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
AT&T COM 00206r102   659 41,293 SH   SOLE   0 0 41,293
AllianceBernstein Holdings, LP COM 01881g106   429 13,325 SH   SOLE   0 0 13,325
Ameren Corp COM 023608102   8,958 109,690 SH   SOLE   0 0 109,690
Annaly Capital Pr F COM 035710870   6,380 251,172 SH   SOLE   0 0 251,172
CenterPoint Energy, Inc. COM 15189t107   9,195 315,447 SH   SOLE   0 0 315,447
Clearway Energy, Inc. COM 18539c204   6,540 228,989 SH   SOLE   0 0 228,989
DTE Energy COM 233331107   8,293 75,378 SH   SOLE   0 0 75,378
Deutsche Telekom AG ADR COM 251566105   2,164 99,060 SH   SOLE   0 0 99,060
E.ON SE ADR COM 268780103   627 49,300 SH   SOLE   0 0 49,300
Enbridge Inc. COM 29250n105   203 5,455 SH   SOLE   0 0 5,455
Enel S.p.A. ADR COM 29265w207   256 38,221 SH   SOLE   0 0 38,221
Energy Transfer LP COM 29273V100   37,828 2,978,596 SH   SOLE   0 0 2,978,596
Engie SA ADR COM 29286d105   2,696 162,115 SH   SOLE   0 0 162,115
Enterprise Prod Partners COM 293792107   62,083 2,356,103 SH   SOLE   0 0 2,356,103
Equitrans Midstream Corp COM 294600101   189 19,741 SH   SOLE   0 0 19,741
Healthcare Realty COM 42226K105   8,580 455,026 SH   SOLE   0 0 455,026
Healthpeak Properties COM 42250P103   3,398 169,035 SH   SOLE   0 0 169,035
Hersha Hospitality Pr E PREFERRED 427825708   5,528 285,562 SH   SOLE   0 0 285,562
Iberdrola SA ADR COM 450737101   1,346 25,755 SH   SOLE   0 0 25,755
Kennedy-Wilson Holdings Inc. COM 489398107   24,005 1,470,005 SH   SOLE   0 0 1,470,005
Kinder Morgan Inc. COM 49456b101   928 53,871 SH   SOLE   0 0 53,871
MPLX LP COM 55336v100   25,664 756,148 SH   SOLE   0 0 756,148
Magellan Midstream Partners, L COM 559080106   29,513 473,576 SH   SOLE   0 0 473,576
National Grid COM 636274409   3,709 55,091 SH   SOLE   0 0 55,091
NextEra Energy Partners COM 65341b106   76,299 1,301,140 SH   SOLE   0 0 1,301,140
NextEra Energy, Inc. COM 65339F101   19,736 265,989 SH   SOLE   0 0 265,989
PG&E Corp. COM 69331C108   6,347 367,314 SH   SOLE   0 0 367,314
Plains GP Holdings LP COM 72651A207   1,882 126,900 SH   SOLE   0 0 126,900
PotlatchDeltic Corp. COM 737630103   213 4,025 SH   SOLE   0 0 4,025
ProLogis Tr SBI COM 74340W103   1,557 12,695 SH   SOLE   0 0 12,695
Public Storage Pr P PREFERRED 74460W461   4,578 235,598 SH   SOLE   0 0 235,598
Ramco-Gerhenson Convert Pr D 7 COM 74971D200   4,931 100,631 SH   SOLE   0 0 100,631
STAG Industrial COM 85254j102   313 8,725 SH   SOLE   0 0 8,725
Site Centers Pr A PREFERRED 82981J877   4,301 178,974 SH   SOLE   0 0 178,974
Spirit Realty Pr A PREFERRED 84860W201   3,152 141,153 SH   SOLE   0 0 141,153
Verizon Comm COM 92343V104   989 26,594 SH   SOLE   0 0 26,594
Vornado Realty Pr L PREFERRED 929042844   274 17,559 SH   SOLE   0 0 17,559
Vornado Realty Pr O PREFERRED 929042794   3,064 227,274 SH   SOLE   0 0 227,274
Weyerhaeuser COM 962166104   7,562 225,670 SH   SOLE   0 0 225,670
Williams Companies Inc COM 969457100   2,077 63,646 SH   SOLE   0 0 63,646
XCEL Energy Inc. COM 98389B100   9,334 150,133 SH   SOLE   0 0 150,133
3M Company COM 88579y101   641 6,404 SH   SOLE   0 0 6,404
ABB Ltd. COM 000375204   287 7,300 SH   SOLE   0 0 7,300
Abbott Laboratories COM 002824100   465 4,268 SH   SOLE   0 0 4,268
Accenture PLC COM g1151c101   216 700 SH   SOLE   0 0 700
Air Products COM 009158106   423 1,411 SH   SOLE   0 0 1,411
Alphabet, Inc. Cl A COM 02079k305   12,512 104,531 SH   SOLE   0 0 104,531
Alphabet, Inc. Cl C COM 02079k107   3,241 26,795 SH   SOLE   0 0 26,795
Amazon.com Inc. COM 023135106   13,406 102,839 SH   SOLE   0 0 102,839
American Express COM 025816109   1,330 7,633 SH   SOLE   0 0 7,633
American Intl. Group COM 026874784   687 11,948 SH   SOLE   0 0 11,948
Anheuser-Busch InBev SA/NV COM 03524A108   3,485 61,620 SH   SOLE   0 0 61,620
Anheuser-Busch Inbev ADR COM 03524A108   221 3,900 SH   SOLE   0 0 3,900
Apollo Global Management COM 03769M106   6,079 79,138 SH   SOLE   0 0 79,138
Apple Computer COM 037833100   24,244 124,990 SH   SOLE   0 0 124,990
Automatic Data Processing COM 053015103   3,005 13,672 SH   SOLE   0 0 13,672
BAE Systems PLC Sponsored ADR COM 05523r107   9,988 208,260 SH   SOLE   0 0 208,260
Bank of America COM 060505104   6,935 241,717 SH   SOLE   0 0 241,717
Becton Dickinson COM 075887109   401 1,520 SH   SOLE   0 0 1,520
Berkshire Hathaway A COM 084670108   1,553 3 SH   SOLE   0 0 3
Berkshire Hathaway B COM 084670702   5,746 16,850 SH   SOLE   0 0 16,850
Blackstone Inc. COM 09260D107   4,438 47,736 SH   SOLE   0 0 47,736
Boeing Company COM 097023105   378 1,789 SH   SOLE   0 0 1,789
Brookfield Infrastructure Clas COM 11275Q107   905 19,844 SH   SOLE   0 0 19,844
Brookfield Infrastructure Part COM G16252101   5,652 154,843 SH   SOLE   0 0 154,843
CRH plc ADR COM 12626K203   3,117 55,924 SH   SOLE   0 0 55,924
CVS Health Corp COM 126650100   2,314 33,470 SH   SOLE   0 0 33,470
Cadence Design COM 127387108   1,858 7,924 SH   SOLE   0 0 7,924
Caterpillar COM 149123101   418 1,698 SH   SOLE   0 0 1,698
Century Communities, Inc. COM 156504300   5,180 67,601 SH   SOLE   0 0 67,601
Charles Schwab COM 808513105   424 7,478 SH   SOLE   0 0 7,478
Chevron COM 166764100   5,319 33,801 SH   SOLE   0 0 33,801
Chubb Ltd. COM H1467J104   785 4,078 SH   SOLE   0 0 4,078
Cisco Systems COM 17275R102   2,474 47,809 SH   SOLE   0 0 47,809
Citigroup COM 172967424   2,108 45,789 SH   SOLE   0 0 45,789
Coca Cola Co. COM 191216100   13,536 224,775 SH   SOLE   0 0 224,775
Comcast Cl A COM 20030N101   542 13,036 SH   SOLE   0 0 13,036
Corning COM 219350105   228 6,500 SH   SOLE   0 0 6,500
Costco Wholesale COM 22160K105   2,950 5,480 SH   SOLE   0 0 5,480
Crown Holdings Inc . COM 228368106   2,851 32,823 SH   SOLE   0 0 32,823
Cummins Inc. COM 231021106   252 1,026 SH   SOLE   0 0 1,026
Deere & Co. COM 244199105   827 2,041 SH   SOLE   0 0 2,041
Dentsply Sirona COM 24906P109   884 22,091 SH   SOLE   0 0 22,091
Deutsche Post AG ADR COM 25157Y202   1,782 36,366 SH   SOLE   0 0 36,366
Eli Lilly COM 532457108   1,956 4,170 SH   SOLE   0 0 4,170
Emerson Electric Co. COM 291011104   983 10,873 SH   SOLE   0 0 10,873
Estee Lauder COM 518439104   671 3,415 SH   SOLE   0 0 3,415
Exxon Mobil COM 30231G102   1,261 11,755 SH   SOLE   0 0 11,755
Fedex COM 31428x106   6,662 26,875 SH   SOLE   0 0 26,875
Fifth Third Bancorp COM 316773100   5,892 224,781 SH   SOLE   0 0 224,781
Fomento Economico Mexicano SA COM 344419106   1,347 12,157 SH   SOLE   0 0 12,157
Freeport McMoran Inc. COM 35671D857   6,245 156,122 SH   SOLE   0 0 156,122
General Electric COM 369604301   319 2,908 SH   SOLE   0 0 2,908
Genuine Parts COM 372460105   967 5,717 SH   SOLE   0 0 5,717
Goodyear Tire & Rubber Co. COM 382550101   142 10,403 SH   SOLE   0 0 10,403
Howard Hughes Corp. COM 44267D107   31,058 393,539 SH   SOLE   0 0 393,539
IBM COM 459200101   656 4,903 SH   SOLE   0 0 4,903
Illinois Tool Works COM 452308109   585 2,339 SH   SOLE   0 0 2,339
Intel Corp. COM 458140100   368 11,004 SH   SOLE   0 0 11,004
J.P. Morgan Chase COM 46625h100   15,670 107,739 SH   SOLE   0 0 107,739
Johnson & Johnson COM 478160104   9,183 55,480 SH   SOLE   0 0 55,480
KKR & Co. Inc. COM 48251W104   4,374 78,100 SH   SOLE   0 0 78,100
Kimberly Clark COM 494368103   712 5,159 SH   SOLE   0 0 5,159
Leidos Holdings Inc. COM 525327102   480 5,420 SH   SOLE   0 0 5,420
Liberty Media Sirius XM C COM 531229607   245 7,480 SH   SOLE   0 0 7,480
Linde PLC COM G54950103   856 2,250 SH   SOLE   0 0 2,250
MasterCard Inc. COM 57636q104   12,348 31,397 SH   SOLE   0 0 31,397
McDonald's Corp. COM 580135101   488 1,635 SH   SOLE   0 0 1,635
Medtronic COM G5960L103   3,059 34,725 SH   SOLE   0 0 34,725
Merck COM 58933y105   6,834 59,223 SH   SOLE   0 0 59,223
MetLife COM 59156R108   413 7,300 SH   SOLE   0 0 7,300
Meta Platforms, Inc. COM 30303M102   1,112 3,875 SH   SOLE   0 0 3,875
Microsoft COM 594918104   12,783 37,536 SH   SOLE   0 0 37,536
Mondelez International Inc. COM 609207105   16,358 224,261 SH   SOLE   0 0 224,261
Nestle Spons ADR COM 641069406   19,452 161,629 SH   SOLE   0 0 161,629
Northrup Grumman COM 666807102   456 1,000 SH   SOLE   0 0 1,000
Novartis COM 66987V109   3,863 38,280 SH   SOLE   0 0 38,280
Oracle COM 68389X105   798 6,700 SH   SOLE   0 0 6,700
PNC Bank Corp. COM 693475105   10,162 80,682 SH   SOLE   0 0 80,682
Pepsico COM 713448108   4,272 23,065 SH   SOLE   0 0 23,065
Pfizer COM 717081103   4,261 116,160 SH   SOLE   0 0 116,160
Procter & Gamble COM 742718109   6,453 42,526 SH   SOLE   0 0 42,526
Pulte Homes Inc. COM 745867101   8,597 110,671 SH   SOLE   0 0 110,671
Raytheon Technologies COM 75513E101   3,489 35,617 SH   SOLE   0 0 35,617
Roche Holding AG COM 771195104   3,760 98,426 SH   SOLE   0 0 98,426
S&P Global Inc. COM 78409V104   641 1,600 SH   SOLE   0 0 1,600
SPDR S&P 500 ETF COM 78462F103   6,188 13,960 SH   SOLE   0 0 13,960
SPDR S&P Midcap 400 EFT COM 78467y107   340 710 SH   SOLE   0 0 710
Schlumberger COM 806857108   4,139 84,257 SH   SOLE   0 0 84,257
Shell PLC ADR COM 780259305   6,438 106,618 SH   SOLE   0 0 106,618
Siemens AG ADR COM 826197501   3,920 46,998 SH   SOLE   0 0 46,998
Sony Corp. COM 835699307   200 2,225 SH   SOLE   0 0 2,225
State Street Corp COM 857477103   396 5,418 SH   SOLE   0 0 5,418
Stryker Corp COM 863667101   3,283 10,762 SH   SOLE   0 0 10,762
Swiss Re ADR COM 870886108   739 29,275 SH   SOLE   0 0 29,275
Sysco COM 871829107   2,548 34,334 SH   SOLE   0 0 34,334
T-Mobile US, Inc. COM 872590104   5,813 41,853 SH   SOLE   0 0 41,853
Thermo Fisher Scientific COM 883556102   5,296 10,150 SH   SOLE   0 0 10,150
Thomason Reuters COM 884903808   436 3,231 SH   SOLE   0 0 3,231
UBS Group AG COM H42097107   1,736 85,646 SH   SOLE   0 0 85,646
Uber Technologies, Inc. COM 90353t100   237 5,500 SH   SOLE   0 0 5,500
Unilever PLC COM 904767704   3,593 68,932 SH   SOLE   0 0 68,932
Union Pacific COM 907818108   2,730 13,342 SH   SOLE   0 0 13,342
UnitedHealth Group COM 91324P102   1,538 3,200 SH   SOLE   0 0 3,200
Veolia Environnement ADR COM 92334N103   1,669 104,826 SH   SOLE   0 0 104,826
Viatris COM 92556v106   122 12,179 SH   SOLE   0 0 12,179
Visa COM 92826c839   10,351 43,585 SH   SOLE   0 0 43,585
Vistra Energy Corp COM 92840m102   12,582 479,305 SH   SOLE   0 0 479,305
W. W. Grainger COM 384802104   669 848 SH   SOLE   0 0 848
Walt Disney COM 254687106   2,153 24,117 SH   SOLE   0 0 24,117
Warner Bros. Discovery A COM 934423104   892 71,121 SH   SOLE   0 0 71,121
Wells Fargo COM 949746101   434 10,164 SH   SOLE   0 0 10,164
WisdomTree Germany Hedged Equi COM 97717w448   382 10,500 SH   SOLE   0 0 10,500
iShares Russell 1000 Growth ET COM 464287614   330 1,200 SH   SOLE   0 0 1,200
iShares Russell 2000 Value ETF COM 464287630   293 2,080 SH   SOLE   0 0 2,080
iShares US Technology COM 464287721   1,067 9,800 SH   SOLE   0 0 9,800