Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	WEYERHAEUSER CO	203,331	$6.478M	6.0%	$33.03	—	COM	96216610
—	KAPSTONE PAPER AND PACKAGING CORP	226,993	$6.349M	5.9%	$32.99	—	COM	48562P10
—	INTERNATIONAL PAPER CO	116,099	$5.543M	5.1%	$50.30	—	COM	46014610
—	PACKAGING CORP OF AMERICA	77,836	$4.967M	4.6%	$71.29	—	COM	69515610
—	ROCK-TENN CO	100,326	$4.774M	4.4%	$75.29	—	CL A	77273920
—	PLUM CREEK TIMBER COMPANY INC	114,546	$4.468M	4.1%	$44.94	—	COM	72925110
—	MEADWESTVACO CORP	101,607	$4.16M	3.8%	$44.26	—	COM	58333410
—	POTLATCH CORP	91,264	$3.67M	3.4%	$41.40	—	COM	73763010
—	DOMTAR CORP	82,659	$2.904M	2.7%	$40.38	—	COM	25755920
—	RAYONIER INC	73,020	$2.274M	2.1%	$35.42	—	COM	75490710
—	BOISE CASCADE CO	63,541	$1.915M	1.8%	$28.64	—	COM	09739D10
—	LOUISIANA-PACIFIC CORP	140,863	$1.914M	1.8%	$15.02	—	COM	54634710
—	CHESAPEAKE ENERGY CORP	80,000	$1.839M	1.7%	$3.11	—	SHS A	16516710
—	FIBRIA CELULOSE SA	166,018	$1.826M	1.7%	$9.72	—	SP ADR REP COM	31573A10
—	GREIF INC	39,293	$1.721M	1.6%	$54.41	—	CL A	39762410
—	MONSANTO CO	13,934	$1.568M	1.4%	$118.75	—	COM	61166W10
—	P H GLATFELTER CO	68,513	$1.504M	1.4%	$26.53	—	COM	37731610
—	ARCHER DANIELS MIDLAND CO	28,619	$1.462M	1.3%	$167.16	—	COM	03948310
—	TOTAL SA	21,920	$1.413M	1.3%	$71.70	—	SPONSORED ADR	89151E10
—	MOSAIC CO	31,646	$1.405M	1.3%	$48.25	—	COM	61945C10
—	ANADARKO PETROLEUM CORP	13,805	$1.4M	1.3%	$106.12	—	SPON ADR SER B	03251110
—	CF INDUSTRIES HOLDINGS INC	4,938	$1.379M	1.3%	$246.70	—	COM	12526910
—	SBA COMMUNICATIONS CORP	12,215	$1.355M	1.2%	$102.61	—	COM	78388J10
—	UNIVERSAL FOREST PRODUCTS INC	31,060	$1.327M	1.2%	$48.15	—	COM	91354310
—	WASTE MANAGEMENT INC	26,529	$1.261M	1.2%	$45.05	—	COM	94106L10
—	ENTERPRISE PRODUCTS PARTNERS LP	30,272	$1.22M	1.1%	$57.37	—	COM	29379210
—	TESORO LOGISTICS LP	17,105	$1.211M	1.1%	$73.38	—	COM UNIT LP	88160T10
—	VEOLIA ENVIRONNEMENT VE SA	68,300	$1.199M	1.1%	$18.96	—	SPONSORED ADR	92334N10
—	MARKWEST ENERGY PARTNERS LP	15,119	$1.161M	1.1%	$607.65	—	UNIT LP	57075910
—	ENERGY TRANSFER EQUITY LP	18,430	$1.137M	1.0%	$60.34	—	UNIT LP	29273V10
—	WILLIAMS COMPANIES INC	20,521	$1.136M	1.0%	$56.45	—	COM	96945710
—	POTASH CORPORATION OF SASKATCHEWAN INC	31,834	$1.1M	1.0%	$36.77	—	COM	73755L10
—	NATIONAL GRID PLC	15,045	$1.081M	1.0%	$73.31	—	SPON ADR NEW	63627430
—	AMERICAN TOWER CORP	11,376	$1.065M	1.0%	$91.07	—	SHS A	03027X10
—	ORANGE SA	67,226	$991K	0.9%	$15.76	—	SPONSORED ADR	68406010
—	TEEKAY CORP	14,814	$983K	0.9%	$48.87	—	COM	Y8564W103
—	KANSAS CITY SOUTHERN	7,970	$966K	0.9%	$112.51	—	COM NEW	48517030
—	BUNGE LTD	11,343	$955K	0.9%	$82.78	—	SPON ADR SER B	G16962105
—	PLAINS ALL AMERICAN PIPELINE LP	16,194	$953K	0.9%	$60.00	—	UNIT LP	72650310
—	KINDER MORGAN ENERGY PARTNERS LP	9,937	$927K	0.9%	$82.79	—	UNIT LP	49455010
—	TAL INTERNATIONAL GROUP INC	22,414	$925K	0.9%	$44.14	—	COM	87408310
—	ULTRAPAR PARTICIPACOES SA	43,739	$924K	0.9%	$23.50	—	SP ADR REP COM	90400P10
—	GRUPO AEROPORTUARIO DEL SURESTE, SAB DE CV	6,960	$894K	0.8%	$127.01	—	COM	40051E20
—	SASOL LTD	16,257	$886K	0.8%	$58.94	—	SPONSORED ADR	80386630
—	TELEFONICA SA	57,561	$885K	0.8%	$17.09	—	COM	87938220
—	RAYONIER ADVANCED MATERIALS INC	26,358	$867K	0.8%	$38.13	—	COM	75508B10
—	KOREA ELECTRIC POWER CORP	37,134	$833K	0.8%	$18.71	—	SPONSORED ADR	50063110
—	ENLINK MIDSTREAM PARTNERS LP	27,263	$830K	0.8%	$31.23	—	COM	29336U10
—	DELTIC TIMBER CORP	13,289	$828K	0.8%	$60.43	—	SPONSORED ADR	24785010
—	CNOOC LTD	4,484	$774K	0.7%	$179.30	—	COM	12613210
—	SYNGENTA AG	12,004	$761K	0.7%	$71.06	—	SPONSORED ADR	87160A10
—	CHINA MOBILE LTD	12,865	$756K	0.7%	$48.58	—	COM	16941M10
—	ENERGY TRANSFER PARTNERS LP	11,761	$753K	0.7%	$58.37	—	UNIT LP	29273R10
—	WASTE CONNECTIONS INC	15,220	$738K	0.7%	$48.55	—	COM	94105310
—	KINDER MORGAN INC	18,995	$728K	0.7%	$38.33	—	COM	49456B10
—	GENESEE & WYOMING INC	7,452	$710K	0.7%	$104.49	—	CL A	37155910
—	SONOCO PRODUCTS CO	17,991	$707K	0.7%	$43.31	—	COM	83549510
—	ENI SPA	13,187	$623K	0.6%	$54.42	—	SPONSORED ADR	26874R10
—	SPECTRA ENERGY CORP	15,340	$602K	0.6%	$42.29	—	COM	84756010
—	SEASPAN CORP	25,923	$557K	0.5%	$22.94	—	SHS A	Y75638109
—	KT CORP	33,968	$551K	0.5%	$15.23	—	SPONSORED ADR	48268K10
—	TRANSCANADA CORP	10,368	$534K	0.5%	$51.50	—	COM	89353D10
—	COSAN LTD	47,944	$516K	0.5%	$12.16	—	COM	G25343107
—	AGRIUM INC	5,566	$495K	0.5%	$88.93	—	COM	00891610
—	MEAD JOHNSON NUTRITION CO	4,253	$409K	0.4%	$94.40	—	COM	58283910
—	E I DU PONT DE NEMOURS AND CO	4,968	$357K	0.3%	$66.70	—	COM	26353410
RIG	TRANSOCEAN LTD	10,788	$345K	0.3%	$47.44	-17.5%	REG SHS	H8817H100
—	VODAFONE GROUP PLC	10,266	$338K	0.3%	$33.30	—	SPONS ADR NEW	92857W30
—	LUMBER LIQUIDATORS HOLDINGS INC	5,870	$337K	0.3%	$57.41	—	COM	55003T10
—	CVR PARTNERS LP	22,780	$313K	0.3%	$13.74	—	COM	12663310
—	POPE RESOURCES A DELAWARE LP	4,340	$296K	0.3%	$68.20	—	UNIT LP	73285710
—	EMPRESA NACIONAL DE ELECTRICIDAD SA	6,261	$275K	0.3%	$45.09	—	SPONSORED ADR	29244T10
—	ECOPETROL SA	8,694	$272K	0.3%	$36.05	—	SPONSORED ADR	27915810
—	BRF SA	10,960	$261K	0.2%	$23.81	—	SPONSORED ADR	10552T10
—	TELECOM ARGENTINA SA	12,626	$256K	0.2%	$23.52	—	SPON ADR REP B	87927320
—	ECHOSTAR CORP	5,185	$253K	0.2%	$52.84	—	SHS A	27876810
—	MERCER INTERNATIONAL INC	24,724	$241K	0.2%	$10.52	—	COM	58805610
—	SOCIEDAD QUIMICA Y MINERA DE CHILE SA	9,200	$240K	0.2%	$26.09	—	SPON ADR SER B	83363510
—	WAUSAU PAPER CORP	29,789	$236K	0.2%	$10.81	—	COM	94331510
—	SEVENTY SEVEN ENERGY INC	9,785	$232K	0.2%	$23.71	—	COM	81809710
—	INGREDION INC	2,742	$208K	0.2%	$75.86	—	COM	45718710
—	WHITEWAVE FOODS CO	5,710	$207K	0.2%	$36.25	—	COM	96624410
—	ENERSIS SA	12,593	$199K	0.2%	$16.74	—	SPONSORED ADR	29274F10
—	SOLAZYME INC	26,360	$197K	0.2%	$11.38	—	COM	83415T10
—	NAVIOS MARITIME PARTNERS LP	10,281	$183K	0.2%	$19.11	—	UNIT LPI	Y62267102
—	TALISMAN ENERGY INC	11,428	$99,000	0.1%	$10.59	—	COM	87425E10
—	MCDERMOTT INTERNATIONAL INC	10,352	$59,000	0.1%	$8.11	—	COM	58003710