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   450 12,125 SH   SOLE   0 0 12,125
CenterPoint Energy, Inc. COM 15189t107   8,047 253,602 SH   SOLE   0 0 253,602
Clearway Energy, Inc. COM 18539c204   10,823 416,266 SH   SOLE   0 0 416,266
DTE Energy COM 233331107   7,434 61,568 SH   SOLE   0 0 61,568
Deutsche Telekom AG ADR COM 251566105   1,770 59,299 SH   SOLE   0 0 59,299
E.ON SE ADR COM 268780103   283 24,350 SH   SOLE   0 0 24,350
Energy Transfer LP COM 29273V100   53,891 2,750,952 SH   SOLE   0 0 2,750,952
Engie SA ADR COM 29286d105   2,053 129,550 SH   SOLE   0 0 129,550
Enterprise Prod Partners COM 293792107   65,107 2,076,112 SH   SOLE   0 0 2,076,112
HealthPeak Properties COM 42250P103   430 21,215 SH   SOLE   0 0 21,215
Healthcare Realty COM 42226K105   21,184 1,249,791 SH   SOLE   0 0 1,249,791
Iberdrola SA ADR COM 450737101   824 14,950 SH   SOLE   0 0 14,950
Kennedy-Wilson Holdings Inc. COM 489398107   4,106 411,005 SH   SOLE   0 0 411,005
Kinder Morgan Inc. COM 49456b101   760 27,740 SH   SOLE   0 0 27,740
MPLX LP COM 55336v100   41,580 868,779 SH   SOLE   0 0 868,779
National Grid COM 636274409   2,068 34,808 SH   SOLE   0 0 34,808
NextEra Energy Partners COM 65341b106   7,176 403,173 SH   SOLE   0 0 403,173
NextEra Energy, Inc. COM 65339F101   28,001 390,588 SH   SOLE   0 0 390,588
Oneok Inc. COM 682680103   716 7,129 SH   SOLE   0 0 7,129
PG&E Corp. COM 69331C108   8,975 444,767 SH   SOLE   0 0 444,767
PPL Corporation COM 69351t106   5,967 183,838 SH   SOLE   0 0 183,838
Plains GP Holdings LP COM 72651A207   1,875 101,987 SH   SOLE   0 0 101,987
ProLogis Tr SBI COM 74340W103   951 8,996 SH   SOLE   0 0 8,996
Weyerhaeuser COM 962166104   3,560 126,450 SH   SOLE   0 0 126,450
Williams Companies Inc COM 969457100   3,073 56,781 SH   SOLE   0 0 56,781
3M Company COM 88579y101   221 1,713 SH   SOLE   0 0 1,713
Abbott Laboratories COM 002824100   432 3,820 SH   SOLE   0 0 3,820
Air Products COM 009158106   305 1,050 SH   SOLE   0 0 1,050
Alphabet, Inc. Cl A COM 02079k305   31,714 167,535 SH   SOLE   0 0 167,535
Alphabet, Inc. Cl C COM 02079k107   3,538 18,580 SH   SOLE   0 0 18,580
Amazon.com Inc. COM 023135106   38,761 176,678 SH   SOLE   0 0 176,678
American Express COM 025816109   824 2,775 SH   SOLE   0 0 2,775
American Intl. Group COM 026874784   520 7,142 SH   SOLE   0 0 7,142
Anheuser-Busch InBev SA/NV COM 03524A108   1,376 27,540 SH   SOLE   0 0 27,540
Apollo Global Mgmt. COM 03769M106   23,023 139,398 SH   SOLE   0 0 139,398
Apple Computer COM 037833100   13,382 53,440 SH   SOLE   0 0 53,440
Automatic Data Processing COM 053015103   1,452 4,959 SH   SOLE   0 0 4,959
BAE Systems PLC Sponsored ADR COM 05523r107   5,851 102,366 SH   SOLE   0 0 102,366
Bank of America COM 060505104   8,691 197,753 SH   SOLE   0 0 197,753
Berkshire Hathaway A COM 084670108   681 1 SH   SOLE   0 0 1
Berkshire Hathaway B COM 084670702   1,780 3,926 SH   SOLE   0 0 3,926
Blackstone Inc. COM 09260D107   4,994 28,966 SH   SOLE   0 0 28,966
Boeing Company COM 097023105   279 1,574 SH   SOLE   0 0 1,574
Boston Scientific COM 101137107   10,443 116,921 SH   SOLE   0 0 116,921
Brookfield Corp. COM 11271J107   201 3,500 SH   SOLE   0 0 3,500
Brookfield Infrastructure Clas COM 11276H106   397 9,923 SH   SOLE   0 0 9,923
Brookfield Infrastructure Part COM G16252101   2,753 86,598 SH   SOLE   0 0 86,598
CRH plc ADR COM G25508105   15,666 169,324 SH   SOLE   0 0 169,324
CVS Health Corp COM 126650100   312 6,945 SH   SOLE   0 0 6,945
Caterpillar COM 149123101   556 1,533 SH   SOLE   0 0 1,533
Century Communities COM 156504300   1,070 14,587 SH   SOLE   0 0 14,587
Cheniere Energy Inc COM 16411R208   25,568 118,991 SH   SOLE   0 0 118,991
Chevron COM 166764100   534 3,687 SH   SOLE   0 0 3,687
Chubb Ltd. COM H1467J104   582 2,105 SH   SOLE   0 0 2,105
Cisco Systems COM 17275R102   2,067 34,918 SH   SOLE   0 0 34,918
Citigroup COM 172967424   16,669 236,809 SH   SOLE   0 0 236,809
Coca Cola Co. COM 191216100   17,306 277,966 SH   SOLE   0 0 277,966
Corning COM 219350105   280 5,900 SH   SOLE   0 0 5,900
Costco Wholesale COM 22160K105   1,069 1,167 SH   SOLE   0 0 1,167
Crown Holdings Inc . COM 228368106   289 3,495 SH   SOLE   0 0 3,495
Deere & Co. COM 244199105   752 1,775 SH   SOLE   0 0 1,775
Deutsche Post DHL Group ADR COM 25157y202   807 23,129 SH   SOLE   0 0 23,129
Duolingo, Inc Class A COM 26603R106   2,060 6,352 SH   SOLE   0 0 6,352
Eli Lilly COM 532457108   2,015 2,610 SH   SOLE   0 0 2,610
Emerson Electric Co. COM 291011104   638 5,150 SH   SOLE   0 0 5,150
Exxon Mobil COM 30231G102   952 8,846 SH   SOLE   0 0 8,846
Fedex COM 31428x106   1,662 5,909 SH   SOLE   0 0 5,909
Fomento Economico Mexicano SA COM 344419106   462 5,400 SH   SOLE   0 0 5,400
GE Aerospace COM 369604301   262 1,571 SH   SOLE   0 0 1,571
Genuine Parts COM 372460105   325 2,780 SH   SOLE   0 0 2,780
Howard Hughes Holdings COM 44267T102   8,182 106,372 SH   SOLE   0 0 106,372
IBM COM 459200101   691 3,144 SH   SOLE   0 0 3,144
Illinois Tool Works COM 452308109   283 1,115 SH   SOLE   0 0 1,115
Intel Corp. COM 458140100   208 10,392 SH   SOLE   0 0 10,392
J.P. Morgan Chase COM 46625h100   19,750 82,391 SH   SOLE   0 0 82,391
Johnson & Johnson COM 478160104   4,691 32,439 SH   SOLE   0 0 32,439
KKR & Co. Inc. COM 48251W104   6,967 47,100 SH   SOLE   0 0 47,100
Kimberly Clark COM 494368103   502 3,834 SH   SOLE   0 0 3,834
Leidos Holdings Inc. COM 525327102   334 2,320 SH   SOLE   0 0 2,320
Linde PLC COM G54950103   523 1,250 SH   SOLE   0 0 1,250
MasterCard Inc. COM 57636q104   15,599 29,623 SH   SOLE   0 0 29,623
McKesson COM 58155Q103   228 400 SH   SOLE   0 0 400
Medtronic COM G5960L103   1,820 22,782 SH   SOLE   0 0 22,782
Merck COM 58933y105   3,529 35,475 SH   SOLE   0 0 35,475
MetLife COM 59156R108   418 5,100 SH   SOLE   0 0 5,100
Meta Platforms, Inc. COM 30303M102   17,221 29,412 SH   SOLE   0 0 29,412
Microsoft COM 594918104   19,684 46,700 SH   SOLE   0 0 46,700
Mondelez Internat Inc. COM 609207105   3,967 66,417 SH   SOLE   0 0 66,417
NRG Energy COM 629377508   217 2,400 SH   SOLE   0 0 2,400
Nestle Spons ADR COM 641069406   2,866 35,085 SH   SOLE   0 0 35,085
Novartis COM 66987V109   2,682 27,566 SH   SOLE   0 0 27,566
Nvidia Corporation COM 67066G104   4,005 29,825 SH   SOLE   0 0 29,825
Oracle COM 68389X105   1,000 6,000 SH   SOLE   0 0 6,000
PNC Bank Corp. COM 693475105   6,795 35,233 SH   SOLE   0 0 35,233
Pepsico COM 713448108   2,171 14,275 SH   SOLE   0 0 14,275
Pfizer COM 717081103   476 17,957 SH   SOLE   0 0 17,957
Procter & Gamble COM 742718109   3,182 18,978 SH   SOLE   0 0 18,978
Prudential Financial Inc COM 744320102   225 1,900 SH   SOLE   0 0 1,900
Raytheon Technologies COM 75513E101   921 7,962 SH   SOLE   0 0 7,962
Roche Holding AG COM 771195104   2,008 57,560 SH   SOLE   0 0 57,560
S&P Global Inc. COM 78409V104   797 1,600 SH   SOLE   0 0 1,600
SPDR S&P 500 ETF COM 78462F103   7,859 13,410 SH   SOLE   0 0 13,410
Seaport Entertainment COM 812215200   225 8,052 SH   SOLE   0 0 8,052
Siemens AG ADR COM 826197501   1,940 20,071 SH   SOLE   0 0 20,071
Spotify Technology COM l8681t102   301 673 SH   SOLE   0 0 673
State Street Corp COM 857477103   522 5,318 SH   SOLE   0 0 5,318
Stryker Corp COM 863667101   324 900 SH   SOLE   0 0 900
Sysco COM 871829107   1,064 13,920 SH   SOLE   0 0 13,920
Thermo Fisher Scientific COM 883556102   2,783 5,350 SH   SOLE   0 0 5,350
UBS Group AG COM H42097107   2,176 71,775 SH   SOLE   0 0 71,775
Uber Technologies, Inc. COM 90353t100   332 5,500 SH   SOLE   0 0 5,500
Unilever PLC COM 904767704   1,959 34,552 SH   SOLE   0 0 34,552
Union Pacific COM 907818108   2,020 8,857 SH   SOLE   0 0 8,857
Veolia Environnement ADR COM 92334N103   786 55,950 SH   SOLE   0 0 55,950
Visa COM 92826c839   12,819 40,562 SH   SOLE   0 0 40,562
Vistra Energy Corp COM 92840m102   43,980 318,998 SH   SOLE   0 0 318,998
W. W. Grainger COM 384802104   841 798 SH   SOLE   0 0 798
Walt Disney COM 254687106   1,504 13,509 SH   SOLE   0 0 13,509
Wells Fargo COM 949746101   368 5,233 SH   SOLE   0 0 5,233
iShares US Technology COM 464287721   1,563 9,800 SH   SOLE   0 0 9,800