| Stock | 99.40% |
| Cash | 0.07% |
| Other* | 0.53% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/15/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| VOD | VODAFONE GROUP PLC | 15.94 | $408,149 | GB00B16GWD56 | XLON | Wireless Telecom Services | 0.62 |
| 941 | CHINA MOBILE LTD | 7.93 | $203,116 | HK0941009539 | XHKG | Wireless Telecom Services | 7.77 |
| TEF | TELEFONICA SA | 6.53 | $167,081 | ES0178430E18 | XMCE | Diversified Telecom Services | 0.78 |
| AMXL | AMERICA MOVIL SAB DE C-SER L | 5.71 | $146,135 | MXP001691213 | XMEX | Wireless Telecom Services | 13.73 |
| DTE | DEUTSCHE TELEKOM AG-REG | 3.70 | $94,649 | DE0005557508 | XETR | Diversified Telecom Services | 0.78 |
| MTN | MTN GROUP LTD | 3.22 | $82,383 | ZAE000042164 | XJSE | Wireless Telecom Services | 8.27 |
| 9984 | SOFTBANK CORP | 3.07 | $78,607 | JP3436100006 | XTKS | Wireless Telecom Services | 80.11 |
| 9437 | NTT DOCOMO INC | 2.99 | $76,622 | JP3165650007 | XTKS | Wireless Telecom Services | 80.11 |
| BT/A | BT GROUP PLC | 2.99 | $76,584 | GB0030913577 | XLON | Diversified Telecom Services | 0.62 |
| FTE | FRANCE TELECOM SA | 2.76 | $70,595 | FR0000133308 | XPAR | Diversified Telecom Services | 0.78 |
| ST | SINGAPORE TELECOM LTD | 2.57 | $65,674 | SG1T75931496 | XSES | Diversified Telecom Services | 1.26 |
| VIV | VIVENDI | 2.39 | $61,215 | FR0000127771 | XPAR | Diversified Telecom Services | 0.78 |
| 9432 | NIPPON TELEGRAPH & TELEPHONE | 2.29 | $58,663 | JP3735400008 | XTKS | Diversified Telecom Services | 80.11 |
| 9433 | KDDI CORP | 2.22 | $56,959 | JP3496400007 | XTKS | Wireless Telecom Services | 80.11 |
| TLS | TELSTRA CORP LTD | 1.89 | $48,465 | AU000000TLS2 | XASX | Diversified Telecom Services | 1.00 |
| CHT | CHUNGHWA TELECOM LTD-ADR | 1.88 | $48,065 | US17133Q5027 | XNYS | Diversified Telecom Services | 1.00 |
| KPN | KONINKLIJKE KPN NV | 1.66 | $42,580 | NL0000009082 | XAMS | Diversified Telecom Services | 0.78 |
| RCI/B | ROGERS COMMUNICATIONS INC-B | 1.65 | $42,355 | CA7751092007 | XTSE | Wireless Telecom Services | 1.00 |
| TLSN | TELIASONERA AB | 1.58 | $40,571 | SE0000667925 | XSTO | Diversified Telecom Services | 7.12 |
| TEL | TELENOR ASA | 1.48 | $37,813 | NO0010063308 | XOSL | Diversified Telecom Services | 5.98 |
| BCE | BCE INC | 1.35 | $34,586 | CA05534B7604 | XTSE | Diversified Telecom Services | 1.00 |
| TLKM | TELEKOMUNIKASI INDONESIA PER | 1.19 | $30,430 | ID1000099104 | XIDX | Diversified Telecom Services | 9240.01 |
| SCMN | SWISSCOM AG-REG | 1.15 | $29,454 | CH0008742519 | XVTX | Diversified Telecom Services | 0.94 |
| 762 | CHINA UNICOM HONG KONG LTD | 1.14 | $29,106 | HK0000049939 | XHKG | Diversified Telecom Services | 7.77 |
| T/A | TELUS CORPORATION -NON VOTE | 1.10 | $28,273 | CA87971M2022 | XTSE | Diversified Telecom Services | 1.00 |
| TIT | TELECOM ITALIA SPA | 1.08 | $27,581 | IT0003497168 | MTAA | Diversified Telecom Services | 0.78 |
| MBT | MOBILE TELESYSTEMS-SP ADR | 1.04 | $26,699 | US6074091090 | XNYS | Wireless Telecom Services | 1.00 |
| 728 | CHINA TELECOM CORP LTD-H | 0.93 | $23,688 | CNE1000002V2 | XHKG | Diversified Telecom Services | 7.77 |
| VIV | TELEFONICA BRASIL-ADR | 0.91 | $23,306 | US87936R1068 | XNYS | Diversified Telecom Services | 1.00 |
| MIC | MILLICOM INTL CELLULAR-SDR | 0.86 | $21,912 | SE0001174970 | XSTO | Wireless Telecom Services | 7.12 |
| ADVANC-R | ADVANCED INFO SERVICE-NVDR | 0.75 | $19,282 | TH0268010R11 | XBKK | Wireless Telecom Services | 31.32 |
| RKMD | ROSTELECOM-SPONSORED ADR | 0.67 | $17,192 | US7785291078 | XLON-IOE | Diversified Telecom Services | 1.00 |
| VOD | VODACOM GROUP LTD | 0.63 | $16,037 | ZAE000132577 | XJSE | Wireless Telecom Services | 8.27 |
| TITR | TELECOM ITALIA-RSP | 0.61 | $15,619 | IT0003497176 | MTAA | Diversified Telecom Services | 0.78 |
| TEL2B | TELE2 AB-B SHS | 0.57 | $14,538 | SE0000314312 | XSTO | Diversified Telecom Services | 7.12 |
| TSU | TIM PARTICIPACOES SA-ADR | 0.53 | $13,581 | US88706P2056 | XNYS | Wireless Telecom Services | 1.00 |
| TEL | TELECOM CORP OF NEW ZEALAND | 0.50 | $12,812 | NZTELE0001S4 | XNZE | Diversified Telecom Services | 1.29 |
| BELG | BELGACOM SA | 0.48 | $12,330 | BE0003810273 | XBRU | Diversified Telecom Services | 0.78 |
| T | TELUS CORP | 0.47 | $11,976 | CA87971M1032 | XTSE | Diversified Telecom Services | 1.00 |
| TCELL | TURKCELL ILETISIM HIZMET AS | 0.45 | $11,410 | TRATCELL91M1 | XIST | Wireless Telecom Services | 1.81 |
| PTC | PORTUGAL TELECOM SGPS SA-REG | 0.44 | $11,323 | PTPTC0AM0009 | XLIS | Diversified Telecom Services | 0.78 |
| TEL | PHILIPPINE LONG DISTANCE TEL | 0.43 | $10,952 | PH7182521093 | XPHS | Wireless Telecom Services | 42.66 |
| TPS | TELEKOMUNIKACJA POLSKA SA | 0.42 | $10,695 | PLTLKPL00017 | XWAR | Diversified Telecom Services | 3.40 |
| OIBR | OI SA-ADR | 0.42 | $10,639 | US6708512032 | XNYS | Diversified Telecom Services | 1.00 |
| IAM | MAROC TELECOM | 0.41 | $10,603 | MA0000011488 | XPAR | Diversified Telecom Services | 0.78 |
| TKA | TELEKOM AUSTRIA AG | 0.41 | $10,456 | AT0000720008 | WBAH | Diversified Telecom Services | 0.78 |
| STH | STARHUB LTD | 0.41 | $10,390 | SG1V12936232 | XSES | Wireless Telecom Services | 1.26 |
| TDC | TDC A/S | 0.39 | $9,918 | DK0060228559 | XCSE | Diversified Telecom Services | 5.82 |
| ELI1V | ELISA OYJ | 0.36 | $9,264 | FI0009007884 | XHEL | Diversified Telecom Services | 0.78 |
| SKM | SK TELECOM CO LTD-ADR | 0.35 | $8,936 | US78440P1084 | XNYS | Wireless Telecom Services | 1.00 |
| ILD | ILIAD SA | 0.35 | $8,878 | FR0004035913 | XPAR | Diversified Telecom Services | 0.78 |
| OTLD | ORASCOM TELECOM-GDR REG S | 0.34 | $8,718 | US68554W2052 | XLON-IOE | Wireless Telecom Services | 1.00 |
| BA | BELL ALIANT INC | 0.34 | $8,665 | CA07786R2046 | XTSE | Diversified Telecom Services | 1.00 |
| ISAT | INMARSAT PLC | 0.33 | $8,435 | GB00B09LSH68 | XLON | Diversified Telecom Services | 0.62 |
| BEZQ | BEZEQ THE ISRAELI TELECOM CO | 0.30 | $7,641 | IL0002300114 | XTAE | Diversified Telecom Services | 3.83 |
| TTKOM | TURK TELEKOMUNIKASYON AS | 0.29 | $7,330 | TRETTLK00013 | XIST | Diversified Telecom Services | 1.81 |
| 552 | CHINA COMMUNICATIONS SERVI-H | 0.28 | $7,230 | CNE1000002G3 | XHKG | Diversified Telecom Services | 7.77 |
| 8 | PCCW LTD | 0.25 | $6,465 | HK0008011667 | XHKG | Diversified Telecom Services | 7.77 |
| SSA | SISTEMA JSFC-REG S SPONS GDR | 0.25 | $6,279 | US48122U2042 | XLON | Wireless Telecom Services | 1.00 |
| GLO | GLOBE TELECOM INC | 0.24 | $6,153 | PHY272571498 | XPHS | Wireless Telecom Services | 42.66 |
| SPTT | TELEFONICA CZECH REPUBLIC AS | 0.23 | $5,844 | CZ0009093209 | XPRA | Diversified Telecom Services | 20.04 |
| KT | KT CORP-SP ADR | 0.20 | $5,137 | US48268K1016 | XNYS | Diversified Telecom Services | 1.00 |
| OTMT | ORASCOM TELECOM MEDIA-GDR | 0.14 | $3,627 | US68555D2062 | XLON-IOE | Wireless Telecom Services | 1.00 |
| MOBB | MOBISTAR SA | 0.13 | $3,374 | BE0003735496 | XBRU | Wireless Telecom Services | 0.78 |
| EXCL | XL AXIATA TBK PT | 0.13 | $3,363 | ID1000102502 | XIDX | Diversified Telecom Services | 9240.01 |
| MTELEKOM | MAGYAR TELEKOM TELECOMMUNICA | 0.12 | $3,126 | HU0000073507 | XBUD | Diversified Telecom Services | 229.49 |
| ISAT | INDOSAT TBK PT | 0.12 | $3,025 | ID1000097405 | XIDX | Wireless Telecom Services | 9240.01 |
| TKG | TELKOM SA LTD | 0.11 | $2,915 | ZAE000044897 | XJSE | Diversified Telecom Services | 8.27 |
| OIBR/C | OI SA-ADR | 0.11 | $2,746 | US6708511042 | XNYS | Diversified Telecom Services | 1.00 |
| PTNR | PARTNER COMMUNICATIONS CO | 0.10 | $2,472 | IL0010834849 | XTAE | Wireless Telecom Services | 3.83 |
| CEL | CELLCOM ISRAEL LTD | 0.09 | $2,264 | IL0011015349 | XTAE | Wireless Telecom Services | 3.83 |
| -- | BLACKROCK FDS III | 0.07 | $1,879 | -- | S-T Securities | 1.00 | |
| HLTOY | HELLENIC TELECOM ORG-ADR | 0.06 | $1,613 | US4233253073 | XOTC | Diversified Telecom Services | 1.00 |
| 6823 | HKT TRUST AND HKT LTD | 0.01 | $310 | HK0000093390 | XHKG | Diversified Telecom Services | 7.77 |
