Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KapStone Paper and Packaging C	136,031	$7.599M	6.9%	$55.86	—	COM	48562P103
WY	WEYERHAEUSER CO	203,500	$6.425M	5.8%	$18.82	0.0%	COM	962166104
IP	INTL Paper Co	118,771	$5.823M	5.3%	$26.03	0.0%	COM	460146103
—	Rock-Tenn Co	49,674	$5.216M	4.7%	$105.00	—	Cl A	772739207
PKG	Packaging Corp Amer	78,157	$4.946M	4.5%	$42.52	0.0%	COM	695156109
—	Plum Creek Timber Co Inc	105,124	$4.889M	4.4%	$46.51	—	COM	729251108
—	Meadwestvaco Corp	119,418	$4.41M	4.0%	$36.93	—	COM	583334107
PCH	Potlatch Corp New	87,094	$3.635M	3.3%	$41.74	—	COM	737630103
RYN	Rayonier Inc	83,909	$3.533M	3.2%	$42.11	—	COM	754907103
—	Domtar Corp	36,422	$3.436M	3.1%	$94.34	—	COM NEW	257559203
—	Glatfelter	109,073	$3.015M	2.7%	$27.64	—	COM	377316104
LPX	Louisiana Pac Corp	133,246	$2.466M	2.2%	$17.01	0.0%	COM	546347105
—	Chesapeake Energy Corp	84,337	$2.289M	2.1%	$27.14	—	COM	165167107
—	Fibria Celulose S A	182,514	$2.132M	1.9%	$11.68	—	SP ADR REP COM	31573A109
BCC	Boise Cascade Co Del	72,194	$2.128M	1.9%	$17.53	0.0%	COM	09739D100
GEF	Greif Inc	40,160	$2.104M	1.9%	$33.47	0.0%	CL A	397624107
EPD	Enterprise Prods Partners L	27,210	$1.804M	1.6%	$66.30	—	COM	293792107
—	Tesoro Logistics LP	33,750	$1.766M	1.6%	$52.33	—	COM UNIT LP	88160T107
—	Kinder Morgan Energy Partner	20,494	$1.653M	1.5%	$80.66	—	UT LTD PARTNER	494550106
—	MarkWest Energy Partners L P	24,820	$1.641M	1.5%	$66.12	—	UNIT LTD PARTN	570759100
—	Universal FST PRODS INC	31,125	$1.623M	1.5%	$52.14	—	COM	913543104
PAA	Plains All Amern Pipeline L	29,808	$1.543M	1.4%	$51.76	—	UNIT LTD PARTN	726503105
—	Energy Transfer Prtnrs L P	22,102	$1.265M	1.1%	$57.23	—	UNIT LTD PARTN	29273R109
—	Total S A	19,330	$1.184M	1.1%	$61.25	—	SPONSORED ADR	89151E109
—	Crosstex Energy L P	42,116	$1.162M	1.1%	$27.59	—	COM	22765U102
MOS	Mosaic Co New	24,136	$1.141M	1.0%	$36.35	0.0%	COM	61945C103
—	TAL INTL GROUP INC	19,884	$1.14M	1.0%	$57.33	—	COM	874083108
—	Navios Maritime Partners L P	57,398	$1.097M	1.0%	$19.11	—	UNIT LPI	Y62267102
VEOEY	Veolia Environnement	67,060	$1.097M	1.0%	$16.36	—	SPONSORED ADR	92334N103
SSL	Sasol LTD	21,907	$1.083M	1.0%	$49.44	—	SPONSORED ADR	803866300
—	Deltic Timber Corp	15,489	$1.052M	1.0%	$67.92	—	COM	247850100
WM	Waste MGMT INC DEL	22,568	$1.013M	0.9%	$33.88	0.0%	COM	94106L109
UGP	Ultrapar Participacoes S A	42,139	$997K	0.9%	$23.66	—	SP ADR REP COM	90400P101
—	SBA Communications Corp	10,965	$985K	0.9%	$89.83	—	COM	78388J106
CF	CF INDS HLDGS INC	4,115	$959K	0.9%	$31.49	0.0%	COM	125269100
TELFY	Telefonica S A	50,751	$829K	0.8%	$16.33	—	COM	879382208
—	Teekay Corporation	16,559	$795K	0.7%	$48.01	—	COM	Y8564W103
—	Monsanto Co New	6,750	$787K	0.7%	$116.59	—	COM	61166W101
ORANY	Orange	63,101	$779K	0.7%	$12.35	—	SPONSORED ADR	684060106
ASR	Grupo Aeroportuario ADR Representing 10 Ord Shs Series B	6,110	$761K	0.7%	$124.55	—	SPON ADR SER B	40051E202
—	Talisman Energy Inc	64,165	$748K	0.7%	$11.66	—	COM	87425E103
—	Seaspan Ord Shs	32,168	$738K	0.7%	$22.94	—	SHS	Y75638109
—	CNOOC LTD	3,699	$694K	0.6%	$187.62	—	Sponsored ADR	126132100
—	Waste Connections Inc	15,220	$664K	0.6%	$43.63	—	COM	941053100
—	Syngenta AG	8,214	$657K	0.6%	$79.99	—	SPONSORED ADR	87160A100
SON	Sonoco PRODS CO	15,596	$651K	0.6%	$26.95	0.0%	COM	835495102
—	China Mobile Limited	12,010	$628K	0.6%	$52.29	—	Sponsored ADR	16941M109
—	Potash Corp Sask Inc	18,561	$612K	0.6%	$32.97	—	COM	73755L107
E	ENI S P A	12,412	$602K	0.5%	$48.50	—	SPONSORED ADR	26874R108
—	Anadarko Pete Corp	7,197	$571K	0.5%	$79.34	—	COM	032511107
KEP	Korea Electric PWR	34,204	$568K	0.5%	$16.61	—	SPONSORED ADR	500631106
—	POPE RES SEL LTD PARTNERSHIP	8,680	$564K	0.5%	$64.98	—	DEPOSITORY RCPT	732857107
—	Bunge Limited	6,633	$545K	0.5%	$82.16	—	COM	G16962105
CHT	Chunghwa Telecom Co Ltd	17,542	$543K	0.5%	$30.95	—	SPON ADR NEW11	17133Q502
—	Vodafone Group PLC NEW	13,618	$535K	0.5%	$39.29	—	SPONS ADR NEW	92857W209
—	Genesee & Wyo Inc	5,563	$534K	0.5%	$95.99	—	CL A	371559105
EC	Ecopetrol S A	13,732	$528K	0.5%	$38.45	—	SPONSORED ADS	279158109
—	Spectra Energy Corp	14,290	$509K	0.5%	$35.62	—	COM	847560109
—	DuPont Fabros Technology Inc	20,143	$498K	0.5%	$24.72	—	COM	26613Q106
—	National Grid PLC	6,955	$454K	0.4%	$65.28	—	SPON ADR NEW11	636274300
RIG	Transocean Ltd	9,144	$452K	0.4%	$48.94	0.0%	REG SHS	H8817H100
—	Enersis	30,138	$452K	0.4%	$15.00	—	SPONSORED ADR	29274F104
—	Empresa Nacional de Electricid	10,017	$447K	0.4%	$44.62	—	SPONSORED ADR	29244T101
—	Wausau Paper Corp	33,924	$430K	0.4%	$12.68	—	COM	943315101
CIG	Companhia Energetica de Mina	51,754	$403K	0.4%	$7.79	—	SP ADR N-V PFD	204409601
—	Mobile Telesystems OJSC	18,191	$393K	0.4%	$21.60	—	SPONSORED ADR	607409109
—	CVR Partners LP	23,050	$379K	0.3%	$16.44	—	COM	126633106
AMT	American Tower Corp New	4,396	$351K	0.3%	$58.52	0.0%	COM	03027X100
—	Cosan Ltd	23,156	$318K	0.3%	$13.73	—	SHS A	G25343107
GEL	Genesis Energy L P	5,420	$285K	0.3%	$52.58	—	UNIT LTD PARTN	371927104
—	Agrium Inc	3,071	$281K	0.3%	$91.50	—	COM	008916108
WMB	Williams Cos Inc Del	7,221	$279K	0.3%	$18.38	0.0%	COM	969457100
SATS	EchoStar Corp	5,530	$275K	0.2%	$39.08	0.0%	CL A	278768106
KT	KT Corp	18,100	$269K	0.2%	$14.86	—	SPONSORED ADR	48268K101
TEO	Telecom Argentina S A	15,556	$268K	0.2%	$17.23	—	SPON ADR REP B	879273209
MERC	Mercer INTL INC	24,724	$246K	0.2%	$6.05	0.0%	COM	588056101
—	Solazyme Inc	22,178	$241K	0.2%	$10.87	—	COM	83415T101
AGRO	Adecoagro S A	13,878	$112K	0.1%	$7.07	0.0%	COM	L00849106
—	McDermott INTL Inc	10,352	$95,000	0.1%	$9.18	—	COM	580037109