| 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 | 2,392 | 71,200 | SH | | SOLE | | 71,200 | 0 | 0 |
| Altria Group, Inc. | COM | 02209S103 | 2,930 | 59,470 | SH | | SOLE | | 59,470 | 0 | 0 |
| Amerigas Partners LP | UNIT LTD PARTN | 030975106 | 5,611 | 117,095 | SH | | SOLE | | 117,095 | 0 | 0 |
| BreitBurn Energy Partners LP | UNIT LTD PARTN | 106776107 | 1,734 | 247,744 | SH | | SOLE | | 247,744 | 0 | 0 |
| Buckeye Partners LP | UNIT LTD PARTN | 118230101 | 8,370 | 110,623 | SH | | SOLE | | 110,623 | 0 | 0 |
| Chesapeake Utilities Corp. | COM | 165303108 | 3,358 | 67,626 | SH | | SOLE | | 67,626 | 0 | 0 |
| Cleco Corp. | COM | 12561W105 | 1,616 | 29,625 | SH | | SOLE | | 29,625 | 0 | 0 |
| Cominar REIT | COM | 199910951 | 2,335 | 145,350 | SH | | SOLE | | 145,350 | 0 | 0 |
| Commonwealth Bank of Australia | COM | 621503002 | 4,870 | 69,480 | SH | | SOLE | | 69,480 | 0 | 0 |
| Crombie REIT | COM | 227107109 | 1,032 | 92,516 | SH | | SOLE | | 92,516 | 0 | 0 |
| DCP Midstream Partners LP | UNIT LTD PARTN | 23311P100 | 4,498 | 99,009 | SH | | SOLE | | 99,009 | 0 | 0 |
| DTE Energy Co. | COM | 233331107 | 2,369 | 27,430 | SH | | SOLE | | 27,430 | 0 | 0 |
| Energias de Portugal, SA ADR | ADR | 268353109 | 1,721 | 44,315 | SH | | SOLE | | 44,315 | 0 | 0 |
| Enerplus Resources Fund Trust | COM | 292766102 | 1,580 | 164,598 | SH | | SOLE | | 164,598 | 0 | 0 |
| Enterprise Products Partners L | UNIT LTD PARTN | 293792107 | 9,023 | 249,800 | SH | | SOLE | | 249,800 | 0 | 0 |
| Ferrellgas Partners LP | UNIT LTD PARTN | 315293100 | 2,000 | 90,985 | SH | | SOLE | | 90,985 | 0 | 0 |
| Gaztransport et Technigaz SAS | COM | BJYRDP5 | 2,153 | 36,380 | SH | | SOLE | | 36,380 | 0 | 0 |
| Genworth MI Canada Inc. | COM | 37252B953 | 1,948 | 61,020 | SH | | SOLE | | 61,020 | 0 | 0 |
| Gladstone Commerical Corp. | COM | 376536108 | 1,708 | 99,462 | SH | | SOLE | | 99,462 | 0 | 0 |
| GlaxoSmithKline PLC ADR | ADR | 37733W105 | 2,000 | 46,805 | SH | | SOLE | | 46,805 | 0 | 0 |
| Global Partners LP | UNIT LTD PARTN | 37946R109 | 2,827 | 85,680 | SH | | SOLE | | 85,680 | 0 | 0 |
| Grupo Aeroportuario Del Pacifi | ADR | 400506101 | 2,760 | 43,678 | SH | | SOLE | | 43,678 | 0 | 0 |
| H&R REIT | COM | 404428203 | 1,514 | 80,725 | SH | | SOLE | | 80,725 | 0 | 0 |
| Hatteras Financial Corp | COM | 41902R103 | 783 | 42,460 | SH | | SOLE | | 42,460 | 0 | 0 |
| Kinder Morgan, Inc. | COM | 49456B101 | 11,545 | 272,856 | SH | | SOLE | | 272,856 | 0 | 0 |
| Martin Midstream Partners LP | UNIT LTD PARTN | 573331105 | 3,498 | 130,135 | SH | | SOLE | | 130,135 | 0 | 0 |
| Monmouth Real Estate Investmen | COM | 609720107 | 5,158 | 465,944 | SH | | SOLE | | 465,944 | 0 | 0 |
| National Grid PLC ADS | ADR | 636274300 | 3,075 | 43,519 | SH | | SOLE | | 43,519 | 0 | 0 |
| ONE Gas, Inc. | COM | 68235P108 | 3,193 | 77,471 | SH | | SOLE | | 77,471 | 0 | 0 |
| Oneok Inc. | COM | 682680103 | 2,151 | 43,203 | SH | | SOLE | | 43,203 | 0 | 0 |
| Oneok Partners LP | UNIT LTD PARTN | 68268N103 | 6,428 | 162,190 | SH | | SOLE | | 162,190 | 0 | 0 |
| Partners REIT | COM | 70214B977 | 642 | 202,756 | SH | | SOLE | | 202,756 | 0 | 0 |
| Pengrowth Energy Trust | COM | 70706P104 | 819 | 263,250 | SH | | SOLE | | 263,250 | 0 | 0 |
| Phillips 66 Partners LP | UNIT LTD PARTN | 718549207 | 1,984 | 28,790 | SH | | SOLE | | 28,790 | 0 | 0 |
| Plains All American Pipeline L | UNIT LTD PARTN | 726503105 | 8,445 | 164,550 | SH | | SOLE | | 164,550 | 0 | 0 |
| Precinct Properties New Zealan | COM | 609327903 | 1,470 | 1,580,600 | SH | | SOLE | | 1,580,600 | 0 | 0 |
| Qiwi PLC | COM | 74735M108 | 507 | 25,095 | SH | | SOLE | | 25,095 | 0 | 0 |
| Realty Income Corp. | COM | 756109104 | 4,127 | 86,505 | SH | | SOLE | | 86,505 | 0 | 0 |
| Sasol Ltd. ADR | ADR | 803866300 | 1,687 | 44,420 | SH | | SOLE | | 44,420 | 0 | 0 |
| Sempra Energy | COM | 816851109 | 4,827 | 43,345 | SH | | SOLE | | 43,345 | 0 | 0 |
| Suburban Propane Partners LP | UNIT LTD PARTN | 864482104 | 5,485 | 126,884 | SH | | SOLE | | 126,884 | 0 | 0 |
| Sunoco Logistic Partners LP | UNIT LTD PARTN | 86764L108 | 7,606 | 182,042 | SH | | SOLE | | 182,042 | 0 | 0 |
| TC Pipelines LP | UNIT LTD PARTN | 87233Q108 | 10,406 | 146,112 | SH | | SOLE | | 146,112 | 0 | 0 |
| Teekay LNG Partners LP | UNIT LTD PARTN | Y8564M105 | 2,064 | 48,002 | SH | | SOLE | | 48,002 | 0 | 0 |
| Total SA ADR | ADR | 89151E109 | 2,151 | 42,004 | SH | | SOLE | | 42,004 | 0 | 0 |
| USA Compression Partners | UNIT LTD PARTN | 90290N109 | 1,281 | 77,234 | SH | | SOLE | | 77,234 | 0 | 0 |
| Urstadt Biddle Properties A | COM | 917286205 | 3,416 | 156,140 | SH | | SOLE | | 156,140 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 | 2,119 | 45,300 | SH | | SOLE | | 45,300 | 0 | 0 |
| Vermilion Energy Trust | COM | 923725956 | 2,313 | 47,002 | SH | | SOLE | | 47,002 | 0 | 0 |
| Vodacom Group Ltd.ADR | ADR | 92858D200 | 537 | 49,000 | SH | | SOLE | | 49,000 | 0 | 0 |
| Advent Software, Inc. | COM | 007974108 | 2,380 | 77,670 | SH | | SOLE | | 77,670 | 0 | 0 |
| Air Products & Chemicals Inc. | COM | 009158106 | 2,871 | 19,904 | SH | | SOLE | | 19,904 | 0 | 0 |
| Alibaba Group Holding LTD | COM | 01609W102 | 520 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
| Anadarko Petroleum Corp. | COM | 032511107 | 5,460 | 66,185 | SH | | SOLE | | 66,185 | 0 | 0 |
| Apple Inc. | COM | 037833100 | 4,463 | 40,437 | SH | | SOLE | | 40,437 | 0 | 0 |
| Aptargroup, Inc. | COM | 038336103 | 6,549 | 97,987 | SH | | SOLE | | 97,987 | 0 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 | 7,708 | 92,450 | SH | | SOLE | | 92,450 | 0 | 0 |
| Avery Dennison Corp. | COM | 053611109 | 5,902 | 113,760 | SH | | SOLE | | 113,760 | 0 | 0 |
| Bank of Ireland ADR | ADR | 46267Q202 | 2,123 | 139,481 | SH | | SOLE | | 139,481 | 0 | 0 |
| Bemis Co. Inc. | COM | 081437105 | 3,544 | 78,395 | SH | | SOLE | | 78,395 | 0 | 0 |
| Best Buy Co. Inc. | COM | 086516101 | 1,335 | 34,250 | SH | | SOLE | | 34,250 | 0 | 0 |
| C.R. Bard Inc. | COM | 067383109 | 4,195 | 25,175 | SH | | SOLE | | 25,175 | 0 | 0 |
| CDK Global Holdings LLC | COM | 12508E101 | 1,558 | 38,234 | SH | | SOLE | | 38,234 | 0 | 0 |
| Church & Dwight Co., Inc. | COM | 171340102 | 1,588 | 20,150 | SH | | SOLE | | 20,150 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 | 6,812 | 98,455 | SH | | SOLE | | 98,455 | 0 | 0 |
| Comcast Corp. | COM | 20030N101 | 2,790 | 48,095 | SH | | SOLE | | 48,095 | 0 | 0 |
| Credito Real Sofom ENR | COM | B8DST5905 | 734 | 342,077 | SH | | SOLE | | 342,077 | 0 | 0 |
| Cummins Inc. | COM | 231021106 | 1,355 | 9,400 | SH | | SOLE | | 9,400 | 0 | 0 |
| Ecolab, Inc. | COM | 278865100 | 1,787 | 17,095 | SH | | SOLE | | 17,095 | 0 | 0 |
| Emerson Electric Co. | COM | 291011104 | 5,114 | 82,850 | SH | | SOLE | | 82,850 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 3,273 | 35,405 | SH | | SOLE | | 35,405 | 0 | 0 |
| FNBH Bancorp Inc. | COM | 302528203 | 44 | 43,774 | SH | | SOLE | | 43,774 | 0 | 0 |
| Fiserv Inc. | COM | 337738108 | 8,356 | 117,745 | SH | | SOLE | | 117,745 | 0 | 0 |
| Generac Holdings Inc. | COM | 368736104 | 1,156 | 24,720 | SH | | SOLE | | 24,720 | 0 | 0 |
| General Mills Inc. | COM | 370334104 | 8,500 | 159,384 | SH | | SOLE | | 159,384 | 0 | 0 |
| Global Specialty Metals Inc. | COM | 37954N206 | 919 | 53,310 | SH | | SOLE | | 53,310 | 0 | 0 |
| Graco, Inc. | COM | 384109104 | 6,283 | 78,365 | SH | | SOLE | | 78,365 | 0 | 0 |
| Grainger, WW Inc. | COM | 384802104 | 7,343 | 28,810 | SH | | SOLE | | 28,810 | 0 | 0 |
| Hasbro Inc. | COM | 418056107 | 251 | 4,570 | SH | | SOLE | | 4,570 | 0 | 0 |
| Heineken NV ADR | ADR | 423012301 | 3,537 | 100,115 | SH | | SOLE | | 100,115 | 0 | 0 |
| Hormel Foods Corp. | COM | 440452100 | 7,673 | 147,280 | SH | | SOLE | | 147,280 | 0 | 0 |
| ITT Corp. | COM | 450911201 | 4,295 | 106,148 | SH | | SOLE | | 106,148 | 0 | 0 |
| Imperial Oil Ltd. | COM | 453038408 | 1,106 | 25,695 | SH | | SOLE | | 25,695 | 0 | 0 |
| Infosys Ltd. ADR | ADR | 456788108 | 2,337 | 74,280 | SH | | SOLE | | 74,280 | 0 | 0 |
| Ingredion Inc. | COM | 457187102 | 7,214 | 85,030 | SH | | SOLE | | 85,030 | 0 | 0 |
| Jacob Engineering Group | COM | 469814107 | 2,697 | 60,343 | SH | | SOLE | | 60,343 | 0 | 0 |
| John Wiley & Sons Inc. A | COM | 968223206 | 2,522 | 42,575 | SH | | SOLE | | 42,575 | 0 | 0 |
| Johnson & Johnson | COM | 478160104 | 1,679 | 16,055 | SH | | SOLE | | 16,055 | 0 | 0 |
| Johnson Controls Inc. | COM | 478366107 | 2,590 | 53,585 | SH | | SOLE | | 53,585 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 | 4,184 | 36,215 | SH | | SOLE | | 36,215 | 0 | 0 |
| Lakeview Hotel Investment Co. | COM | 51222P950 | 43 | 85,300 | SH | | SOLE | | 85,300 | 0 | 0 |
| Lakeview Hotel Investment Corp | COM | HCB8J36M0 | 37 | 73,900 | SH | | SOLE | | 73,900 | 0 | 0 |
| Leggett & Platt Inc. | COM | 524660107 | 2,531 | 59,410 | SH | | SOLE | | 59,410 | 0 | 0 |
| Lincoln Electric Holdings Inc. | COM | 533900106 | 4,274 | 61,855 | SH | | SOLE | | 61,855 | 0 | 0 |
| Macy's, Inc. | COM | 55616P104 | 3,139 | 47,745 | SH | | SOLE | | 47,745 | 0 | 0 |
| Marathon Oil Corp. | COM | 565849106 | 3,844 | 135,871 | SH | | SOLE | | 135,871 | 0 | 0 |
| McCormick & Co. Inc. | COM | 579780206 | 4,973 | 66,930 | SH | | SOLE | | 66,930 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 | 7,643 | 81,570 | SH | | SOLE | | 81,570 | 0 | 0 |
| Mechel Open Joint Stock Co. AD | ADR | 583840103 | 59 | 85,825 | SH | | SOLE | | 85,825 | 0 | 0 |
| Metaldyne Performance Group, I | COM | 59116R107 | 434 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
| Mettler-Toledo International, | COM | 592688105 | 8,215 | 27,160 | SH | | SOLE | | 27,160 | 0 | 0 |
| Microchip Technology Inc. | COM | 595017104 | 3,322 | 73,650 | SH | | SOLE | | 73,650 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 | 3,203 | 59,840 | SH | | SOLE | | 59,840 | 0 | 0 |
| Myriad Genetics Inc. | COM | 62855J104 | 1,355 | 39,780 | SH | | SOLE | | 39,780 | 0 | 0 |
| NXP Semiconductors NV | COM | N6596X109 | 815 | 10,670 | SH | | SOLE | | 10,670 | 0 | 0 |
| Norfolk & Southern Corp. | COM | 655844108 | 7,805 | 71,210 | SH | | SOLE | | 71,210 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 | 6,026 | 65,035 | SH | | SOLE | | 65,035 | 0 | 0 |
| Novolipetsk GDR | ADR | 67011E204 | 909 | 79,165 | SH | | SOLE | | 79,165 | 0 | 0 |
| Occidental Petroleum Corp. | COM | 674599105 | 1,539 | 19,095 | SH | | SOLE | | 19,095 | 0 | 0 |
| Omnicom Group | COM | 681919106 | 6,505 | 83,973 | SH | | SOLE | | 83,973 | 0 | 0 |
| OpenText Corp. | COM | 683715106 | 3,011 | 51,690 | SH | | SOLE | | 51,690 | 0 | 0 |
| Parker Hannifin Corp. | COM | 701094104 | 8,172 | 63,371 | SH | | SOLE | | 63,371 | 0 | 0 |
| Paychex, Inc. | COM | 704326107 | 5,534 | 119,855 | SH | | SOLE | | 119,855 | 0 | 0 |
| Praxair, Inc. | COM | 74005P104 | 3,877 | 29,924 | SH | | SOLE | | 29,924 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 | 6,163 | 111,320 | SH | | SOLE | | 111,320 | 0 | 0 |
| Reckitt Benckiser PLC | COM | B24CGK904 | 580 | 7,140 | SH | | SOLE | | 7,140 | 0 | 0 |
| Rostelecom Long Distance ADR | ADR | 778529107 | 305 | 33,580 | SH | | SOLE | | 33,580 | 0 | 0 |
| Sally Beauty Holdings Inc. | COM | 79546E104 | 2,105 | 68,481 | SH | | SOLE | | 68,481 | 0 | 0 |
| Schneider Electric SA | COM | 483410007 | 4,199 | 57,250 | SH | | SOLE | | 57,250 | 0 | 0 |
| Sherwin-Williams Co. | COM | 824348106 | 7,861 | 29,885 | SH | | SOLE | | 29,885 | 0 | 0 |
| Shire PLC | COM | 82481R106 | 515 | 2,425 | SH | | SOLE | | 2,425 | 0 | 0 |
| Sirona Dental Systems Inc. | COM | 82966C103 | 832 | 9,520 | SH | | SOLE | | 9,520 | 0 | 0 |
| Smith & Nephew PLC | COM | 83175M205 | 2,034 | 55,361 | SH | | SOLE | | 55,361 | 0 | 0 |
| Sonoco Products Co. | COM | 835495102 | 4,673 | 106,945 | SH | | SOLE | | 106,945 | 0 | 0 |
| Spectral Medical Inc. | COM | 847574100 | 6 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| St. Gobain SA | COM | 738048909 | 1,761 | 41,307 | SH | | SOLE | | 41,307 | 0 | 0 |
| Sunstone Hotel Investors Inc. | COM | 867892101 | 237 | 14,340 | SH | | SOLE | | 14,340 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 | 796 | 26,770 | SH | | SOLE | | 26,770 | 0 | 0 |
| The Clorox Co. | COM | 189054109 | 2,602 | 24,970 | SH | | SOLE | | 24,970 | 0 | 0 |
| Thermon Group Holdings, Inc. | COM | 88362T103 | 1,376 | 56,863 | SH | | SOLE | | 56,863 | 0 | 0 |
| Toronto Dominion Bank | COM | 891160509 | 5,996 | 125,490 | SH | | SOLE | | 125,490 | 0 | 0 |
| US Physical Therapy Inc. | COM | 90337L108 | 3,162 | 75,351 | SH | | SOLE | | 75,351 | 0 | 0 |
| Xylem, Inc. | COM | 98419M100 | 2,894 | 76,015 | SH | | SOLE | | 76,015 | 0 | 0 |
| Yandex NV | COM | N97284108 | 813 | 45,240 | SH | | SOLE | | 45,240 | 0 | 0 |
