| 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 | 571 | 16,200 | SH | | SOLE | | 16,200 | 0 | 0 |
| Altria Group, Inc | COM | 02209S103 | 986 | 21,470 | SH | | SOLE | | 21,470 | 0 | 0 |
| Amerigas Partners LP | UNIT LTD PARTN | 030975106 | 3,503 | 76,795 | SH | | SOLE | | 76,795 | 0 | 0 |
| BreitBurn Energy Partners LP | UNIT LTD PARTN | 106776107 | 2,442 | 120,174 | SH | | SOLE | | 120,174 | 0 | 0 |
| Buckeye Partners LP | UNIT LTD PARTN | 118230101 | 4,478 | 56,223 | SH | | SOLE | | 56,223 | 0 | 0 |
| Cominar REIT | COM | 199910951 | 2,458 | 145,350 | SH | | SOLE | | 145,350 | 0 | 0 |
| Commonwealth Bank of Australia | COM | 621503002 | 2,469 | 37,480 | SH | | SOLE | | 37,480 | 0 | 0 |
| Crombie REIT | COM | 227107109 | 1,072 | 92,516 | SH | | SOLE | | 92,516 | 0 | 0 |
| DCP Midstream Partners LP | UNIT LTD PARTN | 23311P100 | 3,139 | 57,649 | SH | | SOLE | | 57,649 | 0 | 0 |
| Energias de Portugal, SA ADR | ADR | 268353109 | 1,925 | 44,315 | SH | | SOLE | | 44,315 | 0 | 0 |
| Enerplus Resources Fund Trust | COM | 292766102 | 2,334 | 123,028 | SH | | SOLE | | 123,028 | 0 | 0 |
| Enterprise Products Partners L | UNIT LTD PARTN | 293792107 | 4,866 | 120,750 | SH | | SOLE | | 120,750 | 0 | 0 |
| Ferrellgas Partners LP | UNIT LTD PARTN | 315293100 | 2,539 | 94,485 | SH | | SOLE | | 94,485 | 0 | 0 |
| Gaztransport et Technigaz SAS | COM | BJYRDP5 | 774 | 13,080 | SH | | SOLE | | 13,080 | 0 | 0 |
| Genworth MI Canada Inc. | COM | 37252B953 | 2,025 | 63,920 | SH | | SOLE | | 63,920 | 0 | 0 |
| Gladstone Commerical Corp. | COM | 376536108 | 1,690 | 99,462 | SH | | SOLE | | 99,462 | 0 | 0 |
| GlaxoSmithKline PLC ADR | ADR | 37733W105 | 910 | 19,805 | SH | | SOLE | | 19,805 | 0 | 0 |
| Global Partners LP | UNIT LTD PARTN | 37946R109 | 3,766 | 90,380 | SH | | SOLE | | 90,380 | 0 | 0 |
| Grupo Aeroportuario Del Pacifi | ADR | 400506101 | 3,134 | 46,478 | SH | | SOLE | | 46,478 | 0 | 0 |
| H&R REIT | COM | 404428203 | 1,579 | 80,725 | SH | | SOLE | | 80,725 | 0 | 0 |
| Hatteras Financial Corp | COM | 41902R103 | 763 | 42,460 | SH | | SOLE | | 42,460 | 0 | 0 |
| Kinder Morgan Energy Partners | UNIT LTD PARTN | 494550106 | 4,585 | 49,150 | SH | | SOLE | | 49,150 | 0 | 0 |
| Kinder Morgan Management LLC | ADR | 49455U100 | 614 | 6,520 | SH | | SOLE | | 6,520 | 0 | 0 |
| Martin Midstream Partners LP | UNIT LTD PARTN | 573331105 | 2,608 | 69,935 | SH | | SOLE | | 69,935 | 0 | 0 |
| Monmouth Real Estate Investmen | COM | 609720107 | 3,927 | 388,041 | SH | | SOLE | | 388,041 | 0 | 0 |
| National Grid PLC ADS | ADR | 636274300 | 1,691 | 23,519 | SH | | SOLE | | 23,519 | 0 | 0 |
| ONE Gas, Inc. | COM | 68235P108 | 401 | 11,721 | SH | | SOLE | | 11,721 | 0 | 0 |
| Oneok Inc. | COM | 682680103 | 407 | 6,203 | SH | | SOLE | | 6,203 | 0 | 0 |
| Oneok Partners LP | UNIT LTD PARTN | 68268N103 | 4,362 | 77,955 | SH | | SOLE | | 77,955 | 0 | 0 |
| Partners REIT | COM | 70214B977 | 726 | 202,756 | SH | | SOLE | | 202,756 | 0 | 0 |
| Pengrowth Energy Trust | COM | 70706P104 | 1,369 | 263,250 | SH | | SOLE | | 263,250 | 0 | 0 |
| Phillips 66 Partners LP | UNIT LTD PARTN | 718549207 | 313 | 4,690 | SH | | SOLE | | 4,690 | 0 | 0 |
| Plains All American Pipeline L | ADR | 726503105 | 4,704 | 79,913 | SH | | SOLE | | 79,913 | 0 | 0 |
| Precinct Properties New Zealan | COM | 609327903 | 1,337 | 1,580,600 | SH | | SOLE | | 1,580,600 | 0 | 0 |
| Realty Income Corp. | COM | 756109104 | 1,590 | 38,980 | SH | | SOLE | | 38,980 | 0 | 0 |
| Sasol Ltd. ADR | ADR | 803866300 | 2,529 | 46,420 | SH | | SOLE | | 46,420 | 0 | 0 |
| Sempra Energy | COM | 816851109 | 331 | 3,145 | SH | | SOLE | | 3,145 | 0 | 0 |
| Suburban Propane Partners LP | UNIT LTD PARTN | 864482104 | 2,537 | 56,940 | SH | | SOLE | | 56,940 | 0 | 0 |
| Sunoco Logistic Partners LP | UNIT LTD PARTN | 86764L108 | 4,719 | 97,792 | SH | | SOLE | | 97,792 | 0 | 0 |
| TC Pipelines LP | UNIT LTD PARTN | 87233Q108 | 4,879 | 72,050 | SH | | SOLE | | 72,050 | 0 | 0 |
| Teekay LNG Partners LP | UNIT LTD PARTN | Y8564M105 | 2,200 | 50,502 | SH | | SOLE | | 50,502 | 0 | 0 |
| Total SA ADR | ADR | 89151E109 | 2,759 | 42,804 | SH | | SOLE | | 42,804 | 0 | 0 |
| USA Compression Partners | UNIT LTD PARTN | 90290N109 | 1,716 | 70,654 | SH | | SOLE | | 70,654 | 0 | 0 |
| Urstadt Biddle Properties A | COM | 917286205 | 1,552 | 76,440 | SH | | SOLE | | 76,440 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 | 809 | 16,180 | SH | | SOLE | | 16,180 | 0 | 0 |
| Vermilion Energy Trust | ADR | 923725956 | 3,099 | 50,802 | SH | | SOLE | | 50,802 | 0 | 0 |
| Advent Software, Inc. | COM | 007974108 | 826 | 26,170 | SH | | SOLE | | 26,170 | 0 | 0 |
| Air Products & Chemicals Inc. | COM | 009158106 | 2,759 | 21,194 | SH | | SOLE | | 21,194 | 0 | 0 |
| Anadarko Petroleum Corp. | COM | 032511107 | 4,229 | 41,685 | SH | | SOLE | | 41,685 | 0 | 0 |
| Apple Inc. | COM | 037833100 | 296 | 2,937 | SH | | SOLE | | 2,937 | 0 | 0 |
| Aptargroup, Inc. | COM | 038336103 | 3,861 | 63,602 | SH | | SOLE | | 63,602 | 0 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 | 5,173 | 62,270 | SH | | SOLE | | 62,270 | 0 | 0 |
| Avery Dennison Corp. | COM | 053611109 | 1,200 | 26,875 | SH | | SOLE | | 26,875 | 0 | 0 |
| B&G Foods Inc. | COM | 05508R106 | 356 | 12,940 | SH | | SOLE | | 12,940 | 0 | 0 |
| Bank of Ireland ADR | ADR | 46267Q202 | 2,374 | 149,981 | SH | | SOLE | | 149,981 | 0 | 0 |
| Bemis Co. Inc. | COM | 081437105 | 2,893 | 76,095 | SH | | SOLE | | 76,095 | 0 | 0 |
| Best Buy Co. Inc. | COM | 086516101 | 238 | 7,100 | SH | | SOLE | | 7,100 | 0 | 0 |
| C.R. Bard Inc. | COM | 067383109 | 1,040 | 7,285 | SH | | SOLE | | 7,285 | 0 | 0 |
| CDK Global Holdings LLC | COM | 12508E101 | 615 | 20,097 | SH | | SOLE | | 20,097 | 0 | 0 |
| Church & Dwight Co., Inc. | COM | 171340102 | 1,000 | 14,250 | SH | | SOLE | | 14,250 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 | 4,601 | 70,545 | SH | | SOLE | | 70,545 | 0 | 0 |
| Comcast Corp | COM | 20030N101 | 653 | 12,145 | SH | | SOLE | | 12,145 | 0 | 0 |
| Credito Real Sofom ENR | COM | B8DST5905 | 962 | 340,010 | SH | | SOLE | | 340,010 | 0 | 0 |
| Cummins Inc. | COM | 231021106 | 1,528 | 11,575 | SH | | SOLE | | 11,575 | 0 | 0 |
| Ecolab, Inc. | COM | 278865100 | 618 | 5,385 | SH | | SOLE | | 5,385 | 0 | 0 |
| Emerson Electric Co. | COM | 291011104 | 3,591 | 57,390 | SH | | SOLE | | 57,390 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,364 | 14,505 | SH | | SOLE | | 14,505 | 0 | 0 |
| FNBH Bancorp Inc. | COM | 302528203 | 437 | 444,977 | SH | | SOLE | | 444,977 | 0 | 0 |
| Fiserv Inc. | COM | 337738108 | 5,083 | 78,645 | SH | | SOLE | | 78,645 | 0 | 0 |
| General Mills Inc. | COM | 370334104 | 4,166 | 82,584 | SH | | SOLE | | 82,584 | 0 | 0 |
| Global Specialty Metals Inc. | COM | 37954N206 | 970 | 53,310 | SH | | SOLE | | 53,310 | 0 | 0 |
| Graco, Inc. | COM | 384109104 | 4,451 | 60,990 | SH | | SOLE | | 60,990 | 0 | 0 |
| Grainger, WW Inc. | COM | 384802104 | 4,520 | 17,960 | SH | | SOLE | | 17,960 | 0 | 0 |
| Hasbro Inc. | COM | 418056107 | 251 | 4,570 | SH | | SOLE | | 4,570 | 0 | 0 |
| Heineken NV ADR | ADR | 423012301 | 3,953 | 105,745 | SH | | SOLE | | 105,745 | 0 | 0 |
| Hormel Foods Corp. | COM | 440452100 | 5,875 | 114,325 | SH | | SOLE | | 114,325 | 0 | 0 |
| ITT Corp. | COM | 450911201 | 3,197 | 71,148 | SH | | SOLE | | 71,148 | 0 | 0 |
| Imperial Oil Ltd. | COM | 453038408 | 1,213 | 25,695 | SH | | SOLE | | 25,695 | 0 | 0 |
| Infosys Ltd. ADR | ADR | 456788108 | 2,273 | 37,570 | SH | | SOLE | | 37,570 | 0 | 0 |
| Ingredion Inc. | ADR | 457187102 | 4,300 | 56,730 | SH | | SOLE | | 56,730 | 0 | 0 |
| Jacob Engineering Group | COM | 469814107 | 2,946 | 60,343 | SH | | SOLE | | 60,343 | 0 | 0 |
| John Wiley & Sons Inc. A | COM | 968223206 | 851 | 15,175 | SH | | SOLE | | 15,175 | 0 | 0 |
| Johnson & Johnson | COM | 478160104 | 645 | 6,055 | SH | | SOLE | | 6,055 | 0 | 0 |
| Johnson Controls Inc. | COM | 478366107 | 2,446 | 55,585 | SH | | SOLE | | 55,585 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 | 2,078 | 19,315 | SH | | SOLE | | 19,315 | 0 | 0 |
| Lakeview Hotel Investment Co. | COM | 51222P950 | 47 | 85,300 | SH | | SOLE | | 85,300 | 0 | 0 |
| Lakeview Hotel Investment Corp | COM | HCB8J36M0 | 43 | 73,900 | SH | | SOLE | | 73,900 | 0 | 0 |
| Leggett & Platt Inc. | COM | 524660107 | 695 | 19,910 | SH | | SOLE | | 19,910 | 0 | 0 |
| Lincoln Electric Holdings Inc. | COM | 533900106 | 2,327 | 33,655 | SH | | SOLE | | 33,655 | 0 | 0 |
| Macy's, Inc. | COM | 55616P104 | 330 | 5,665 | SH | | SOLE | | 5,665 | 0 | 0 |
| Maranthon Oil Corp. | COM | 565849106 | 2,825 | 75,150 | SH | | SOLE | | 75,150 | 0 | 0 |
| Marathon Petroleum Corp. | COM | 56585A102 | 1,207 | 14,250 | SH | | SOLE | | 14,250 | 0 | 0 |
| McCormick & Co. Inc. | COM | 579780206 | 2,598 | 38,830 | SH | | SOLE | | 38,830 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 | 3,941 | 41,570 | SH | | SOLE | | 41,570 | 0 | 0 |
| Mechel Open Joint Stock Co. AD | ADR | 583840103 | 77 | 67,825 | SH | | SOLE | | 67,825 | 0 | 0 |
| Mettler-Toledo International, | COM | 592688105 | 4,950 | 19,325 | SH | | SOLE | | 19,325 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 | 632 | 14,940 | SH | | SOLE | | 14,940 | 0 | 0 |
| Myriad Genetics Inc. | COM | 62855J104 | 1,018 | 26,400 | SH | | SOLE | | 26,400 | 0 | 0 |
| Norfolk & Southern Corp. | COM | 655844108 | 5,430 | 48,655 | SH | | SOLE | | 48,655 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 | 1,415 | 15,035 | SH | | SOLE | | 15,035 | 0 | 0 |
| Novolipetsk GDR | ADR | 67011E204 | 1,015 | 69,635 | SH | | SOLE | | 69,635 | 0 | 0 |
| Occidental Petroleum Corp. | COM | 674599105 | 1,836 | 19,095 | SH | | SOLE | | 19,095 | 0 | 0 |
| Omnicom Group | COM | 681919106 | 3,806 | 55,273 | SH | | SOLE | | 55,273 | 0 | 0 |
| Parker Hannifin | COM | 701094104 | 3,729 | 32,671 | SH | | SOLE | | 32,671 | 0 | 0 |
| Paychex, Inc. | COM | 704326107 | 3,366 | 76,150 | SH | | SOLE | | 76,150 | 0 | 0 |
| Praxair, Inc. | COM | 74005P104 | 3,551 | 27,524 | SH | | SOLE | | 27,524 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 | 3,806 | 66,570 | SH | | SOLE | | 66,570 | 0 | 0 |
| Reckitt Benckiser PLC | COM | B24CGK904 | 217 | 2,500 | SH | | SOLE | | 2,500 | 0 | 0 |
| Rostelecom Long Distance ADR | ADR | 778529107 | 534 | 33,580 | SH | | SOLE | | 33,580 | 0 | 0 |
| Sally Beauty Holdings Inc. | COM | 79546E104 | 1,081 | 39,506 | SH | | SOLE | | 39,506 | 0 | 0 |
| Schneider Electric SA | COM | 483410007 | 3,437 | 44,750 | SH | | SOLE | | 44,750 | 0 | 0 |
| Sherwin-Williams Co. | COM | 824348106 | 5,165 | 23,585 | SH | | SOLE | | 23,585 | 0 | 0 |
| Shire PLC | COM | 82481R106 | 628 | 2,425 | SH | | SOLE | | 2,425 | 0 | 0 |
| Sirona Dental Systems Inc. | COM | 82966C103 | 724 | 9,440 | SH | | SOLE | | 9,440 | 0 | 0 |
| Smith & Nephew PLC | COM | 83175M205 | 1,022 | 12,145 | SH | | SOLE | | 12,145 | 0 | 0 |
| Sonoco Products Co. | COM | 835495102 | 537 | 13,655 | SH | | SOLE | | 13,655 | 0 | 0 |
| Spectral Diagnostics | COM | 847574100 | 6 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| St. Gobain | COM | 738048909 | 1,891 | 41,307 | SH | | SOLE | | 41,307 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 | 655 | 26,680 | SH | | SOLE | | 26,680 | 0 | 0 |
| The Clorox Company | COM | 189054109 | 1,043 | 10,865 | SH | | SOLE | | 10,865 | 0 | 0 |
| Thermon Group Holdings, Inc. | COM | 88362T103 | 1,389 | 56,863 | SH | | SOLE | | 56,863 | 0 | 0 |
| Toronto Dominion Bank | COM | 891160509 | 3,867 | 78,290 | SH | | SOLE | | 78,290 | 0 | 0 |
| US Physical Therapy Inc. | COM | 90337L108 | 1,389 | 39,258 | SH | | SOLE | | 39,258 | 0 | 0 |
| Xylem, Inc | COM | 98419M100 | 1,699 | 47,875 | SH | | SOLE | | 47,875 | 0 | 0 |
| Yandex NV | COM | N97284108 | 1,369 | 49,240 | SH | | SOLE | | 49,240 | 0 | 0 |
