Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Co	222,872	$6.093M	6.9%	$21.99	-10.9%	COM	962166104
—	Westrock Co	90,273	$4.644M	5.3%	$51.44	—	COM	96145D105
—	Plum Creek Timber Company Inc	113,606	$4.489M	5.1%	$42.77	—	COM	729251108
PKG	Packaging Corp Of America	74,531	$4.484M	5.1%	$51.37	-4.8%	COM	695156109
IP	International Paper Co	106,523	$4.026M	4.6%	$30.53	-11.1%	COM	460146103
RYN	Rayonier Inc.	160,587	$3.544M	4.0%	$25.07	—	COM	754907103
—	Kapstone Paper And Packagng Corp	183,453	$3.029M	3.4%	$29.31	—	COM	48562P103
—	Domtar Corp	72,893	$2.606M	3.0%	$40.20	—	COM	257559203
PCH	Potlatch Corp	79,890	$2.3M	2.6%	$41.87	—	COM	737630103
—	Fibria Celulose Sa	164,238	$2.227M	2.5%	$12.23	—	SP ADR REP COM	31573A109
BCC	Boise Cascade Co	77,191	$1.947M	2.2%	$23.32	-8.2%	COM	09739D100
LPX	Louisiana Pacific Corp	128,314	$1.827M	2.1%	$15.19	+4.5%	COM	546347105
—	Syngenta Ag	26,498	$1.69M	1.9%	$64.27	—	SPONSORED ADR	87160A100
—	Anadarko Petroleum Corp	26,400	$1.594M	1.8%	$74.98	—	COM	032511107
WMB	Williams Companies Inc	42,401	$1.562M	1.8%	$27.07	+1.3%	COM	969457100
CF	Cf Industries Holdings Inc	34,223	$1.537M	1.7%	$43.94	-1.3%	COM	125269100
ASR	Grupo Aeroportuario Del Sureste	10,023	$1.526M	1.7%	$131.96	—	SPON ADR	40051E202
—	Monsanto Co	16,643	$1.42M	1.6%	$115.88	—	COM	61166W101
WM	Waste Management Inc	26,704	$1.33M	1.5%	$39.05	+4.6%	COM	94106L109
KMI	Kinder Morgan Inc	47,697	$1.32M	1.5%	$22.38	-12.7%	COM	49456B101
MOS	Mosaic Co	42,409	$1.319M	1.5%	$35.27	-4.9%	COM	61945C103
SON	Sonoco Products Co	33,596	$1.268M	1.4%	$30.12	-4.7%	COM	835495102
ZTS	Zoetis Inc	30,469	$1.255M	1.4%	$41.13	+4.0%	CL A	98978V103
—	Universal Forest Products Inc.	19,572	$1.129M	1.3%	$53.19	—	COM	913543104
—	Total Sa	24,450	$1.093M	1.2%	$50.79	—	SPONSORED ADR	89151E109
—	National Grid Plc	15,448	$1.076M	1.2%	$70.08	—	SPON ADR NEW	636274300
ADM	Archer Daniels Midland Co	21,180	$878K	1.0%	$35.77	-6.2%	COM	039483102
—	Kansas City Southern	9,632	$875K	1.0%	$116.71	—	COM	485170302
SLB	Schlumberger Nv	11,542	$796K	0.9%	$62.76	-6.1%	COM	806857108
ET	Energy Transfer Equity Lp	37,430	$779K	0.9%	$40.28	—	COM UT LTD PTN	29273V100
—	Bunge Limited	10,442	$765K	0.9%	$82.74	—	COM	G16962105
—	Tesoro Logistics Lp	16,880	$760K	0.9%	$58.84	—	COM UNIT LP	88160T107
EQT	Eqt Corp	11,349	$735K	0.8%	$43.41	-13.7%	COM	26884L109
—	Waste Connections Inc	14,827	$720K	0.8%	$44.02	—	COM	941053100
—	Macquarie Infrastructure Corp	9,140	$682K	0.8%	$74.62	—	COM	55608B105
—	Glatfelter	38,648	$666K	0.8%	$25.66	—	COM	377316104
—	Genesee & Wyoming Inc	11,099	$656K	0.7%	$88.83	—	COM	371559105
—	Spectra Energy Corp	24,850	$653K	0.7%	$36.30	—	COM	847560109
PCG	PG&E Corp	12,275	$648K	0.7%	$48.31	-2.6%	COM	69331C108
—	Markwest Energy Partners Lp	14,754	$633K	0.7%	$67.20	—	UNIT LTD PARTN	570759100
—	Vereit Inc	80,000	$618K	0.7%	$7.72	—	COM	92339V100
DLR	Digital Realty Trust Inc	8,665	$566K	0.6%	$44.98	0.0%	COM	253868103
EPD	Enterprise Products Partners	22,552	$562K	0.6%	$36.09	—	COM	293792107
MDLZ	Mondelez International Inc	13,050	$546K	0.6%	$30.03	+13.3%	CL A	609207105
—	Brf Sa	30,088	$535K	0.6%	$21.10	—	SPON ADR	10552T107
—	Potash Corporation Of Saskatchew	24,563	$505K	0.6%	$34.92	—	COM	73755L107
DUK	Duke Energy Corp	6,785	$488K	0.6%	$51.70	-8.7%	COM NEW	26441C204
—	Agrium Incorporated	5,427	$486K	0.6%	$94.70	—	COM	008916108
VTR	Ventas Inc	8,596	$482K	0.5%	$41.55	0.0%	COM	92276F100
—	Sba Communications Corp	4,527	$474K	0.5%	$110.77	—	COM	78388J106
CSX	Csx Corp	17,540	$472K	0.5%	$9.84	-15.0%	COM	126408103
KEP	Korea Electric Power (Kepco)(P)	22,364	$458K	0.5%	$19.36	—	SPON ADR	500631106
UGP	Ultrapar Participacoes Sa-Pf	26,702	$446K	0.5%	$20.34	—	SP ADR REP COM	90400P101
—	Teekay Corp	14,444	$428K	0.5%	$29.63	—	PRTNRSP UNITS	Y8564M105
PAA	Plains All American Pipeline Lp	13,990	$425K	0.5%	$51.33	—	UNIT LTD PARTN	726503105
—	Deltic Timber Corp	6,966	$417K	0.5%	$68.44	—	COM	247850100
CVGW	Calavo Growers Inc	9,182	$410K	0.5%	$39.50	+9.4%	COM	128246105
—	Energy Transfer Partners Lp	9,681	$398K	0.5%	$64.84	—	UNIT LTD PARTN	29273R109
PSA	Public Storage	1,820	$385K	0.4%	$135.28	0.0%	COM	74460D109
—	Enlink Midstream Partners Lp	23,825	$375K	0.4%	$28.99	—	COM UNIT REP LTD	29336U107
—	Resolute Forest Products Inc	44,860	$373K	0.4%	$8.31	—	COM	76117W109
SUI	Sun Communities Inc	5,430	$368K	0.4%	$67.77	—	COM	866674104
—	Coresite Realty Corp	7,160	$367K	0.4%	$51.26	—	COM	21870Q105
AVB	Avalonbay Communities Inc	2,090	$365K	0.4%	$119.50	0.0%	COM	053484101
—	Cosan Limited	124,690	$360K	0.4%	$6.64	—	SHS A	G25343107
MERC	Mercer International Inc	35,890	$360K	0.4%	$8.12	-1.6%	COM	588056101
EQR	Equity Residential	4,730	$355K	0.4%	$43.30	0.0%	SH BEN INT	29476L107
SPG	Simon Property Group Inc	1,920	$353K	0.4%	$108.76	0.0%	COM	828806109
PLD	Prologis Inc	8,600	$335K	0.4%	$28.82	0.0%	COM	74340W103
NEE	Nextera Energy Inc	3,405	$332K	0.4%	$19.81	-1.8%	COM	65339F101
BXP	Boston Properties Inc	2,680	$317K	0.4%	$78.38	0.0%	COM	101121101
—	Whitewave Foods Co	7,665	$308K	0.4%	$34.97	—	COM	966244105
TSN	Tyson Foods Inc	6,660	$287K	0.3%	$31.25	+6.6%	COM	902494103
D	Dominion Resources Inc	4,060	$286K	0.3%	$46.34	-3.0%	COM	25746U109
AWK	American Water Works Company Inc	5,106	$281K	0.3%	$41.63	+2.6%	COM	030420103
—	Forest City Enterprises Inc	12,880	$259K	0.3%	$20.11	—	CL A	345550107
—	China Mobile Ltd	4,320	$257K	0.3%	$58.84	—	SPON ADR	16941M109
SRE	Sempra Energy	2,650	$256K	0.3%	$38.97	-9.1%	COM	816851109
—	Pope Resources A Delaware LP	3,805	$256K	0.3%	$63.59	—	DEPOSITRY RCPT	732857107
—	Transcanada Corp	7,968	$252K	0.3%	$49.19	—	COM	89353D107
—	Mead Johnson Nutrition Co	3,485	$245K	0.3%	$100.54	—	COM	582839106
DE	Deere & Co	3,000	$222K	0.3%	$73.01	+0.5%	COM	244199105
AMT	American Tower Corp	2,443	$215K	0.2%	$75.17	-2.9%	COM	03027X100
SATS	Echostar Corp	4,823	$208K	0.2%	$39.75	-7.2%	COM	278768106
INGR	Ingredion Inc	2,363	$206K	0.2%	$79.60	+7.7%	COM	457187102
SBS	Basic Sntn Co Of St Of Sao Paulo	51,569	$200K	0.2%	$5.43	—	SPON ADR	20441A102
—	Catchmark Timber Trust Inc	15,000	$154K	0.2%	$10.27	—	CL A	14912Y202
—	Wausau Paper Corp	14,789	$95,000	0.1%	$11.38	—	COM	943315101