Description
|
|
No. of
Shares
|
|
Value
|
EQUITY OR EQUITY-LINKED SECURITIES-96.06%
|
|
Equity or Equity-Linked Securities of Telecommunication Companies in Emerging Countries-95.56%
|
Asia-0.48%
|
Diversified Telecommunication Services-0.48%
|
|
TVG Asian Communications Fund II, L.P.
#†‡
|
(Cost $1,092,526)
|
3,622,118
*
|
$ 714,923
|
|
|
|
|
Brazil-7.76%
|
Diversified Telecommunication Services-3.32%
|
|
Brasil Telecom Participações S.A., PN
|
110,750
|
939,515
|
Brasil Telecom S.A., PN
|
81,637
|
582,920
|
Tele Norte Leste Participações S.A., ADR
|
97,037
|
1,493,399
|
Tele Norte Leste Participações S.A., PN
|
71,477
|
1,100,349
|
Telemar Norte Leste S.A., PNA
|
31,191
|
844,325
|
|
|
4,960,508
|
|
|
|
Media-1.06%
|
NET Servicos de Comunicacao S.A., ADR
†
|
155,927
|
1,584,218
|
|
|
|
Wireless Telecommunication Services-3.38%
|
|
Tim Participações S.A.
|
910,245
|
2,017,754
|
Vivo Participações S.A., ADR
|
132,762
|
3,022,991
|
|
|
5,040,745
|
|
|
Total Brazil
|
(Cost $9,962,069)
|
11,585,471
|
|
Chile-1.13%
|
Diversified Telecommunication Services-1.13%
|
|
Empresa Nacional de Telecomunicaciones S.A.
|
(Cost $1,339,857)
|
123,132
|
1,686,880
|
|
|
|
|
China-16.30%
|
Diversified Telecommunication Services-4.45%
|
|
China Communications Services Corp. Ltd.
|
2,860,173
|
1,811,483
|
China Telecom Corp. Ltd.
|
9,238,207
|
4,828,022
|
|
|
6,639,505
|
|
|
|
Wireless Telecommunication Services-11.85%
|
|
China Mobile Ltd.
|
1,037,172
|
10,910,279
|
China Mobile Ltd., ADR
|
23,920
|
1,255,082
|
China Unicom Ltd.
|
3,829,273
|
5,521,513
|
|
|
17,686,874
|
|
|
Total China
|
(Cost $29,210,078)
|
24,326,379
|
|
Czech Republic-1.32%
|
Diversified Telecommunication Services-1.32%
|
|
Telefonica 02 Czech Republic AS
|
(Cost $1,578,162)
|
73,055
|
1,971,903
|
|
|
|
|
Egypt-1.98%
|
Diversified Telecommunication Services-0.48%
|
|
Telecom Egypt SAE
|
225,185
|
718,015
|
|
|
|
Wireless Telecommunication Services-1.50%
|
|
Orascom Telecom Holding SAE
†
|
338,846
|
2,243,048
|
|
|
Total Egypt
|
(Cost $4,640,314)
|
2,961,063
|
|
India-0.90%
|
Wireless Telecommunication Services-0.90%
|
|
Bharti Airtel Ltd.
|
(Cost $1,362,009)
|
155,994
|
1,344,751
|
|
|
|
|
Indonesia-4.29%
|
Diversified Telecommunication Services-4.29%
|
|
PT Indosat Tbk
|
1,402,356
|
769,539
|
PT Telekomunikasi Indonesia Tbk
|
6,299,954
|
5,632,841
|
|
|
6,402,380
|
|
|
Total Indonesia
|
(Cost $5,493,984)
|
6,402,380
|
|
Israel-5.83%
|
Diversified Telecommunication Services-1.75%
|
|
Bezeq Israeli Telecommunication Corp. Ltd.
|
1,311,772
|
2,608,254
|
|
|
|
Technology-0.46%
|
|
SVE Star Ventures Enterprises GmbH & Co. No. IX KG
†‡
|
2,001,470
*
|
687,045
|
|
|
|
Venture Capital-2.24%
|
|
BPA Israel Ventures LLC
#†‡
|
1,674,587
*
|
653,881
|
Concord Ventures Fund II, L.P.
†‡
|
4,000,000
*
|
842,952
|
Giza GE Venture Fund III L.P.
†‡
|
2,750,000
*
|
662,832
|
K.T. Concord Venture Fund L.P.
†‡
|
2,000,000
*
|
221,346
|
Neurone Ventures II, L.P.
#†‡
|
686,184
*
|
192,409
|
Walden-Israel Ventures III, L.P.
#†‡
|
1,249,188
*
|
780,930
|
|
|
3,354,350
|
|
|
|
Wireless Telecommunication Services-1.38%
|
|
Cellcom Israel Ltd.
|
73,556
|
2,056,626
|
|
|
Total Israel
|
(Cost $14,144,561)
|
8,706,275
|
|
Latin America-0.18%
|
Venture Capital-0.18%
|
|
JPMorgan Latin America Capital Partners L.P.
#†‡
|
(Cost $597,379)
|
2,216,887
*
|
263,566
|
|
|
|
Malaysia-0.39%
|
Diversified Telecommunication Services-0.39%
|
|
Telekom Malaysia Bhd
|
(Cost $503,997)
|
678,361
|
575,708
|
|
|
|
Mexico-12.69%
|
Diversified Telecommunication Services-1.47%
|
|
Telefonos de Mexico S.A.B. de C.V., Series L, ADR
|
138,791
|
2,194,286
|
|
|
|
Wireless Telecommunication Services-11.22%
|
|
América Móvil S.A.B. de C.V., Series L, ADR
|
389,498
|
16,752,309
|
|
|
Total Mexico
|
(Cost $9,172,728)
|
18,946,595
|
|
Philippines-1.38%
|
Diversified Telecommunication Services-1.38%
|
|
Philippine Long Distance Telephone Co.
|
(Cost $1,443,714)
|
39,086
|
2,058,999
|
|
|
|
Poland-1.62%
|
Diversified Telecommunication Services-1.62%
|
|
Telekomunikacja Polska S.A.
|
(Cost $4,429,239)
|
473,012
|
2,411,104
|
|
|
|
Russia-10.27%
|
Diversified Telecommunication Services-1.39%
|
|
Comstar United Telesystems OJSC, GDR
†
|
414,210
|
2,071,050
|
|
|
|
Wireless Telecommunication Services-8.88%
|
|
Mobile Telesystems OJSC, ADR
|
168,907
|
7,092,405
|
Vimpel-Communications, ADR
†
|
456,759
|
6,170,814
|
|
|
13,263,219
|
|
|
Total Russia
|
(Cost $14,968,602)
|
15,334,269
|
|
South Africa-13.98%
|
Diversified Telecommunication Services-0.88%
|
|
Telkom South Africa Ltd.
|
267,605
|
1,319,108
|
|
|
|
Wireless Telecommunication Services-13.10%
|
|
MTN Group Ltd.
|
1,076,791
|
17,543,123
|
Vodacom Group (Pty) Ltd.
†
|
267,605
|
2,003,905
|
|
|
19,547,028
|
|
|
Total South Africa
|
(Cost $14,829,111)
|
20,866,136
|
|
South Korea-5.74%
|
Diversified Telecommunication Services-3.04%
|
|
KT Corp.
|
140,672
|
4,547,688
|
|
|
|
Wireless Telecommunication Services-2.70%
|
|
SK Telecom Co., Ltd.
|
26,658
|
4,025,685
|
|
|
Total South Korea
|
(Cost $9,317,411)
|
8,573,373
|
|
Taiwan-4.44%
|
Diversified Telecommunication Services-3.27%
|
|
Chunghwa Telecom Co., Ltd.
|
2,434,149
|
4,881,950
|
|
|
|
Wireless Telecommunication Services-1.17%
|
|
Taiwan Mobile Co., Ltd.
|
1,138,340
|
1,741,491
|
|
|
Total Taiwan
|
(Cost $7,588,261)
|
6,623,441
|
|
Thailand-1.36%
|
Wireless Telecommunication Services-1.36%
|
|
Advanced Info Service Public Co., Ltd.
|
(Cost $2,484,013)
|
796,765
|
2,025,277
|
|
|
|
Turkey-2.25%
|
Wireless Telecommunication Services-2.25%
|
|
Turkcell Iletisim Hizmet AS
|
(Cost $3,663,338)
|
531,287
|
3,357,431
|
|
|
|
Global-1.27%
|
Diversified Telecommunication Services-0.62%
|
|
Telesoft Partners II QP, L.P.
#†‡
|
2,280,000
*
|
923,673
|
Telesoft Partners L.P.
†‡
|
1,250,000
*
|
0
|
|
|
923,673
|
Venture Capital-0.65%
|
Emerging Markets Ventures I, L.P.
#†‡
|
7,248,829
*
|
973,808
|
|
|
|
Total Global
|
(Cost $4,114,762)
|
1,897,481
|
|
Total Emerging Countries
|
(Cost $141,936,115)
|
142,633,405
|
|
|
Equity Securities of Telecommunication Companies in Developed Countries-0.50%
|
United States-0.50%
|
|
|
Internet Software & Services-0.50%
|
|
NetFlix, Inc.
†
|
1,321
|
58,045
|
Technology Crossover Ventures IV, L.P.
#†‡
|
1,937,800
*
|
681,528
|
|
|
|
Total United States
|
|
739,573
|
Equity Securities of Companies Providing Other Essential Services in the Development of an Emerging Country's Infrastructure-0.00%
|
Argentina-0.00%
|
Investment & Holding Companies-0.00%
|
Exxel Capital Partners V, L.P.
†‡
|
(Cost $380,481)
|
1,897,761
*
|
0
|
|
|
|
|
|
|
Total Equity or Equity-Linked Securities-96.06%
|
(Cost $142,931,387)
|
143,372,978
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT-2.80%
|
Grand Cayman-2.80%
|
Wells Fargo, overnight deposit, 0.03%, 08/03/09
|
|
|
(Cost $4,185,000)
|
$ 4,185
|
4,185,000
|
|
|
|
Total Investments-98.86%
|
(Cost $147,116,387)
|
147,557,978
|
|
Cash and Other Assets, less Liabilities-1.14%
|
1,705,252
|
|
NET ASSETS-100.00%
|
$ 149,263,230
|
|
|