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 COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
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: ELCO Management Co., LLC
Address: 200 PARK AVENUE
SUITE 1700
NEW YORK , NY10166
Form 13F File Number: 028-17577

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: JAMES ELLIOT
Title: MEMBER
Phone: 212-603-7582
Signature, Place, and Date of Signing:
/s/ JAMES ELLIOT NEW YORK , NY 05-16-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
X 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: 168
Form 13F Information Table Value Total: 146,892
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

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.]
No. Form 13F File Number Name


SEC FORM 13F-HR

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
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

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 2,202 18,605 SH SOLE 0 0 18,605
ABBVIE INC COM 00287y109 2,999 18,500 SH SOLE 0 0 18,500
ALPHABET INC CAP STK CL C 02079k107 4,388 1,571 SH SOLE 75 0 1,496
AMAZON COM INC COM 023135106 4,623 1,418 SH SOLE 80 0 1,338
AMER STATES WTR CO COM 029899101 108 1,214 SH SOLE 0 0 1,214
AMER STATES WTR CO COM 029899101 135 1,513 SH DFND 0 1,513 0
AMERICAN WTR WKS CO INC NEW COM 030420103 2,246 13,566 SH SOLE 680 0 12,886
AMERICAN WTR WKS CO INC NEW COM 030420103 1,040 6,280 SH DFND 0 6,280 0
ANTERO MIDSTREAM CORP COM 03676b102 769 70,700 SH SOLE 70,000 0 700
APPLE INC COM 037833100 6,898 39,504 SH SOLE 1,980 0 37,524
ARCHAEA ENERGY INC COM CL A 03940F103 335 15,294 SH SOLE 10,000 0 5,294
ARES CAPITAL CORP COM 04010l103 235 11,200 SH SOLE 0 0 11,200
ARTESIAN RES CORP CL A 043113208 24 492 SH SOLE 0 0 492
ARTESIAN RES CORP CL A 043113208 342 7,045 SH DFND 0 7,045 0
ASML HOLDING N V N Y REGISTRY SHS n07059210 548 821 SH SOLE 0 0 821
BANC OF CALIFORNIA INC COM 05990k106 2 100 SH SOLE 0 0 100
BANC OF CALIFORNIA INC COM 05990k106 321 16,559 SH DFND 0 16,559 0
BLACKROCK SCIENCE & TECHNOLO SHS 09258G104 320 7,400 SH SOLE 0 0 7,400
BOEING CO COM 097023105 1,256 6,558 SH SOLE 355 0 6,203
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106 439 5,000 SH SOLE 0 0 5,000
BROOKFIELD RENEWABLE CORP CL A SUB VTG 11284V105 314 7,175 SH SOLE 0 0 7,175
BUSINESS FIRST BANCSHARES IN COM 12326c105 396 16,285 SH DFND 0 16,285 0
CALIFORNIA BANCORP INC COM 13005u101 354 15,396 SH DFND 0 15,396 0
CAPITAL BANCORP INC MD COM 139737100 267 11,671 SH DFND 0 11,671 0
CAPSTAR FINL HLDGS INC COM 14070t102 270 12,821 SH DFND 0 12,821 0
CARRIER GLOBAL CORPORATION COM 14448c104 710 15,474 SH SOLE 1,425 0 14,049
CHENIERE ENERGY INC COM NEW 16411R208 7,257 52,344 SH SOLE 23,300 0 29,044
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441a102 49 4,998 SH SOLE 0 0 4,998
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441a102 738 75,068 SH DFND 0 75,068 0
CLEARWAY ENERGY INC CL C 18539c204 1,279 35,025 SH SOLE 10,200 0 24,825
COCA COLA CO COM 191216100 502 8,098 SH SOLE 580 0 7,518
COLGATE PALMOLIVE CO COM 194162103 1,024 13,500 SH SOLE 0 0 13,500
COLONY BANKCORP INC COM 19623P101 406 21,733 SH DFND 0 21,733 0
CONNECTONE BANCORP INC COM 20786w107 275 8,600 SH DFND 0 8,600 0
CONSOLIDATED WATER CO INC ORD g23773107 14 1,237 SH SOLE 0 0 1,237
CONSOLIDATED WATER CO INC ORD g23773107 174 15,698 SH DFND 0 15,698 0
CONSTELLATION BRANDS INC CL A 21036p108 945 4,104 SH SOLE 280 0 3,824
CORE & MAIN INC CL A 21874C102 27 1,123 SH SOLE 0 0 1,123
CORE & MAIN INC CL A 21874C102 376 15,555 SH DFND 0 15,555 0
CORNING INC COM 219350105 951 25,770 SH SOLE 1,060 0 24,710
COSTAR GROUP INC COM 22160n109 241 3,612 SH SOLE 500 0 3,112
CUMMINS INC COM 231021106 443 2,161 SH SOLE 155 0 2,006
CVS HEALTH CORP COM 126650100 907 8,957 SH SOLE 680 0 8,277
DANAHER CORPORATION COM 235851102 380 1,297 SH SOLE 0 0 1,297
DIAGEO PLC SPON ADR NEW 25243q205 203 1,000 SH SOLE 0 0 1,000
DOMINION ENERGY INC COM 25746u109 810 9,538 SH SOLE 635 0 8,903
EATON VANCE RISK-MANAGED DIV COM 27829G106 339 34,275 SH SOLE 0 0 34,275
EATON VANCE SHORT DURATION D COM 27828V104 542 46,900 SH SOLE 0 0 46,900
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336t100 145 15,000 SH SOLE 0 0 15,000
EQT CORP COM 26884L109 327 9,500 SH SOLE 0 0 9,500
EQUITRANS MIDSTREAM CORP COM 294600101 133 15,713 SH SOLE 0 0 15,713
EQUITY BANCSHARES INC COM CL A 29460X109 467 14,466 SH DFND 0 14,466 0
ESSENTIAL UTILS INC COM 29670g102 827 16,174 SH SOLE 565 0 15,609
ESSENTIAL UTILS INC COM 29670g102 695 13,593 SH DFND 0 13,593 0
FASTENAL CO COM 311900104 238 4,000 SH SOLE 0 0 4,000
FINWISE BANCORP COM 31813A109 686 40,000 SH DFND 0 40,000 0
FIRST INTST BANCSYSTEM INC COM CL A 32055y201 886 24,107 SH SOLE 4,229 0 19,878
FIRST INTST BANCSYSTEM INC COM CL A 32055y201 701 19,051 SH DFND 0 19,051 0
FIRST WESTN FINL INC COM 33751L105 548 17,545 SH DFND 0 17,545 0
FIRST BANCSHARES INC MS COM 318916103 741 22,002 SH DFND 0 22,002 0
GLOBAL WTR RES INC COM 379463102 38 2,279 SH SOLE 0 0 2,279
GLOBAL WTR RES INC COM 379463102 522 31,341 SH DFND 0 31,341 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 192 13,674 SH SOLE 0 0 13,674
GREAT LAKES DREDGE & DOCK CO COM 390607109 328 23,381 SH DFND 0 23,381 0
GUGGENHEIM TAXABLE MUNICP BO COM 401664107 402 20,198 SH SOLE 0 0 20,198
HAYWARD HLDGS INC COM 421298100 27 1,620 SH SOLE 0 0 1,620
HAYWARD HLDGS INC COM 421298100 358 21,543 SH DFND 0 21,543 0
HEXCEL CORP NEW COM 428291108 4,622 77,720 SH SOLE 16,700 0 61,020
HOME DEPOT INC COM 437076102 2,809 9,383 SH SOLE 520 0 8,863
HONEYWELL INTL INC COM 438516106 1,688 8,675 SH SOLE 495 0 8,180
HUBBELL INC COM 443510607 935 5,088 SH SOLE 380 0 4,708
ILLUMINA INC COM 452327109 4,091 11,709 SH SOLE 355 0 11,354
IMAX CORP COM 45245e109 199 10,500 SH SOLE 0 0 10,500
INTEL CORP COM 458140100 539 10,870 SH SOLE 0 0 10,870
INTERCONTINENTAL EXCHANGE IN COM 45866f104 1,346 10,187 SH SOLE 0 0 10,187
ISHARES TR GLOB HLTHCRE ETF 464287325 829 9,458 SH SOLE 0 0 9,458
INVESCO EXCHANGE TRADED FD T AEROSPACE DEFN 46137v100 443 5,650 SH SOLE 0 0 5,650
JD.COM INC SPON ADR CL A 47215p106 289 5,000 SH SOLE 0 0 5,000
JETBLUE AWYS CORP COM 477143101 164 11,000 SH SOLE 0 0 11,000
JOHNSON & JOHNSON COM 478160104 964 5,440 SH SOLE 250 0 5,190
JPMORGAN CHASE & CO COM 46625h100 1,130 8,288 SH SOLE 405 0 7,883
KINDER MORGAN INC DEL COM 49456B101 314 16,625 SH SOLE 0 0 16,625
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077b207 301 14,700 SH SOLE 0 0 14,700
LATHAM GROUP INC COM 51819L107 19 1,412 SH SOLE 0 0 1,412
LATHAM GROUP INC COM 51819L107 213 16,099 SH DFND 0 16,099 0
LIMESTONE BANCORP INC COM 53262l105 424 20,291 SH DFND 0 20,291 0
LINDSAY CORP COM 535555106 39 250 SH SOLE 0 0 250
LINDSAY CORP COM 535555106 561 3,573 SH DFND 0 3,573 0
MARRIOTT INTL INC NEW CL A 571903202 714 4,063 SH SOLE 350 0 3,713
MASCO CORP COM 574599106 24 464 SH SOLE 0 0 464
MASCO CORP COM 574599106 334 6,554 SH DFND 0 6,554 0
MCDONALDS CORP COM 580135101 818 3,309 SH SOLE 155 0 3,154
MEDTRONIC PLC SHS g5960l103 1,543 13,909 SH SOLE 1,000 0 12,909
MICROSOFT CORP COM 594918104 3,763 12,206 SH SOLE 820 0 11,386
MUELLER INDS INC COM 624756102 26 473 SH SOLE 0 0 473
MUELLER INDS INC COM 624756102 367 6,781 SH DFND 0 6,781 0
NEXTERA ENERGY INC COM 65339F101 710 8,382 SH SOLE 0 0 8,382
NEXTERA ENERGY PARTNERS LP COM UNIT PART IN 65341b106 451 5,413 SH SOLE 0 0 5,413
NVIDIA CORPORATION COM 67066g104 327 1,200 SH SOLE 0 0 1,200
OLD SECOND BANCORP INC ILL COM 680277100 301 20,732 SH DFND 0 20,732 0
ONEOK INC NEW COM 682680103 944 13,366 SH SOLE 9,161 0 4,205
ORIGIN BANCORP INC COM 68621t102 403 9,527 SH DFND 0 9,527 0
OTIS WORLDWIDE CORP COM 68902v107 619 8,038 SH SOLE 702 0 7,336
OTTER TAIL CORP COM 689648103 13 213 SH SOLE 0 0 213
OTTER TAIL CORP COM 689648103 188 3,009 SH DFND 0 3,009 0
PENTAIR PLC SHS G7S00T104 34 631 SH SOLE 0 0 631
PENTAIR PLC SHS G7S00T104 482 8,898 SH DFND 0 8,898 0
PRIMERICA INC COM 74164m108 547 4,000 SH SOLE 0 0 4,000
PROCTER AND GAMBLE CO COM 742718109 1,562 10,225 SH SOLE 620 0 9,605
PROFESSIONAL HLDG CORP CL A COM 743139107 538 23,837 SH DFND 0 23,837 0
PROSHARES TR SHORT S&P 500 NE 74347B425 23 1,620 SH SOLE 0 0 1,620
PROSHARES TR SHORT S&P 500 NE 74347B425 294 20,900 SH DFND 0 20,900 0
QUALCOMM INC COM 747525103 306 2,000 SH SOLE 0 0 2,000
RAYTHEON TECHNOLOGIES CORP COM 75513e101 1,006 10,156 SH SOLE 535 0 9,621
RIVERVIEW BANCORP INC COM 769397100 278 36,844 SH DFND 0 36,844 0
SJW GROUP COM 784305104 14 206 SH SOLE 0 0 206
SJW GROUP COM 784305104 204 2,934 SH DFND 0 2,934 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 309 3,000 SH SOLE 0 0 3,000
SELECT ENERGY SVCS INC CL A COM 81617j301 50 5,822 SH SOLE 0 0 5,822
SELECT ENERGY SVCS INC CL A COM 81617j301 710 82,798 SH DFND 0 82,798 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 541 3,950 SH SOLE 260 0 3,690
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 563 3,543 SH SOLE 0 0 3,543
SELECT SECTOR SPDR TR FINANCIAL 81369y605 349 9,105 SH SOLE 0 0 9,105
SEMPRA COM 816851109 1,635 9,726 SH SOLE 510 0 9,216
SHORE BANCSHARES INC COM 825107105 494 24,112 SH DFND 0 24,112 0
SOUTHERN FIRST BANCSHARES COM 842873101 555 10,918 SH DFND 0 10,918 0
SOUTHWESTERN ENERGY CO COM 845467109 143 20,000 SH SOLE 0 0 20,000
SPDR GOLD TR GOLD SHS 78463v107 443 2,450 SH SOLE 0 0 2,450
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,808 8,431 SH SOLE 7,029 0 1,402
SPDR SER TR S&P BIOTECH 78464a870 304 3,385 SH SOLE 0 0 3,385
STANTEC INC COM 85472n109 12 196 SH SOLE 0 0 196
STANTEC INC COM 85472n109 249 3,977 SH DFND 0 3,977 0
STARWOOD PPTY TR INC COM 85571b105 255 10,550 SH SOLE 0 0 10,550
TARGA RES CORP COM 87612G101 4,071 53,936 SH SOLE 24,000 0 29,936
TETRA TECH INC NEW COM 88162G103 15 93 SH SOLE 0 0 93
TETRA TECH INC NEW COM 88162G103 217 1,317 SH DFND 0 1,317 0
THIRD COAST BANCSHARES INC COM 88422P109 357 15,433 SH DFND 0 15,433 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034p109 49 10,000 SH SOLE 0 0 10,000
UNITED PARCEL SERVICE INC CL B 911312106 291 1,355 SH SOLE 0 0 1,355
UNIVERSAL DISPLAY CORP COM 91347p105 501 3,000 SH SOLE 0 0 3,000
VERIZON COMMUNICATIONS INC COM 92343v104 323 6,350 SH SOLE 0 0 6,350
VERSABANK NEW COM 92512J106 1,091 95,698 SH DFND 0 95,698 0
WALMART INC COM 931142103 402 2,698 SH SOLE 345 0 2,353
DISNEY WALT CO COM 254687106 1,878 13,691 SH SOLE 600 0 13,091
WILLIAMS COS INC COM 969457100 8,401 251,461 SH SOLE 56,930 0 194,531
XYLEM INC COM 98419M100 307 3,604 SH SOLE 0 0 3,604
XYLEM INC COM 98419M100 384 4,502 SH DFND 0 4,502 0
YORK WTR CO COM 987184108 35 768 SH SOLE 0 0 768
YORK WTR CO COM 987184108 492 10,933 SH DFND 0 10,933 0
ZIMMER BIOMET HOLDINGS INC COM 98956p102 720 5,629 SH SOLE 400 0 5,229
ZURN WATER SOLUTIONS CORP COM 98983L108 157 4,437 SH SOLE 0 0 4,437
ZURN WATER SOLUTIONS CORP COM 98983L108 553 15,613 SH DFND 0 15,613 0
ENERGY TRANSFER L P COM UT LTD PTN 29273v100 5,303 473,946 SH SOLE 167,700 0 306,246
ENTERPRISE PRODS PARTNERS L COM 293792107 1,610 62,373 SH SOLE 29,000 0 33,373
GENESIS ENERGY L P UNIT LTD PARTN 371927104 290 24,780 SH SOLE 0 0 24,780
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 371 7,559 SH SOLE 0 0 7,559
MPLX LP COM UNIT REP LTD 55336V100 3,139 94,611 SH SOLE 60,000 0 34,611
NGL ENERGY PARTNERS LP COM UNIT REPST 62913M107 80 36,000 SH SOLE 0 0 36,000
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,683 156,425 SH SOLE 124,000 0 32,425
SUNOCO LP/SUNOCO FIN CORP COM UT REP LP 86765K109 2,039 49,920 SH SOLE 0 0 49,920
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 2,068 81,982 SH SOLE 52,000 0 29,982
BLACKROCK ENHANCED EQUITY DI COM 09251a104 566 57,200 SH SOLE 0 0 57,200
BLACKROCK TAX MUNICPAL BD TR SHS 09248x100 363 16,500 SH SOLE 0 0 16,500
CALAMOS STRATEGIC TOTAL RETU COM SH BEN INT 128125101 419 23,900 SH SOLE 0 0 23,900
EATON VANCE TAX-MANAGED DIVE COM 27828n102 862 61,700 SH SOLE 0 0 61,700
FRANKLIN LTD DURATION INCOME COM 35472T101 220 29,000 SH SOLE 0 0 29,000
LIBERTY ALL STAR EQUITY FD SH BEN INT 530158104 262 32,400 SH SOLE 0 0 32,400
WELLS FARGO CO NEW PERP PFD CNV A 949746804 517 390 SH SOLE 0 0 390