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
Archer Daniels Midland Ord Shs COM 039483102 3,207 7,392 SH   SOLE   7,392 0 0
Adecoagro S A COM L00849106 1,132 13,878 SH   SOLE   13,878 0 0
American Tower Corp New COM 03027X100 360 4,396 SH   SOLE   4,396 0 0
Anadarko Pete Corp COM 032511107 689 8,127 SH   SOLE   8,127 0 0
Grupo Aeroportuario ADR Representing 10 Ord Shs Series B SPON ADR SER B 40051E202 854 6,960 SH   SOLE   6,960 0 0
Boise Cascade Co Del COM 09739D100 2,068 72,194 SH   SOLE   72,194 0 0
Bunge Limited COM G16962105 532 6,688 SH   SOLE   6,688 0 0
CNOOC LTD Sponsored ADR 126132100 681 4,484 SH   SOLE   4,484 0 0
CF INDS HLDGS INC COM 125269100 1,096 4,205 SH   SOLE   4,205 0 0
Chesapeake Energy Corp COM 165167107 2,177 84,981 SH   SOLE   84,981 0 0
China Mobile Limited Sponsored ADR 16941M109 548 12,020 SH   SOLE   12,020 0 0
Chunghwa Telecom Co Ltd SPON ADR NEW11 17133Q502 351 11,442 SH   SOLE   11,442 0 0
Cosan Ltd SHS A G25343107 255 22,356 SH   SOLE   22,356 0 0
Du Pont E I de Nemours & Co COM 263534109 268 3,995 SH   SOLE   3,995 0 0
Deltic Timber Corp COM 247850100 1,010 15,489 SH   SOLE   15,489 0 0
DuPont Fabros Technology Inc COM 26613Q106 486 20,171 SH   SOLE   20,171 0 0
Ecopetrol S A SPONSORED ADS 279158109 625 15,332 SH   SOLE   15,332 0 0
ENI S P A SPONSORED ADR 26874R108 623 12,412 SH   SOLE   12,412 0 0
Enersis SPONSORED ADR 29274F104 264 16,998 SH   SOLE   16,998 0 0
Enlink Midstream Partners LP COM UNIT REP LTD 29336U107 1,281 42,116 SH   SOLE   42,116 0 0
Empresa Nacional de Electricid SPONSORED ADR 29244T101 243 5,624 SH   SOLE   5,624 0 0
Enterprise Prods Partners L COM 293792107 1,887 27,210 SH   SOLE   27,210 0 0
Energy Transfer Equity LP COM UT LTD PTN 29273V100 798 17,060 SH   SOLE   17,060 0 0
Energy Transfer Prtnrs L P UNIT LTD PARTN 29273R109 1,189 22,102 SH   SOLE   22,102 0 0
Fibria Celulose S A SP ADR REP COM 31573A109 2,010 181,715 SH   SOLE   181,715 0 0
Greif Inc CL A 397624107 2,091 39,840 SH   SOLE   39,840 0 0
Genesis Energy L P UNIT LTD PARTN 371927104 294 5,420 SH   SOLE   5,420 0 0
Glatfelter COM 377316104 2,928 107,573 SH   SOLE   107,573 0 0
Genesee & Wyo Inc CL A 371559105 687 7,057 SH   SOLE   7,057 0 0
INTL Paper Co COM 460146103 5,472 119,271 SH   SOLE   119,271 0 0
Korea Electric PWR SPONSORED ADR 500631106 587 34,204 SH   SOLE   34,204 0 0
Kinder Morgan Energy Partner UT LTD PARTNER 494550106 1,456 19,694 SH   SOLE   19,694 0 0
KapStone Paper and Packaging C COM 48562P103 7,779 269,722 SH   SOLE   269,722 0 0
Kansas City Southern COM NEW 485170302 516 5,060 SH   SOLE   5,060 0 0
KT Corp SPONSORED ADR 48268K101 251 18,100 SH   SOLE   18,100 0 0
Louisiana Pac Corp COM 546347105 2,484 147,246 SH   SOLE   147,246 0 0
Mobile Telesystems OJSC SPONSORED ADR 607409109 372 21,291 SH   SOLE   21,291 0 0
McDermott INTL Inc COM 580037109 81 10,379 SH   SOLE   10,379 0 0
Monsanto Co New COM 61166W101 782 6,875 SH   SOLE   6,875 0 0
Mosaic Co New COM 61945C103 1,202 24,041 SH   SOLE   24,041 0 0
MarkWest Energy Partners L P UNIT LTD PARTN 570759100 1,687 25,820 SH   SOLE   25,820 0 0
Meadwestvaco Corp COM 583334107 4,475 118,893 SH   SOLE   118,893 0 0
National Grid PLC SPON ADR NEW11 636274300 597 8,685 SH   SOLE   8,685 0 0
Navios Maritime Partners L P UNIT LPI Y62267102 1,119 57,398 SH   SOLE   57,398 0 0
Orange SPONSORED ADR 684060106 973 66,226 SH   SOLE   66,226 0 0
Plains All Amern Pipeline L UNIT LTD PARTN 726503105 1,709 31,008 SH   SOLE   31,008 0 0
Potlatch Corp New COM 737630103 3,397 87,789 SH   SOLE   87,789 0 0
Plum Creek Timber Co Inc COM 729251108 4,951 117,764 SH   SOLE   117,764 0 0
Packaging Corp Amer COM 695156109 5,552 78,901 SH   SOLE   78,901 0 0
POPE RES SEL LTD PARTNERSHIP DEPOSITORY RCPT 732857107 598 8,680 SH   SOLE   8,680 0 0
Potash Corp Sask Inc COM 73755L107 747 20,626 SH   SOLE   20,626 0 0
Transocean Ltd REG SHS H8817H100 378 9,144 SH   SOLE   9,144 0 0
Rock-Tenn Co Cl A 772739207 5,383 50,994 SH   SOLE   50,994 0 0
Rayonier Inc COM 754907103 3,560 77,544 SH   SOLE   77,544 0 0
EchoStar Corp CL A 278768106 263 5,530 SH   SOLE   5,530 0 0
SBA Communications Corp COM 78388J106 1,067 11,726 SH   SOLE   11,726 0 0
Spectra Energy Corp COM 847560109 528 14,290 SH   SOLE   14,290 0 0
Sonoco PRODS CO COM 835495102 640 15,596 SH   SOLE   15,596 0 0
Sasol LTD SPONSORED ADR 803866300 889 15,913 SH   SOLE   15,913 0 0
Seaspan Ord Shs SHS Y75638109 711 32,194 SH   SOLE   32,194 0 0
Syngenta AG SPONSORED ADR 87160A100 617 8,144 SH   SOLE   8,144 0 0
Solazyme Inc COM 83415T101 282 24,283 SH   SOLE   24,283 0 0
TAL INTL GROUP INC COM 874083108 851 19,844 SH   SOLE   19,844 0 0
Telefonica S A COM 879382208 925 58,570 SH   SOLE   58,570 0 0
Telecom Argentina S A SPON ADR REP B 879273209 241 12,626 SH   SOLE   12,626 0 0
Teekay Corporation COM Y8564W103 931 16,559 SH   SOLE   16,559 0 0
Tesoro Logistics LP COM UNIT LP 88160T107 2,110 35,050 SH   SOLE   35,050 0 0
Talisman Energy Inc COM 87425E103 438 43,898 SH   SOLE   43,898 0 0
Terra Nitrogen Co L P COM UNIT 881005201 292 1,920 SH   SOLE   1,920 0 0
Total S A SPONSORED ADR 89151E109 1,347 20,538 SH   SOLE   20,538 0 0
CVR Partners LP COM 126633106 319 15,050 SH   SOLE   15,050 0 0
Universal FST PRODS INC COM 913543104 1,722 31,125 SH   SOLE   31,125 0 0
Domtar Corp COM NEW 257559203 4,063 36,202 SH   SOLE   36,202 0 0
Ultrapar Participacoes S A SP ADR REP COM 90400P101 1,014 42,087 SH   SOLE   42,087 0 0
Veolia Environnement SPONSORED ADR 92334N103 1,328 66,810 SH   SOLE   66,810 0 0
Vodafone Group PLC NEW SPONS ADR NEW 92857W209 273 7,426 SH   SOLE   7,426 0 0
Verizon Communications Inc COM 92343V104 305 6,404 SH   SOLE   6,404 0 0
Waste Connections Inc COM 941053100 668 15,220 SH   SOLE   15,220 0 0
Williams Cos Inc Del COM 969457100 330 8,121 SH   SOLE   8,121 0 0
Waste MGMT INC DEL COM 94106L109 1,077 25,604 SH   SOLE   25,604 0 0
Wausau Paper Corp COM 943315101 432 33,924 SH   SOLE   33,924 0 0
WEYERHAEUSER CO COM 962166104 6,017 205,025 SH   SOLE   205,025 0 0