Capital Innovations 13F-HR Quarterly holdings report by institutional manager

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

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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