| Stock | 99.86% |
| Cash | 0.05% |
| Other* | 0.09% |
*May include dividends booked but not yet received.
Holdings Detailas of 2/2/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| WY | WEYERHAEUSER CO | 8.85 | $13,582,134 | US9621661043 | XNYS | Real Estate Investment Trusts (Reits) | 1.00 |
| RYN | RAYONIER INC | 8.35 | $12,814,982 | US7549071030 | XNYS | Real Estate Investment Trusts (Reits) | 1.00 |
| PCL | PLUM CREEK TIMBER CO | 7.70 | $11,829,979 | US7292511083 | XNYS | Real Estate Investment Trusts (Reits) | 1.00 |
| SCAB | SVENSKA CELLULOSA AB-B SHS | 5.29 | $8,121,281 | SE0000112724 | XSTO | Paper & Forest Products | 6.73 |
| STERV | STORA ENSO OYJ-R SHS | 5.02 | $7,712,937 | FI0009005961 | XHEL | Paper & Forest Products | 0.76 |
| WFT | WEST FRASER TIMBER CO LTD | 4.87 | $7,472,087 | CA9528451052 | XTSE | Paper & Forest Products | 1.00 |
| UPM1V | UPM-KYMMENE OYJ | 4.69 | $7,209,343 | FI0009005987 | XHEL | Paper & Forest Products | 0.76 |
| IP | INTERNATIONAL PAPER CO | 4.56 | $6,999,526 | US4601461035 | XNYS | Paper & Forest Products | 1.00 |
| MWV | MEADWESTVACO CORP | 4.26 | $6,538,371 | US5833341077 | XNYS | Paper & Forest Products | 1.00 |
| PCH | POTLATCH CORP | 4.20 | $6,451,135 | US7376301039 | XNGS | Real Estate Investment Trusts (Reits) | 1.00 |
| PKG | PACKAGING CORP OF AMERICA | 4.09 | $6,286,927 | US6951561090 | XNYS | Containers & Packaging | 1.00 |
| WIL | WILMAR INTERNATIONAL LTD | 4.07 | $6,245,768 | SG1T56930848 | XSES | Food Products | 1.25 |
| FBR | FIBRIA CELULOSE SA | 3.96 | $6,080,760 | US31573A1097 | XNYS | Paper & Forest Products | 1.00 |
| SON | SONOCO PRODUCTS CO | 3.72 | $5,705,193 | US8354951027 | XNYS | Containers & Packaging | 1.00 |
| TIN | TEMPLE-INLAND INC | 3.58 | $5,503,390 | US8798681073 | XNYS | Containers & Packaging | 1.00 |
| 3861 | OJI PAPER CO LTD | 3.41 | $5,230,098 | JP3174410005 | XTKS | Paper & Forest Products | 76.15 |
| SAP | SAPPI LIMITED | 3.24 | $4,976,963 | ZAE000006284 | XJSE | Paper & Forest Products | 7.61 |
| CFP | CANFOR CORP | 3.18 | $4,888,364 | CA1375761048 | XTSE | Paper & Forest Products | 1.00 |
| HOLMB | HOLMEN AB-B SHARES | 2.92 | $4,480,160 | SE0000109290 | XSTO | Paper & Forest Products | 6.73 |
| 3893 | NIPPON PAPER GROUP INC | 2.85 | $4,373,536 | JP3754300006 | XTKS | Paper & Forest Products | 76.15 |
| DEL | DELTIC TIMBER CORP | 2.60 | $3,991,428 | US2478501008 | XNYS | Paper & Forest Products | 1.00 |
| 2689 | NINE DRAGONS PAPER HOLDINGS | 2.52 | $3,871,746 | BMG653181005 | XHKG | Paper & Forest Products | 7.76 |
| 1911 | SUMITOMO FORESTRY CO LTD | 1.93 | $2,965,946 | JP3409800004 | XOSE | Household Durables | 76.15 |
| -- | BLACKROCK FDS III | 0.05 | $70,153 | -- | S-T Securities | 1.00 | |
| TRE | SINO-FOREST CORP | 0.01 | $7,886 | CA82934H1010 | XTSE | Paper & Forest Products | 1.00 |
