Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KapStone Paper and Packaging C	269,722	$7.779M	6.7%	$42.47	—	COM	48562P103
WY	WEYERHAEUSER CO	205,025	$6.017M	5.2%	$18.82	+1.1%	COM	962166104
PKG	Packaging Corp Amer	78,901	$5.552M	4.8%	$42.52	+13.2%	COM	695156109
IP	INTL Paper Co	119,271	$5.472M	4.7%	$26.03	+4.6%	COM	460146103
—	Rock-Tenn Co	50,994	$5.383M	4.6%	$105.02	—	Cl A	772739207
—	Plum Creek Timber Co Inc	117,764	$4.951M	4.3%	$46.03	—	COM	729251108
—	Meadwestvaco Corp	118,893	$4.475M	3.8%	$36.93	—	COM	583334107
—	Domtar Corp	36,202	$4.063M	3.5%	$94.34	—	COM NEW	257559203
RYN	Rayonier Inc	77,544	$3.56M	3.1%	$42.11	—	COM	754907103
PCH	Potlatch Corp New	87,789	$3.397M	2.9%	$41.74	—	COM	737630103
ADM	Archer Daniels Midland Ord Shs	7,392	$3.207M	2.8%	$29.33	0.0%	COM	039483102
—	Glatfelter	107,573	$2.928M	2.5%	$27.64	—	COM	377316104
LPX	Louisiana Pac Corp	147,246	$2.484M	2.1%	$17.06	+2.8%	COM	546347105
—	Chesapeake Energy Corp	84,981	$2.177M	1.9%	$27.14	—	COM	165167107
—	Tesoro Logistics LP	35,050	$2.11M	1.8%	$52.62	—	COM UNIT LP	88160T107
GEF	Greif Inc	39,840	$2.091M	1.8%	$33.47	-1.3%	CL A	397624107
BCC	Boise Cascade Co Del	72,194	$2.068M	1.8%	$17.53	+13.4%	COM	09739D100
—	Fibria Celulose S A	181,715	$2.01M	1.7%	$11.68	—	SP ADR REP COM	31573A109
EPD	Enterprise Prods Partners L	27,210	$1.887M	1.6%	$66.30	—	COM	293792107
—	Universal FST PRODS INC	31,125	$1.722M	1.5%	$52.14	—	COM	913543104
PAA	Plains All Amern Pipeline L	31,008	$1.709M	1.5%	$51.89	—	UNIT LTD PARTN	726503105
—	MarkWest Energy Partners L P	25,820	$1.687M	1.4%	$66.09	—	UNIT LTD PARTN	570759100
—	Kinder Morgan Energy Partner	19,694	$1.456M	1.3%	$80.66	—	UT LTD PARTNER	494550106
—	Total S A	20,538	$1.347M	1.2%	$61.51	—	SPONSORED ADR	89151E109
VEOEY	Veolia Environnement	66,810	$1.328M	1.1%	$16.36	—	SPONSORED ADR	92334N103
—	Enlink Midstream Partners LP	42,116	$1.281M	1.1%	$30.42	—	COM UNIT REP LTD	29336U107
MOS	Mosaic Co New	24,041	$1.202M	1.0%	$36.35	+3.2%	COM	61945C103
—	Energy Transfer Prtnrs L P	22,102	$1.189M	1.0%	$57.23	—	UNIT LTD PARTN	29273R109
AGRO	Adecoagro S A	13,878	$1.132M	1.0%	$7.07	-1.9%	COM	L00849106
—	Navios Maritime Partners L P	57,398	$1.119M	1.0%	$19.11	—	UNIT LPI	Y62267102
CF	CF INDS HLDGS INC	4,205	$1.096M	0.9%	$31.57	+11.6%	COM	125269100
WM	Waste MGMT INC DEL	25,604	$1.077M	0.9%	$33.74	-2.9%	COM	94106L109
—	SBA Communications Corp	11,726	$1.067M	0.9%	$89.91	—	COM	78388J106
UGP	Ultrapar Participacoes S A	42,087	$1.014M	0.9%	$23.66	—	SP ADR REP COM	90400P101
—	Deltic Timber Corp	15,489	$1.01M	0.9%	$67.92	—	COM	247850100
ORANY	Orange	66,226	$973K	0.8%	$12.46	—	SPONSORED ADR	684060106
—	Teekay Corporation	16,559	$931K	0.8%	$48.01	—	COM	Y8564W103
TELFY	Telefonica S A	58,570	$925K	0.8%	$16.26	—	COM	879382208
SSL	Sasol LTD	15,913	$889K	0.8%	$49.44	—	SPONSORED ADR	803866300
ASR	Grupo Aeroportuario ADR Representing 10 Ord Shs Series B	6,960	$854K	0.7%	$124.32	—	SPON ADR SER B	40051E202
—	TAL INTL GROUP INC	19,844	$851K	0.7%	$57.33	—	COM	874083108
ET	Energy Transfer Equity LP	17,060	$798K	0.7%	$46.78	—	COM UT LTD PTN	29273V100
—	Monsanto Co New	6,875	$782K	0.7%	$116.54	—	COM	61166W101
—	Potash Corp Sask Inc	20,626	$747K	0.6%	$33.30	—	COM	73755L107
—	Seaspan Ord Shs	32,194	$711K	0.6%	$22.94	—	SHS	Y75638109
—	Anadarko Pete Corp	8,127	$689K	0.6%	$79.96	—	COM	032511107
—	Genesee & Wyo Inc	7,057	$687K	0.6%	$96.28	—	CL A	371559105
—	CNOOC LTD	4,484	$681K	0.6%	$181.36	—	Sponsored ADR	126132100
—	Waste Connections Inc	15,220	$668K	0.6%	$43.63	—	COM	941053100
SON	Sonoco PRODS CO	15,596	$640K	0.5%	$26.95	+3.9%	COM	835495102
EC	Ecopetrol S A	15,332	$625K	0.5%	$38.69	—	SPONSORED ADS	279158109
E	ENI S P A	12,412	$623K	0.5%	$48.50	—	SPONSORED ADR	26874R108
—	Syngenta AG	8,144	$617K	0.5%	$79.99	—	SPONSORED ADR	87160A100
—	POPE RES SEL LTD PARTNERSHIP	8,680	$598K	0.5%	$64.98	—	DEPOSITORY RCPT	732857107
—	National Grid PLC	8,685	$597K	0.5%	$65.97	—	SPON ADR NEW11	636274300
KEP	Korea Electric PWR	34,204	$587K	0.5%	$16.61	—	SPONSORED ADR	500631106
—	China Mobile Limited	12,020	$548K	0.5%	$52.29	—	Sponsored ADR	16941M109
—	Bunge Limited	6,688	$532K	0.5%	$82.16	—	COM	G16962105
—	Spectra Energy Corp	14,290	$528K	0.5%	$35.62	—	COM	847560109
—	Kansas City Southern	5,060	$516K	0.4%	$101.98	—	COM NEW	485170302
—	DuPont Fabros Technology Inc	20,171	$486K	0.4%	$24.72	—	COM	26613Q106
—	Talisman Energy Inc	43,898	$438K	0.4%	$11.66	—	COM	87425E103
—	Wausau Paper Corp	33,924	$432K	0.4%	$12.68	—	COM	943315101
RIG	Transocean Ltd	9,144	$378K	0.3%	$48.94	-11.2%	REG SHS	H8817H100
—	Mobile Telesystems OJSC	21,291	$372K	0.3%	$21.00	—	SPONSORED ADR	607409109
AMT	American Tower Corp New	4,396	$360K	0.3%	$58.52	+5.2%	COM	03027X100
CHT	Chunghwa Telecom Co Ltd	11,442	$351K	0.3%	$30.95	—	SPON ADR NEW11	17133Q502
WMB	Williams Cos Inc Del	8,121	$330K	0.3%	$18.66	+12.1%	COM	969457100
—	CVR Partners LP	15,050	$319K	0.3%	$16.44	—	COM	126633106
VZ	Verizon Communications Inc	6,404	$305K	0.3%	$25.87	0.0%	COM	92343V104
GEL	Genesis Energy L P	5,420	$294K	0.3%	$52.58	—	UNIT LTD PARTN	371927104
—	Terra Nitrogen Co L P	1,920	$292K	0.3%	$152.08	—	COM UNIT	881005201
—	Solazyme Inc	24,283	$282K	0.2%	$10.93	—	COM	83415T101
—	Vodafone Group PLC NEW	7,426	$273K	0.2%	$39.29	—	SPONS ADR NEW	92857W209
—	Du Pont E I de Nemours & Co	3,995	$268K	0.2%	$67.08	—	COM	263534109
—	Enersis	16,998	$264K	0.2%	$15.00	—	SPONSORED ADR	29274F104
SATS	EchoStar Corp	5,530	$263K	0.2%	$39.08	+1.1%	CL A	278768106
—	Cosan Ltd	22,356	$255K	0.2%	$13.73	—	SHS A	G25343107
KT	KT Corp	18,100	$251K	0.2%	$14.86	—	SPONSORED ADR	48268K101
—	Empresa Nacional de Electricid	5,624	$243K	0.2%	$44.62	—	SPONSORED ADR	29244T101
TEO	Telecom Argentina S A	12,626	$241K	0.2%	$17.23	—	SPON ADR REP B	879273209
—	McDermott INTL Inc	10,379	$81,000	0.1%	$9.18	—	COM	580037109