| Stock | 99.94% |
| Cash | 0.05% |
| Other* | 0.00% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/22/2013 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| T | AT&T INC | 8.99 | $47,858,458 | US00206R1023 | XNYS | Fixed Line Telecoms | 1.00 |
| VZ | VERIZON COMMUNICATIONS INC | 8.70 | $46,309,052 | US92343V1044 | XNYS | Fixed Line Telecoms | 1.00 |
| S | SPRINT NEXTEL CORP | 6.93 | $36,919,538 | US8520611000 | XNYS | Mobile Telecoms | 1.00 |
| CTL | CENTURYLINK INC | 6.34 | $33,785,081 | US1567001060 | XNYS | Fixed Line Telecoms | 1.00 |
| CCI | CROWN CASTLE INTL CORP | 6.01 | $32,001,226 | US2282271046 | XNYS | Mobile Telecoms | 1.00 |
| LUK | LEUCADIA NATIONAL CORP | 5.31 | $28,291,415 | US5272881047 | XNYS | Fixed Line Telecoms | 1.00 |
| SBAC | SBA COMMUNICATIONS CORP-CL A | 5.05 | $26,909,275 | US78388J1060 | XNGS | Mobile Telecoms | 1.00 |
| TWTC | TW TELECOM INC | 4.50 | $23,948,134 | US87311L1044 | XNGS | Fixed Line Telecoms | 1.00 |
| NIHD | NII HOLDINGS INC | 4.44 | $23,660,572 | US62913F2011 | XNGS | Mobile Telecoms | 1.00 |
| WIN | WINDSTREAM CORP | 4.14 | $22,062,022 | US97381W1045 | XNGS | Fixed Line Telecoms | 1.00 |
| FTR | FRONTIER COMMUNICATIONS CORP | 4.08 | $21,751,287 | US35906A1088 | XNGS | Fixed Line Telecoms | 1.00 |
| LVLT | LEVEL 3 COMMUNICATIONS INC | 3.82 | $20,344,952 | US52729N3089 | XNYS | Fixed Line Telecoms | 1.00 |
| TDS | TELEPHONE AND DATA SYSTEMS | 3.67 | $19,519,340 | US8794338298 | XNYS | Mobile Telecoms | 1.00 |
| TMUS | T-MOBILE US INC | 3.54 | $18,873,371 | US8725901040 | XNYS | Mobile Telecoms | 1.00 |
| CBB | CINCINNATI BELL INC | 2.77 | $14,730,470 | US1718711062 | XNYS | Fixed Line Telecoms | 1.00 |
| CNSL | CONSOLIDATED COMMUNICATIONS | 2.60 | $13,846,032 | US2090341072 | XNGS | Fixed Line Telecoms | 1.00 |
| USM | US CELLULAR CORP | 2.45 | $13,054,178 | US9116841084 | XNYS | Mobile Telecoms | 1.00 |
| SHEN | SHENANDOAH TELECOMMUNICATION | 2.32 | $12,368,584 | US82312B1061 | XNGS | Mobile Telecoms | 1.00 |
| ATNI | ATLANTIC TELE-NETWORK INC | 2.29 | $12,180,016 | US0490792050 | XNMS | Mobile Telecoms | 1.00 |
| USMO | USA MOBILITY INC | 2.26 | $12,024,321 | US90341G1031 | XNGS | Mobile Telecoms | 1.00 |
| GNCMA | GENERAL COMMUNICATION INC-A | 2.11 | $11,223,090 | US3693851095 | XNGS | Fixed Line Telecoms | 1.00 |
| LEAP | LEAP WIRELESS INTL INC | 2.07 | $11,001,913 | US5218633080 | XNGS | Mobile Telecoms | 1.00 |
| NTLS | NTELOS HOLDINGS CORP | 2.04 | $10,856,797 | US67020Q3056 | XNMS | Mobile Telecoms | 1.00 |
| CBEY | CBEYOND INC | 1.80 | $9,588,878 | US1498471051 | XNMS | Fixed Line Telecoms | 1.00 |
| VG | VONAGE HOLDINGS CORP | 1.71 | $9,113,553 | US92886T2015 | XNYS | Fixed Line Telecoms | 1.00 |
| -- | BLACKROCK FDS III | 0.05 | $281,238 | -- | S-T Securities | 1.00 |
