The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARCHER DANIELS MIDLAND CO COM 03948310 3,757 8,517 SH   SOLE   8,517 0 0
ADECOAGRO SA COM L00849106 127 13,478 SH   SOLE   13,478 0 0
AMERICAN TOWER CORP SHS A 03027X10 714 7,936 SH   SOLE   7,936 0 0
ANADARKO PETROLEUM CORP SPON ADR SER B 03251110 889 8,125 SH   SOLE   8,125 0 0
GRUPO AEROPORTUARIO DEL SURESTE, SAB DE CV COM 40051E20 884 6,960 SH   SOLE   6,960 0 0
BOISE CASCADE CO COM 09739D10 1,911 66,729 SH   SOLE   66,729 0 0
BUNGE LTD SPON ADR SER B G16962105 528 6,978 SH   SOLE   6,978 0 0
CNOOC LTD COM 12613210 804 4,484 SH   SOLE   4,484 0 0
CF INDUSTRIES HOLDINGS INC COM 12526910 999 4,153 SH   SOLE   4,153 0 0
CHESAPEAKE ENERGY CORP SHS A 16516710 264 84,957 SH   SOLE   84,957 0 0
CHINA MOBILE LTD COM 16941M10 625 12,865 SH   SOLE   12,865 0 0
COSAN LTD COM G25343107 307 22,606 SH   SOLE   22,606 0 0
E I DU PONT DE NEMOURS AND CO COM 26353410 262 4,003 SH   SOLE   4,003 0 0
DELTIC TIMBER CORP SPONSORED ADS 24785010 803 13,289 SH   SOLE   13,289 0 0
DUPONT FABROS TECHNOLOGY INC SPONSORED ADR 26613Q10 543 20,143 SH   SOLE   20,143 0 0
ECOPETROL SA SPONSORED ADR 27915810 560 15,532 SH   SOLE   15,532 0 0
ENI SPA COM UNIT REP LTD 26874R10 681 12,412 SH   SOLE   12,412 0 0
ENERSIS SA SPONSORED ADR 29274F10 195 11,593 SH   SOLE   11,593 0 0
ENLINK MIDSTREAM PARTNERS LP COM 29336U10 693 22,063 SH   SOLE   22,063 0 0
EMPRESA NACIONAL DE ELECTRICIDAD SA SPONSORED ADR 29244T10 254 5,617 SH   SOLE   5,617 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 29379210 1,065 13,605 SH   SOLE   13,605 0 0
ENERGY TRANSFER EQUITY LP COM UT LTD PTN 29273V10 526 8,930 SH   SOLE   8,930 0 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R10 641 11,051 SH   SOLE   11,051 0 0
FIBRIA CELULOSE SA SP ADR REP COM 31573A10 1,611 165,680 SH   SOLE   165,680 0 0
GREIF INC CL A 39762410 2,115 38,768 SH   SOLE   38,768 0 0
P H GLATFELTER CO COM 37731610 2,847 107,318 SH   SOLE   107,318 0 0
GENESEE & WYOMING INC CL A 37155910 741 7,057 SH   SOLE   7,057 0 0
INTERNATIONAL PAPER CO COM 46014610 5,507 109,119 SH   SOLE   109,119 0 0
KOREA ELECTRIC POWER CORP SPONSORED ADR 50063110 629 34,204 SH   SOLE   34,204 0 0
KINDER MORGAN ENERGY PARTNERS LP UT LTD PARTNER 49455010 777 9,447 SH   SOLE   9,447 0 0
KAPSTONE PAPER AND PACKAGING CORP COM 48562P10 7,320 220,938 SH   SOLE   220,938 0 0
KANSAS CITY SOUTHERN COM NEW 48517030 544 5,060 SH   SOLE   5,060 0 0
KT CORP SPONSORED ADR 48268K10 472 31,168 SH   SOLE   31,168 0 0
LOUISIANA-PACIFIC CORP COM 54634710 2,158 143,688 SH   SOLE   143,688 0 0
MCDERMOTT INTERNATIONAL INC COM 58003710 84 10,352 SH   SOLE   10,352 0 0
MERCER INTERNATIONAL INC COM 58805610 260 24,724 SH   SOLE   24,724 0 0
MEAD JOHNSON NUTRITION CO COM 58283910 243 2,605 SH   SOLE   2,605 0 0
MONSANTO CO COM 61166W10 888 7,121 SH   SOLE   7,121 0 0
MOSAIC CO COM 61945C10 1,191 24,081 SH   SOLE   24,081 0 0
MARKWEST ENERGY PARTNERS LP UNIT LTD PARTN 57075910 8,991 12,565 SH   SOLE   12,565 0 0
MEADWESTVACO CORP COM 58333410 4,467 100,932 SH   SOLE   100,932 0 0
NATIONAL GRID PLC SPON ADR NEW11 63627430 646 8,685 SH   SOLE   8,685 0 0
NAVIOS MARITIME PARTNERS LP UNIT LPI Y62267102 200 10,281 SH   SOLE   10,281 0 0
ORANGE SA SPONSORED ADR 68406010 1,015 64,226 SH   SOLE   64,226 0 0
PLAINS ALL AMERICAN PIPELINE LP UNIT LTD PARTN 72650310 931 15,504 SH   SOLE   15,504 0 0
POTLATCH CORP COM 73763010 3,749 90,554 SH   SOLE   90,554 0 0
PLUM CREEK TIMBER COMPANY INC COM 72925110 5,028 111,481 SH   SOLE   111,481 0 0
PACKAGING CORP OF AMERICA COM 69515610 5,419 75,806 SH   SOLE   75,806 0 0
POPE RESOURCES A DELAWARE LP DEPOSITORY RCPT 73285710 296 4,340 SH   SOLE   4,340 0 0
POTASH CORPORATION OF SASKATCHEWAN INC COM 73755L10 783 20,623 SH   SOLE   20,623 0 0
TRANSOCEAN LTD REG SHS H8817H100 411 9,138 SH   SOLE   9,138 0 0
ROCK-TENN CO Cl A 77273920 5,060 47,918 SH   SOLE   47,918 0 0
RAYONIER ADVANCED MATERIALS INC COM 75508B10 915 23,618 SH   SOLE   23,618 0 0
RAYONIER INC COM 75490710 2,519 70,860 SH   SOLE   70,860 0 0
ECHOSTAR CORP CL A 27876810 274 5,185 SH   SOLE   5,185 0 0
SBA COMMUNICATIONS CORP COM 78388J10 1,209 11,815 SH   SOLE   11,815 0 0
SPECTRA ENERGY CORP COM 84756010 611 14,380 SH   SOLE   14,380 0 0
SONOCO PRODUCTS CO COM 83549510 685 15,596 SH   SOLE   15,596 0 0
SASOL LTD SPONSORED ADR 80386630 920 15,557 SH   SOLE   15,557 0 0
SEASPAN CORP SHS Y75638109 755 32,268 SH   SOLE   32,268 0 0
SYNGENTA AG SPONSORED ADR 87160A10 601 8,029 SH   SOLE   8,029 0 0
SOLAZYME INC COM 83415T10 282 23,960 SH   SOLE   23,960 0 0
TAL INTERNATIONAL GROUP INC COM 87408310 925 20,854 SH   SOLE   20,854 0 0
TELEFONICA SA COM 87938220 953 55,561 SH   SOLE   55,561 0 0
TELECOM ARGENTINA SA SPON ADR REP B 87927320 297 12,626 SH   SOLE   12,626 0 0
TEEKAY CORP COM Y8564W103 8,790 14,119 SH   SOLE   14,119 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T10 1,286 17,525 SH   SOLE   17,525 0 0
TALISMAN ENERGY INC COM 87425E10 465 43,898 SH   SOLE   43,898 0 0
TOTAL SA SPONSORED ADR 89151E10 1,482 20,530 SH   SOLE   20,530 0 0
UNIVERSAL FOREST PRODUCTS INC COM 91354310 1,467 30,395 SH   SOLE   30,395 0 0
DOMTAR CORP COM 25755920 2,408 56,198 SH   SOLE   56,198 0 0
ULTRAPAR PARTICIPACOES SA SP ADR REP COM 90400P10 992 42,039 SH   SOLE   42,039 0 0
VEOLIA ENVIRONNEMENT VE SA SPONSORED ADR 92334N10 1,269 66,810 SH   SOLE   66,810 0 0
VODAFONE GROUP PLC SPONS ADR NEW 92857W30 301 9,026 SH   SOLE   9,026 0 0
VERIZON COMMUNICATIONS INC COM 92343V10 202 4,137 SH   SOLE   4,137 0 0
WASTE CONNECTIONS INC COM 94105310 739 15,220 SH   SOLE   15,220 0 0
WILLIAMS COMPANIES INC COM 96945710 472 8,121 SH   SOLE   8,121 0 0
WASTE MANAGEMENT INC COM 94106L10 1,056 23,604 SH   SOLE   23,604 0 0
WAUSAU PAPER CORP COM 94331510 322 29,789 SH   SOLE   29,789 0 0
WEYERHAEUSER CO COM 96216610 6,398 193,356 SH   SOLE   193,356 0 0