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
AIR PRODS & CHEMS INC	COM	009158106	867	3,828	SH		SOLE		3,828	0	0
Albemarle Corp	COM	012653101	210	2,970	SH		SOLE		2,970	0	0
ALCOA CORP	COM	032511107	489	20,868	SH		SOLE		20,868	0	0
ANADARKO PETE CORP	COM	03349M105	766	10,862	SH		SOLE		10,862	0	0
ARCELORMITTAL SA LUXEMBOURG	NY REGISTRY SH	03938L203	281	15,560	SH		SOLE		15,560	0	0
Archer Daniels Midland Co	COM	039483102	490	12,019	SH		SOLE		12,019	0	0
ATLANTICA YIELD PLC	SHS	G0751N103	295	13,000	SH		SOLE		13,000	0	0
Barrick Gold Corp	COM	067901108	1,434	90,811	SH		SOLE		90,811	0	0
BHP Billiton Ltd	SPONSORED ADR	088606108	738	12,700	SH		SOLE		12,700	0	0
BP PLC	SPONSORED ADR	055622104	1,821	43,656	SH		SOLE		43,656	0	0
BRF SA	SPONSORED ADR	10552T107	2,343	30,834	SH		SOLE		30,834	0	0
Bunge LTD	COM	G16962105	1,179	21,155	SH		SOLE		21,155	0	0
CANADIAN NATL RY CO	COM	136375102	725	7,830	SH		SOLE		7,830	0	0
CANADIAN NATL RES LTD	COM	136385101	949	35,173	SH		SOLE		35,173	0	0
Caterpillar Ord Shs	COM	149123101	495	3,629	SH		SOLE		3,629	0	0
CF INDS HLDGS INC	COM	125269100	613	13,117	SH		SOLE		13,117	0	0
Cheniere Energy Inc	COM NEW	16411R208	438	6,403	SH		SOLE		6,403	0	0
Chevron Corp New	COM	166764100	763	6,130	SH		SOLE		6,130	0	0
Corteva Inc	COM	22052L104	264	8,907	SH		SOLE		8,907	0	0
Deere & Co	COM	244199105	1,105	6,670	SH		SOLE		6,670	0	0
DOMTAR CORP	COM NEW	257559203	242	5,500	SH		SOLE		5,500	0	0
Dow Inc	COM	260557103	431	8,747	SH		SOLE		8,747	0	0
DuPont de Nemours Inc	COM	26614N102	633	8,427	SH		SOLE		8,427	0	0
Enbridge Inc	COM	29250N105	910	25,199	SH		SOLE		25,199	0	0
EOG RES INC	COM	26875P101	497	5,332	SH		SOLE		5,332	0	0
Exxon Mobil Corp	COM	30231G102	534	6,972	SH		SOLE		6,972	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	369	31,777	SH		SOLE		31,777	0	0
GREEN PLAINS INC	COM	393222104	143	13,222	SH		SOLE		13,222	0	0
INTL PAPER CO	COM	460146103	503	11,595	SH		SOLE		11,595	0	0
KANSAS CITY SOUTHERN	COM NEW	485170302	657	5,391	SH		SOLE		5,391	0	0
KINDER MORGAN INC DEL	COM	49456B101	296	14,189	SH		SOLE		14,189	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	707	8,206	SH		SOLE		8,206	0	0
Marathon Pete Corp	COM	56585A102	929	16,630	SH		SOLE		16,630	0	0
MONDELEZ INTL INC	CL A	609207105	384	7,119	SH		SOLE		7,119	0	0
Nabors Industries Ltd	SHS	629568106	136	47,050	SH		SOLE		47,050	0	0
Newmont Goldcorp Corporation	COM	651639106	1,723	44,777	SH		SOLE		44,777	0	0
Noble Energy Inc	COM	655044105	273	12,188	SH		SOLE		12,188	0	0
Nutrien Ord Shs	COM	67077M108	1,039	19,421	SH		SOLE		19,421	0	0
Packaging Corp Amer	COM	695156109	306	3,208	SH		SOLE		3,208	0	0
Pembina Pipeline Corp	COM	706327103	450	12,070	SH		SOLE		12,070	0	0
PIONEER NAT RES CO	COM	723787107	845	5,493	SH		SOLE		5,493	0	0
POSCO	SPONSORED ADR	693483109	250	4,718	SH		SOLE		4,718	0	0
Rio Tinto PLC	SPONSORED ADR	767204100	733	12,403	SH		SOLE		12,403	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	1,167	17,935	SH		SOLE		17,935	0	0
Schlumberger Ltd	COM	806857108	444	11,185	SH		SOLE		11,185	0	0
Southern Copper Corp	COM	84265V105	230	5,924	SH		SOLE		5,924	0	0
Steel Dynamics Inc	COM	858119100	200	6,626	SH		SOLE		6,626	0	0
Suncor Energy Inc New	COM	867224107	1,286	41,206	SH		SOLE		41,206	0	0
Total S A	SPONSORED ADR	89151E109	907	16,260	SH		SOLE		16,260	0	0
TC Energy Corp	COM	87807B107	1,301	26,230	SH		SOLE		26,230	0	0
TURKCELL ILETISIM HIZMETLERI	SPON ADR NEW	900111204	240	43,790	SH		SOLE		43,790	0	0
TYSON FOODS INC	CL A	902494103	235	2,910	SH		SOLE		2,910	0	0
ULTRAPAR PARTICIPACOES S A	SP ADR REP COM	90400P101	439	83,833	SH		SOLE		83,833	0	0
UNITED STATES STL CORP NEW	COM	912909108	243	15,840	SH		SOLE		15,840	0	0
Vale S A	ADR	91912E105	680	50,620	SH		SOLE		50,620	0	0
Westrock Co	COM	96145D105	387	10,606	SH		SOLE		10,606	0	0
Weyerhaeuser Co	COM	962166104	656	24,887	SH		SOLE		24,887	0	0
Zoetis Inc	CL A	98978V103	674	5,939	SH		SOLE		5,939	0	0