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
Alcoa corp	COM	013872106	1,112	20,638	SH		SOLE		20,638	0	0
Barrick Gold Corp	COM	067901108	193	13,300	SH		SOLE		13,300	0	0
Archer Daniels Midland Co	COM	039483102	400	9,977	SH		SOLE		9,977	0	0
Agrium Inc	COM	008916108	215	1,867	SH		SOLE		1,867	0	0
Albemarle Corp	COM	012653101	327	2,555	SH		SOLE		2,555	0	0
Andeavor	COM	03349M105	943	8,250	SH		SOLE		8,250	0	0
Anadarko Pete Corp	COM	032511107	1,053	19,629	SH		SOLE		19,629	0	0
Air Prods & Chems Inc	COM	009158106	690	4,205	SH		SOLE		4,205	0	0
American Wtr Wks Co Inc New	COM	030420103	216	2,361	SH		SOLE		2,361	0	0
Atlantica Yield Ord Shs	SHS	G0751N103	426	20,090	SH		SOLE		20,090	0	0
BHP Billiton PLC	SPONSORED ADR	088606108	967	21,015	SH		SOLE		21,015	0	0
BP PLC	SPONSORED ADR	055622104	236	5,610	SH		SOLE		5,610	0	0
Caterpillar Inc Del	COM	149123101	920	5,840	SH		SOLE		5,840	0	0
CF Inds Hldgs Inc	COM	125269100	705	16,583	SH		SOLE		16,583	0	0
Chesapeake Energy Corp	COM	165167107	343	86,565	SH		SOLE		86,565	0	0
Canadian Nat Res LTD	COM	136385101	1,070	29,945	SH		SOLE		29,945	0	0
CSX Corp	COM	126408103	591	10,750	SH		SOLE		10,750	0	0
Chevron Corp New	COM	166764100	815	6,510	SH		SOLE		6,510	0	0
Deere & Co	COM	244199105	1,147	7,330	SH		SOLE		7,330	0	0
DowDuPont Inc	COM	26078J100	744	10,450	SH		SOLE		10,450	0	0
ENI S P A	SPONSORED ADR	26874R108	230	6,920	SH		SOLE		6,920	0	0
Enbridge Inc	COM	29250N105	1,106	28,284	SH		SOLE		28,284	0	0
EOG Res Inc	COM	26875P101	707	6,555	SH		SOLE		6,555	0	0
Freeport-McMoRan Inc	CL B	35671D857	548	28,900	SH		SOLE		28,900	0	0
Goldcorp Inc	COM	380956409	210	16,465	SH		SOLE		16,465	0	0
Green Plains Inc	COM	393222104	419	24,843	SH		SOLE		24,843	0	0
Halliburton Co	COM	406216101	481	9,850	SH		SOLE		9,850	0	0
Intl Paper Co	COM	460146103	866	14,951	SH		SOLE		14,951	0	0
Kinder Morgan Inc Del	COM	49456B101	185	10,224	SH		SOLE		10,224	0	0
KapStone Paper & Packaging C	COM	48562P103	578	25,472	SH		SOLE		25,472	0	0
Kansas City Southern	COM NEW	485170302	640	6,086	SH		SOLE		6,086	0	0
Cheniere Energy Inc	COM NEW	16411R208	290	5,378	SH		SOLE		5,378	0	0
LyondellBasell Industries N	SHS - A -	N53745100	949	8,605	SH		SOLE		8,605	0	0
Mondelez Intl Inc	CL A	609207105	559	13,064	SH		SOLE		13,064	0	0
Macquarie Infrastructure Cor	COM	55608B105	470	7,335	SH		SOLE		7,335	0	0
Marathon Pete Corp	COM	56585A102	767	11,630	SH		SOLE		11,630	0	0
ArcelorMittal SA Luxembourg	NY REGISTRY SH	03938L203	818	25,308	SH		SOLE		25,308	0	0
Nabors Industries Ltd	SHS	629568106	417	61,010	SH		SOLE		61,010	0	0
Newmont Mining Corp	COM	651639106	486	12,955	SH		SOLE		12,955	0	0
Nucor Corp	COM	670346105	218	3,430	SH		SOLE		3,430	0	0
Petroleo Brasileiro SA Petro	SPONSORED ADR	71654V408	146	14,185	SH		SOLE		14,185	0	0
Packaging Corp Amer	COM	695156109	4,519	3,749	SH		SOLE		3,749	0	0
Potash Corp Sask Inc	COM	73755L107	277	13,431	SH		SOLE		13,431	0	0
Pioneer Nat Res Co	COM	723787107	1,065	6,160	SH		SOLE		6,160	0	0
Royal Dutch Shell PLC	SPONS ADR A	780259206	871	13,055	SH		SOLE		13,055	0	0
Rio Tinto PLC	SPONSORED ADR	767204100	709	13,400	SH		SOLE		13,400	0	0
Southern Copper Corp	COM	84265V105	356	7,515	SH		SOLE		7,515	0	0
Semgroup Corp	CL A	81663A105	219	7,245	SH		SOLE		7,245	0	0
Sherwin Williams Co	COM	824348106	205	500	SH		SOLE		500	0	0
Schlumberger Ltd	COM	806857108	955	14,177	SH		SOLE		14,177	0	0
Steel Dynamics Inc	COM	858119100	396	9,185	SH		SOLE		9,185	0	0
Suncor Energy Inc New	COM	867224107	1,650	44,920	SH		SOLE		44,920	0	0
Total S A	SPONSORED ADR	89151E109	1,290	23,328	SH		SOLE		23,328	0	0
Transcanada Corp	COM	89353D107	1,201	34,683	SH		SOLE		34,683	0	0
Tyson Foods Inc	CL A	902494103	248	3,055	SH		SOLE		3,055	0	0
Ultrapar Participacoes S A	SP ADR REP COM	90400P101	377	16,575	SH		SOLE		16,575	0	0
Vale S A	ADR	91912E105	820	67,075	SH		SOLE		67,075	0	0
Vulcan Matls Co	COM	929160109	390	3,035	SH		SOLE		3,035	0	0
Williams Cos Inc Del	COM	969457100	567	18,605	SH		SOLE		18,605	0	0
Westrock Co	COM	96145D105	760	12,024	SH		SOLE		12,024	0	0
Weyerhaeuser Co	COM	962166104	1,131	32,071	SH		SOLE		32,071	0	0
United States STL CORP NEW	COM	912909108	1,109	31,500	SH		SOLE		31,500	0	0
Exxon Mobil Corp	COM	30231G102	337	4,025	SH		SOLE		4,025	0	0
Zoetis Inc	CL A	98978V103	447	6,209	SH		SOLE		6,209	0	0