEL HG	92189F437	8,856	327,771	SH		SOLE		0	0	327,771
VANGUARD ADMIRAL FDS INC	SMLLCP 600 IDX	921932828	913	5,368	SH		SOLE		0	0	5,368
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	426	1,228	SH		SOLE		0	0	1,228
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	3,636	39,912	SH		SOLE		0	0	39,912
VANGUARD INDEX FDS	MID CAP ETF	922908629	1,510	7,664	SH		SOLE		0	0	7,664
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	235	4,000	SH		SOLE		4,000	0	0
VERMILION ENERGY INC	COM	923725105	343	18,000	SH		SOLE		18,000	0	0
VERTEX ENERGY INC	COM	92534K107	316	30,000	SH		SOLE		30,000	0	0
VISA INC	COM CL A	92826C839	449	2,279	SH		SOLE		1,500	0	779
VISTA GOLD CORP	COM NEW	927926303	18	27,000	SH	Call	SOLE		27,000	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	111	12,210	SH		SOLE		12,210	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	112	20,300	SH		SOLE		20,300	0	0
WABTEC	COM	929740108	271	3,300	SH		SOLE		3,300	0	0
WALMART INC	COM	931142103	511	4,200	SH		SOLE		4,200	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	166	12,405	SH		SOLE		9,000	0	3,405
WHEATON PRECIOUS METALS CORP	COM	962879102	454	12,600	SH		SOLE		12,600	0	0
WHITING PETE CORP NEW	COM NEW	966387508	4,340	63,800	SH		SOLE		63,800	0	0
WHOLE EARTH BRANDS INC	COM CL A	96684W100	62	10,000	SH		SOLE		10,000	0	0
WISDOMTREE TR	FLOATNG RAT TREA	97717Y527	669	13,294	SH		SOLE		13,120	0	174
WISDOMTREE TR	US LARGECAP DIVD	97717W307	306	5,181	SH		SOLE		0	0	5,181