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
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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
Adecoagro S A COM L00849106 112 13,878 SH   SOLE   13,878 0 0
Agrium Inc COM 008916108 281 3,071 SH   SOLE   3,071 0 0
American Tower Corp New COM 03027X100 351 4,396 SH   SOLE   4,396 0 0
Anadarko Pete Corp COM 032511107 571 7,197 SH   SOLE   7,197 0 0
Grupo Aeroportuario ADR Representing 10 Ord Shs Series B SPON ADR SER B 40051E202 761 6,110 SH   SOLE   6,110 0 0
Boise Cascade Co Del COM 09739D100 2,128 72,194 SH   SOLE   72,194 0 0
Bunge Limited COM G16962105 545 6,633 SH   SOLE   6,633 0 0
CNOOC LTD Sponsored ADR 126132100 694 3,699 SH   SOLE   3,699 0 0
CF INDS HLDGS INC COM 125269100 959 4,115 SH   SOLE   4,115 0 0
Chesapeake Energy Corp COM 165167107 2,289 84,337 SH   SOLE   84,337 0 0
China Mobile Limited Sponsored ADR 16941M109 628 12,010 SH   SOLE   12,010 0 0
Chunghwa Telecom Co Ltd SPON ADR NEW11 17133Q502 543 17,542 SH   SOLE   17,542 0 0
Companhia Energetica de Mina SP ADR N-V PFD 204409601 403 51,754 SH   SOLE   51,754 0 0
Cosan Ltd SHS A G25343107 318 23,156 SH   SOLE   23,156 0 0
Deltic Timber Corp COM 247850100 1,052 15,489 SH   SOLE   15,489 0 0
DuPont Fabros Technology Inc COM 26613Q106 498 20,143 SH   SOLE   20,143 0 0
Ecopetrol S A SPONSORED ADS 279158109 528 13,732 SH   SOLE   13,732 0 0
ENI S P A SPONSORED ADR 26874R108 602 12,412 SH   SOLE   12,412 0 0
Enersis SPONSORED ADR 29274F104 452 30,138 SH   SOLE   30,138 0 0
Empresa Nacional de Electricid SPONSORED ADR 29244T101 447 10,017 SH   SOLE   10,017 0 0
Enterprise Prods Partners L COM 293792107 1,804 27,210 SH   SOLE   27,210 0 0
Energy Transfer Prtnrs L P UNIT LTD PARTN 29273R109 1,265 22,102 SH   SOLE   22,102 0 0
Fibria Celulose S A SP ADR REP COM 31573A109 2,132 182,514 SH   SOLE   182,514 0 0
Greif Inc CL A 397624107 2,104 40,160 SH   SOLE   40,160 0 0
Genesis Energy L P UNIT LTD PARTN 371927104 285 5,420 SH   SOLE   5,420 0 0
Glatfelter COM 377316104 3,015 109,073 SH   SOLE   109,073 0 0
Genesee & Wyo Inc CL A 371559105 534 5,563 SH   SOLE   5,563 0 0
INTL Paper Co COM 460146103 5,823 118,771 SH   SOLE   118,771 0 0
Korea Electric PWR SPONSORED ADR 500631106 568 34,204 SH   SOLE   34,204 0 0
Kinder Morgan Energy Partner UT LTD PARTNER 494550106 1,653 20,494 SH   SOLE   20,494 0 0
KapStone Paper and Packaging C COM 48562P103 7,599 136,031 SH   SOLE   272,062 0 0
KT Corp SPONSORED ADR 48268K101 269 18,100 SH   SOLE   18,100 0 0
Louisiana Pac Corp COM 546347105 2,466 133,246 SH   SOLE   133,246 0 0
Mobile Telesystems OJSC SPONSORED ADR 607409109 393 18,191 SH   SOLE   18,191 0 0
McDermott INTL Inc COM 580037109 95 10,352 SH   SOLE   10,352 0 0
Mercer INTL INC COM 588056101 246 24,724 SH   SOLE   24,724 0 0
Monsanto Co New COM 61166W101 787 6,750 SH   SOLE   6,750 0 0
Mosaic Co New COM 61945C103 1,141 24,136 SH   SOLE   24,136 0 0
MarkWest Energy Partners L P UNIT LTD PARTN 570759100 1,641 24,820 SH   SOLE   24,820 0 0
Meadwestvaco Corp COM 583334107 4,410 119,418 SH   SOLE   119,418 0 0
National Grid PLC SPON ADR NEW11 636274300 454 6,955 SH   SOLE   6,955 0 0
Navios Maritime Partners L P UNIT LPI Y62267102 1,097 57,398 SH   SOLE   57,398 0 0
Orange SPONSORED ADR 684060106 779 63,101 SH   SOLE   63,101 0 0
Plains All Amern Pipeline L UNIT LTD PARTN 726503105 1,543 29,808 SH   SOLE   29,808 0 0
Potlatch Corp New COM 737630103 3,635 87,094 SH   SOLE   87,094 0 0
Plum Creek Timber Co Inc COM 729251108 4,889 105,124 SH   SOLE   105,124 0 0
Packaging Corp Amer COM 695156109 4,946 78,157 SH   SOLE   78,157 0 0
POPE RES SEL LTD PARTNERSHIP DEPOSITORY RCPT 732857107 564 8,680 SH   SOLE   8,680 0 0
Potash Corp Sask Inc COM 73755L107 612 18,561 SH   SOLE   18,561 0 0
Transocean Ltd REG SHS H8817H100 452 9,144 SH   SOLE   9,144 0 0
Rock-Tenn Co Cl A 772739207 5,216 49,674 SH   SOLE   49,674 0 0
Rayonier Inc COM 754907103 3,533 83,909 SH   SOLE   83,909 0 0
EchoStar Corp CL A 278768106 275 5,530 SH   SOLE   5,530 0 0
SBA Communications Corp COM 78388J106 985 10,965 SH   SOLE   10,965 0 0
Spectra Energy Corp COM 847560109 509 14,290 SH   SOLE   14,290 0 0
Sonoco PRODS CO COM 835495102 651 15,596 SH   SOLE   15,596 0 0
Sasol LTD SPONSORED ADR 803866300 1,083 21,907 SH   SOLE   21,907 0 0
Seaspan Ord Shs SHS Y75638109 738 32,168 SH   SOLE   32,168 0 0
Syngenta AG SPONSORED ADR 87160A100 657 8,214 SH   SOLE   8,214 0 0
Solazyme Inc COM 83415T101 241 22,178 SH   SOLE   22,178 0 0
TAL INTL GROUP INC COM 874083108 1,140 19,884 SH   SOLE   19,884 0 0
Telefonica S A COM 879382208 829 50,751 SH   SOLE   50,751 0 0
Telecom Argentina S A SPON ADR REP B 879273209 268 15,556 SH   SOLE   15,556 0 0
Teekay Corporation COM Y8564W103 795 16,559 SH   SOLE   16,559 0 0
Tesoro Logistics LP COM UNIT LP 88160T107 1,766 33,750 SH   SOLE   33,750 0 0
Talisman Energy Inc COM 87425E103 748 64,165 SH   SOLE   64,165 0 0
Total S A SPONSORED ADR 89151E109 1,184 19,330 SH   SOLE   19,330 0 0
CVR Partners LP COM 126633106 379 23,050 SH   SOLE   23,050 0 0
Universal FST PRODS INC COM 913543104 1,623 31,125 SH   SOLE   31,125 0 0
Domtar Corp COM NEW 257559203 3,436 36,422 SH   SOLE   36,422 0 0
Ultrapar Participacoes S A SP ADR REP COM 90400P101 997 42,139 SH   SOLE   42,139 0 0
Veolia Environnement SPONSORED ADR 92334N103 1,097 67,060 SH   SOLE   67,060 0 0
Vodafone Group PLC NEW SPONS ADR NEW 92857W209 535 13,618 SH   SOLE   13,618 0 0
Waste Connections Inc COM 941053100 664 15,220 SH   SOLE   15,220 0 0
Williams Cos Inc Del COM 969457100 279 7,221 SH   SOLE   7,221 0 0
Waste MGMT INC DEL COM 94106L109 1,013 22,568 SH   SOLE   22,568 0 0
Wausau Paper Corp COM 943315101 430 33,924 SH   SOLE   33,924 0 0
WEYERHAEUSER CO COM 962166104 6,425 203,500 SH   SOLE   203,500 0 0
Crosstex Energy L P COM 22765U102 1,162 42,116 SH   SOLE   42,116 0 0