R.M.SINCERBEAUX CAPITAL MANAGEMENT LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	40,445 (-10.3%)	$19,560 (-16.2%)	10.9%	$39.76	+1159.1%	COM	594918104
WMB	WILLIAMS COS INC	256,523 (-10.9%)	$15,420 (-15.5%)	8.6%	$16.11	+272.7%	COM	969457100
V	VISA INC	55,289 (-4.4%)	$19,390 (-1.8%)	10.8%	$64.31	+429.3%	COM CL A	92826C839
BA	BOEING CO	22,950 (-2.1%)	$4,983 (-1.5%)	2.8%	$191.48	+7.4%	COM	097023105

Unchanged Positions (33)

ADP AUTOMATIC DATA PROCESSING IN 5.4%

Value ($000) $9,685 Shares 37,650 Est. Cost $54.34 Unrealized +387.4%

GS GOLDMAN SACHS GROUP INC 5.3%

Value ($000) $9,541 Shares 10,854 Est. Cost $190.34 Unrealized +327.3%

BAC BANK AMERICA CORP 5.1%

Value ($000) $9,107 Shares 165,577 Est. Cost $11.74 Unrealized +348.8%

HD HOME DEPOT INC 1.7%

Value ($000) $3,028 Shares 8,800 Est. Cost $97.35 Unrealized +274.5%

ADI ANALOG DEVICES INC 2.2%

Value ($000) $3,896 Shares 14,367 Est. Cost $66.43 Unrealized +277.3%

TNL TRAVEL PLUS LEISURE CO 1.3%

Value ($000) $2,299 Shares 32,600 Est. Cost $44.69 Unrealized +45.7%

CSCO CISCO SYS INC 1.8%

Value ($000) $3,166 Shares 41,100 Est. Cost $15.20 Unrealized +385.4%

FDX FEDEX CORP 1.0%

Value ($000) $1,849 Shares 6,400 Est. Cost $181.12 Unrealized +44.4%

KMI KINDER MORGAN INC DEL 5.9%

Value ($000) $10,559 Shares 384,107 Est. Cost $14.28 Unrealized +88.4%

C CITIGROUP INC 1.2%

Value ($000) $2,068 Shares 17,719 Est. Cost $37.74 Unrealized +174.6%

QCOM QUALCOMM INC 5.2%

Value ($000) $9,356 Shares 54,700 Est. Cost $51.46 Unrealized +231.9%

WMT WALMART INC 1.6%

Value ($000) $2,841 Shares 25,500 Est. Cost $46.74 Unrealized +129.4%

JPM JPMORGAN CHASE & CO. 5.4%

Value ($000) $9,625 Shares 29,870 Est. Cost $41.08 Unrealized +653.4%

BR BROADRIDGE FINL SOLUTIONS IN 1.6%

Value ($000) $2,879 Shares 12,900 Est. Cost $28.99 Unrealized +684.1%

AMZN AMAZON COM INC 2.2%

Value ($000) $3,924 Shares 17,000 Est. Cost $217.00 Unrealized +5.4%

MO ALTRIA GROUP INC 0.7%

Value ($000) $1,213 Shares 21,032 Est. Cost $24.99 Unrealized +137.6%

ABBV ABBVIE INC 7.1%

Value ($000) $12,658 Shares 55,400 Est. Cost $40.61 Unrealized +460.3%

EBAY EBAY INC. 1.9%

Value ($000) $3,310 Shares 38,000 Est. Cost $19.85 Unrealized +335.1%

WH WYNDHAM HOTELS & RESORTS INC 1.4%

Value ($000) $2,524 Shares 33,400 Est. Cost $60.68 Unrealized +24.3%

KO COCA COLA CO 1.4%

Value ($000) $2,414 Shares 34,530 Est. Cost $28.27 Unrealized +145.5%

ABT ABBOTT LABS 0.8%

Value ($000) $1,432 Shares 11,433 Est. Cost $32.69 Unrealized +289.4%

LIN LINDE PLC 0.4%

Value ($000) $682 Shares 1,600 Est. Cost $322.30 Unrealized +32.6%

IBM INTERNATIONAL BUSINESS MACHS 0.8%

Value ($000) $1,355 Shares 4,573 Est. Cost $116.16 Unrealized +157.2%

PFE PFIZER INC 1.1%

Value ($000) $1,918 Shares 77,032 Est. Cost $22.26 Unrealized +12.5%

VTRS VIATRIS INC 0.1%

Value ($000) $217 Shares 17,460 Est. Cost $12.42 Unrealized -13.7%

AAPL APPLE INC 0.2%

Value ($000) $384 Shares 1,414 Est. Cost $160.95 Unrealized +66.7%

LOW LOWES COS INC 0.3%

Value ($000) $482 Shares 2,000 Est. Cost $103.31 Unrealized +132.1%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $249 Shares 1,736 Est. Cost $101.53 Unrealized +45.0%

PM PHILIP MORRIS INTL INC 0.9%

Value ($000) $1,574 Shares 9,816 Est. Cost $59.25 Unrealized +159.2%

CVX CHEVRON CORP NEW 0.3%

Value ($000) $597 Shares 3,916 Est. Cost $75.22 Unrealized +101.3%

OKE ONEOK INC NEW 0.6%

Value ($000) $1,025 Shares 13,939 Est. Cost $57.97 Unrealized +21.5%

COP CONOCOPHILLIPS 0.3%

Value ($000) $487 Shares 5,200 Est. Cost $30.72 Unrealized +193.0%

CL COLGATE PALMOLIVE CO 0.1%

Value ($000) $263 Shares 3,332 Est. Cost $48.40 Unrealized +61.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADP	AUTOMATIC DATA PROCESSING IN	37,650	$9,685	5.4%	$54.34	+387.4%	COM	053015103
GS	GOLDMAN SACHS GROUP INC	10,854	$9,541	5.3%	$190.34	+327.3%	COM	38141G104
BAC	BANK AMERICA CORP	165,577	$9,107	5.1%	$11.74	+348.8%	COM	060505104
HD	HOME DEPOT INC	8,800	$3,028	1.7%	$97.35	+274.5%	COM	437076102
ADI	ANALOG DEVICES INC	14,367	$3,896	2.2%	$66.43	+277.3%	COM	032654105
TNL	TRAVEL PLUS LEISURE CO	32,600	$2,299	1.3%	$44.69	+45.7%	COM	894164102
CSCO	CISCO SYS INC	41,100	$3,166	1.8%	$15.20	+385.4%	COM	17275R102
FDX	FEDEX CORP	6,400	$1,849	1.0%	$181.12	+44.4%	COM	31428X106
KMI	KINDER MORGAN INC DEL	384,107	$10,559	5.9%	$14.28	+88.4%	COM	49456B101
C	CITIGROUP INC	17,719	$2,068	1.2%	$37.74	+174.6%	COM NEW	172967424
QCOM	QUALCOMM INC	54,700	$9,356	5.2%	$51.46	+231.9%	COM	747525103
WMT	WALMART INC	25,500	$2,841	1.6%	$46.74	+129.4%	COM	931142103
JPM	JPMORGAN CHASE & CO.	29,870	$9,625	5.4%	$41.08	+653.4%	COM	46625H100
BR	BROADRIDGE FINL SOLUTIONS IN	12,900	$2,879	1.6%	$28.99	+684.1%	COM	11133T103
AMZN	AMAZON COM INC	17,000	$3,924	2.2%	$217.00	+5.4%	COM	023135106
MO	ALTRIA GROUP INC	21,032	$1,213	0.7%	$24.99	+137.6%	COM	02209S103
ABBV	ABBVIE INC	55,400	$12,658	7.1%	$40.61	+460.3%	COM	00287Y109
EBAY	EBAY INC.	38,000	$3,310	1.9%	$19.85	+335.1%	COM	278642103
WH	WYNDHAM HOTELS & RESORTS INC	33,400	$2,524	1.4%	$60.68	+24.3%	COM	98311A105
KO	COCA COLA CO	34,530	$2,414	1.4%	$28.27	+145.5%	COM	191216100
ABT	ABBOTT LABS	11,433	$1,432	0.8%	$32.69	+289.4%	COM	002824100
LIN	LINDE PLC	1,600	$682	0.4%	$322.30	+32.6%	SHS	G54950103
IBM	INTERNATIONAL BUSINESS MACHS	4,573	$1,355	0.8%	$116.16	+157.2%	COM	459200101
PFE	PFIZER INC	77,032	$1,918	1.1%	$22.26	+12.5%	COM	717081103
VTRS	VIATRIS INC	17,460	$217	0.1%	$12.42	-13.7%	COM	92556V106
AAPL	APPLE INC	1,414	$384	0.2%	$160.95	+66.7%	COM	037833100
LOW	LOWES COS INC	2,000	$482	0.3%	$103.31	+132.1%	COM	548661107
PG	PROCTER AND GAMBLE CO	1,736	$249	0.1%	$101.53	+45.0%	COM	742718109
PM	PHILIP MORRIS INTL INC	9,816	$1,574	0.9%	$59.25	+159.2%	COM	718172109
CVX	CHEVRON CORP NEW	3,916	$597	0.3%	$75.22	+101.3%	COM	166764100
OKE	ONEOK INC NEW	13,939	$1,025	0.6%	$57.97	+21.5%	COM	682680103
COP	CONOCOPHILLIPS	5,200	$487	0.3%	$30.72	+193.0%	COM	20825C104
CL	COLGATE PALMOLIVE CO	3,332	$263	0.1%	$48.40	+61.8%	COM	194162103