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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AllianceBernstein Holdings, LP COM 01881g106   413 13,325 SH   SOLE   0 0 13,325
Ameren Corp COM 023608102   5,327 73,637 SH   SOLE   0 0 73,637
CenterPoint Energy, Inc. COM 15189t107   11,912 416,957 SH   SOLE   0 0 416,957
Clearway Energy, Inc. COM 18539c204   6,082 221,710 SH   SOLE   0 0 221,710
DTE Energy COM 233331107   9,274 84,112 SH   SOLE   0 0 84,112
Deutsche Telekom AG ADR COM 251566105   2,085 86,414 SH   SOLE   0 0 86,414
E.ON SE ADR COM 268780103   663 49,300 SH   SOLE   0 0 49,300
Enel S.p.A. ADR COM 29265w207   268 36,190 SH   SOLE   0 0 36,190
Energy Transfer LP COM 29273V100   40,711 2,950,069 SH   SOLE   0 0 2,950,069
Engie SA ADR COM 29286d105   2,608 148,319 SH   SOLE   0 0 148,319
Enterprise Prod Partners COM 293792107   60,816 2,307,989 SH   SOLE   0 0 2,307,989
Healthcare Realty COM 42226K105   29,146 1,691,594 SH   SOLE   0 0 1,691,594
Healthpeak Properties COM 42250P103   1,155 58,336 SH   SOLE   0 0 58,336
IDACORP COM 451107106   6,815 69,314 SH   SOLE   0 0 69,314
Iberdrola SA ADR COM 450737101   1,305 24,855 SH   SOLE   0 0 24,855
Kennedy-Wilson Holdings Inc. COM 489398107   11,169 902,176 SH   SOLE   0 0 902,176
Kinder Morgan Inc. COM 49456b101   886 50,236 SH   SOLE   0 0 50,236
MPLX LP COM 55336v100   33,015 899,089 SH   SOLE   0 0 899,089
National Grid COM 636274409   3,613 53,141 SH   SOLE   0 0 53,141
NextEra Energy Partners COM 65341b106   38,414 1,263,197 SH   SOLE   0 0 1,263,197
NextEra Energy, Inc. COM 65339F101   31,513 518,824 SH   SOLE   0 0 518,824
Oneok Inc. COM 682680103   1,215 17,307 SH   SOLE   0 0 17,307
PG&E Corp. COM 69331C108   9,477 525,601 SH   SOLE   0 0 525,601
Plains GP Holdings LP COM 72651A207   1,947 122,065 SH   SOLE   0 0 122,065
ProLogis Tr SBI COM 74340W103   1,532 11,491 SH   SOLE   0 0 11,491
STAG Industrial COM 85254j102   212 5,400 SH   SOLE   0 0 5,400
Weyerhaeuser COM 962166104   7,641 219,768 SH   SOLE   0 0 219,768
Williams Companies Inc COM 969457100   2,189 62,834 SH   SOLE   0 0 62,834
3M Company COM 88579y101   444 4,066 SH   SOLE   0 0 4,066
Abbott Laboratories COM 002824100   470 4,268 SH   SOLE   0 0 4,268
Air Products COM 009158106   287 1,050 SH   SOLE   0 0 1,050
Alphabet, Inc. Cl A COM 02079k305   23,131 165,590 SH   SOLE   0 0 165,590
Alphabet, Inc. Cl C COM 02079k107   3,508 24,895 SH   SOLE   0 0 24,895
Amazon.com Inc. COM 023135106   30,226 198,933 SH   SOLE   0 0 198,933
American Express COM 025816109   1,430 7,633 SH   SOLE   0 0 7,633
American Intl. Group COM 026874784   484 7,142 SH   SOLE   0 0 7,142
Anheuser-Busch InBev SA/NV COM 03524A108   3,725 57,719 SH   SOLE   0 0 57,719
Anheuser-Busch Inbev ADR COM 03524A108   242 3,750 SH   SOLE   0 0 3,750
Apollo Global Management COM 03769M106   12,117 130,030 SH   SOLE   0 0 130,030
Apple Computer COM 037833100   19,659 102,109 SH   SOLE   0 0 102,109
Automatic Data Processing COM 053015103   2,437 10,460 SH   SOLE   0 0 10,460
B2Gold Corp COM 11777Q209   39 12,256 SH   SOLE   0 0 12,256
BAE Systems PLC Sponsored ADR COM 05523r107   7,222 124,908 SH   SOLE   0 0 124,908
BNP Paribas ADR COM 05565A202   667 19,200 SH   SOLE   0 0 19,200
Bank of America COM 060505104   3,844 114,171 SH   SOLE   0 0 114,171
Becton Dickinson COM 075887109   371 1,520 SH   SOLE   0 0 1,520
Berkshire Hathaway A COM 084670108   1,628 3 SH   SOLE   0 0 3
Berkshire Hathaway B COM 084670702   5,278 14,798 SH   SOLE   0 0 14,798
Blackstone Inc. COM 09260D107   5,835 44,566 SH   SOLE   0 0 44,566
Boeing Company COM 097023105   466 1,789 SH   SOLE   0 0 1,789
Boston Scientific COM 101137107   9,844 170,282 SH   SOLE   0 0 170,282
Brookfield Corp. COM 11271J107   369 9,200 SH   SOLE   0 0 9,200
Brookfield Infrastructure Clas COM 11275Q107   666 18,863 SH   SOLE   0 0 18,863
Brookfield Infrastructure Part COM G16252101   4,597 145,993 SH   SOLE   0 0 145,993
CRH plc ADR COM G25508105   12,509 180,874 SH   SOLE   0 0 180,874
CVS Health Corp COM 126650100   2,342 29,656 SH   SOLE   0 0 29,656
Cadence Design COM 127387108   2,158 7,924 SH   SOLE   0 0 7,924
Caterpillar COM 149123101   6,073 20,539 SH   SOLE   0 0 20,539
Century Communities, Inc. COM 156504300   2,874 31,531 SH   SOLE   0 0 31,531
Charles Schwab COM 808513105   514 7,478 SH   SOLE   0 0 7,478
Chevron COM 166764100   1,857 12,449 SH   SOLE   0 0 12,449
Chubb Ltd. COM H1467J104   922 4,078 SH   SOLE   0 0 4,078
Cisco Systems COM 17275R102   2,156 42,668 SH   SOLE   0 0 42,668
Citigroup COM 172967424   1,856 36,089 SH   SOLE   0 0 36,089
Coca Cola Co. COM 191216100   19,555 331,832 SH   SOLE   0 0 331,832
Comcast Cl A COM 20030N101   572 13,036 SH   SOLE   0 0 13,036
Costco Wholesale COM 22160K105   3,617 5,480 SH   SOLE   0 0 5,480
Crown Holdings Inc . COM 228368106   783 8,498 SH   SOLE   0 0 8,498
Cummins Inc. COM 231021106   246 1,026 SH   SOLE   0 0 1,026
Deere & Co. COM 244199105   816 2,041 SH   SOLE   0 0 2,041
Dentsply Sirona COM 24906P109   787 22,125 SH   SOLE   0 0 22,125
Deutsche Post DHL Group ADR COM 25157y202   1,522 30,723 SH   SOLE   0 0 30,723
Eli Lilly COM 532457108   2,314 3,970 SH   SOLE   0 0 3,970
Emerson Electric Co. COM 291011104   6,599 67,805 SH   SOLE   0 0 67,805
Estee Lauder COM 518439104   514 3,515 SH   SOLE   0 0 3,515
Exxon Mobil COM 30231G102   1,175 11,755 SH   SOLE   0 0 11,755
Fedex COM 31428x106   4,619 18,258 SH   SOLE   0 0 18,258
Fomento Economico Mexicano SA COM 344419106   1,585 12,157 SH   SOLE   0 0 12,157
Freeport McMoran Inc. COM 35671D857   2,822 66,289 SH   SOLE   0 0 66,289
GE Aerospace COM 369604301   371 2,908 SH   SOLE   0 0 2,908
Genuine Parts COM 372460105   461 3,330 SH   SOLE   0 0 3,330
Goldman Sachs JUST COM 381430396   231 3,400 SH   SOLE   0 0 3,400
Howard Hughes Holdings COM 44267T102   13,131 153,487 SH   SOLE   0 0 153,487
IBM COM 459200101   777 4,752 SH   SOLE   0 0 4,752
Illinois Tool Works COM 452308109   613 2,339 SH   SOLE   0 0 2,339
Intel Corp. COM 458140100   553 11,004 SH   SOLE   0 0 11,004
J.P. Morgan Chase COM 46625h100   18,688 109,866 SH   SOLE   0 0 109,866
Johnson & Johnson COM 478160104   8,180 52,188 SH   SOLE   0 0 52,188
KKR & Co. Inc. COM 48251W104   5,294 63,900 SH   SOLE   0 0 63,900
Kimberly Clark COM 494368103   581 4,784 SH   SOLE   0 0 4,784
Leidos Holdings Inc. COM 525327102   587 5,420 SH   SOLE   0 0 5,420
Liberty SiriusXM Series C COM 531229789   215 7,482 SH   SOLE   0 0 7,482
Linde PLC COM G54950103   513 1,250 SH   SOLE   0 0 1,250
MasterCard Inc. COM 57636q104   13,321 31,232 SH   SOLE   0 0 31,232
McDonald's Corp. COM 580135101   485 1,635 SH   SOLE   0 0 1,635
Medtronic COM G5960L103   2,844 34,523 SH   SOLE   0 0 34,523
Merck COM 58933y105   6,066 55,640 SH   SOLE   0 0 55,640
MetLife COM 59156R108   430 6,500 SH   SOLE   0 0 6,500
Meta Platforms, Inc. COM 30303M102   7,831 22,123 SH   SOLE   0 0 22,123
Microsoft COM 594918104   25,964 69,047 SH   SOLE   0 0 69,047
Mondelez International Inc. COM 609207105   22,894 316,087 SH   SOLE   0 0 316,087
Nestle Spons ADR COM 641069406   22,099 191,115 SH   SOLE   0 0 191,115
Northrup Grumman COM 666807102   468 1,000 SH   SOLE   0 0 1,000
Novartis COM 66987V109   3,835 37,985 SH   SOLE   0 0 37,985
Nvidia Corporation COM 67066G104   1,605 3,240 SH   SOLE   0 0 3,240
Oracle COM 68389X105   706 6,700 SH   SOLE   0 0 6,700
PNC Bank Corp. COM 693475105   3,160 20,406 SH   SOLE   0 0 20,406
Pepsico COM 713448108   3,447 20,296 SH   SOLE   0 0 20,296
Pfizer COM 717081103   3,065 106,474 SH   SOLE   0 0 106,474
Phillips 66 COM 718546104   221 1,660 SH   SOLE   0 0 1,660
Procter & Gamble COM 742718109   5,679 38,751 SH   SOLE   0 0 38,751
Prudential Financial Inc COM 744320102   228 2,200 SH   SOLE   0 0 2,200
Raytheon Technologies COM 75513E101   870 10,335 SH   SOLE   0 0 10,335
Roche Holding AG COM 771195104   3,182 87,839 SH   SOLE   0 0 87,839
S&P Global Inc. COM 78409V104   705 1,600 SH   SOLE   0 0 1,600
SPDR S&P 500 ETF COM 78462F103   6,374 13,410 SH   SOLE   0 0 13,410
SPDR S&P Midcap 400 EFT COM 78467y107   391 770 SH   SOLE   0 0 770
Sandoz ADR COM 799926100   243 7,579 SH   SOLE   0 0 7,579
Schlumberger COM 806857108   2,149 41,299 SH   SOLE   0 0 41,299
Shell PLC ADR COM 780259305   12,463 189,410 SH   SOLE   0 0 189,410
Siemens AG ADR COM 826197501   2,715 29,021 SH   SOLE   0 0 29,021
Sony Corp. COM 835699307   211 2,225 SH   SOLE   0 0 2,225
State Street Corp COM 857477103   420 5,418 SH   SOLE   0 0 5,418
Stryker Corp COM 863667101   3,069 10,250 SH   SOLE   0 0 10,250
Swiss Re ADR COM 870886108   779 27,671 SH   SOLE   0 0 27,671
Sysco COM 871829107   2,511 34,334 SH   SOLE   0 0 34,334
Thermo Fisher Scientific COM 883556102   4,740 8,930 SH   SOLE   0 0 8,930
Thomason Reuters COM 884903808   472 3,231 SH   SOLE   0 0 3,231
UBS Group AG COM H42097107   2,596 84,012 SH   SOLE   0 0 84,012
Uber Technologies, Inc. COM 90353t100   339 5,500 SH   SOLE   0 0 5,500
Unilever PLC COM 904767704   2,976 61,394 SH   SOLE   0 0 61,394
Union Pacific COM 907818108   3,218 13,102 SH   SOLE   0 0 13,102
UnitedHealth Group COM 91324P102   10,033 19,058 SH   SOLE   0 0 19,058
Veolia Environnement ADR COM 92334N103   1,654 104,826 SH   SOLE   0 0 104,826
Viatris COM 92556v106   131 12,069 SH   SOLE   0 0 12,069
Visa COM 92826c839   11,289 43,362 SH   SOLE   0 0 43,362
Vistra Energy Corp COM 92840m102   15,847 411,392 SH   SOLE   0 0 411,392
W. W. Grainger COM 384802104   703 848 SH   SOLE   0 0 848
Walt Disney COM 254687106   2,093 23,186 SH   SOLE   0 0 23,186
Warner Bros. Discovery A COM 934423104   687 60,363 SH   SOLE   0 0 60,363
Wells Fargo COM 949746101   258 5,233 SH   SOLE   0 0 5,233
iShares Russell 1000 Growth ET COM 464287614   409 1,350 SH   SOLE   0 0 1,350
iShares Russell 2000 Value ETF COM 464287630   323 2,080 SH   SOLE   0 0 2,080
iShares US Technology COM 464287721   1,203 9,800 SH   SOLE   0 0 9,800