Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	WEYERHAEUSER CO	194,228	$6.439M	5.5%	$22.29	+2.6%	COM	962166104
—	KAPSTONE PAPER AND PACKAGING CORP	193,801	$6.364M	5.4%	$29.31	—	COM	48562P103
PKG	PACKAGING CORP OF AMERICA	78,311	$6.123M	5.2%	$51.38	+11.4%	COM	695156109
IP	INTERNATIONAL PAPER CO	108,317	$6.011M	5.1%	$30.67	+6.8%	COM	460146103
—	ROCK-TENN CO	93,033	$6.001M	5.1%	$60.98	—	COM	772739207
—	PLUM CREEK TIMBER COMPANY INC	115,946	$5.038M	4.3%	$42.81	—	COM	729251108
—	MEADWESTVACO CORP	97,308	$4.853M	4.2%	$44.40	—	COM	583334107
—	DOMTAR CORP	81,759	$3.779M	3.2%	$40.20	—	COM	257559203
PCH	POTLATCH CORP	85,580	$3.426M	2.9%	$41.87	—	COM	737630103
BCC	BOISE CASCADE CO	66,211	$2.48M	2.1%	$23.46	+10.6%	COM	09739D100
RYN	RAYONIER INC	84,282	$2.272M	1.9%	$27.94	—	COM	754907103
—	FIBRIA CELULOSE SA	154,018	$2.176M	1.9%	$12.13	—	SP ADR REP COM	31573A109
KMI	KINDER MORGAN INC	48,912	$2.057M	1.8%	$22.45	+6.3%	COM	49456B101
WMB	WILLIAMS COMPANIES INC	40,651	$2.057M	1.8%	$26.99	-7.5%	COM	969457100
—	P H GLATFELTER CO	67,673	$1.863M	1.6%	$25.66	—	COM	377316104
—	MONSANTO CO	15,394	$1.732M	1.5%	$118.66	—	COM	61166W101
LPX	LOUISIANA-PACIFIC CORP	103,494	$1.709M	1.5%	$14.95	+10.1%	COM	546347105
WM	WASTE MANAGEMENT INC	30,829	$1.672M	1.4%	$39.05	+10.1%	COM	94106L109
CF	CF INDUSTRIES HOLDINGS INC	5,648	$1.602M	1.4%	$39.00	+12.8%	COM	125269100
MOS	MOSAIC CO	34,096	$1.57M	1.3%	$35.65	+10.1%	COM	61945C103
—	UNIVERSAL FOREST PRODUCTS INC	28,202	$1.565M	1.3%	$53.19	—	COM	913543104
SON	SONOCO PRODUCTS COMPANY	34,132	$1.552M	1.3%	$30.12	+4.6%	COM	835495102
—	ANADARKO PETROLEUM CORP	17,655	$1.462M	1.3%	$82.55	—	COM	032511107
—	SBA COMMUNICATIONS CORP	12,215	$1.43M	1.2%	$110.77	—	COM	78388J106
—	SYNGENTA AG	20,873	$1.415M	1.2%	$64.42	—	SPONSORED ADR	87160A100
ASR	GRUPO AEROPORTUARIO DEL SURESTE, SAB DE CV	10,328	$1.388M	1.2%	$131.96	—	SPON ADR SER B	40051E202
—	NATIONAL GRID PLC	20,095	$1.298M	1.1%	$70.08	—	SPON ADR NEW	636274300
ET	ENERGY TRANSFER EQUITY LP	20,258	$1.284M	1.1%	$57.36	—	COM UT LTD PTN	29273V100
AMT	AMERICAN TOWER CORP	13,156	$1.239M	1.1%	$75.17	-0.7%	COM	03027X100
EQT	EQT CORP	14,425	$1.195M	1.0%	$43.41	-10.3%	COM	26884L109
—	TOTAL SA	23,420	$1.163M	1.0%	$51.20	—	SPONSORED ADR	89151E109
ADM	ARCHER DANIELS MIDLAND CO	24,375	$1.155M	1.0%	$36.02	-4.0%	COM	039483102
—	CHESAPEAKE ENERGY CORP	76,180	$1.079M	0.9%	$19.57	—	COM	165167107
ORANY	ORANGE SA	67,226	$1.076M	0.9%	$16.91	—	SPONSORED ADR	684060106
EPD	ENTERPRISE PRODUCTS PARTNERS LP	32,362	$1.065M	0.9%	$36.09	—	COM	293792107
—	MARKWEST ENERGY PARTNERS LP	16,042	$1.06M	0.9%	$67.20	—	UNIT LTD PARTN	570759100
—	BUNGE LTD	12,478	$1.028M	0.9%	$82.74	—	COM	G16962105
—	GENESEE & WYOMING INC	10,247	$988K	0.8%	$89.88	—	CL A	371559105
—	TRANSCANADA CORP	15,702	$971K	0.8%	$49.19	—	COM	89353D107
—	TESORO LOGISTICS LP	17,880	$962K	0.8%	$58.84	—	COM UNIT LP	88160T107
—	POTASH CORPORATION OF SASKATCHEWAN INC	29,371	$947K	0.8%	$35.33	—	COM	73755L107
—	SPECTRA ENERGY CORP	25,675	$929K	0.8%	$36.30	—	COM	847560109
TELFY	TELEFONICA SA	63,857	$916K	0.8%	$14.22	—	SPONSORED ADR	879382208
PAA	PLAINS ALL AMERICAN PIPELINE LP	18,195	$887K	0.8%	$51.33	—	UNIT LTD PARTN	726503105
—	CHINA MOBILE LTD	12,865	$837K	0.7%	$58.84	—	SPONSORED ADR	16941M109
—	KANSAS CITY SOUTHERN	7,970	$814K	0.7%	$122.08	—	COM	485170302
KEP	KOREA ELECTRIC POWER CORP	37,134	$761K	0.7%	$19.36	—	SPONSORED ADR	500631106
—	AMERICAN REALTY CAPITAL PROPERTIES INC	74,500	$734K	0.6%	$9.85	—	COM	02917T104
—	WASTE CONNECTIONS INC	15,220	$733K	0.6%	$44.02	—	COM	941053100
DE	DEERE & CO	8,037	$705K	0.6%	$73.01	0.0%	COM	244199105
—	TEEKAY CORP	14,814	$690K	0.6%	$48.87	—	COM	Y8564W103
—	ENLINK MIDSTREAM PARTNERS LP	27,419	$678K	0.6%	$28.99	—	COM UNIT REP LTD	29336U107
—	COSAN LTD	106,300	$673K	0.6%	$7.16	—	COM	G25343107
—	ENERGY TRANSFER PARTNERS LP	11,916	$664K	0.6%	$64.84	—	UNIT LTD PARTN	29273R109
—	AGRIUM INC	5,966	$622K	0.5%	$94.70	—	COM	008916108
DUK	DUKE ENERGY CORP	7,685	$590K	0.5%	$51.79	0.0%	COM NEW	26441C204
ZTS	ZOETIS INC	11,895	$551K	0.5%	$38.28	+8.3%	CL A	98978V103
UGP	ULTRAPAR PARTICIPACOES SA	25,337	$512K	0.4%	$20.21	—	SP ADR REP COM	90400P101
—	MEAD JOHNSON NUTRITION CO	4,973	$500K	0.4%	$100.54	—	COM	582839106
CSX	CSX CORP	15,000	$497K	0.4%	$9.84	-1.4%	COM	126408103
—	DELTIC TIMBER CORP	7,086	$469K	0.4%	$68.44	—	COM	247850100
GEF	GREIF INC	11,183	$439K	0.4%	$29.47	-7.6%	CL A	397624107
ENB	ENBRIDGE INC	8,993	$436K	0.4%	$25.35	+2.9%	COM	29250N105
—	E I DU PONT DE NEMOURS AND CO	5,303	$379K	0.3%	$73.72	—	COM	263534109
—	BRF SA	18,770	$371K	0.3%	$22.04	—	SPONSORED ADR	10552T107
—	WHITEWAVE FOODS CO	8,035	$356K	0.3%	$34.97	—	COM	966244105
SRE	SEMPRA ENERGY	2,975	$324K	0.3%	$39.15	0.0%	COM	816851109
MDLZ	MONDELEZ INTERNATIONAL INC	8,921	$322K	0.3%	$28.41	-0.3%	CL A	609207105
NEE	NEXTERA ENERGY INC	2,995	$312K	0.3%	$19.87	0.0%	COM	65339F101
MERC	MERCER INTERNATIONAL INC	20,000	$307K	0.3%	$8.23	+11.0%	COM	588056101
—	CVR PARTNERS LP	22,980	$302K	0.3%	$9.75	—	COM	126633106
PCG	PG&E CORP	5,485	$291K	0.2%	$49.93	0.0%	COM	69331C108
CVGW	CALAVO GROWERS INC	5,520	$284K	0.2%	$37.06	0.0%	COM	128246105
SBS	COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO - SABESP	51,569	$280K	0.2%	$5.43	—	SPONSORED ADR	20441A102
—	POPE RESOURCES A DELAWARE LP	4,340	$275K	0.2%	$63.59	—	DEPOSITORY RCPT	732857107
SATS	ECHOSTAR CORP	5,185	$268K	0.2%	$39.75	+7.1%	COM	278768106
—	BOULDER BRANDS INC	28,035	$267K	0.2%	$10.79	—	COM	101405108
AWK	AMERICAN WATER WORKS COMPANY INC	4,830	$262K	0.2%	$41.57	+5.6%	COM	030420103
BXP	BOSTON PROPERTIES INC	1,840	$258K	0.2%	$90.60	0.0%	COM	101121101
AVB	AVALONBAY COMMUNITIES INC	1,475	$257K	0.2%	$120.13	0.0%	COM	053484101
PSA	PUBLIC STORAGE	1,300	$256K	0.2%	$129.33	0.0%	COM	74460D109
SPG	SIMON PROPERTY GROUP INC	1,300	$254K	0.2%	$113.13	0.0%	COM	828806109
D	DOMINION RESOURCES INC	3,500	$248K	0.2%	$46.59	0.0%	COM	25746U109
EQR	EQUITY RESIDENTIAL	3,125	$243K	0.2%	$45.31	0.0%	SH BEN INT	29476L107
PLD	PROLOGIS INC	5,290	$230K	0.2%	$31.72	0.0%	COM	74340W103
VOD	VODAFONE GROUP PLC	6,939	$227K	0.2%	$34.15	—	SPONS ADR NEW	92857W308
TSN	TYSON FOODS INC	5,660	$217K	0.2%	$31.11	0.0%	CL A	902494103
INGR	INGREDION INC	2,742	$213K	0.2%	$79.53	+2.9%	COM	457187102
NTTYY	NIPPON TELEGRAPH AND TELEPHONE CORP	6,550	$202K	0.2%	$30.84	—	SPONSORED ADR	654624105
—	NAVIOS MARITIME PARTNERS LP	16,081	$179K	0.2%	$15.90	—	UNIT LPI	Y62267102
—	WAUSAU PAPER CORP	14,789	$141K	0.1%	$11.38	—	COM	943315101
AGRO	ADECOAGRO SA	13,478	$138K	0.1%	$7.71	+0.5%	COM	L00849106