| 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 |
| AT&T Inc. | COM | 00206R102 | 1,544 | 45,640 | SH | | SOLE | | 45,640 | 0 | 0 |
| Altria Group, Inc | COM | 02209S103 | 1,875 | 54,575 | SH | | SOLE | | 54,575 | 0 | 0 |
| Amerigas Partners LP | UNIT LTD PARTN | 030975106 | 5,925 | 137,570 | SH | | SOLE | | 137,570 | 0 | 0 |
| BrietBurn Energy Partners LP | UNIT LTD PARTN | 106776107 | 4,198 | 229,025 | SH | | SOLE | | 229,025 | 0 | 0 |
| Buckeye Partners LP | UNIT LTD PARTN | 118230101 | 8,776 | 133,925 | SH | | SOLE | | 133,925 | 0 | 0 |
| Cominar REIT | COM | 199910951 | 4,653 | 248,445 | SH | | SOLE | | 248,445 | 0 | 0 |
| Commonwealth Bank of Australia | COM | 621503002 | 5,255 | 78,920 | SH | | SOLE | | 78,920 | 0 | 0 |
| Crombie REIT | COM | 227107109 | 1,483 | 118,775 | SH | | SOLE | | 118,775 | 0 | 0 |
| DCP Midstream Partners LP | UNIT LTD PARTN | 23311P100 | 4,004 | 80,630 | SH | | SOLE | | 80,630 | 0 | 0 |
| Energias de Portugal, SA ADR | ADR | 268353109 | 1,587 | 43,440 | SH | | SOLE | | 43,440 | 0 | 0 |
| Enerplus Resources Fund Trust | COM | 292766102 | 2,041 | 123,040 | SH | | SOLE | | 123,040 | 0 | 0 |
| Enterprise Products Partners L | UNIT LTD PARTN | 293792107 | 10,306 | 168,840 | SH | | SOLE | | 168,840 | 0 | 0 |
| Ferrellgas Partners LP | UNIT LTD PARTN | 315293100 | 1,876 | 84,155 | SH | | SOLE | | 84,155 | 0 | 0 |
| Genworth MI Canada Inc. | COM | 37252B953 | 1,869 | 66,320 | SH | | SOLE | | 66,320 | 0 | 0 |
| Gladstone Commerical Corp. | COM | 376536108 | 1,796 | 100,005 | SH | | SOLE | | 100,005 | 0 | 0 |
| GlaxoSmithKline PLC ADR | ADR | 37733W105 | 3,526 | 70,275 | SH | | SOLE | | 70,275 | 0 | 0 |
| Global Partners LP | UNIT LTD PARTN | 37946R109 | 3,026 | 87,035 | SH | | SOLE | | 87,035 | 0 | 0 |
| Grupo Aeroportuario Del Pacifi | ADR | 400506101 | 2,362 | 46,170 | SH | | SOLE | | 46,170 | 0 | 0 |
| H&R REIT | COM | 404428203 | 2,378 | 115,337 | SH | | SOLE | | 115,337 | 0 | 0 |
| Hatteras Financial Corp | COM | 41902R103 | 823 | 43,975 | SH | | SOLE | | 43,975 | 0 | 0 |
| Kinder Morgan Energy Partners | UNIT LTD PARTN | 494550106 | 9,421 | 118,014 | SH | | SOLE | | 118,014 | 0 | 0 |
| Liberty Property Trust | COM | 531172104 | 1,070 | 30,065 | SH | | SOLE | | 30,065 | 0 | 0 |
| Martin Midstream Partners LP | UNIT LTD PARTN | 573331105 | 6,007 | 127,980 | SH | | SOLE | | 127,980 | 0 | 0 |
| Monmouth Real Estate Investmen | COM | 609720107 | 3,895 | 429,383 | SH | | SOLE | | 429,383 | 0 | 0 |
| National Grid PLC ADS | ADR | 636274300 | 3,063 | 51,879 | SH | | SOLE | | 51,879 | 0 | 0 |
| Oneok Partners LP | UNIT LTD PARTN | 68268N103 | 9,626 | 181,585 | SH | | SOLE | | 181,585 | 0 | 0 |
| Orange ADR | ADR | 684060106 | 401 | 32,075 | SH | | SOLE | | 32,075 | 0 | 0 |
| PAA Natural Gas Storage LP | UNIT LTD PARTN | 693139107 | 5,317 | 228,300 | SH | | SOLE | | 228,300 | 0 | 0 |
| PVR Partners LP | UNIT LTD PARTN | 693665101 | 2,287 | 98,915 | SH | | SOLE | | 98,915 | 0 | 0 |
| Partners REIT | COM | 70214B977 | 1,195 | 183,545 | SH | | SOLE | | 183,545 | 0 | 0 |
| Pengrowth Energy Trust | COM | 70706P104 | 1,229 | 207,650 | SH | | SOLE | | 207,650 | 0 | 0 |
| Penn West Energy Trust | COM | 707887105 | 1,514 | 135,988 | SH | | SOLE | | 135,988 | 0 | 0 |
| PetroChina Ltd. ADS | ADR | 71646E100 | 1,512 | 13,755 | SH | | SOLE | | 13,755 | 0 | 0 |
| Plains All American Pipeline L | UNIT LTD PARTN | 726503105 | 8,718 | 165,555 | SH | | SOLE | | 165,555 | 0 | 0 |
| Precinct Properties New Zealan | COM | 609327903 | 1,303 | 1,580,600 | SH | | SOLE | | 1,580,600 | 0 | 0 |
| Realty Income Corp. | COM | 756109104 | 3,867 | 97,295 | SH | | SOLE | | 97,295 | 0 | 0 |
| Roundy's Inc. | COM | 779268101 | 673 | 78,300 | SH | | SOLE | | 78,300 | 0 | 0 |
| Sasol Ltd. ADR | ADR | 803866300 | 2,445 | 51,155 | SH | | SOLE | | 51,155 | 0 | 0 |
| Suburban Propane Partners LP | UNIT LTD PARTN | 864482104 | 6,708 | 143,344 | SH | | SOLE | | 143,344 | 0 | 0 |
| TC Pipelines LP | UNIT LTD PARTN | 87233Q108 | 8,662 | 177,872 | SH | | SOLE | | 177,872 | 0 | 0 |
| Teekay LNG Partners LP | UNIT LTD PARTN | Y8564M105 | 1,956 | 44,345 | SH | | SOLE | | 44,345 | 0 | 0 |
| Total SA ADR | ADR | 89151E109 | 5,480 | 94,610 | SH | | SOLE | | 94,610 | 0 | 0 |
| USA Compression Partners | UNIT LTD PARTN | 90290N109 | 1,395 | 58,560 | SH | | SOLE | | 58,560 | 0 | 0 |
| Urstadt Biddle Properties A | COM | 917286205 | 3,085 | 155,190 | SH | | SOLE | | 155,190 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 | 1,639 | 35,110 | SH | | SOLE | | 35,110 | 0 | 0 |
| Vermilion Energy Trust | COM | 923725956 | 3,079 | 55,896 | SH | | SOLE | | 55,896 | 0 | 0 |
| Whitestone REIT | COM | 966084204 | 303 | 20,550 | SH | | SOLE | | 20,550 | 0 | 0 |
| Air Products & Chemicals Inc. | COM | 009158106 | 2,482 | 23,290 | SH | | SOLE | | 23,290 | 0 | 0 |
| Anadarko Petroleum Corp. | COM | 032511107 | 6,797 | 73,090 | SH | | SOLE | | 73,090 | 0 | 0 |
| Aptargroup, Inc. | COM | 038336103 | 6,531 | 108,620 | SH | | SOLE | | 108,620 | 0 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 | 8,632 | 119,265 | SH | | SOLE | | 119,265 | 0 | 0 |
| Avery Dennison Corp. | COM | 053611109 | 3,425 | 78,710 | SH | | SOLE | | 78,710 | 0 | 0 |
| B&G Foods Inc. | COM | 05508R106 | 5,518 | 159,700 | SH | | SOLE | | 159,700 | 0 | 0 |
| Bank of Ireland ADR | ADR | 46267Q202 | 1,578 | 139,981 | SH | | SOLE | | 139,981 | 0 | 0 |
| Bemis Co. Inc. | COM | 081437105 | 5,309 | 136,105 | SH | | SOLE | | 136,105 | 0 | 0 |
| Best Buy Co. Inc. | COM | 086516101 | 262 | 7,000 | SH | | SOLE | | 7,000 | 0 | 0 |
| Brady Corp. | COM | 104674106 | 5,246 | 171,995 | SH | | SOLE | | 171,995 | 0 | 0 |
| C.R. Bard Inc. | COM | 067383109 | 5,027 | 43,635 | SH | | SOLE | | 43,635 | 0 | 0 |
| CPL Resources PLC | COM | G4817M109 | 596 | 75,885 | SH | | SOLE | | 75,885 | 0 | 0 |
| Church & Dwight Co., Inc. | COM | 171340102 | 3,140 | 52,290 | SH | | SOLE | | 52,290 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 | 8,930 | 150,585 | SH | | SOLE | | 150,585 | 0 | 0 |
| Comcast Corp | COM | 20030N101 | 1,549 | 34,335 | SH | | SOLE | | 34,335 | 0 | 0 |
| Credito Real Sofom ENR | COM | B8DST5905 | 382 | 241,000 | SH | | SOLE | | 241,000 | 0 | 0 |
| Cummins Inc. | COM | 231021106 | 1,538 | 11,575 | SH | | SOLE | | 11,575 | 0 | 0 |
| Ecolab, Inc. | COM | 278865100 | 1,333 | 13,495 | SH | | SOLE | | 13,495 | 0 | 0 |
| Emerald Plantation Holdings LT | COM | G30337102 | 7 | 68,496 | SH | | SOLE | | 68,496 | 0 | 0 |
| Emerson Electric Co. | COM | 291011104 | 6,601 | 102,030 | SH | | SOLE | | 102,030 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 3,815 | 44,340 | SH | | SOLE | | 44,340 | 0 | 0 |
| Fiserv Inc. | COM | 337738108 | 9,063 | 89,685 | SH | | SOLE | | 89,685 | 0 | 0 |
| General Mills Inc. | COM | 370334104 | 10,374 | 216,490 | SH | | SOLE | | 216,490 | 0 | 0 |
| Global Specialty Metals Inc. | COM | 37954N206 | 420 | 27,250 | SH | | SOLE | | 27,250 | 0 | 0 |
| Graco, Inc. | COM | 384109104 | 8,397 | 113,375 | SH | | SOLE | | 113,375 | 0 | 0 |
| Grainger, WW Inc. | COM | 384802104 | 7,949 | 30,375 | SH | | SOLE | | 30,375 | 0 | 0 |
| Hasbro Inc. | COM | 418056107 | 234 | 4,960 | SH | | SOLE | | 4,960 | 0 | 0 |
| Heineken NV | COM | N39427211 | 281 | 3,965 | SH | | SOLE | | 3,965 | 0 | 0 |
| Heineken NV ADR | ADR | 423012301 | 7,294 | 205,765 | SH | | SOLE | | 205,765 | 0 | 0 |
| Hormel Foods Corp. | COM | 440452100 | 7,750 | 183,995 | SH | | SOLE | | 183,995 | 0 | 0 |
| Huaneng Power ADR | ADR | 443304100 | 1,005 | 25,090 | SH | | SOLE | | 25,090 | 0 | 0 |
| ITT Corp. | COM | 450911201 | 5,052 | 140,538 | SH | | SOLE | | 140,538 | 0 | 0 |
| Imperial Oil Ltd. | COM | 453038408 | 1,281 | 29,145 | SH | | SOLE | | 29,145 | 0 | 0 |
| Infosys Ltd. ADR | ADR | 456788108 | 1,811 | 37,640 | SH | | SOLE | | 37,640 | 0 | 0 |
| Ingredion Inc. | COM | 457187102 | 5,613 | 84,830 | SH | | SOLE | | 84,830 | 0 | 0 |
| Jacob Engineering Group | COM | 469814107 | 3,498 | 60,125 | SH | | SOLE | | 60,125 | 0 | 0 |
| John Wiley & Sons Inc. A | COM | 968223206 | 1,398 | 29,315 | SH | | SOLE | | 29,315 | 0 | 0 |
| Johnson & Johnson | COM | 478160104 | 1,617 | 18,655 | SH | | SOLE | | 18,655 | 0 | 0 |
| Johnson Controls Inc. | COM | 478366107 | 2,592 | 62,460 | SH | | SOLE | | 62,460 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 | 4,483 | 47,575 | SH | | SOLE | | 47,575 | 0 | 0 |
| Lakeview Hotel REIT A | COM | 512223306 | 26 | 85,300 | SH | | SOLE | | 85,300 | 0 | 0 |
| Lakeview Hotel REIT B | COM | 512223108 | 302 | 73,900 | SH | | SOLE | | 73,900 | 0 | 0 |
| Lincoln Electric Holdings Inc. | COM | 533900106 | 2,920 | 43,835 | SH | | SOLE | | 43,835 | 0 | 0 |
| Macy's, Inc. | COM | 55616P104 | 1,749 | 40,430 | SH | | SOLE | | 40,430 | 0 | 0 |
| Maranthon Oil Corp. | COM | 565849106 | 4,647 | 133,236 | SH | | SOLE | | 133,236 | 0 | 0 |
| Marathon Petroleum Corp. | COM | 56585A102 | 4,197 | 65,247 | SH | | SOLE | | 65,247 | 0 | 0 |
| McCormick & Co. Inc. | COM | 579780206 | 4,776 | 73,810 | SH | | SOLE | | 73,810 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 | 7,981 | 82,955 | SH | | SOLE | | 82,955 | 0 | 0 |
| Mechel Open Joint Stock Co. AD | ADR | 583840103 | 218 | 67,825 | SH | | SOLE | | 67,825 | 0 | 0 |
| Mettler-Toledo International, | COM | 592688105 | 7,875 | 32,800 | SH | | SOLE | | 32,800 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 | 2,104 | 59,090 | SH | | SOLE | | 59,090 | 0 | 0 |
| Norfolk & Southern Corp. | COM | 655844108 | 7,370 | 95,280 | SH | | SOLE | | 95,280 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 | 9,196 | 119,880 | SH | | SOLE | | 119,880 | 0 | 0 |
| Occidental Petroleum Corp. | COM | 674599105 | 2,577 | 27,550 | SH | | SOLE | | 27,550 | 0 | 0 |
| Omnicom Group | COM | 681919106 | 7,677 | 121,015 | SH | | SOLE | | 121,015 | 0 | 0 |
| OpenText Corp. | COM | 683715106 | 2,237 | 29,970 | SH | | SOLE | | 29,970 | 0 | 0 |
| Parker Hannifin | COM | 701094104 | 7,091 | 65,226 | SH | | SOLE | | 65,226 | 0 | 0 |
| Paychex, Inc. | COM | 704326107 | 5,802 | 142,760 | SH | | SOLE | | 142,760 | 0 | 0 |
| Peabody Energy Corp. | COM | 704549104 | 806 | 46,750 | SH | | SOLE | | 46,750 | 0 | 0 |
| Phillips 66 Partners LP | UNIT LTD PARTN | 718549207 | 338 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
| Praxair, Inc. | COM | 74005P104 | 3,308 | 27,520 | SH | | SOLE | | 27,520 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 | 8,044 | 130,080 | SH | | SOLE | | 130,080 | 0 | 0 |
| Rostelecom Long Distance ADR | ADR | 778529107 | 629 | 33,580 | SH | | SOLE | | 33,580 | 0 | 0 |
| Sally Beauty Holdings Inc. | COM | 79546E104 | 2,078 | 79,420 | SH | | SOLE | | 79,420 | 0 | 0 |
| Schneider Electric SA | COM | 483410007 | 6,631 | 78,360 | SH | | SOLE | | 78,360 | 0 | 0 |
| Sherwin-Williams Co. | COM | 824348106 | 8,883 | 48,760 | SH | | SOLE | | 48,760 | 0 | 0 |
| Shire PLC | COM | 82481R106 | 1,698 | 14,165 | SH | | SOLE | | 14,165 | 0 | 0 |
| Smith & Nephew PLC | COM | 83175M205 | 1,994 | 31,945 | SH | | SOLE | | 31,945 | 0 | 0 |
| Sonoco Products Co. | COM | 835495102 | 2,718 | 69,795 | SH | | SOLE | | 69,795 | 0 | 0 |
| Spectral Diagnostics | COM | 847574100 | 8 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| St. Gobain | COM | 738048909 | 2,291 | 46,245 | SH | | SOLE | | 46,245 | 0 | 0 |
| Sunoco Logistic Partners LP | UNIT LTD PARTN | 86764L108 | 9,728 | 146,395 | SH | | SOLE | | 146,395 | 0 | 0 |
| The Clorox Company | COM | 189054109 | 2,883 | 35,280 | SH | | SOLE | | 35,280 | 0 | 0 |
| Thermon Group Holdings, Inc. | COM | 88362T103 | 1,221 | 52,815 | SH | | SOLE | | 52,815 | 0 | 0 |
| Toronto Dominion Bank | COM | 891160509 | 7,511 | 83,471 | SH | | SOLE | | 83,471 | 0 | 0 |
| Tullow Oil PLC | COM | 015008907 | 4,578 | 276,080 | SH | | SOLE | | 276,080 | 0 | 0 |
| US Physical Therapy Inc. | COM | 90337L108 | 2,341 | 75,327 | SH | | SOLE | | 75,327 | 0 | 0 |
| Xylem, Inc | COM | 98419M100 | 2,936 | 105,120 | SH | | SOLE | | 105,120 | 0 | 0 |
| Yandex NV | COM | N97284108 | 1,756 | 48,210 | SH | | SOLE | | 48,210 | 0 | 0 |
| Valeant Pharmaceuticals | COM | 91911K102 | 1,909 | 18,300 | SH | | SOLE | | 18,300 | 0 | 0 |
