Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Co	195,458	$5.86M	7.6%	$21.99	-7.4%	COM	962166104
PKG	Packaging Corp Of America	71,106	$4.483M	5.8%	$51.37	-5.3%	COM	695156109
—	Kapstone Paper And Packagng Corp	184,217	$4.161M	5.4%	$29.31	—	COM	48562P103
—	Westrock Co	86,544	$3.948M	5.1%	$51.44	—	COM	96145D105
IP	International Paper Co	101,229	$3.816M	4.9%	$30.53	-18.5%	COM	460146103
RYN	Rayonier Inc.	155,179	$3.445M	4.5%	$25.07	—	COM	754907103
—	Domtar Corp	77,484	$2.863M	3.7%	$40.01	—	COM	257559203
LPX	Louisiana Pacific Corp	151,464	$2.728M	3.5%	$15.52	+11.6%	COM	546347105
—	Plum Creek Timber Company Inc	55,776	$2.662M	3.5%	$42.77	—	COM	729251108
PCH	Potlatch Corp	76,690	$2.319M	3.0%	$41.87	—	COM	737630103
—	Fibria Celulose Sa	172,973	$2.195M	2.8%	$12.25	—	SP ADR REP COM	31573A109
—	Brf Sa	73,711	$1.882M	2.4%	$23.72	—	SPON ADR	10552T107
—	Syngenta Ag	23,223	$1.828M	2.4%	$64.27	—	SPONSORED ADR	87160A100
WM	Waste Management Inc	30,719	$1.639M	2.1%	$39.68	+10.6%	COM	94106L109
SLB	Schlumberger Nv	22,182	$1.547M	2.0%	$59.57	-5.8%	COM	806857108
SON	Sonoco Products Co	33,596	$1.373M	1.8%	$30.12	-1.5%	COM	835495102
—	Anadarko Petroleum Corp	26,075	$1.267M	1.6%	$74.98	—	COM	032511107
—	Monsanto Co	11,682	$1.151M	1.5%	$115.88	—	COM	61166W101
—	China Mobile Ltd	28,188	$1.15M	1.5%	$43.56	—	SPON ADR	16941M109
—	Total Sa	25,490	$1.146M	1.5%	$50.56	—	SPONSORED ADR	89151E109
ZTS	Zoetis Inc	22,814	$1.093M	1.4%	$41.13	+1.5%	CL A	98978V103
ASR	Grupo Aeroportuario Del Sureste	7,098	$998K	1.3%	$131.96	—	SPON ADR	40051E202
MOS	Mosaic Co	35,513	$980K	1.3%	$35.27	-25.8%	COM	61945C103
—	Macquarie Infrastructure Corp	12,340	$896K	1.2%	$74.10	—	COM	55608B105
—	Waste Connections Inc	15,417	$868K	1.1%	$44.49	—	COM	941053100
—	National Grid Plc	12,156	$845K	1.1%	$70.08	—	SPON ADR NEW	636274300
WMB	Williams Companies Inc	32,670	$840K	1.1%	$27.07	-27.7%	COM	969457100
—	Universal Forest Products Inc.	11,196	$765K	1.0%	$53.19	—	COM	913543104
—	Kansas City Southern	9,472	$707K	0.9%	$116.71	—	COM	485170302
—	Glatfelter	38,149	$703K	0.9%	$25.66	—	COM	377316104
PCG	PG&E Corp	13,225	$703K	0.9%	$48.39	+2.0%	COM	69331C108
DLR	Digital Realty Trust Inc	8,773	$663K	0.9%	$45.05	+11.9%	COM	253868103
CSX	Csx Corp	25,465	$661K	0.9%	$9.20	-15.3%	COM	126408103
ADM	Archer Daniels Midland Co	17,695	$649K	0.8%	$35.77	-17.2%	COM	039483102
—	Genesee & Wyoming Inc	11,099	$596K	0.8%	$88.83	—	COM	371559105
—	Spectra Energy Corp	24,850	$595K	0.8%	$36.30	—	COM	847560109
—	Tesoro Logistics Lp	10,960	$552K	0.7%	$58.84	—	COM UNIT LP	88160T107
EQT	Eqt Corp	10,589	$552K	0.7%	$43.41	-28.9%	COM	26884L109
—	Potash Corporation Of Saskatchew	30,708	$526K	0.7%	$31.36	—	COM	73755L107
CVGW	Calavo Growers Inc	7,265	$496K	0.6%	$39.50	+7.4%	COM	128246105
OXY	Occidental Petroleum Corp	7,272	$492K	0.6%	$53.45	0.0%	COM	674599105
VTR	Ventas Inc	8,706	$491K	0.6%	$41.46	-15.8%	COM	92276F100
EPD	Enterprise Products Partners	19,167	$490K	0.6%	$36.09	—	COM	293792107
DUK	Duke Energy Corp	6,445	$460K	0.6%	$51.70	-10.3%	COM NEW	26441C204
—	Deltic Timber Corp	6,966	$410K	0.5%	$68.44	—	COM	247850100
KEP	Korea Electric Power (Kepco)(P)	19,164	$406K	0.5%	$19.36	—	SPON ADR	500631106
—	Mead Johnson Nutrition Co	5,055	$399K	0.5%	$93.83	—	COM	582839106
—	Cosan Limited	105,360	$389K	0.5%	$6.64	—	SHS A	G25343107
—	Sba Communications Corp	3,509	$369K	0.5%	$110.77	—	COM	78388J106
UGP	Ultrapar Participacoes Sa-Pf	24,162	$368K	0.5%	$20.34	—	SP ADR REP COM	90400P101
SBS	Companhia de Saneamento Basico do Estado de Sao Paulo ADR Representing 1 Ord Shs	6,505	$366K	0.5%	$5.43	—	SPONSORED ADR	20441A102
TSN	Tyson Foods Inc	6,660	$355K	0.5%	$31.25	+20.6%	COM	902494103
NEE	Nextera Energy Inc	3,405	$354K	0.5%	$19.81	-1.6%	COM	65339F101
KMI	Kinder Morgan Inc	22,999	$343K	0.4%	$22.38	-36.2%	COM	49456B101
MPLX	MPLX LP	8,672	$341K	0.4%	$39.32	—	COM UNIT REP LTD	55336V100
—	Resolute Forest Products Inc	44,860	$340K	0.4%	$8.31	—	COM	76117W109
—	Catchmark Timber Trust Inc	6,792	$333K	0.4%	$10.27	—	CL A	14912Y202
—	Bunge Limited	23,638	$327K	0.4%	$44.27	—	COM	G16962105
MERC	Mercer International Inc	35,890	$325K	0.4%	$8.12	-13.5%	COM	588056101
—	Enlink Midstream Partners Lp	18,375	$305K	0.4%	$28.99	—	COM UNIT REP LTD	29336U107
—	Transcanada Corp	8,973	$292K	0.4%	$47.33	—	COM	89353D107
—	Energy Transfer Partners Lp	8,481	$286K	0.4%	$64.84	—	UNIT LTD PARTN	29273R109
MDLZ	Mondelez International Inc	5,818	$261K	0.3%	$30.03	+18.1%	CL A	609207105
PLD	Prologis Inc	6,080	$261K	0.3%	$28.82	+9.0%	COM	74340W103
D	Dominion Resources Inc	3,500	$237K	0.3%	$46.34	-3.8%	COM	25746U109
—	Pope Resources A Delaware LP	3,579	$228K	0.3%	$63.59	—	DEPOSITRY RCPT	732857107
AWK	American Water Works Company Inc	3,801	$227K	0.3%	$41.63	+13.9%	COM	030420103
INGR	Host Hotels & Resorts REIT	14,405	$221K	0.3%	$92.29	+2.7%	COM	457187102
BCC	Boise Cascade Co	4,910	$219K	0.3%	$23.32	-17.8%	COM	09739D100
SRE	Sempra Energy	2,330	$219K	0.3%	$38.97	-8.0%	COM	816851109
DE	Deere & Co	2,850	$217K	0.3%	$73.01	-10.9%	COM	244199105
—	Bemis Company Inc	42,969	$198K	0.3%	$4.61	—	COM	081437105
CF	Cf Industries Holdings Inc	15,000	$170K	0.2%	$43.94	-19.5%	COM	125269100
—	Wausau Paper Corp	14,789	$151K	0.2%	$11.38	—	COM	943315101
—	Teekay Corp	14,444	$143K	0.2%	$29.63	—	PRTNRSP UNITS	Y8564M105