| 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 | 2,446 | 69,580 | SH | | SOLE | | 69,580 | 0 | 0 |
| Altria Group, Inc | COM | 02209S103 | 3,672 | 95,645 | SH | | SOLE | | 95,645 | 0 | 0 |
| Amerigas Partners LP | UNIT LTD PARTN | 030975106 | 6,130 | 137,545 | SH | | SOLE | | 137,545 | 0 | 0 |
| BrietBurn Energy Partners LP | UNIT LTD PARTN | 106776107 | 4,645 | 228,375 | SH | | SOLE | | 228,375 | 0 | 0 |
| Buckeye Partners LP | UNIT LTD PARTN | 118230101 | 10,165 | 143,155 | SH | | SOLE | | 143,155 | 0 | 0 |
| Cominar REIT | COM | 199910951 | 3,354 | 193,265 | SH | | SOLE | | 193,265 | 0 | 0 |
| Commonwealth Bank of Australia | COM | 621503002 | 5,841 | 83,920 | SH | | SOLE | | 83,920 | 0 | 0 |
| Crombie REIT | COM | 227107109 | 1,514 | 118,775 | SH | | SOLE | | 118,775 | 0 | 0 |
| DCP Midstream Partners LP | UNIT LTD PARTN | 23311P100 | 4,697 | 93,280 | SH | | SOLE | | 93,280 | 0 | 0 |
| Energias de Portugal, SA ADR | ADR | 268353109 | 1,589 | 43,440 | SH | | SOLE | | 43,440 | 0 | 0 |
| Enerplus Resources Fund Trust | COM | 292766102 | 2,237 | 123,040 | SH | | SOLE | | 123,040 | 0 | 0 |
| Enterprise Products Partners L | UNIT LTD PARTN | 293792107 | 11,217 | 169,190 | SH | | SOLE | | 169,190 | 0 | 0 |
| Ferrellgas Partners LP | UNIT LTD PARTN | 315293100 | 2,044 | 89,055 | SH | | SOLE | | 89,055 | 0 | 0 |
| Genworth MI Canada Inc. | COM | 37252B953 | 2,286 | 66,320 | SH | | SOLE | | 66,320 | 0 | 0 |
| Gladstone Commerical Corp. | COM | 376536108 | 1,793 | 99,805 | SH | | SOLE | | 99,805 | 0 | 0 |
| GlaxoSmithKline PLC ADR | ADR | 37733W105 | 4,016 | 75,220 | SH | | SOLE | | 75,220 | 0 | 0 |
| Global Partners LP | UNIT LTD PARTN | 37946R109 | 3,070 | 86,760 | SH | | SOLE | | 86,760 | 0 | 0 |
| Grupo Aeroportuario Del Pacifi | ADR | 400506101 | 2,457 | 46,170 | SH | | SOLE | | 46,170 | 0 | 0 |
| H&R REIT | COM | 404428203 | 2,122 | 105,337 | SH | | SOLE | | 105,337 | 0 | 0 |
| Hatteras Financial Corp | COM | 41902R103 | 645 | 39,450 | SH | | SOLE | | 39,450 | 0 | 0 |
| Kinder Morgan Energy Partners | UNIT LTD PARTN | 494550106 | 8,530 | 105,749 | SH | | SOLE | | 105,749 | 0 | 0 |
| Kinder Morgan Management LLC | COM | 49455U100 | 1,985 | 26,235 | SH | | SOLE | | 26,235 | 0 | 0 |
| Liberty Property Trust | COM | 531172104 | 1,018 | 30,065 | SH | | SOLE | | 30,065 | 0 | 0 |
| Martin Midstream Partners LP | UNIT LTD PARTN | 573331105 | 5,919 | 138,290 | SH | | SOLE | | 138,290 | 0 | 0 |
| Monmouth Real Estate Investmen | COM | 609720107 | 3,903 | 429,383 | SH | | SOLE | | 429,383 | 0 | 0 |
| National Grid PLC ADS | ADR | 636274300 | 3,382 | 51,779 | SH | | SOLE | | 51,779 | 0 | 0 |
| Oneok Partners LP | UNIT LTD PARTN | 68268N103 | 9,034 | 171,585 | SH | | SOLE | | 171,585 | 0 | 0 |
| Orange ADR | ADR | 684060106 | 396 | 32,075 | SH | | SOLE | | 32,075 | 0 | 0 |
| PAA Natural Gas Storage LP | UNIT LTD PARTN | 693139107 | 1,879 | 81,695 | SH | | SOLE | | 81,695 | 0 | 0 |
| PVR Partners LP | UNIT LTD PARTN | 693665101 | 2,654 | 98,915 | SH | | SOLE | | 98,915 | 0 | 0 |
| Partners REIT | COM | 70214B977 | 979 | 194,445 | SH | | SOLE | | 194,445 | 0 | 0 |
| Pengrowth Energy Trust | COM | 70706P104 | 1,287 | 207,650 | SH | | SOLE | | 207,650 | 0 | 0 |
| Penn West Energy Trust | COM | 707887105 | 1,137 | 135,988 | SH | | SOLE | | 135,988 | 0 | 0 |
| PetroChina Ltd. ADS | ADR | 71646E100 | 1,509 | 13,755 | SH | | SOLE | | 13,755 | 0 | 0 |
| Plains All American Pipeline L | UNIT LTD PARTN | 726503105 | 8,571 | 165,555 | SH | | SOLE | | 165,555 | 0 | 0 |
| Precinct Properties New Zealan | COM | 609327903 | 1,288 | 1,580,600 | SH | | SOLE | | 1,580,600 | 0 | 0 |
| Realty Income Corp. | COM | 756109104 | 3,632 | 97,295 | SH | | SOLE | | 97,295 | 0 | 0 |
| Sasol Ltd. ADR | ADR | 803866300 | 2,555 | 51,665 | SH | | SOLE | | 51,665 | 0 | 0 |
| Suburban Propane Partners LP | UNIT LTD PARTN | 864482104 | 7,683 | 163,824 | SH | | SOLE | | 163,824 | 0 | 0 |
| TC Pipelines LP | UNIT LTD PARTN | 87233Q108 | 8,597 | 177,522 | SH | | SOLE | | 177,522 | 0 | 0 |
| Teekay LNG Partners LP | UNIT LTD PARTN | Y8564M105 | 1,894 | 44,345 | SH | | SOLE | | 44,345 | 0 | 0 |
| Total SA ADR | ADR | 89151E109 | 5,174 | 84,440 | SH | | SOLE | | 84,440 | 0 | 0 |
| USA Compression Partners | UNIT LTD PARTN | 90290N109 | 1,591 | 59,380 | SH | | SOLE | | 59,380 | 0 | 0 |
| Urstadt Biddle Properties A | COM | 917286205 | 2,863 | 155,190 | SH | | SOLE | | 155,190 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 | 2,403 | 48,910 | SH | | SOLE | | 48,910 | 0 | 0 |
| Vermilion Energy Trust | COM | 923725956 | 3,280 | 55,896 | SH | | SOLE | | 55,896 | 0 | 0 |
| Air Products & Chemicals Inc. | COM | 009158106 | 2,598 | 23,240 | SH | | SOLE | | 23,240 | 0 | 0 |
| Anadarko Petroleum Corp. | COM | 032511107 | 5,797 | 73,090 | SH | | SOLE | | 73,090 | 0 | 0 |
| Apple Inc. | COM | 037833100 | 513 | 915 | SH | | SOLE | | 915 | 0 | 0 |
| Aptargroup, Inc. | COM | 038336103 | 7,366 | 108,620 | SH | | SOLE | | 108,620 | 0 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 | 9,597 | 118,775 | SH | | SOLE | | 118,775 | 0 | 0 |
| Avery Dennison Corp. | COM | 053611109 | 4,003 | 79,760 | SH | | SOLE | | 79,760 | 0 | 0 |
| B&G Foods Inc. | COM | 05508R106 | 5,018 | 147,990 | SH | | SOLE | | 147,990 | 0 | 0 |
| Bank of Ireland ADR | ADR | 46267Q202 | 2,017 | 139,981 | SH | | SOLE | | 139,981 | 0 | 0 |
| Bemis Co. Inc. | COM | 081437105 | 5,571 | 136,015 | SH | | SOLE | | 136,015 | 0 | 0 |
| Best Buy Co. Inc. | COM | 086516101 | 1,480 | 37,100 | SH | | SOLE | | 37,100 | 0 | 0 |
| Brady Corp. | COM | 104674106 | 3,814 | 123,305 | SH | | SOLE | | 123,305 | 0 | 0 |
| C.R. Bard Inc. | COM | 067383109 | 5,325 | 39,755 | SH | | SOLE | | 39,755 | 0 | 0 |
| CPL Resources PLC | COM | G4817M109 | 774 | 77,455 | SH | | SOLE | | 77,455 | 0 | 0 |
| Church & Dwight Co., Inc. | COM | 171340102 | 3,731 | 56,290 | SH | | SOLE | | 56,290 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 | 9,233 | 141,585 | SH | | SOLE | | 141,585 | 0 | 0 |
| Comcast Corp | COM | 20030N101 | 1,904 | 36,645 | SH | | SOLE | | 36,645 | 0 | 0 |
| Credito Real Sofom ENR | COM | B8DST5905 | 370 | 241,000 | SH | | SOLE | | 241,000 | 0 | 0 |
| Criteo SA ADS | ADR | 226718104 | 342 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| Cummins Inc. | COM | 231021106 | 1,632 | 11,575 | SH | | SOLE | | 11,575 | 0 | 0 |
| Ecolab, Inc. | COM | 278865100 | 1,209 | 11,595 | SH | | SOLE | | 11,595 | 0 | 0 |
| Emerson Electric Co. | COM | 291011104 | 7,301 | 104,030 | SH | | SOLE | | 104,030 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 4,487 | 44,340 | SH | | SOLE | | 44,340 | 0 | 0 |
| Fiserv Inc. | COM | 337738108 | 9,988 | 169,150 | SH | | SOLE | | 169,150 | 0 | 0 |
| General Mills Inc. | COM | 370334104 | 10,273 | 205,840 | SH | | SOLE | | 205,840 | 0 | 0 |
| Global Specialty Metals Inc. | COM | 37954N206 | 491 | 27,250 | SH | | SOLE | | 27,250 | 0 | 0 |
| Graco, Inc. | COM | 384109104 | 8,857 | 113,375 | SH | | SOLE | | 113,375 | 0 | 0 |
| Grainger, WW Inc. | COM | 384802104 | 7,741 | 30,305 | SH | | SOLE | | 30,305 | 0 | 0 |
| Hasbro Inc. | COM | 418056107 | 273 | 4,960 | SH | | SOLE | | 4,960 | 0 | 0 |
| Heineken NV | COM | N39427211 | 268 | 3,965 | SH | | SOLE | | 3,965 | 0 | 0 |
| Heineken NV ADR | ADR | 423012301 | 6,947 | 205,765 | SH | | SOLE | | 205,765 | 0 | 0 |
| Hormel Foods Corp. | COM | 440452100 | 8,311 | 183,995 | SH | | SOLE | | 183,995 | 0 | 0 |
| ITT Corp. | COM | 450911201 | 6,044 | 139,208 | SH | | SOLE | | 139,208 | 0 | 0 |
| Imperial Oil Ltd. | COM | 453038408 | 1,289 | 29,145 | SH | | SOLE | | 29,145 | 0 | 0 |
| Infosys Ltd. ADR | ADR | 456788108 | 2,130 | 37,640 | SH | | SOLE | | 37,640 | 0 | 0 |
| Ingredion Inc. | COM | 457187102 | 6,287 | 91,830 | SH | | SOLE | | 91,830 | 0 | 0 |
| Jacob Engineering Group | COM | 469814107 | 3,787 | 60,125 | SH | | SOLE | | 60,125 | 0 | 0 |
| John Wiley & Sons Inc. A | COM | 968223206 | 1,580 | 28,615 | SH | | SOLE | | 28,615 | 0 | 0 |
| Johnson & Johnson | COM | 478160104 | 1,342 | 14,655 | SH | | SOLE | | 14,655 | 0 | 0 |
| Johnson Controls Inc. | COM | 478366107 | 3,204 | 62,460 | SH | | SOLE | | 62,460 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 | 4,970 | 47,575 | SH | | SOLE | | 47,575 | 0 | 0 |
| Lakeview Hotel REIT A | COM | 512223306 | 25 | 85,300 | SH | | SOLE | | 85,300 | 0 | 0 |
| Lakeview Hotel REIT B | COM | 512223108 | 14 | 73,900 | SH | | SOLE | | 73,900 | 0 | 0 |
| Lincoln Electric Holdings Inc. | COM | 533900106 | 3,145 | 44,085 | SH | | SOLE | | 44,085 | 0 | 0 |
| Macy's, Inc. | COM | 55616P104 | 2,622 | 49,110 | SH | | SOLE | | 49,110 | 0 | 0 |
| Maranthon Oil Corp. | COM | 565849106 | 4,703 | 133,236 | SH | | SOLE | | 133,236 | 0 | 0 |
| Marathon Petroleum Corp. | COM | 56585A102 | 4,417 | 48,147 | SH | | SOLE | | 48,147 | 0 | 0 |
| McCormick & Co. Inc. | COM | 579780206 | 5,067 | 73,520 | SH | | SOLE | | 73,520 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 | 7,554 | 77,850 | SH | | SOLE | | 77,850 | 0 | 0 |
| Mechel Open Joint Stock Co. AD | ADR | 583840103 | 174 | 67,825 | SH | | SOLE | | 67,825 | 0 | 0 |
| Mettler-Toledo International, | COM | 592688105 | 7,837 | 32,305 | SH | | SOLE | | 32,305 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 | 2,543 | 73,190 | SH | | SOLE | | 73,190 | 0 | 0 |
| Norfolk & Southern Corp. | COM | 655844108 | 8,798 | 94,780 | SH | | SOLE | | 94,780 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 | 8,616 | 107,195 | SH | | SOLE | | 107,195 | 0 | 0 |
| Occidental Petroleum Corp. | COM | 674599105 | 2,620 | 27,550 | SH | | SOLE | | 27,550 | 0 | 0 |
| Omnicom Group | COM | 681919106 | 8,777 | 118,015 | SH | | SOLE | | 118,015 | 0 | 0 |
| Oneok Inc. | COM | 682680103 | 2,896 | 46,573 | SH | | SOLE | | 46,573 | 0 | 0 |
| OpenText Corp. | COM | 683715106 | 3,109 | 33,810 | SH | | SOLE | | 33,810 | 0 | 0 |
| Parker Hannifin | COM | 701094104 | 8,291 | 64,451 | SH | | SOLE | | 64,451 | 0 | 0 |
| Paychex, Inc. | COM | 704326107 | 6,487 | 142,480 | SH | | SOLE | | 142,480 | 0 | 0 |
| Peabody Energy Corp. | COM | 704549104 | 910 | 46,620 | SH | | SOLE | | 46,620 | 0 | 0 |
| Phillips 66 Partners LP | UNIT LTD PARTN | 718549207 | 1,176 | 31,000 | SH | | SOLE | | 31,000 | 0 | 0 |
| Praxair, Inc. | COM | 74005P104 | 4,489 | 34,520 | SH | | SOLE | | 34,520 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 | 8,174 | 128,950 | SH | | SOLE | | 128,950 | 0 | 0 |
| Qiwi PLC | COM | 74735M108 | 1,884 | 33,650 | SH | | SOLE | | 33,650 | 0 | 0 |
| Rostelecom Long Distance ADR | ADR | 778529107 | 682 | 33,580 | SH | | SOLE | | 33,580 | 0 | 0 |
| Roundy's Inc. | COM | 779268101 | 500 | 50,725 | SH | | SOLE | | 50,725 | 0 | 0 |
| Sally Beauty Holdings Inc. | COM | 79546E104 | 2,401 | 79,420 | SH | | SOLE | | 79,420 | 0 | 0 |
| Schneider Electric SA | COM | 483410007 | 5,535 | 63,360 | SH | | SOLE | | 63,360 | 0 | 0 |
| Sherwin-Williams Co. | COM | 824348106 | 8,365 | 45,585 | SH | | SOLE | | 45,585 | 0 | 0 |
| Shire PLC | COM | 82481R106 | 3,478 | 24,615 | SH | | SOLE | | 24,615 | 0 | 0 |
| Singapore Telecommunications C | COM | 829ESC9B0 | 0 | 450,000 | SH | | SOLE | | 450,000 | 0 | 0 |
| Smith & Nephew PLC | COM | 83175M205 | 3,009 | 41,945 | SH | | SOLE | | 41,945 | 0 | 0 |
| Sonoco Products Co. | COM | 835495102 | 3,958 | 94,865 | SH | | SOLE | | 94,865 | 0 | 0 |
| Spectral Diagnostics | COM | 847574100 | 11 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| St. Gobain | COM | 738048909 | 2,547 | 46,245 | SH | | SOLE | | 46,245 | 0 | 0 |
| Sunoco Logistic Partners LP | UNIT LTD PARTN | 86764L108 | 11,776 | 156,020 | SH | | SOLE | | 156,020 | 0 | 0 |
| The Clorox Company | COM | 189054109 | 3,259 | 35,130 | SH | | SOLE | | 35,130 | 0 | 0 |
| Thermon Group Holdings, Inc. | COM | 88362T103 | 1,443 | 52,815 | SH | | SOLE | | 52,815 | 0 | 0 |
| Toronto Dominion Bank | COM | 891160509 | 7,584 | 80,471 | SH | | SOLE | | 80,471 | 0 | 0 |
| Tullow Oil PLC | COM | 015008907 | 3,625 | 255,990 | SH | | SOLE | | 255,990 | 0 | 0 |
| US Physical Therapy Inc. | COM | 90337L108 | 3,079 | 87,327 | SH | | SOLE | | 87,327 | 0 | 0 |
| Xylem, Inc | COM | 98419M100 | 3,446 | 99,595 | SH | | SOLE | | 99,595 | 0 | 0 |
| Yandex NV | COM | N97284108 | 2,080 | 48,210 | SH | | SOLE | | 48,210 | 0 | 0 |
