| Stock | 99.96% |
| Cash | 0.04% |
| Other* | 0.00% |
Holdings Detailas of 2/9/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| T | AT&T INC | 16.86 | $94,416,107 | US00206R1023 | XNYS | Fixed Line Telecoms | 1.00 |
| VZ | VERIZON COMMUNICATIONS INC | 12.94 | $72,468,647 | US92343V1044 | XNYS | Fixed Line Telecoms | 1.00 |
| CTL | CENTURYLINK INC | 7.80 | $43,699,886 | US1567001060 | XNYS | Fixed Line Telecoms | 1.00 |
| CCI | CROWN CASTLE INTL CORP | 6.07 | $33,970,793 | US2282271046 | XNYS | Mobile Telecoms | 1.00 |
| VMED | VIRGIN MEDIA INC | 4.89 | $27,389,818 | US92769L1017 | XNGS | Fixed Line Telecoms | 1.00 |
| WIN | WINDSTREAM CORP | 4.50 | $25,212,145 | US97381W1045 | XNGS | Fixed Line Telecoms | 1.00 |
| LUK | LEUCADIA NATIONAL CORP | 4.37 | $24,475,557 | US5272881047 | XNYS | Fixed Line Telecoms | 1.00 |
| S | SPRINT NEXTEL CORP | 4.30 | $24,078,053 | US8520611000 | XNYS | Mobile Telecoms | 1.00 |
| SBAC | SBA COMMUNICATIONS CORP-CL A | 3.83 | $21,460,294 | US78388J1060 | XNGS | Mobile Telecoms | 1.00 |
| NIHD | NII HOLDINGS INC | 3.41 | $19,080,666 | US62913F2011 | XNGS | Mobile Telecoms | 1.00 |
| LVLT | LEVEL 3 COMMUNICATIONS INC | 3.19 | $17,889,786 | US52729N3089 | XNYS | Fixed Line Telecoms | 1.00 |
| TWTC | TW TELECOM INC | 3.08 | $17,254,576 | US87311L1044 | XNGS | Fixed Line Telecoms | 1.00 |
| PCS | METROPCS COMMUNICATIONS INC | 3.01 | $16,854,217 | US5917081029 | XNYS | Mobile Telecoms | 1.00 |
| FTR | FRONTIER COMMUNICATIONS CORP | 2.93 | $16,410,207 | US35906A1088 | XNGS | Fixed Line Telecoms | 1.00 |
| TDS | TELEPHONE AND DATA SYSTEMS | 2.67 | $14,953,316 | US8794338298 | XNYS | Mobile Telecoms | 1.00 |
| ABVT | ABOVENET INC | 2.14 | $11,961,334 | US00374N1072 | XNYS | Fixed Line Telecoms | 1.00 |
| CBB | CINCINNATI BELL INC | 1.59 | $8,897,449 | US1718711062 | XNYS | Fixed Line Telecoms | 1.00 |
| USM | US CELLULAR CORP | 1.50 | $8,374,295 | US9116841084 | XNYS | Mobile Telecoms | 1.00 |
| LEAP | LEAP WIRELESS INTL INC | 1.36 | $7,616,570 | US5218633080 | XNGS | Mobile Telecoms | 1.00 |
| VG | VONAGE HOLDINGS CORP | 1.19 | $6,641,277 | US92886T2015 | XNYS | Fixed Line Telecoms | 1.00 |
| CNSL | CONSOLIDATED COMMUNICATIONS | 1.19 | $6,638,030 | US2090341072 | XNGS | Fixed Line Telecoms | 1.00 |
| GNCMA | GENERAL COMMUNICATION INC-A | 1.08 | $6,038,642 | US3693851095 | XNGS | Fixed Line Telecoms | 1.00 |
| NTLS | NTELOS HOLDINGS CORP | 1.04 | $5,804,130 | US67020Q3056 | XNMS | Mobile Telecoms | 1.00 |
| ATNI | ATLANTIC TELE-NETWORK INC | 1.02 | $5,710,866 | US0490792050 | XNMS | Mobile Telecoms | 1.00 |
| USMO | USA MOBILITY INC | 0.97 | $5,416,815 | US90341G1031 | XNGS | Mobile Telecoms | 1.00 |
| CBEY | CBEYOND INC | 0.96 | $5,371,369 | US1498471051 | XNMS | Fixed Line Telecoms | 1.00 |
| SHEN | SHENANDOAH TELECOMMUNICATION | 0.84 | $4,723,522 | US82312B1061 | XNGS | Mobile Telecoms | 1.00 |
| LMOS | LUMOS NETWORKS CORP | 0.82 | $4,573,009 | US5502831051 | XNGS | Fixed Line Telecoms | 1.00 |
| ALSK | ALASKA COMM SYSTEMS GROUP | 0.44 | $2,490,140 | US01167P1012 | XNMS | Fixed Line Telecoms | 1.00 |
| -- | BLACKROCK FDS III | 0.04 | $211,297 | -- | S-T Securities | 1.00 |

