Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	MARKWEST ENERGY PARTNERS LP	12,565	$8.991M	7.4%	$715.56	—	UNIT LTD PARTN	57075910
—	TEEKAY CORP	14,119	$8.79M	7.3%	$48.01	—	COM	Y8564W103
—	KAPSTONE PAPER AND PACKAGING CORP	220,938	$7.32M	6.0%	$33.13	—	COM	48562P10
—	WEYERHAEUSER CO	193,356	$6.398M	5.3%	$33.09	—	COM	96216610
—	INTERNATIONAL PAPER CO	109,119	$5.507M	4.6%	$50.47	—	COM	46014610
—	PACKAGING CORP OF AMERICA	75,806	$5.419M	4.5%	$71.49	—	COM	69515610
—	ROCK-TENN CO	47,918	$5.06M	4.2%	$105.60	—	Cl A	77273920
—	PLUM CREEK TIMBER COMPANY INC	111,481	$5.028M	4.2%	$45.10	—	COM	72925110
—	MEADWESTVACO CORP	100,932	$4.467M	3.7%	$44.26	—	COM	58333410
—	ARCHER DANIELS MIDLAND CO	8,517	$3.757M	3.1%	$441.12	—	COM	03948310
—	POTLATCH CORP	90,554	$3.749M	3.1%	$41.40	—	COM	73763010
—	P H GLATFELTER CO	107,318	$2.847M	2.4%	$26.53	—	COM	37731610
—	RAYONIER INC	70,860	$2.519M	2.1%	$35.55	—	COM	75490710
—	DOMTAR CORP	56,198	$2.408M	2.0%	$42.85	—	COM	25755920
—	LOUISIANA-PACIFIC CORP	143,688	$2.158M	1.8%	$15.02	—	COM	54634710
—	GREIF INC	38,768	$2.115M	1.7%	$54.56	—	CL A	39762410
—	BOISE CASCADE CO	66,729	$1.911M	1.6%	$28.64	—	COM	09739D10
—	FIBRIA CELULOSE SA	165,680	$1.611M	1.3%	$9.72	—	SP ADR REP COM	31573A10
—	TOTAL SA	20,530	$1.482M	1.2%	$72.19	—	SPONSORED ADR	89151E10
—	UNIVERSAL FOREST PRODUCTS INC	30,395	$1.467M	1.2%	$48.26	—	COM	91354310
—	TESORO LOGISTICS LP	17,525	$1.286M	1.1%	$73.38	—	COM UNIT LP	88160T10
—	VEOLIA ENVIRONNEMENT VE SA	66,810	$1.269M	1.0%	$18.99	—	SPONSORED ADR	92334N10
—	SBA COMMUNICATIONS CORP	11,815	$1.209M	1.0%	$102.33	—	COM	78388J10
—	MOSAIC CO	24,081	$1.191M	1.0%	$49.46	—	COM	61945C10
—	ENTERPRISE PRODUCTS PARTNERS LP	13,605	$1.065M	0.9%	$78.28	—	COM	29379210
—	WASTE MANAGEMENT INC	23,604	$1.056M	0.9%	$44.74	—	COM	94106L10
—	ORANGE SA	64,226	$1.015M	0.8%	$15.80	—	SPONSORED ADR	68406010
—	CF INDUSTRIES HOLDINGS INC	4,153	$999K	0.8%	$240.55	—	COM	12526910
—	ULTRAPAR PARTICIPACOES SA	42,039	$992K	0.8%	$23.60	—	SP ADR REP COM	90400P10
—	TELEFONICA SA	55,561	$953K	0.8%	$17.15	—	COM	87938220
—	PLAINS ALL AMERICAN PIPELINE LP	15,504	$931K	0.8%	$60.05	—	UNIT LTD PARTN	72650310
—	TAL INTERNATIONAL GROUP INC	20,854	$925K	0.8%	$44.36	—	COM	87408310
—	SASOL LTD	15,557	$920K	0.8%	$59.14	—	SPONSORED ADR	80386630
—	RAYONIER ADVANCED MATERIALS INC	23,618	$915K	0.8%	$38.74	—	COM	75508B10
—	ANADARKO PETROLEUM CORP	8,125	$889K	0.7%	$109.42	—	SPON ADR SER B	03251110
—	MONSANTO CO	7,121	$888K	0.7%	$124.70	—	COM	61166W10
—	GRUPO AEROPORTUARIO DEL SURESTE, SAB DE CV	6,960	$884K	0.7%	$127.01	—	COM	40051E20
—	CNOOC LTD	4,484	$804K	0.7%	$179.30	—	COM	12613210
—	DELTIC TIMBER CORP	13,289	$803K	0.7%	$60.43	—	SPONSORED ADS	24785010
—	POTASH CORPORATION OF SASKATCHEWAN INC	20,623	$783K	0.6%	$37.97	—	COM	73755L10
—	KINDER MORGAN ENERGY PARTNERS LP	9,447	$777K	0.6%	$82.25	—	UT LTD PARTNER	49455010
—	SEASPAN CORP	32,268	$755K	0.6%	$22.94	—	SHS	Y75638109
—	GENESEE & WYOMING INC	7,057	$741K	0.6%	$105.00	—	CL A	37155910
—	WASTE CONNECTIONS INC	15,220	$739K	0.6%	$48.55	—	COM	94105310
—	AMERICAN TOWER CORP	7,936	$714K	0.6%	$89.97	—	SHS A	03027X10
—	ENLINK MIDSTREAM PARTNERS LP	22,063	$693K	0.6%	$31.41	—	COM	29336U10
—	SONOCO PRODUCTS CO	15,596	$685K	0.6%	$43.92	—	COM	83549510
—	ENI SPA	12,412	$681K	0.6%	$54.87	—	COM UNIT REP LTD	26874R10
—	NATIONAL GRID PLC	8,685	$646K	0.5%	$74.38	—	SPON ADR NEW11	63627430
—	ENERGY TRANSFER PARTNERS LP	11,051	$641K	0.5%	$58.00	—	UNIT LTD PARTN	29273R10
—	KOREA ELECTRIC POWER CORP	34,204	$629K	0.5%	$18.39	—	SPONSORED ADR	50063110
—	CHINA MOBILE LTD	12,865	$625K	0.5%	$48.58	—	COM	16941M10
—	SPECTRA ENERGY CORP	14,380	$611K	0.5%	$42.49	—	COM	84756010
—	SYNGENTA AG	8,029	$601K	0.5%	$74.85	—	SPONSORED ADR	87160A10
—	ECOPETROL SA	15,532	$560K	0.5%	$36.05	—	SPONSORED ADR	27915810
—	KANSAS CITY SOUTHERN	5,060	$544K	0.4%	$107.51	—	COM NEW	48517030
—	DUPONT FABROS TECHNOLOGY INC	20,143	$543K	0.4%	$26.96	—	SPONSORED ADR	26613Q10
—	BUNGE LTD	6,978	$528K	0.4%	$81.89	—	SPON ADR SER B	G16962105
—	ENERGY TRANSFER EQUITY LP	8,930	$526K	0.4%	$58.90	—	COM UT LTD PTN	29273V10
—	KT CORP	31,168	$472K	0.4%	$15.14	—	SPONSORED ADR	48268K10
—	WILLIAMS COMPANIES INC	8,121	$472K	0.4%	$58.12	—	COM	96945710
—	TALISMAN ENERGY INC	43,898	$465K	0.4%	$10.59	—	COM	87425E10
RIG	TRANSOCEAN LTD	9,138	$411K	0.3%	$48.94	-13.1%	REG SHS	H8817H100
—	WAUSAU PAPER CORP	29,789	$322K	0.3%	$10.81	—	COM	94331510
—	COSAN LTD	22,606	$307K	0.3%	$13.73	—	COM	G25343107
—	VODAFONE GROUP PLC	9,026	$301K	0.2%	$33.35	—	SPONS ADR NEW	92857W30
—	TELECOM ARGENTINA SA	12,626	$297K	0.2%	$23.52	—	SPON ADR REP B	87927320
—	POPE RESOURCES A DELAWARE LP	4,340	$296K	0.2%	$68.20	—	DEPOSITORY RCPT	73285710
—	SOLAZYME INC	23,960	$282K	0.2%	$11.77	—	COM	83415T10
—	ECHOSTAR CORP	5,185	$274K	0.2%	$52.84	—	CL A	27876810
—	CHESAPEAKE ENERGY CORP	84,957	$264K	0.2%	$3.11	—	SHS A	16516710
—	E I DU PONT DE NEMOURS AND CO	4,003	$262K	0.2%	$65.45	—	COM	26353410
—	MERCER INTERNATIONAL INC	24,724	$260K	0.2%	$10.52	—	COM	58805610
—	EMPRESA NACIONAL DE ELECTRICIDAD SA	5,617	$254K	0.2%	$45.22	—	SPONSORED ADR	29244T10
—	MEAD JOHNSON NUTRITION CO	2,605	$243K	0.2%	$93.28	—	COM	58283910
—	VERIZON COMMUNICATIONS INC	4,137	$202K	0.2%	$48.83	—	COM	92343V10
—	NAVIOS MARITIME PARTNERS LP	10,281	$200K	0.2%	$19.11	—	UNIT LPI	Y62267102
—	ENERSIS SA	11,593	$195K	0.2%	$16.82	—	SPONSORED ADR	29274F10
AGRO	ADECOAGRO SA	13,478	$127K	0.1%	$7.07	+14.5%	COM	L00849106
—	MCDERMOTT INTERNATIONAL INC	10,352	$84,000	0.1%	$8.11	—	COM	58003710