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
AGRIUM INC COM 00891610 495 5,566 SH   SOLE   5,566 0 0
AMERICAN TOWER CORP SHS A 03027X10 1,065 11,376 SH   SOLE   11,376 0 0
ANADARKO PETROLEUM CORP SPON ADR SER B 03251110 1,400 13,805 SH   SOLE   13,805 0 0
ARCHER DANIELS MIDLAND CO COM 03948310 1,462 28,619 SH   SOLE   28,619 0 0
BOISE CASCADE CO COM 09739D10 1,915 63,541 SH   SOLE   63,541 0 0
BRF SA SPONSORED ADR 10552T10 261 10,960 SH   SOLE   10,960 0 0
BUNGE LTD SPON ADR SER B G16962105 955 11,343 SH   SOLE   11,343 0 0
CF INDUSTRIES HOLDINGS INC COM 12526910 1,379 4,938 SH   SOLE   4,938 0 0
CHESAPEAKE ENERGY CORP SHS A 16516710 1,839 80,000 SH   SOLE   80,000 0 0
CHINA MOBILE LTD COM 16941M10 756 12,865 SH   SOLE   12,865 0 0
CNOOC LTD COM 12613210 774 4,484 SH   SOLE   4,484 0 0
COSAN LTD COM G25343107 516 47,944 SH   SOLE   47,944 0 0
CVR PARTNERS LP COM 12663310 313 22,780 SH   SOLE   22,780 0 0
DELTIC TIMBER CORP SPONSORED ADR 24785010 828 13,289 SH   SOLE   13,289 0 0
DOMTAR CORP COM 25755920 2,904 82,659 SH   SOLE   82,659 0 0
E I DU PONT DE NEMOURS AND CO COM 26353410 357 4,968 SH   SOLE   4,968 0 0
ECHOSTAR CORP SHS A 27876810 253 5,185 SH   SOLE   5,185 0 0
ECOPETROL SA SPONSORED ADR 27915810 272 8,694 SH   SOLE   8,694 0 0
EMPRESA NACIONAL DE ELECTRICIDAD SA SPONSORED ADR 29244T10 275 6,261 SH   SOLE   6,261 0 0
ENERGY TRANSFER EQUITY LP UNIT LP 29273V10 1,137 18,430 SH   SOLE   18,430 0 0
ENERGY TRANSFER PARTNERS LP UNIT LP 29273R10 753 11,761 SH   SOLE   11,761 0 0
ENERSIS SA SPONSORED ADR 29274F10 199 12,593 SH   SOLE   12,593 0 0
ENI SPA SPONSORED ADR 26874R10 623 13,187 SH   SOLE   13,187 0 0
ENLINK MIDSTREAM PARTNERS LP COM 29336U10 830 27,263 SH   SOLE   27,263 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 29379210 1,220 30,272 SH   SOLE   30,272 0 0
FIBRIA CELULOSE SA SP ADR REP COM 31573A10 1,826 166,018 SH   SOLE   166,018 0 0
GENESEE & WYOMING INC CL A 37155910 710 7,452 SH   SOLE   7,452 0 0
GREIF INC CL A 39762410 1,721 39,293 SH   SOLE   39,293 0 0
GRUPO AEROPORTUARIO DEL SURESTE, SAB DE CV COM 40051E20 894 6,960 SH   SOLE   6,960 0 0
INGREDION INC COM 45718710 208 2,742 SH   SOLE   2,742 0 0
INTERNATIONAL PAPER CO COM 46014610 5,543 116,099 SH   SOLE   116,099 0 0
KANSAS CITY SOUTHERN COM NEW 48517030 966 7,970 SH   SOLE   7,970 0 0
KAPSTONE PAPER AND PACKAGING CORP COM 48562P10 6,349 226,993 SH   SOLE   226,993 0 0
KINDER MORGAN ENERGY PARTNERS LP UNIT LP 49455010 927 9,937 SH   SOLE   9,937 0 0
KINDER MORGAN INC COM 49456B10 728 18,995 SH   SOLE   18,995 0 0
KOREA ELECTRIC POWER CORP SPONSORED ADR 50063110 833 37,134 SH   SOLE   37,134 0 0
KT CORP SPONSORED ADR 48268K10 551 33,968 SH   SOLE   33,968 0 0
LOUISIANA-PACIFIC CORP COM 54634710 1,914 140,863 SH   SOLE   140,863 0 0
LUMBER LIQUIDATORS HOLDINGS INC COM 55003T10 337 5,870 SH   SOLE   5,870 0 0
MARKWEST ENERGY PARTNERS LP UNIT LP 57075910 1,161 15,119 SH   SOLE   15,119 0 0
MCDERMOTT INTERNATIONAL INC COM 58003710 59 10,352 SH   SOLE   10,352 0 0
MEAD JOHNSON NUTRITION CO COM 58283910 409 4,253 SH   SOLE   4,253 0 0
MEADWESTVACO CORP COM 58333410 4,160 101,607 SH   SOLE   101,607 0 0
MERCER INTERNATIONAL INC COM 58805610 241 24,724 SH   SOLE   24,724 0 0
MONSANTO CO COM 61166W10 1,568 13,934 SH   SOLE   13,934 0 0
MOSAIC CO COM 61945C10 1,405 31,646 SH   SOLE   31,646 0 0
NATIONAL GRID PLC SPON ADR NEW 63627430 1,081 15,045 SH   SOLE   15,045 0 0
NAVIOS MARITIME PARTNERS LP UNIT LPI Y62267102 183 10,281 SH   SOLE   10,281 0 0
ORANGE SA SPONSORED ADR 68406010 991 67,226 SH   SOLE   67,226 0 0
P H GLATFELTER CO COM 37731610 1,504 68,513 SH   SOLE   68,513 0 0
PACKAGING CORP OF AMERICA COM 69515610 4,967 77,836 SH   SOLE   77,836 0 0
PLAINS ALL AMERICAN PIPELINE LP UNIT LP 72650310 953 16,194 SH   SOLE   16,194 0 0
PLUM CREEK TIMBER COMPANY INC COM 72925110 4,468 114,546 SH   SOLE   114,546 0 0
POPE RESOURCES A DELAWARE LP UNIT LP 73285710 296 4,340 SH   SOLE   4,340 0 0
POTASH CORPORATION OF SASKATCHEWAN INC COM 73755L10 1,100 31,834 SH   SOLE   31,834 0 0
POTLATCH CORP COM 73763010 3,670 91,264 SH   SOLE   91,264 0 0
RAYONIER ADVANCED MATERIALS INC COM 75508B10 867 26,358 SH   SOLE   26,358 0 0
RAYONIER INC COM 75490710 2,274 73,020 SH   SOLE   73,020 0 0
ROCK-TENN CO CL A 77273920 4,774 100,326 SH   SOLE   100,326 0 0
SASOL LTD SPONSORED ADR 80386630 886 16,257 SH   SOLE   16,257 0 0
SBA COMMUNICATIONS CORP COM 78388J10 1,355 12,215 SH   SOLE   12,215 0 0
SEASPAN CORP SHS A Y75638109 557 25,923 SH   SOLE   25,923 0 0
SEVENTY SEVEN ENERGY INC COM 81809710 232 9,785 SH   SOLE   9,785 0 0
SOCIEDAD QUIMICA Y MINERA DE CHILE SA SPON ADR SER B 83363510 240 9,200 SH   SOLE   9,200 0 0
SOLAZYME INC COM 83415T10 197 26,360 SH   SOLE   26,360 0 0
SONOCO PRODUCTS CO COM 83549510 707 17,991 SH   SOLE   17,991 0 0
SPECTRA ENERGY CORP COM 84756010 602 15,340 SH   SOLE   15,340 0 0
SYNGENTA AG SPONSORED ADR 87160A10 761 12,004 SH   SOLE   12,004 0 0
TAL INTERNATIONAL GROUP INC COM 87408310 925 22,414 SH   SOLE   22,414 0 0
TALISMAN ENERGY INC COM 87425E10 99 11,428 SH   SOLE   11,428 0 0
TEEKAY CORP COM Y8564W103 983 14,814 SH   SOLE   14,814 0 0
TELECOM ARGENTINA SA SPON ADR REP B 87927320 256 12,626 SH   SOLE   12,626 0 0
TELEFONICA SA COM 87938220 885 57,561 SH   SOLE   57,561 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T10 1,211 17,105 SH   SOLE   17,105 0 0
TOTAL SA SPONSORED ADR 89151E10 1,413 21,920 SH   SOLE   21,920 0 0
TRANSCANADA CORP COM 89353D10 534 10,368 SH   SOLE   10,368 0 0
TRANSOCEAN LTD REG SHS H8817H100 345 10,788 SH   SOLE   10,788 0 0
ULTRAPAR PARTICIPACOES SA SP ADR REP COM 90400P10 924 43,739 SH   SOLE   43,739 0 0
UNIVERSAL FOREST PRODUCTS INC COM 91354310 1,327 31,060 SH   SOLE   31,060 0 0
VEOLIA ENVIRONNEMENT VE SA SPONSORED ADR 92334N10 1,199 68,300 SH   SOLE   68,300 0 0
VODAFONE GROUP PLC SPONS ADR NEW 92857W30 338 10,266 SH   SOLE   10,266 0 0
WASTE CONNECTIONS INC COM 94105310 738 15,220 SH   SOLE   15,220 0 0
WASTE MANAGEMENT INC COM 94106L10 1,261 26,529 SH   SOLE   26,529 0 0
WAUSAU PAPER CORP COM 94331510 236 29,789 SH   SOLE   29,789 0 0
WEYERHAEUSER CO COM 96216610 6,478 203,331 SH   SOLE   203,331 0 0
WHITEWAVE FOODS CO COM 96624410 207 5,710 SH   SOLE   5,710 0 0
WILLIAMS COMPANIES INC COM 96945710 1,136 20,521 SH   SOLE   20,521 0 0