Spirit Of America Management 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

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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
Agree Realty Corp.	STOCK	008492100	585,173	8,250	SH		SOLE		0	0	0
Alexandria Real Estate Equities, Inc.	STOCK	015271109	2,002,963	13,750	SH		SOLE		0	0	0
American Assets Trust, Inc.	STOCK	024013104	92,750	3,500	SH		SOLE		0	0	0
American Homes 4 Rent	STOCK	02665T306	453,607	15,050	SH		SOLE		0	0	0
American Tower Corp.	STOCK	03027X100	1,707,592	8,060	SH		SOLE		0	0	0
Americold Realty Trust	STOCK	03064D108	161,367	5,700	SH		SOLE		0	0	0
Apartment Income REIT Corp.	STOCK	03750L109	888,698	25,902	SH		SOLE		0	0	0
Apple Hospitality REIT, Inc.	STOCK	03784Y200	673,964	42,710	SH		SOLE		0	0	0
AvalonBay Communities, Inc.	STOCK	053484101	2,485,793	15,390	SH		SOLE		0	0	0
Black Stone Minerals, L.P.	STOCK	09225M101	320,530	19,000	SH		SOLE		0	0	0
Blackstone Mortgage Trust, Inc.	STOCK	09257W100	565,239	26,700	SH		SOLE		0	0	0
Blackstone Group LP/The	STOCK	09260D107	244,827	3,300	SH		SOLE		0	0	0
Boston Properties, Inc.	STOCK	101121101	474,074	7,015	SH		SOLE		0	0	0
Brixmor Property Group, Inc.	STOCK	11120U105	1,087,593	47,975	SH		SOLE		0	0	0
Camden Property Trust	STOCK	133131102	1,521,568	13,600	SH		SOLE		0	0	0
Cheniere Energy Partners LP	STOCK	16411Q101	767,745	13,500	SH		SOLE		0	0	0
City Office REIT, Inc.	STOCK	178587101	251,400	30,000	SH		SOLE		0	0	0
Cousins Properties, Inc.	STOCK	222795502	25,290	1,000	SH		SOLE		0	0	0
Crown Castle International Corp.	STOCK	22822V101	1,835,209	13,530	SH		SOLE		0	0	0
CubeSmart	STOCK	229663109	835,188	20,750	SH		SOLE		0	0	0
Digital Realty Trust, Inc.	STOCK	253868103	2,665,277	26,581	SH		SOLE		0	0	0
Energy Transfer LP	STOCK	29273V100	504,475	42,500	SH		SOLE		0	0	0
Enterprise Products Partners LP	STOCK	293792107	168,840	7,000	SH		SOLE		0	0	0
Equinix, Inc.	STOCK	29444U700	4,591,760	7,010	SH		SOLE		0	0	0
Equity LifeStyle Properties, Inc.	STOCK	29472R108	2,225,470	34,450	SH		SOLE		0	0	0
Equity Residential	STOCK	29476L107	1,812,185	30,715	SH		SOLE		0	0	0
Essex Property Trust, Inc.	STOCK	297178105	1,533,453	7,236	SH		SOLE		0	0	0
Extra Space Storage, Inc.	STOCK	30225T102	1,971,476	13,395	SH		SOLE		0	0	0
Federal Realty Investment Trust	STOCK	313745101	1,384,248	13,700	SH		SOLE		0	0	0
Four Corners Property Trust, Inc.	STOCK	35086T109	129,650	5,000	SH		SOLE		0	0	0
Gaming and Leisure Properties, Inc.	STOCK	36467J108	1,765,070	33,885	SH		SOLE		0	0	0
Getty Realty Corp.	STOCK	374297109	33,850	1,000	SH		SOLE		0	0	0
Gladstone Commercial Corp.	STOCK	376536108	416,250	22,500	SH		SOLE		0	0	0
Global Medical REIT, Inc.	STOCK	37954A204	142,200	15,000	SH		SOLE		0	0	0
Hannon Armstrong Sustainable Infrastructure	STOCK	41068X100	136,699	4,717	SH		SOLE		0	0	0
Healthcare Realty Trust, Inc.	STOCK	42226K105	192,700	10,000	SH		SOLE		0	0	0
Healthpeak Properties, Inc.	STOCK	42250P103	991,970	39,568	SH		SOLE		0	0	0
Hess Midstream LP	STOCK	428103105	29,920	1,000	SH		SOLE		0	0	0
Host Hotels & Resorts, Inc.	STOCK	44107P104	736,695	45,900	SH		SOLE		0	0	0
Hudson Pacific Properties, Inc.	STOCK	444097109	41,353	4,250	SH		SOLE		0	0	0
Innovative Industrial Properties, Inc.	STOCK	45781V101	1,388,495	13,700	SH		SOLE		0	0	0
Invitation Homes, Inc.	STOCK	46187W107	59,280	2,000	SH		SOLE		0	0	0
Iron Mountain, Inc.	STOCK	46284V101	1,121,625	22,500	SH		SOLE		0	0	0
Kilroy Realty Corp.	STOCK	49427F108	348,610	9,015	SH		SOLE		0	0	0
Kimco Realty Corp.	STOCK	49446R109	626,271	29,569	SH		SOLE		0	0	0
Lexington Realty Trust	STOCK	529043101	27,054	2,700	SH		SOLE		0	0	0
Life Storage, Inc.	STOCK	53223X107	2,546,225	25,850	SH		SOLE		0	0	0
MPLX LP	STOCK	55336V100	295,560	9,000	SH		SOLE		0	0	0
Magellan Midstream Partners LP	STOCK	559080106	30,126	600	SH		SOLE		0	0	0
Medical Properties Trust, Inc.	STOCK	58463J304	328,630	29,500	SH		SOLE		0	0	0
Mid-America Apartment Communities, Inc.	STOCK	59522J103	2,766,478	17,622	SH		SOLE		0	0	0
National Retail Properties, Inc.	STOCK	637417106	812,240	17,750	SH		SOLE		0	0	0
Omega Healthcare Investors, Inc.	STOCK	681936100	307,450	11,000	SH		SOLE		0	0	0
One Liberty Properties, Inc.	STOCK	682406103	55,550	2,500	SH		SOLE		0	0	0
Park Hotels & Resorts, Inc.	STOCK	700517105	109,058	9,250	SH		SOLE		0	0	0
Pebblebrook Hotel Trust	STOCK	70509V100	566,143	42,281	SH		SOLE		0	0	0
Physicians Realty Trust	STOCK	71943U104	236,585	16,350	SH		SOLE		0	0	0
Plains All American Pipeline LP	STOCK	726503105	129,360	11,000	SH		SOLE		0	0	0
Plains GP Holdings LP	STOCK	72651A207	62,200	5,000	SH		SOLE		0	0	0
Prologis, Inc.	STOCK	74340W103	9,858,351	87,451	SH		SOLE		0	0	0
Public Storage	STOCK	74460D109	2,542,724	9,075	SH		SOLE		0	0	0
Realty Income Corp.	STOCK	756109104	1,997,094	31,485	SH		SOLE		0	0	0
Regency Centers Corp.	STOCK	758849103	1,875,000	30,000	SH		SOLE		0	0	0
Rexford Industrial Realty, Inc.	STOCK	76169C100	792,280	14,500	SH		SOLE		0	0	0
Simon Property Group, Inc.	STOCK	828806109	2,431,836	20,700	SH		SOLE		0	0	0
STAG Industrial, Inc.	STOCK	85254J102	1,484,645	45,950	SH		SOLE		0	0	0
Starwood Property Trust, Inc.	STOCK	85571B105	513,240	28,000	SH		SOLE		0	0	0
STORE Capital Corp.	STOCK	862121100	96,180	3,000	SH		SOLE		0	0	0
Summit Hotel Properties, Inc.	STOCK	866082100	64,980	9,000	SH		SOLE		0	0	0
Sun Communities, Inc.	STOCK	866674104	3,839,550	26,850	SH		SOLE		0	0	0
Sunstone Hotel Investors, Inc.	STOCK	867892101	151,662	15,700	SH		SOLE		0	0	0
Tanger Factory Outlet Centers, Inc.	STOCK	875465106	450,294	25,100	SH		SOLE		0	0	0
Terreno Realty Corp.	STOCK	88146M101	2,382,853	41,900	SH		SOLE		0	0	0
UDR, Inc.	STOCK	902653104	1,824,183	47,100	SH		SOLE		0	0	0
UMH Properties, Inc.	STOCK	903002103	169,050	10,500	SH		SOLE		0	0	0
Ventas, Inc.	STOCK	92276F100	272,553	6,050	SH		SOLE		0	0	0
VICI Properties, Inc.	STOCK	925652109	3,022,823	93,297	SH		SOLE		0	0	0
Viper Energy Partners LP	STOCK	92763M105	190,740	6,000	SH		SOLE		0	0	0
WP Carey, Inc.	STOCK	92936U109	2,356,223	30,150	SH		SOLE		0	0	0
Welltower, Inc.	STOCK	95040Q104	1,407,686	21,475	SH		SOLE		0	0	0
Western Midstream Partners LP	STOCK	958669103	100,688	3,750	SH		SOLE		0	0	0
Weyerhaeuser Co.	STOCK	962166104	102,300	3,300	SH		SOLE		0	0	0
AES Corp.	STOCK	00130H105	201,320	7,000	SH		SOLE		0	0	0
AT&T, Inc.	STOCK	00206R102	119,665	6,500	SH		SOLE		0	0	0
Abbott Laboratories	STOCK	002824100	340,349	3,100	SH		SOLE		0	0	0
AbbVie, Inc.	STOCK	00287Y109	4,033,301	24,957	SH		SOLE		0	0	0
Adobe Systems, Inc.	STOCK	00724F101	538,448	1,600	SH		SOLE		0	0	0
Advanced Micro Devices, Inc.	STOCK	007903107	136,017	2,100	SH		SOLE		0	0	0
Alphabet, Inc.	STOCK	02079K305	3,202,749	36,300	SH		SOLE		0	0	0
Altria Group, Inc.	STOCK	02209S103	578,232	12,650	SH		SOLE		0	0	0
Amazon.com, Inc.	STOCK	023135106	974,400	11,600	SH		SOLE		0	0	0
American Electric Power Co., Inc.	STOCK	025537101	175,658	1,850	SH		SOLE		0	0	0
American Express Co.	STOCK	025816109	738,750	5,000	SH		SOLE		0	0	0
American Tower Corp.	STOCK	03027X100	220,334	1,040	SH		SOLE		0	0	0
Amgen, Inc.	STOCK	031162100	709,128	2,700	SH		SOLE		0	0	0
Antero Midstream Corp.	STOCK	03676B102	53,950	5,000	SH		SOLE		0	0	0
Apple, Inc.	STOCK	037833100	6,572,119	50,582	SH		SOLE		0	0	0
Applied Materials, Inc.	STOCK	038222105	1,384,744	14,220	SH		SOLE		0	0	0
Baker Hughes Co.	STOCK	05722G100	258,388	8,750	SH		SOLE		0	0	0
Bank of America Corp.	STOCK	060505104	1,021,752	30,850	SH		SOLE		0	0	0
Berkshire Hathaway, Inc.	STOCK	084670702	1,164,553	3,770	SH		SOLE		0	0	0
Blackstone Group LP/The	STOCK	09260D107	834,638	11,250	SH		SOLE		0	0	0
Boeing Co./The	STOCK	097023105	639,094	3,355	SH		SOLE		0	0	0
Bristol-Myers Squibb Co.	STOCK	110122108	1,197,968	16,650	SH		SOLE		0	0	0
CF Industries Holdings, Inc.	STOCK	125269100	698,640	8,200	SH		SOLE		0	0	0
CME Group, Inc.	STOCK	12572Q105	236,097	1,404	SH		SOLE		0	0	0
CSX Corp.	STOCK	126408103	1,317,425	42,525	SH		SOLE		0	0	0
CNX Resources Corp.	STOCK	12653C108	67,360	4,000	SH		SOLE		0	0	0
CVS Health Corp.	STOCK	126650100	709,269	7,611	SH		SOLE		0	0	0
The Carlyle Group, Inc.	STOCK	14316J108	180,532	6,050	SH		SOLE		0	0	0
Caterpillar, Inc.	STOCK	149123101	2,716,610	11,340	SH		SOLE		0	0	0
Centene Corp.	STOCK	15135B101	803,698	9,800	SH		SOLE		0	0	0
Cheniere Energy, Inc.	STOCK	16411R208	1,971,974	13,150	SH		SOLE		0	0	0
Chevron Corp.	STOCK	166764100	3,044,150	16,960	SH		SOLE		0	0	0
Cisco Systems, Inc.	STOCK	17275R102	821,790	17,250	SH		SOLE		0	0	0
Citigroup, Inc.	STOCK	172967424	777,956	17,200	SH		SOLE		0	0	0
Coca-Cola Co./The	STOCK	191216100	502,519	7,900	SH		SOLE		0	0	0
Cognizant Technology Solutions Corp.	STOCK	192446102	263,074	4,600	SH		SOLE		0	0	0
Colgate-Palmolive Co.	STOCK	194162103	118,185	1,500	SH		SOLE		0	0	0
ConAgra Foods, Inc.	STOCK	205887102	274,770	7,100	SH		SOLE		0	0	0
ConocoPhillips	STOCK	20825C104	1,215,400	10,300	SH		SOLE		0	0	0
Constellation Brands, Inc.	STOCK	21036P108	324,450	1,400	SH		SOLE		0	0	0
Corning, Inc.	STOCK	219350105	319,400	10,000	SH		SOLE		0	0	0
Corteva, Inc.	STOCK	22052L104	425,156	7,233	SH		SOLE		0	0	0
Costco Wholesale Corp.	STOCK	22160K105	2,944,882	6,451	SH		SOLE		0	0	0
Crown Castle International Corp.	STOCK	22822V101	364,872	2,690	SH		SOLE		0	0	0
Cummins, Inc.	STOCK	231021106	860,130	3,550	SH		SOLE		0	0	0
Deere & Co.	STOCK	244199105	2,673,319	6,235	SH		SOLE		0	0	0
Dell Technolodies, Inc.	STOCK	24703L202	65,317	1,624	SH		SOLE		0	0	0
Devon Energy Corp.	STOCK	25179M103	664,308	10,800	SH		SOLE		0	0	0
Diamondback Energy, Inc.	STOCK	25278X109	362,467	2,650	SH		SOLE		0	0	0
Walt Disney Co./The	STOCK	254687106	1,646,376	18,950	SH		SOLE		0	0	0
Dominion Resources, Inc.	STOCK	25746U109	797,160	13,000	SH		SOLE		0	0	0
Dow, Inc.	STOCK	260557103	306,522	6,083	SH		SOLE		0	0	0
Duke Energy Corp.	STOCK	26441C204	205,980	2,000	SH		SOLE		0	0	0
DuPont de Nemours, Inc.	STOCK	26614N102	446,095	6,500	SH		SOLE		0	0	0
EOG Resources, Inc.	STOCK	26875P101	569,888	4,400	SH		SOLE		0	0	0
Edison International	STOCK	281020107	165,412	2,600	SH		SOLE		0	0	0
Edwards LifeSciences Corp.	STOCK	28176E108	223,830	3,000	SH		SOLE		0	0	0
Enbridge, Inc.	STOCK	29250N105	117,300	3,000	SH		SOLE		0	0	0
Equinix, Inc.	STOCK	29444U700	736,909	1,125	SH		SOLE		0	0	0
Exxon Mobil Corp.	STOCK	30231G102	832,765	7,550	SH		SOLE		0	0	0
FedEx Corp.	STOCK	31428X106	259,800	1,500	SH		SOLE		0	0	0
Goldman Sachs Group, Inc./The	STOCK	38141G104	1,000,953	2,915	SH		SOLE		0	0	0
HP, Inc.	STOCK	40434L105	419,172	15,600	SH		SOLE		0	0	0
Halliburton Co.	STOCK	406216101	157,400	4,000	SH		SOLE		0	0	0
Home Depot, Inc./The	STOCK	437076102	1,970,335	6,238	SH		SOLE		0	0	0
Honeywell International, Inc.	STOCK	438516106	1,907,270	8,900	SH		SOLE		0	0	0
Humana, Inc.	STOCK	444859102	691,457	1,350	SH		SOLE		0	0	0
International Business Machines Corp.	STOCK	459200101	375,895	2,668	SH		SOLE		0	0	0
International Paper Co.	STOCK	460146103	17,315	500	SH		SOLE		0	0	0
JPMorgan Chase & Co.	STOCK	46625H100	2,815,027	20,992	SH		SOLE		0	0	0
Kinder Morgan, Inc.	STOCK	49456B101	411,320	22,750	SH		SOLE		0	0	0
Kroger Co./The	STOCK	501044101	401,220	9,000	SH		SOLE		0	0	0
Lamb Weston Holdings, Inc.	STOCK	513272104	384,248	4,300	SH		SOLE		0	0	0
Eli Lilly & Co.	STOCK	532457108	1,170,688	3,200	SH		SOLE		0	0	0
Lockheed Martin Corp.	STOCK	539830109	97,298	200	SH		SOLE		0	0	0
Lowe's Cos., Inc.	STOCK	548661107	348,670	1,750	SH		SOLE		0	0	0
Marathon Oil Corp.	STOCK	565849106	27,070	1,000	SH		SOLE		0	0	0
Marathon Petroleum Corp.	STOCK	56585A102	29,098	250	SH		SOLE		0	0	0
Masco Corp.	STOCK	574599106	396,695	8,500	SH		SOLE		0	0	0
MasterCard, Inc.	STOCK	57636Q104	834,552	2,400	SH		SOLE		0	0	0
McDonald's Corp.	STOCK	580135101	785,319	2,980	SH		SOLE		0	0	0
McKesson Corp.	STOCK	58155Q103	1,763,064	4,700	SH		SOLE		0	0	0
Merck & Co., Inc.	STOCK	58933Y105	2,035,933	18,350	SH		SOLE		0	0	0
Microsoft Corp.	STOCK	594918104	4,901,681	20,439	SH		SOLE		0	0	0
Microchip Technology, Inc.	STOCK	595017104	453,113	6,450	SH		SOLE		0	0	0
Mid-America Apartment Communities, Inc.	STOCK	59522J103	39,248	250	SH		SOLE		0	0	0
Morgan Stanley	STOCK	617446448	255,060	3,000	SH		SOLE		0	0	0
NetApp, Inc.	STOCK	64110D104	156,156	2,600	SH		SOLE		0	0	0
NextEra Energy, Inc.	STOCK	65339F101	2,393,050	28,625	SH		SOLE		0	0	0
NIKE, Inc.	STOCK	654106103	81,907	700	SH		SOLE		0	0	0
NortonLifeLock, Inc.	STOCK	668771108	593,611	27,700	SH		SOLE		0	0	0
NVIDIA Corp.	STOCK	67066G104	5,245,257	35,892	SH		SOLE		0	0	0
Occidental Petroleum Corp.	STOCK	674599105	409,435	6,500	SH		SOLE		0	0	0
ONEOK, Inc.	STOCK	682680103	131,400	2,000	SH		SOLE		0	0	0
Oracle Corp.	STOCK	68389X105	2,172,241	26,575	SH		SOLE		0	0	0
Palo Alto Networks, Inc.	STOCK	697435105	27,908	200	SH		SOLE		0	0	0
Paychex, Inc.	STOCK	704326107	444,906	3,850	SH		SOLE		0	0	0
PepsiCo, Inc.	STOCK	713448108	433,584	2,400	SH		SOLE		0	0	0
Pfizer, Inc.	STOCK	717081103	417,606	8,150	SH		SOLE		0	0	0
Philip Morris International, Inc.	STOCK	718172109	743,894	7,350	SH		SOLE		0	0	0
Phillips 66	STOCK	718546104	754,580	7,250	SH		SOLE		0	0	0
Pioneer Natural Resources Co.	STOCK	723787107	1,730,054	7,575	SH		SOLE		0	0	0
Procter & Gamble Co./The	STOCK	742718109	1,101,083	7,265	SH		SOLE		0	0	0
Prologis, Inc.	STOCK	74340W103	732,745	6,500	SH		SOLE		0	0	0
QUALCOMM, Inc.	STOCK	747525103	390,287	3,550	SH		SOLE		0	0	0
Quest Diagnostics, Inc.	STOCK	74834L100	703,980	4,500	SH		SOLE		0	0	0
Raytheon Technologies Corp.	STOCK	75513E101	211,932	2,100	SH		SOLE		0	0	0
SVB Financial Group	STOCK	78486Q101	138,084	600	SH		SOLE		0	0	0
Schlumberger Ltd.	STOCK	806857108	26,730	500	SH		SOLE		0	0	0
Signature Bank	STOCK	82669G104	152,667	1,325	SH		SOLE		0	0	0
Sun Communities, Inc.	STOCK	866674104	471,900	3,300	SH		SOLE		0	0	0
Target Corp.	STOCK	87612E106	1,703,527	11,430	SH		SOLE		0	0	0
Targa Resources Corp.	STOCK	87612G101	411,600	5,600	SH		SOLE		0	0	0
Terreno Realty Corp.	STOCK	88146M101	118,005	2,075	SH		SOLE		0	0	0
Texas Instruments, Inc.	STOCK	882508104	1,722,419	10,425	SH		SOLE		0	0	0
Thermo Fisher Scientific, Inc.	STOCK	883556102	820,528	1,490	SH		SOLE		0	0	0
UGI Corp.	STOCK	902681105	37,070	1,000	SH		SOLE		0	0	0
Union Pacific Corp.	STOCK	907818108	155,303	750	SH		SOLE		0	0	0
United Parcel Service, Inc.	STOCK	911312106	425,908	2,450	SH		SOLE		0	0	0
UnitedHealth Group, Inc.	STOCK	91324P102	1,338,705	2,525	SH		SOLE		0	0	0
Valero Energy Corp.	STOCK	91913Y100	2,101,436	16,565	SH		SOLE		0	0	0
Verizon Communications, Inc.	STOCK	92343V104	1,124,476	28,540	SH		SOLE		0	0	0
VICI Properties, Inc.	STOCK	925652109	99,565	3,073	SH		SOLE		0	0	0
Visa, Inc.	STOCK	92826C839	1,485,484	7,150	SH		SOLE		0	0	0
WEC Energy Group, Inc.	STOCK	92939U106	946,976	10,100	SH		SOLE		0	0	0
Wal-Mart Stores, Inc.	STOCK	931142103	1,940,254	13,684	SH		SOLE		0	0	0
Waste Connections, Inc.	STOCK	94106B101	1,746,478	13,175	SH		SOLE		0	0	0
Wells Fargo & Co.	STOCK	949746101	268,385	6,500	SH		SOLE		0	0	0
WestRock Co.	STOCK	96145D105	17,580	500	SH		SOLE		0	0	0
Weyerhaeuser Co.	STOCK	962166104	15,500	500	SH		SOLE		0	0	0
Williams Cos, Inc./The	STOCK	969457100	1,908,200	58,000	SH		SOLE		0	0	0
Workday, Inc.	STOCK	98138H101	1,301,827	7,780	SH		SOLE		0	0	0
Zscaler, Inc.	STOCK	98980G102	156,660	1,400	SH		SOLE		0	0	0
Accenture PLC	STOCK	G1151C101	1,074,031	4,025	SH		SOLE		0	0	0
Johnson Controls International PLC	STOCK	G51502105	528,192	8,253	SH		SOLE		0	0	0
Linde Public Limited Company	STOCK	G5494J103	424,034	1,300	SH		SOLE		0	0	0
Medtronic PLC	STOCK	G5960L103	549,403	7,069	SH		SOLE		0	0	0
Garmin Ltd.	STOCK	H2906T109	92,290	1,000	SH		SOLE		0	0	0
AbbVie, Inc.	STOCK	00287Y109	1,131,270	7,000	SH		SOLE		0	0	0
Blackstone Mortgage Trust, Inc.	STOCK	09257W100	244,831	11,565	SH		SOLE		0	0	0
Blackstone Group LP/The	STOCK	09260D107	278,213	3,750	SH		SOLE		0	0	0
Chevron Corp.	STOCK	166764100	1,166,685	6,500	SH		SOLE		0	0	0
City Office REIT, Inc.	STOCK	178587101	83,800	10,000	SH		SOLE		0	0	0
Duke Energy Corp.	STOCK	26441C204	308,970	3,000	SH		SOLE		0	0	0
Enbridge, Inc.	STOCK	29250N105	977,500	25,000	SH		SOLE		0	0	0
Hannon Armstrong Sustainable Infrastructure	STOCK	41068X100	289,800	10,000	SH		SOLE		0	0	0
Kinder Morgan, Inc.	STOCK	49456B101	723,200	40,000	SH		SOLE		0	0	0
Medical Properties Trust, Inc.	STOCK	58463J304	55,700	5,000	SH		SOLE		0	0	0
Philip Morris International, Inc.	STOCK	718172109	1,012,100	10,000	SH		SOLE		0	0	0
Phillips 66	STOCK	718546104	624,480	6,000	SH		SOLE		0	0	0
Physicians Realty Trust	STOCK	71943U104	28,940	2,000	SH		SOLE		0	0	0
Simon Property Group, Inc.	STOCK	828806109	352,440	3,000	SH		SOLE		0	0	0
Spirit Realty Capital, Inc.	STOCK	84860W300	159,720	4,000	SH		SOLE		0	0	0
TC Energy Corp.	STOCK	87807B107	597,900	15,000	SH		SOLE		0	0	0
Valero Energy Corp.	STOCK	91913Y100	380,580	3,000	SH		SOLE		0	0	0
Verizon Communications, Inc.	STOCK	92343V104	394,000	10,000	SH		SOLE		0	0	0
Warner Bros Discovery, Inc.	STOCK	934423104	180	19	SH		SOLE		0	0	0
Williams Cos, Inc./The	STOCK	969457100	1,398,250	42,500	SH		SOLE		0	0	0
AbbVie, Inc.	STOCK	00287Y109	646,440	4,000	SH		SOLE		0	0	0
Alphabet, Inc.	STOCK	02079K107	337,174	3,800	SH		SOLE		0	0	0
Alphabet, Inc.	STOCK	02079K305	441,150	5,000	SH		SOLE		0	0	0
Amazon.com, Inc.	STOCK	023135106	294,000	3,500	SH		SOLE		0	0	0
American Electric Power Co., Inc.	STOCK	025537101	109,667	1,155	SH		SOLE		0	0	0
Apple, Inc.	STOCK	037833100	422,273	3,250	SH		SOLE		0	0	0
Blackstone Mortgage Trust, Inc.	STOCK	09257W100	67,892	3,207	SH		SOLE		0	0	0
Blackstone Group LP/The	STOCK	09260D107	408,045	5,500	SH		SOLE		0	0	0
Caterpillar, Inc.	STOCK	149123101	167,692	700	SH		SOLE		0	0	0
Cheniere Energy Partners LP	STOCK	16411Q101	130,801	2,300	SH		SOLE		0	0	0
Crowdstrike Holdings, Inc.	STOCK	22788C105	36,852	350	SH		SOLE		0	0	0
Deere & Co.	STOCK	244199105	493,074	1,150	SH		SOLE		0	0	0
Walt Disney Co./The	STOCK	254687106	86,880	1,000	SH		SOLE		0	0	0
Dow, Inc.	STOCK	260557103	50,390	1,000	SH		SOLE		0	0	0
Duke Energy Corp.	STOCK	26441C204	102,990	1,000	SH		SOLE		0	0	0
Energy Transfer LP	STOCK	29273V100	178,050	15,000	SH		SOLE		0	0	0
Enterprise Products Partners LP	STOCK	293792107	241,200	10,000	SH		SOLE		0	0	0
Fifth Third Bancorp	STOCK	316773100	111,554	3,400	SH		SOLE		0	0	0
Home Depot, Inc./The	STOCK	437076102	315,860	1,000	SH		SOLE		0	0	0
Kinder Morgan, Inc.	STOCK	49456B101	135,600	7,500	SH		SOLE		0	0	0
MPLX LP	STOCK	55336V100	290,634	8,850	SH		SOLE		0	0	0
Magellan Midstream Partners LP	STOCK	559080106	100,420	2,000	SH		SOLE		0	0	0
MasterCard, Inc.	STOCK	57636Q104	69,546	200	SH		SOLE		0	0	0
Microsoft Corp.	STOCK	594918104	479,640	2,000	SH		SOLE		0	0	0
NVIDIA Corp.	STOCK	67066G104	1,096,050	7,500	SH		SOLE		0	0	0
Prologis, Inc.	STOCK	74340W103	338,190	3,000	SH		SOLE		0	0	0
ProShares Short S&P 500 ETF	STOCK	74347B425	160,300	10,000	SH		SOLE		0	0	0
Starwood Property Trust, Inc.	STOCK	85571B105	76,528	4,175	SH		SOLE		0	0	0
Sun Communities, Inc.	STOCK	866674104	102,102	714	SH		SOLE		0	0	0
Terreno Realty Corp.	STOCK	88146M101	227,480	4,000	SH		SOLE		0	0	0
Viper Energy Partners LP	STOCK	92763M105	101,728	3,200	SH		SOLE		0	0	0
Visa, Inc.	STOCK	92826C839	72,716	350	SH		SOLE		0	0	0
WP Carey, Inc.	STOCK	92936U109	104,721	1,340	SH		SOLE		0	0	0
Welltower, Inc.	STOCK	95040Q104	76,038	1,160	SH		SOLE		0	0	0
Williams Cos, Inc./The	STOCK	969457100	82,250	2,500	SH		SOLE		0	0	0
Antero Midstream Corp.	STOCK	03676B102	616,109	57,100	SH		SOLE		0	0	0
BP PLC	STOCK	055622104	2,772,080	79,361	SH		SOLE		0	0	0
Baker Hughes Co.	STOCK	05722G100	1,284,555	43,500	SH		SOLE		0	0	0
Black Stone Minerals, L.P.	STOCK	09225M101	7,755,966	459,749	SH		SOLE		0	0	0
CNX Resources Corp.	STOCK	12653C108	151,560	9,000	SH		SOLE		0	0	0
Cheniere Energy Partners LP	STOCK	16411Q101	12,418,645	218,369	SH		SOLE		0	0	0
Cheniere Energy, Inc.	STOCK	16411R208	5,814,699	38,775	SH		SOLE		0	0	0
Chevron Corp.	STOCK	166764100	15,594,091	86,880	SH		SOLE		0	0	0
Crestwood Equity Partners LP	STOCK	226344208	209,520	8,000	SH		SOLE		0	0	0
DCP Midstream LP	STOCK	23311P100	3,510,495	90,500	SH		SOLE		0	0	0
Devon Energy Corp.	STOCK	25179M103	615,100	10,000	SH		SOLE		0	0	0
Diamondback Energy, Inc.	STOCK	25278X109	465,052	3,400	SH		SOLE		0	0	0
Dominion Resources, Inc.	STOCK	25746U109	1,719,535	28,042	SH		SOLE		0	0	0
Duke Energy Corp.	STOCK	26441C204	308,970	3,000	SH		SOLE		0	0	0
EOG Resources, Inc.	STOCK	26875P101	433,892	3,350	SH		SOLE		0	0	0
Enbridge, Inc.	STOCK	29250N105	8,235,516	210,627	SH		SOLE		0	0	0
Energy Transfer LP	STOCK	29273V100	8,295,587	698,870	SH		SOLE		0	0	0
Enterprise Products Partners LP	STOCK	293792107	12,159,760	504,136	SH		SOLE		0	0	0
Exxon Mobil Corp.	STOCK	30231G102	5,533,751	50,170	SH		SOLE		0	0	0
Hess Midstream LP	STOCK	428103105	6,996,403	233,837	SH		SOLE		0	0	0
Holly Energy Partners LP	STOCK	435763107	678,032	37,419	SH		SOLE		0	0	0
Kinder Morgan, Inc.	STOCK	49456B101	6,463,492	357,494	SH		SOLE		0	0	0
MPLX LP	STOCK	55336V100	13,871,517	422,397	SH		SOLE		0	0	0
Magellan Midstream Partners LP	STOCK	559080106	10,670,378	212,515	SH		SOLE		0	0	0
Marathon Oil Corp.	STOCK	565849106	1,415,030	52,273	SH		SOLE		0	0	0
Marathon Petroleum Corp.	STOCK	56585A102	11,688,000	100,421	SH		SOLE		0	0	0
NextEra Energy Partners LP	STOCK	65341B106	431,054	6,150	SH		SOLE		0	0	0
Occidental Petroleum Corp.	STOCK	674599105	346,445	5,500	SH		SOLE		0	0	0
ONEOK, Inc.	STOCK	682680103	5,888,100	89,621	SH		SOLE		0	0	0
PPL Corp.	STOCK	69351T106	591,705	20,250	SH		SOLE		0	0	0
Phillips 66	STOCK	718546104	14,127,403	135,736	SH		SOLE		0	0	0
Pioneer Natural Resources Co.	STOCK	723787107	5,789,001	25,347	SH		SOLE		0	0	0
Plains All American Pipeline LP	STOCK	726503105	3,328,080	283,000	SH		SOLE		0	0	0
Plains GP Holdings LP	STOCK	72651A207	62,200	5,000	SH		SOLE		0	0	0
Schlumberger Ltd.	STOCK	806857108	53,460	1,000	SH		SOLE		0	0	0
Sunoco LP	STOCK	86765K109	4,373,529	101,474	SH		SOLE		0	0	0
Targa Resources Corp.	STOCK	87612G101	2,039,625	27,750	SH		SOLE		0	0	0
TC Energy Corp.	STOCK	87807B107	3,803,760	95,428	SH		SOLE		0	0	0
UGI Corp.	STOCK	902681105	2,054,494	55,422	SH		SOLE		0	0	0
USA Compression Partners LP	STOCK	90290N109	3,013,167	154,284	SH		SOLE		0	0	0
Valero Energy Corp.	STOCK	91913Y100	12,282,458	96,819	SH		SOLE		0	0	0
Viper Energy Partners LP	STOCK	92763M105	626,263	19,700	SH		SOLE		0	0	0
Western Midstream Partners LP	STOCK	958669103	3,929,498	146,350	SH		SOLE		0	0	0
Williams Cos, Inc./The	STOCK	969457100	14,518,178	441,282	SH		SOLE		0	0	0