UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number 811-07507
DWS Investments VIT Funds
(Exact Name of Registrant as Specified in Charter)
345 Park Avenue
New York, NY 10154-0004
(Address of principal executive offices) (Zip code)
Registrant’s Telephone Number, including Area Code: (212) 454-7190
Paul Schubert
345 Park Avenue
New York, NY 10154-0004
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 06/30/08 |
ITEM 1. REPORT TO STOCKHOLDERS
June 30, 2008
SEMIANNUAL REPORT
DWS INVESTMENTS VIT FUNDS
DWS Small Cap Index VIP
Contents
click here Performance Summary click here Information About Your Portfolio's Expenses click here Management Summary click here Portfolio Summary click here Investment Portfolio click here Financial Statements click here Financial Highlights click here Notes to Financial Statements click here Proxy Voting click here Summary of Management Fee Evaluation by Independent Fee Consultant |
This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus, call (800) 778-1482 or your financial representative. We advise you to consider the Portfolio's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Portfolio. Please read the prospectus carefully before you invest.
The Portfolio is subject to investment risks, including possible loss of principal amount invested. There is no guarantee that the Portfolio will be able to mirror the Russell 2000® Index closely enough to track its performance for several reasons, including the Portfolio's cost to buy and sell securities, the flow of money into and out of the Portfolio, and the potential underperformance of stocks selected. Stocks of small companies involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more erratic and abrupt market movements. All of these factors may result in greater share price volatility. Please read the prospectus for specific details regarding its investments and risk profile.
Russell 2000 is a trademark of the Frank Russell Company and has been licensed for use by the Portfolio's investment advisor.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Performance Summary June 30, 2008
All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Portfolio's most recent month-end performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an investment option. These charges and fees will reduce returns.
The total annual portfolio operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated May 1, 2008 are 0.50% and 0.75% for Class A and Class B shares, respectively. Please see the Information About Your Portfolio's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended June 30, 2008.
Returns and ranking during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.
Growth of an Assumed $10,000 Investment | ||
[] DWS Small Cap Index VIP — Class A [] Russell 2000® Index | Russell 2000® Index is an unmanaged, capitalization-weighted measure of approximately 2,000 small US stocks in the Russell 3000 Index. Index returns assume reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index. | |
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Yearly periods ended June 30 | |
Comparative Results (as of June 30, 2008) | ||||||
DWS Small Cap Index VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $9,030 | $8,339 | $11,013 | $15,928 | $16,435 |
Average annual total return | -9.70% | -16.61% | 3.27% | 9.76% | 5.09% | |
Russell 2000 Index | Growth of $10,000 | $9,063 | $8,381 | $11,180 | $16,319 | $17,122 |
Average annual total return | -9.37% | -16.19% | 3.79% | 10.29% | 5.53% | |
DWS Small Cap Index VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | Life of Class* | |
Class B | Growth of $10,000 | $9,021 | $8,319 | $10,928 | $15,737 | $13,981 |
Average annual total return | -9.79% | -16.81% | 3.00% | 9.49% | 5.58% | |
Russell 2000 Index | Growth of $10,000 | $9,063 | $8,381 | $11,180 | $16,319 | $14,578 |
Average annual total return | -9.37% | -16.19% | 3.79% | 10.29% | 6.30% |
The growth of $10,000 is cumulative.
‡ Total returns shown for periods less than one year are not annualized.* The Portfolio commenced offering Class B shares on April 30, 2002. Index returns began on April 30, 2002.
Information concerning portfolio holdings of the Portfolio as of a month end will be posted to www.dws-investments.com on or after the last day of the following month.
Information About Your Portfolio's Expenses
As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio expenses. Examples of transaction costs include contract charges, redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Portfolio and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Portfolio limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2008 to June 30, 2008).
The tables illustrate your Portfolio's expenses in two ways:
• Actual Portfolio Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Portfolio Return. This helps you to compare your Portfolio's ongoing expenses (but not transaction costs) with those of other mutual funds using the Portfolio's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Portfolio return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended June 30, 2008 | ||||
Actual Portfolio Return | Class A |
| Class B |
|
Beginning Account Value 1/1/08 | $ 1,000.00 |
| $ 1,000.00 |
|
Ending Account Value 6/30/08 | $ 903.00 |
| $ 902.10 |
|
Expenses Paid per $1,000* | $ 2.22 |
| $ 3.41 |
|
Hypothetical 5% Portfolio Return | Class A |
| Class B |
|
Beginning Account Value 1/1/08 | $ 1,000.00 |
| $ 1,000.00 |
|
Ending Account Value 6/30/08 | $ 1,022.53 |
| $ 1,021.28 |
|
Expenses Paid per $1,000* | $ 2.36 |
| $ 3.62 |
|
Annualized Expense Ratios | Class A |
| Class B |
|
DWS Small Cap Index VIP | .47% |
| .72% |
|
For more information, please refer to the Portfolio's prospectus.
These tables do not reflect charges and fees ("contract charges") associated with the separate account that invests in the Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an investment option.
Management Summary June 30, 2008
The first half of 2008 was a period of considerable economic uncertainty and significant turmoil throughout the capital markets. At mid-year 2008, the US economy is experiencing a number of interrelated problems including liquidity issues in financial markets, increased concern about rising prices for energy and food, and rising unemployment.
Essentially all equity indices posted negative returns for the six months ended June 30, 2008. The Russell 3000® Index, which is generally regarded as a good indicator of the broad stock market, had a total return of -11.05% for the six months ended June 2008. Small-cap stocks (as measured by the Russell 2000® Index, which returned - -9.37%) performed somewhat better than large-cap stocks (as measured by the Russell 1000® Index, with a return of -11.20%). Within the small-cap market, the Russell 2000® Growth Index posted a return of -8.93%, compared with -9.84 for the Russell 2000® Value Index.
The Portfolio returned -9.70% (Class A shares, unadjusted for contract charges). Since the Portfolio's investment strategy is to replicate, as closely as possible, before the deduction of expenses, the performance of the Russell 2000 Index, the Portfolio's return is normally quite close to the return of the index.
Of the 10 industry sectors within the Russell 2000 Index, only energy, which was up more than 40%, produced a positive return for the six-month period. The financials sector, which has a weight of almost 20% in the index, was the greatest detractor by far from returns of the index and the Portfolio. The information technology and consumer discretionary sectors were also strongly negative.
Brent Reeder
Vice President
Northern Trust Investments, N.A. (NTI), Subadvisor to the Portfolio
All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Portfolio's most recent month-end performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an investment option. These charges and fees will reduce returns.
Risk Considerations
The Portfolio is subject to investment risks, including possible loss of principal amount invested. The Portfolio may not be able to mirror the Russell 2000 Index closely enough to track its performance for several reasons, including the Portfolio's cost to buy and sell securities, the flow of money into and out of the Portfolio, and the potential underperformance of stocks selected. Stocks of small companies involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more erratic and abrupt market movements. All of these factors may result in greater share price volatility. Please read the Portfolio's prospectus for specific details regarding its investments and risk profile.
The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents approximately 98% of the investable US equity market.
The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
The Russell 2000 Index is an unmanaged, capitalization-weighted measure of approximately 2,000 small US stocks in the Russell 3000 Index.
The Russell 2000 Growth Index is an unmanaged capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, AMEX and Nasdaq.
The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Index returns assume reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
Portfolio management market commentary is as of June 30, 2008, and may not come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance does not guarantee future results.
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/08 | 12/31/07 |
|
|
|
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
| 100% | 100% |
Sector Diversification (As a % of Common Stocks) | 6/30/08 | 12/31/07 |
|
|
|
Financials | 18% | 19% |
Information Technology | 18% | 18% |
Industrials | 17% | 15% |
Health Care | 13% | 14% |
Consumer Discretionary | 12% | 14% |
Energy | 9% | 7% |
Materials | 5% | 6% |
Utilities | 4% | 3% |
Consumer Staples | 3% | 3% |
Telecommunication Services | 1% | 1% |
| 100% | 100% |
Ten Largest Equity Holdings (2.6% of Net Assets) | |
1. Comstock Resources, Inc. Producer and explorer for oil and natural gas reserves | 0.3% |
2. Penn Virginia Corp. Owner of coal reserves, development and production of crude oil and natural gas | 0.3% |
3. Energy Conversion Devices, Inc. Focuses on heavy construction and industrial equipment | 0.3% |
4. W-H Energy Services, Inc. Diversified oilfield service company that provides products and services used primarily for the drilling, completion and production of oil and natural gas wells | 0.3% |
5. GrafTech International Ltd. Manufactures and provides natural and synthetic graphite and carbon based products and services | 0.3% |
6. Alexion Pharmaceuticals, Inc. Developer of immunoregulatory compounds | 0.3% |
7. EXCO Resources, Inc. Explores for oil and natural gas | 0.2% |
8. ITC Holdings Corp. Owns an electric-transmission system in Michigan | 0.2% |
9. MICROS Systems, Inc. Designer and marketer of information solutions | 0.2% |
10. Compass Minerals International, Inc. Provider of highway deicing salt | 0.2% |
Asset allocation, sector diversification and holdings are subject to change.
For more complete details about the Portfolio's investment portfolio, see page 9. Information concerning portfolio holdings of the Portfolio as of month end will be posted to www.dws-investments.com on or after the last day of the following month. In addition, the Portfolio's top ten holdings and other information about the Portfolio is posted on www.dws-investments.com as of the calendar quarter-end on or after the 15th day following quarter-end.
Following the Portfolio's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.
Investment Portfolio June 30, 2008 (Unaudited)
|
| Value ($) |
|
| |
Common Stocks 97.0% | ||
Consumer Discretionary 12.1% | ||
Auto Components 0.9% | ||
American Axle & Manufacturing Holdings, Inc. (a) | 12,500 | 99,875 |
Amerigon, Inc.* | 8,400 | 59,724 |
ArvinMeritor, Inc. | 22,200 | 277,056 |
ATC Technology Corp.* | 7,200 | 167,616 |
Cooper Tire & Rubber Co. | 17,200 | 134,848 |
Dana Holding Corp.* | 28,800 | 154,080 |
Drew Industries, Inc.* (a) | 7,100 | 113,245 |
Exide Technologies* | 24,600 | 412,296 |
Fuel Systems Solutions, Inc.* | 4,100 | 157,850 |
Hayes Lemmerz International, Inc.* | 32,500 | 92,300 |
Lear Corp.* (a) | 20,200 | 286,436 |
Modine Manufacturing Co. | 10,906 | 134,907 |
Quantum Fuel Systems Technologies Worldwide, Inc.* | 25,200 | 77,616 |
Raser Technologies, Inc.* (a) | 12,800 | 124,672 |
Sauer-Danfoss, Inc. | 4,188 | 130,456 |
Spartan Motors, Inc. (a) | 11,850 | 88,520 |
Stoneridge, Inc.* | 5,500 | 93,830 |
Superior Industries International, Inc. | 8,000 | 135,040 |
Tenneco, Inc.* | 13,300 | 179,949 |
Visteon Corp.* | 44,800 | 117,824 |
Wonder Auto Technolgy, Inc.* | 3,100 | 21,793 |
| 3,059,933 | |
Automobiles 0.0% | ||
Fleetwood Enterprises, Inc.* (a) | 16,777 | 43,956 |
Winnebago Industries, Inc. | 10,594 | 107,953 |
| 151,909 | |
Distributors 0.1% | ||
Audiovox Corp. "A"* | 5,400 | 53,028 |
Core-Mark Holding Co., Inc.* | 2,300 | 60,260 |
DXP Enterprises, Inc.* | 1,500 | 62,460 |
| 175,748 | |
Diversified Consumer Services 1.0% | ||
American Public Education, Inc.* | 3,800 | 148,352 |
Capella Education Co.* | 4,800 | 286,320 |
Coinstar, Inc.* | 9,328 | 305,119 |
Corinthian Colleges, Inc.* | 26,600 | 308,826 |
Jackson Hewitt Tax Service, Inc. | 9,000 | 109,980 |
K12, Inc.* | 1,800 | 38,574 |
Learning Tree International, Inc.* | 2,000 | 34,200 |
Matthews International Corp. "A" | 10,400 | 470,704 |
Pre-Paid Legal Services, Inc.* (a) | 2,878 | 116,904 |
Regis Corp. | 12,800 | 337,280 |
Sotheby's (a) | 20,683 | 545,411 |
Steiner Leisure Ltd.* | 5,300 | 150,255 |
Stewart Enterprises, Inc. "A" | 28,500 | 205,200 |
thinkorswim Group, Inc.* | 17,700 | 124,785 |
Universal Technical Institute, Inc.* (a) | 7,400 | 92,204 |
| 3,274,114 | |
Hotels Restaurants & Leisure 2.1% | ||
AFC Enterprises, Inc.* | 9,900 | 79,101 |
Ambassadors Group, Inc. | 6,000 | 89,520 |
Ameristar Casinos, Inc. (a) | 8,400 | 116,088 |
|
| Value ($) |
|
| |
Bally Technologies, Inc.* | 16,900 | 571,220 |
BJ's Restaurants, Inc.* | 6,000 | 58,380 |
Bluegreen Corp.* | 7,100 | 42,955 |
Bob Evans Farms, Inc. | 9,642 | 275,761 |
Buffalo Wild Wings, Inc.* (a) | 5,100 | 126,633 |
California Pizza Kitchen, Inc.* | 8,300 | 92,877 |
CBRL Group, Inc. | 7,000 | 171,570 |
CEC Entertainment, Inc.* | 6,850 | 191,869 |
Churchill Downs, Inc. | 3,519 | 122,708 |
CKE Restaurants, Inc. | 17,600 | 219,472 |
Denny's Corp.* | 32,500 | 92,300 |
DineEquity, Inc. | 5,000 | 186,800 |
Domino's Pizza, Inc.* (a) | 14,500 | 166,750 |
Dover Downs Gaming & Entertainment, Inc. | 5,660 | 36,337 |
Gaylord Entertainment Co.* (a) | 12,300 | 294,708 |
Great Wolf Resorts, Inc.* | 11,156 | 48,752 |
Isle of Capri Casinos, Inc.* (a) | 7,211 | 34,541 |
Jack in the Box, Inc.* | 17,550 | 393,295 |
Krispy Kreme Doughnuts, Inc.* (a) | 20,100 | 100,299 |
Landry's Restaurants, Inc. (a) | 4,700 | 84,459 |
LIFE TIME FITNESS, Inc.* (a) | 10,500 | 310,275 |
Lodgian, Inc.* | 4,874 | 38,163 |
Luby's, Inc.* | 4,100 | 25,010 |
Marcus Corp. | 4,850 | 72,508 |
Monarch Casino & Resort, Inc.* | 5,100 | 60,180 |
Morgans Hotel Group Co.* | 9,800 | 100,940 |
O'Charley's, Inc. | 8,300 | 83,498 |
P.F. Chang's China Bistro, Inc.* (a) | 7,072 | 157,988 |
Papa John's International, Inc.* | 7,112 | 189,108 |
Peet's Coffee & Tea, Inc.* (a) | 5,300 | 105,046 |
Pinnacle Entertainment, Inc.* (a) | 17,900 | 187,771 |
Red Robin Gourmet Burgers, Inc.* (a) | 4,600 | 127,604 |
Rick's Cabaret International, Inc.* | 2,600 | 43,680 |
Riviera Holdings Corp.* | 3,300 | 33,495 |
Ruby Tuesday, Inc. | 15,421 | 83,273 |
Ruth's Chris Steak House, Inc.* | 7,200 | 37,296 |
Shuffle Master, Inc.* (a) | 12,125 | 59,898 |
Six Flags, Inc.* (a) | 30,300 | 34,845 |
Sonic Corp.* | 18,000 | 266,400 |
Speedway Motorsports, Inc. | 4,554 | 92,811 |
Texas Roadhouse, Inc. "A"* | 14,800 | 132,756 |
The Cheesecake Factory, Inc.* | 19,900 | 316,609 |
The Steak n Shake Co.* (a) | 11,475 | 72,637 |
Town Sports International Holdings, Inc.* | 6,800 | 63,512 |
Triarc Companies, Inc. "B" | 16,400 | 103,812 |
Vail Resorts, Inc.* | 9,500 | 406,885 |
WMS Industries, Inc.* | 13,350 | 397,429 |
| 7,199,824 | |
Household Durables 1.0% | ||
American Greetings Corp. "A" | 15,100 | 186,334 |
Avatar Holdings, Inc.* (a) | 2,200 | 66,638 |
Beazer Homes USA, Inc. (a) | 14,000 | 77,980 |
Blyth, Inc. | 8,000 | 96,240 |
Brookfield Homes Corp. (a) | 4,484 | 55,064 |
Cavco Industries, Inc.* | 1,600 | 52,368 |
Champion Enterprises, Inc.* (a) | 21,800 | 127,530 |
CSS Industries, Inc. | 1,650 | 39,963 |
Ethan Allen Interiors, Inc. | 7,400 | 182,040 |
|
| Value ($) |
|
| |
Furniture Brands International, Inc. | 13,500 | 180,360 |
Helen of Troy Ltd.* | 10,500 | 169,260 |
Hooker Furniture Corp. | 4,000 | 69,280 |
Hovnanian Enterprises, Inc. "A"* | 14,000 | 76,720 |
iRobot Corp.* (a) | 6,600 | 90,684 |
La-Z-Boy, Inc. (a) | 14,500 | 110,925 |
Libbey, Inc. | 5,200 | 38,688 |
M/I Homes, Inc. | 5,000 | 78,650 |
Meritage Homes Corp.* | 10,300 | 156,251 |
National Presto Industries, Inc. | 1,700 | 109,106 |
Palm Harbor Homes, Inc.* | 3,050 | 16,866 |
Russ Berrie & Co., Inc.* | 3,900 | 31,083 |
Ryland Group, Inc. | 12,900 | 281,349 |
Sealy Corp. (a) | 11,200 | 64,288 |
Skyline Corp. | 2,900 | 68,150 |
Standard Pacific Corp. | 25,700 | 86,866 |
Tempur-Pedic International, Inc. (a) | 22,241 | 173,702 |
Tupperware Brands Corp. | 18,990 | 649,838 |
Universal Electronics, Inc.* | 5,141 | 107,447 |
| 3,443,670 | |
Internet & Catalog Retail 0.4% | ||
1-800 FLOWERS.COM, Inc. "A"* | 9,500 | 61,275 |
Blue Nile, Inc.* (a) | 3,900 | 165,828 |
drugstore.com, Inc.* | 19,900 | 37,810 |
FTD Group, Inc. | 7,910 | 105,440 |
Gaiam, Inc. "A"* | 6,600 | 89,166 |
Netflix, Inc.* (a) | 12,271 | 319,905 |
NutriSystem, Inc. | 9,000 | 127,260 |
Orbitz Worldwide, Inc.* (a) | 10,100 | 50,601 |
Overstock.com, Inc.* (a) | 5,200 | 134,940 |
PC Mall, Inc.* | 4,300 | 58,308 |
PetMed Express, Inc.* | 8,200 | 100,450 |
Shutterfly, Inc.* (a) | 7,100 | 86,691 |
Stamps.com, Inc.* | 6,200 | 77,376 |
| 1,415,050 | |
Leisure Equipment & Products 0.6% | ||
Brunswick Corp. | 26,300 | 278,780 |
Callaway Golf Co. | 20,620 | 243,934 |
JAKKS Pacific, Inc.* | 9,400 | 205,390 |
Leapfrog Enterprises, Inc.* | 11,900 | 99,008 |
Marine Products Corp. | 3,050 | 20,130 |
Nautilus, Inc. | 9,575 | 48,641 |
Polaris Industries, Inc. (a) | 10,300 | 415,914 |
Pool Corp. | 15,900 | 282,384 |
RC2 Corp.* | 6,419 | 119,137 |
Smith & Wesson Holding Corp.* (a) | 13,700 | 71,377 |
Steinway Musical Instruments, Inc.* | 2,800 | 73,920 |
| 1,858,615 | |
Media 1.4% | ||
AH Belo Corp. "A" | 9,040 | 51,528 |
Arbitron, Inc. | 8,900 | 422,750 |
Belo Corp. "A" | 24,700 | 180,557 |
Charter Communications, Inc. "A"* (a) | 128,100 | 134,505 |
Cinemark Holdings, Inc. | 7,800 | 101,868 |
Citadel Broadcasting Corp.* | 53,100 | 64,782 |
CKX, Inc.* | 15,000 | 131,250 |
Cox Radio, Inc. "A"* | 9,300 | 109,740 |
Crown Media Holdings, Inc.* (a) | 4,100 | 19,434 |
Cumulus Media, Inc. "A"* (a) | 11,400 | 44,916 |
Dolan Media* | 7,800 | 141,960 |
|
| Value ($) |
|
| |
Entercom Communications Corp. (a) | 9,000 | 63,180 |
Entravision Communications Corp. "A"* | 17,800 | 71,556 |
Fisher Communications, Inc.* | 1,500 | 51,660 |
GateHouse Media, Inc. (a) | 6,600 | 16,236 |
Global Sources Ltd.* | 4,630 | 70,284 |
Global Traffic Network, Inc.* | 2,300 | 20,562 |
Gray Television, Inc. | 10,200 | 29,274 |
Harte-Hanks, Inc. | 9,800 | 112,210 |
Idearc, Inc. | 42,700 | 100,345 |
Interactive Data Corp. | 11,700 | 294,021 |
Journal Communications, Inc. "A" | 10,000 | 48,200 |
Knology, Inc.* | 7,900 | 86,821 |
Lee Enterprises, Inc. (a) | 17,800 | 71,022 |
Lin TV Corp. "A"* | 7,600 | 45,296 |
Live Nation, Inc.* (a) | 22,600 | 239,108 |
Martha Stewart Living Omnimedia, Inc. "A"* (a) | 9,422 | 69,723 |
Marvel Entertainment, Inc.* | 14,900 | 478,886 |
McClatchy Co. "A" | 18,900 | 128,142 |
Media General, Inc. "A" (a) | 6,400 | 76,480 |
Mediacom Communications Corp. "A"* (a) | 15,300 | 81,702 |
National CineMedia, Inc. | 14,800 | 157,768 |
Outdoor Channel Holdings, Inc.* | 2,900 | 20,242 |
Playboy Enterprises, Inc. "B"* | 9,760 | 48,214 |
PRIMEDIA, Inc. | 11,400 | 53,124 |
R.H. Donnelley Corp.* | 19,000 | 57,000 |
RCN Corp.* | 13,300 | 143,374 |
Scholastic Corp.* | 8,500 | 243,610 |
Sinclair Broadcast Group, Inc. "A" | 18,918 | 143,777 |
Valassis Communications, Inc.* | 14,200 | 177,784 |
Value Line, Inc. | 200 | 6,650 |
Westwood One, Inc.* | 19,800 | 24,552 |
World Wrestling Entertainment, Inc. | 8,322 | 128,741 |
| 4,762,834 | |
Multiline Retail 0.2% | ||
99 Cents Only Stores* | 14,500 | 95,700 |
Dillard's, Inc. "A" | 17,800 | 205,946 |
Fred's, Inc. | 13,868 | 155,876 |
Retail Ventures, Inc.* | 11,500 | 52,900 |
Tuesday Morning Corp.* | 11,900 | 48,909 |
| 559,331 | |
Specialty Retail 2.8% | ||
Aaron Rents, Inc. | 13,650 | 304,804 |
Aeropostale, Inc.* | 20,500 | 642,265 |
America's Car-Mart, Inc.* | 4,200 | 75,264 |
Asbury Automotive Group, Inc. | 9,200 | 118,220 |
bebe stores, inc. | 11,100 | 106,671 |
Big 5 Sporting Goods Corp. | 6,900 | 52,233 |
Blockbuster, Inc. "A"* (a) | 61,600 | 154,000 |
Borders Group, Inc. (a) | 20,900 | 125,400 |
Brown Shoe Co., Inc. | 12,225 | 165,649 |
Build-A-Bear Workshop, Inc.* | 6,100 | 44,347 |
Cabela's, Inc. "A"* | 10,500 | 115,605 |
Cache, Inc.* | 5,050 | 54,035 |
Casual Male Retail Group, Inc.* | 13,600 | 41,480 |
Cato Corp. "A" | 10,050 | 143,112 |
Charlotte Russe Holding, Inc.* | 7,600 | 134,976 |
Charming Shoppes, Inc.* (a) | 34,000 | 156,060 |
Chico's FAS, Inc.* | 53,500 | 287,295 |
|
| Value ($) |
|
| |
Children's Place Retail Stores, Inc.* | 7,100 | 256,310 |
Christopher & Banks Corp. | 9,475 | 64,430 |
Circuit City Stores, Inc. | 49,600 | 143,344 |
Citi Trends, Inc.* | 4,800 | 108,768 |
Coldwater Creek, Inc.* | 20,200 | 106,656 |
Collective Brands, Inc.* | 19,200 | 223,296 |
Conn's, Inc.* (a) | 3,400 | 54,638 |
CSK Auto Corp.* | 14,160 | 148,397 |
Dress Barn, Inc.* | 15,100 | 202,038 |
DSW, Inc. "A"* | 5,900 | 69,502 |
Genesco, Inc.* (a) | 6,900 | 213,003 |
Group 1 Automotive, Inc. | 6,700 | 133,129 |
Gymboree Corp.* | 8,600 | 344,602 |
Haverty Furniture Companies, Inc. | 7,400 | 74,296 |
hhgregg, Inc.* | 4,700 | 47,000 |
Hibbett Sports, Inc.* | 9,705 | 204,775 |
Hot Topic, Inc.* | 16,275 | 88,048 |
J. Crew Group, Inc.* | 12,900 | 425,829 |
Jo-Ann Stores, Inc.* | 8,002 | 184,286 |
Jos. A. Bank Clothiers, Inc.* (a) | 5,921 | 158,387 |
Lumber Liquidators, Inc.* | 3,900 | 50,700 |
MarineMax, Inc.* (a) | 6,900 | 49,473 |
Midas, Inc.* | 5,300 | 71,550 |
Monro Muffler Brake, Inc. | 6,375 | 98,749 |
New York & Co., Inc.* | 5,323 | 48,599 |
Pacific Sunwear of California, Inc.* (a) | 21,100 | 179,983 |
Pier 1 Imports, Inc.* (a) | 27,400 | 94,256 |
Rent-A-Center, Inc.* (a) | 21,000 | 431,970 |
REX Stores Corp.* | 1,400 | 16,170 |
Sally Beauty Holdings, Inc.* | 29,400 | 189,924 |
Shoe Carnival, Inc.* | 3,800 | 44,802 |
Sonic Automotive, Inc. "A" | 8,000 | 103,120 |
Stage Stores, Inc. | 11,465 | 133,797 |
Stein Mart, Inc. | 9,996 | 45,082 |
Systemax, Inc. (a) | 3,900 | 68,835 |
Talbots, Inc. (a) | 8,600 | 99,674 |
The Buckle, Inc. | 5,239 | 239,579 |
The Finish Line, Inc. "A"* | 14,907 | 129,691 |
The Men's Wearhouse, Inc. | 15,800 | 257,382 |
The Pep Boys — Manny, Moe & Jack | 11,800 | 102,896 |
The Wet Seal, Inc. "A"* | 31,600 | 150,732 |
Tractor Supply Co.* | 11,200 | 325,248 |
Tween Brands, Inc.* | 8,544 | 140,634 |
Ulta Salon, Cosmetics & Fragrance, Inc.* (a) | 5,100 | 57,324 |
Zale Corp.* (a) | 10,700 | 202,123 |
Zumiez, Inc.* (a) | 5,600 | 92,848 |
| 9,397,291 | |
Textiles, Apparel & Luxury Goods 1.6% | ||
American Apparel, Inc.* | 9,000 | 59,850 |
Carter's, Inc.* | 16,600 | 229,412 |
Cherokee, Inc. (a) | 3,300 | 66,495 |
Columbia Sportswear Co. | 4,800 | 176,400 |
Crocs, Inc.* | 25,100 | 201,051 |
Deckers Outdoor Corp.* | 4,000 | 556,800 |
FGX International Holdings Ltd.* | 2,500 | 20,100 |
Fossil, Inc.* | 14,900 | 433,143 |
Fuqi International, Inc.* | 4,300 | 37,668 |
G-III Apparel Group Ltd.* | 5,400 | 66,636 |
Iconix Brand Group, Inc.* (a) | 18,800 | 227,104 |
K-Swiss, Inc. "A" | 9,300 | 136,710 |
|
| Value ($) |
|
| |
Kenneth Cole Productions, Inc. "A" | 4,544 | 57,709 |
Lululemon Athletica, Inc.* (a) | 5,200 | 151,112 |
Maidenform Brands, Inc.* | 8,408 | 113,508 |
Movado Group, Inc. | 6,000 | 118,800 |
Oxford Industries, Inc. | 4,500 | 86,175 |
Perry Ellis International, Inc.* | 4,600 | 97,612 |
Quicksilver, Inc.* | 38,400 | 377,088 |
Skechers USA, Inc. "A"* | 9,689 | 191,454 |
Steven Madden Ltd.* | 6,500 | 119,470 |
The Warnaco Group, Inc.* | 13,900 | 612,573 |
Timberland Co. "A"* | 14,200 | 232,170 |
True Religion Apparel, Inc.* (a) | 4,900 | 130,585 |
Under Armour, Inc. "A"* (a) | 9,800 | 251,272 |
Unifi, Inc.* | 9,100 | 22,932 |
UniFirst Corp. | 5,000 | 223,300 |
Volcom, Inc.* | 6,200 | 148,366 |
Weyco Group, Inc. | 1,500 | 39,795 |
Wolverine World Wide, Inc. | 15,700 | 418,719 |
| 5,604,009 | |
Consumer Staples 3.0% | ||
Beverages 0.1% | ||
Boston Beer Co., Inc. "A"* | 3,200 | 130,176 |
Coca-Cola Bottling Co. | 1,300 | 48,074 |
National Beverage Corp. | 3,820 | 27,771 |
| 206,021 | |
Food & Staples Retailing 0.9% | ||
Arden Group, Inc. "A" | 200 | 25,348 |
Casey's General Stores, Inc. | 16,886 | 391,249 |
Great Atlantic & Pacific Tea Co., Inc.* (a) | 11,040 | 251,933 |
Ingles Markets, Inc. "A" | 4,700 | 109,651 |
Longs Drug Stores Corp. | 9,483 | 399,329 |
Nash Finch Co. (a) | 4,700 | 161,069 |
Pantry, Inc.* | 7,900 | 84,214 |
PriceSmart, Inc. | 3,900 | 77,142 |
Ruddick Corp. | 14,000 | 480,340 |
Spartan Stores, Inc. | 7,400 | 170,200 |
The Andersons, Inc. (a) | 5,000 | 203,550 |
United Natural Foods, Inc.* (a) | 14,265 | 277,882 |
Village Super Market, Inc. "A" | 500 | 19,290 |
Weis Markets, Inc. | 2,800 | 90,916 |
Winn-Dixie Stores, Inc.* | 18,000 | 288,360 |
| 3,030,473 | |
Food Products 1.4% | ||
AgFeed Industries, Inc.* | 7,000 | 104,790 |
Alico, Inc. | 900 | 31,194 |
B&G Foods, Inc. "A" | 4,500 | 42,030 |
Cal-Maine Foods, Inc. (a) | 3,700 | 122,063 |
Calavo Growers, Inc. | 2,100 | 25,725 |
Chiquita Brands International, Inc.* (a) | 12,400 | 188,108 |
Darling International, Inc.* | 24,800 | 409,696 |
Diamond Foods, Inc. | 5,800 | 133,632 |
Farmer Brothers Co. | 1,200 | 25,380 |
Flowers Foods, Inc. | 25,305 | 717,144 |
Fresh Del Monte Produce, Inc.* (a) | 12,500 | 294,625 |
Green Mountain Coffee Roasters, Inc.* (a) | 5,800 | 217,906 |
Hain Celestial Group, Inc.* | 13,582 | 318,905 |
HQ Sustainable Maritime Industries, Inc.* | 3,000 | 39,750 |
Imperial Sugar Co. (a) | 4,300 | 66,779 |
|
| Value ($) |
|
| |
J & J Snack Foods Corp. | 3,800 | 104,158 |
Lancaster Colony Corp. | 7,500 | 227,100 |
Lance, Inc. | 8,000 | 150,160 |
Omega Protein Corp.* | 6,600 | 98,670 |
Pilgrim's Pride Corp. | 13,500 | 175,365 |
Ralcorp Holdings, Inc.* (a) | 8,160 | 403,431 |
Reddy Ice Holdings, Inc. | 6,780 | 92,750 |
Sanderson Farms, Inc. (a) | 6,850 | 236,462 |
Smart Balance, Inc.* | 18,100 | 130,501 |
Synutra International, Inc.* | 2,900 | 93,728 |
Tootsie Roll Industries, Inc. (a) | 8,726 | 219,284 |
TreeHouse Foods, Inc.* | 10,000 | 242,600 |
Zhongpin, Inc.* | 6,900 | 86,250 |
| 4,998,186 | |
Household Products 0.1% | ||
Central Garden & Pet Co. "A"* | 18,700 | 76,670 |
Spectrum Brands, Inc.* (a) | 13,800 | 35,190 |
WD-40 Co. | 5,300 | 155,025 |
| 266,885 | |
Personal Products 0.3% | ||
American Oriental Bioengineering, Inc.* | 18,500 | 182,595 |
Chattem, Inc.* (a) | 5,700 | 370,785 |
Elizabeth Arden, Inc.* | 8,600 | 130,548 |
Inter Parfums, Inc. | 5,250 | 78,750 |
Mannatech, Inc. (a) | 6,100 | 33,184 |
Nu Skin Enterprises, Inc. "A" | 14,244 | 212,520 |
Prestige Brands Holdings, Inc.* | 11,860 | 126,428 |
USANA Health Sciences, Inc.* (a) | 2,900 | 77,923 |
| 1,212,733 | |
Tobacco 0.2% | ||
Alliance One International, Inc.* | 32,800 | 167,608 |
Universal Corp. (a) | 8,068 | 364,835 |
Vector Group Ltd. (a) | 9,868 | 159,171 |
| 691,614 | |
Energy 9.1% | ||
Energy Equipment & Services 2.9% | ||
Allis-Chalmers Energy, Inc.* (a) | 8,200 | 145,960 |
Basic Energy Services, Inc.* | 12,400 | 390,600 |
Bolt Technology Corp.* | 3,400 | 76,738 |
Bristow Group, Inc.* (a) | 5,800 | 287,042 |
Bronco Drilling Co., Inc.* | 9,467 | 174,003 |
Cal Dive International, Inc.* | 12,663 | 180,947 |
CARBO Ceramics, Inc. | 6,700 | 390,945 |
Complete Production Services, Inc.* | 14,600 | 531,732 |
Dawson Geophysical Co.* | 2,500 | 148,650 |
Dril-Quip, Inc.* | 9,400 | 592,200 |
ENGlobal Corp.* (a) | 9,400 | 133,856 |
Geokinetics, Inc.* | 2,700 | 48,897 |
Grey Wolf, Inc.* (a) | 54,400 | 491,232 |
Gulf Island Fabrication, Inc. | 4,100 | 200,613 |
GulfMark Offshore, Inc.* | 7,100 | 413,078 |
Hornbeck Offshore Services, Inc.* | 6,900 | 389,919 |
ION Geophysical Corp.* (a) | 25,700 | 448,465 |
Lufkin Industries, Inc. | 4,900 | 408,072 |
Matrix Service Co.* | 8,700 | 200,622 |
Mitcham Industries, Inc.* | 3,900 | 66,612 |
NATCO Group, Inc. "A"* | 6,000 | 327,180 |
Natural Gas Services Group* | 4,400 | 134,112 |
Newpark Resources, Inc.* | 30,025 | 235,997 |
|
| Value ($) |
|
| |
OYO Geospace Corp.* | 1,400 | 82,516 |
Parker Drilling Co.* (a) | 33,900 | 339,339 |
PHI, Inc. (Non-Voting)* | 3,600 | 144,612 |
Pioneer Drilling Co.* | 14,900 | 280,269 |
RPC, Inc. | 9,750 | 163,800 |
SulphCo, Inc.* (a) | 11,000 | 24,970 |
Superior Well Services, Inc.* | 5,648 | 179,098 |
T-3 Energy Services, Inc.* | 4,200 | 333,774 |
Trico Marine Services, Inc.* (a) | 4,600 | 167,532 |
Union Drilling, Inc.* | 5,000 | 108,400 |
W-H Energy Services, Inc.* | 9,500 | 909,530 |
Willbros Group, Inc.* (a) | 11,900 | 521,339 |
| 9,672,651 | |
Oil, Gas & Consumable Fuels 6.2% | ||
Abraxas Petroleum Corp.* | 15,500 | 83,855 |
Alon USA Energy, Inc. (a) | 4,777 | 57,133 |
American Oil & Gas, Inc.* | 14,300 | 56,056 |
APCO Argentina, Inc. | 2,100 | 60,795 |
Approach Resources, Inc.* | 3,500 | 93,765 |
Arena Resources, Inc.* | 10,700 | 565,174 |
Arlington Tankers Ltd. | 3,000 | 69,660 |
Atlas America, Inc. | 11,397 | 513,435 |
ATP Oil & Gas Corp.* | 8,442 | 333,206 |
Aventine Renewable Energy Holdings, Inc.* (a) | 11,500 | 50,600 |
Berry Petroleum Co. "A" | 13,100 | 771,328 |
Bill Barrett Corp.* (a) | 11,160 | 663,016 |
BMB Munai, Inc.* | 14,600 | 86,724 |
Bois d'Arc Energy, Inc.* | 5,105 | 124,103 |
BPZ Resources, Inc.* (a) | 19,300 | 567,420 |
Brigham Exploration Co.* (a) | 15,600 | 246,948 |
Callon Petroleum Co.* | 7,400 | 202,464 |
Cano Petroleum, Inc.* | 13,300 | 105,602 |
Carrizo Oil & Gas, Inc.* | 8,484 | 577,676 |
Cheniere Energy, Inc.* | 17,000 | 74,290 |
Clayton Williams Energy, Inc.* | 1,900 | 208,905 |
Clean Energy Fuels Corp.* (a) | 8,300 | 95,367 |
Comstock Resources, Inc.* | 14,124 | 1,192,489 |
Concho Resources, Inc.* | 15,100 | 563,230 |
Contango Oil & Gas Co.* | 4,400 | 408,848 |
Crosstex Energy, Inc. (a) | 13,400 | 464,444 |
CVR Energy, Inc.* | 6,453 | 124,220 |
Delek US Holdings, Inc. | 2,600 | 23,946 |
Delta Petroleum Corp.* (a) | 20,200 | 515,504 |
Double Eagle Petroleum Co.* | 3,600 | 65,628 |
Double Hull Tankers, Inc. | 14,400 | 144,432 |
Endeavour International Corp.* | 42,500 | 92,225 |
Energy Partners Ltd.* | 9,909 | 147,842 |
Energy XXI (Bermuda) Ltd.* | 21,300 | 147,396 |
Evergreen Energy, Inc.* (a) | 32,100 | 55,854 |
EXCO Resources, Inc.* (a) | 22,900 | 845,239 |
FX Energy, Inc.* (a) | 14,700 | 77,469 |
Gasco Energy, Inc.* | 32,800 | 136,120 |
General Maritime Corp. | 7,600 | 197,448 |
GeoGlobal Resources, Inc.* (a) | 9,700 | 20,661 |
Geomet, Inc.* | 3,700 | 35,076 |
GeoResources, Inc.* | 2,400 | 44,208 |
GMX Resources, Inc.* | 4,400 | 326,040 |
Golar LNG Ltd. | 11,000 | 170,390 |
Goodrich Petroleum Corp.* | 6,200 | 514,104 |
Gran Tierra Energy, Inc.* | 31,800 | 253,446 |
Gulfport Energy Corp.* | 9,200 | 151,524 |
Harvest Natural Resources, Inc.* | 12,100 | 133,826 |
|
| Value ($) |
|
| |
Houston American Energy Corp.* | 5,900 | 66,198 |
International Coal Group, Inc.* (a) | 39,100 | 510,255 |
James River Coal Co.* | 7,800 | 457,782 |
Knightsbridge Tankers Ltd. | 6,100 | 196,481 |
McMoRan Exploration Co.* (a) | 15,400 | 423,808 |
Meridian Resource Corp.* | 29,300 | 86,435 |
National Coal Corp.* | 9,100 | 80,717 |
Nordic American Tanker Shipping Ltd. (a) | 10,200 | 395,964 |
Northern Oil and Gas, Inc.* | 7,300 | 96,944 |
Oilsands Quest, Inc.* (a) | 49,700 | 323,050 |
Pacific Ethanol, Inc.* (a) | 18,310 | 33,141 |
Panhandle Oil & Gas, Inc. | 1,800 | 60,948 |
Parallel Petroleum Corp.* | 13,200 | 265,716 |
Penn Virginia Corp. | 12,800 | 965,376 |
Petroleum Development Corp.* | 4,978 | 330,987 |
PetroQuest Energy, Inc.* | 13,600 | 365,840 |
Quest Resource Corp.* | 7,600 | 86,716 |
RAM Energy Resources, Inc.* | 14,800 | 93,240 |
Rentech, Inc.* | 54,400 | 103,360 |
Rex Energy Corp.* | 5,900 | 155,760 |
Rosetta Resources, Inc.* | 16,252 | 463,182 |
Ship Finance International Ltd. (a) | 12,500 | 369,125 |
Stone Energy Corp.* | 8,579 | 565,442 |
Swift Energy Co.* | 9,220 | 609,073 |
Teekay Tankers Ltd. "A" (a) | 5,000 | 116,050 |
Toreador Resources Corp.* (a) | 6,100 | 52,033 |
Tri-Valley Corp.* | 8,800 | 65,384 |
TXCO Resources, Inc.* | 12,300 | 144,648 |
Uranium Resources, Inc.* (a) | 16,600 | 61,254 |
USEC, Inc.* (a) | 33,333 | 202,665 |
VAALCO Energy, Inc.* | 20,500 | 173,635 |
Venoco, Inc.* | 5,800 | 134,618 |
VeraSun Energy Corp.* (a) | 29,849 | 123,276 |
Warren Resources, Inc.* (a) | 18,800 | 275,984 |
Western Refining, Inc. | 8,500 | 100,640 |
Westmoreland Coal Co.* | 2,300 | 48,553 |
World Fuel Services Corp. | 8,100 | 177,714 |
| 21,241,125 | |
Financials 17.5% | ||
Capital Markets 1.4% | ||
Ares Capital Corp. | 28,500 | 287,280 |
BGC Partners, Inc. "A"* | 4,500 | 33,975 |
BlackRock Kelso Capital Corp. (a) | 3,000 | 28,380 |
Calamos Asset Management, Inc. "A" | 6,900 | 117,507 |
Capital Southwest Corp. | 800 | 83,384 |
Cohen & Steers, Inc. (a) | 5,900 | 153,223 |
Diamond Hill Investment Group* | 500 | 41,750 |
Evercore Partners, Inc. "A" (a) | 4,300 | 40,850 |
FBR Capital Markets Corp.* (a) | 9,200 | 46,276 |
FCStone Group, Inc.* | 6,850 | 191,321 |
GAMCO Investors, Inc. "A" | 2,700 | 133,974 |
GFI Group, Inc. | 19,760 | 178,038 |
Gladstone Capital Corp. (a) | 5,900 | 89,916 |
Gladstone Investment Corp. | 4,400 | 28,292 |
Greenhill & Co., Inc. (a) | 5,600 | 301,616 |
Harris & Harris Group, Inc.* | 9,500 | 57,000 |
Hercules Technology Growth Capital, Inc. | 12,400 | 110,732 |
International Assets Holding Corp.* | 900 | 27,054 |
KBW, Inc.* (a) | 9,500 | 195,510 |
Knight Capital Group, Inc. "A"* | 28,700 | 516,026 |
|
| Value ($) |
|
| |
Kohlberg Capital Corp. | 6,800 | 68,000 |
LaBranche & Co., Inc.* (a) | 17,800 | 126,024 |
Ladenburg Thalmann Financial Services, Inc.* | 23,900 | 36,089 |
MCG Capital Corp. | 26,800 | 106,664 |
MVC Capital, Inc. | 8,300 | 113,627 |
NGP Capital Resources Co. (a) | 8,200 | 126,362 |
optionsXpress Holdings, Inc. | 13,910 | 310,749 |
Patriot Capital Funding, Inc. | 8,400 | 52,500 |
PennantPark Investment Corp. | 4,400 | 31,724 |
Penson Worldwide, Inc.* | 6,200 | 74,090 |
Piper Jaffray Companies, Inc.* | 5,394 | 158,206 |
Prospect Capital Corp. (a) | 9,600 | 126,528 |
Pzena Investment Management, Inc. "A" (a) | 2,800 | 35,728 |
Riskmetrics Group, Inc.* | 6,200 | 121,768 |
Sanders Morris Harris Group, Inc. | 3,600 | 24,408 |
Stifel Financial Corp.* (a) | 7,350 | 252,766 |
SWS Group, Inc. | 8,166 | 135,637 |
Thomas Weisel Partners Group, Inc.* | 4,900 | 26,803 |
TradeStation Group, Inc.* | 11,500 | 116,725 |
US Global Investors, Inc. "A" | 4,700 | 78,725 |
Westwood Holdings Group, Inc. | 1,200 | 47,760 |
| 4,832,987 | |
Commercial Banks 4.9% | ||
1st Source Corp. | 3,249 | 52,309 |
AMCORE Financial, Inc. | 8,220 | 46,525 |
Ameris Bancorp. | 2,760 | 24,012 |
Ames National Corp. | 400 | 6,692 |
Arrow Financial Corp. | 1,600 | 29,008 |
BancFirst Corp. | 1,700 | 72,760 |
Banco Latinoamericano de Exportaciones SA "E" | 9,600 | 155,424 |
BancTrust Financial Group, Inc. | 3,000 | 19,770 |
Bank of the Ozarks, Inc. | 5,300 | 78,758 |
Banner Corp. | 6,400 | 56,704 |
Boston Private Financial Holdings, Inc. | 14,356 | 81,398 |
Bryn Mawr Bank Corp. | 500 | 8,750 |
Camden National Corp. | 1,500 | 34,920 |
Capital City Bank Group, Inc. (a) | 2,743 | 59,688 |
Capitol Bancorp., Ltd. (a) | 5,600 | 50,232 |
Cardinal Financial Corp. | 5,000 | 31,300 |
Cascade Bancorp. (a) | 8,225 | 63,332 |
Cathay General Bancorp. (a) | 16,736 | 181,920 |
Centerstate Banks of Florida, Inc. | 1,000 | 11,030 |
Central Pacific Financial Corp. (a) | 10,212 | 108,860 |
Chemical Financial Corp. (a) | 8,544 | 174,298 |
Citizens & Northern Corp. | 700 | 11,592 |
Citizens Republic Bancorp., Inc. (a) | 28,120 | 79,298 |
City Bank (a) | 6,161 | 52,985 |
City Holding Co. | 5,800 | 236,466 |
CoBiz Financial, Inc. | 4,000 | 26,320 |
Colonial BancGroup, Inc. | 60,200 | 266,084 |
Columbia Banking System, Inc. | 6,718 | 129,859 |
Community Bank System, Inc. | 10,600 | 218,572 |
Community Trust Bancorp., Inc. | 3,529 | 92,672 |
CVB Financial Corp. (a) | 23,184 | 218,857 |
East West Bancorp., Inc. | 22,600 | 159,556 |
Enterprise Financial Services Corp. (a) | 2,541 | 47,898 |
Farmers Capital Bank Corp. | 800 | 14,096 |
|
| Value ($) |
|
| |
Financial Institutions, Inc. | 2,000 | 32,120 |
First BanCorp. — North Carolina | 2,750 | 34,760 |
First BanCorp. — Puerto Rico (a) | 25,100 | 159,134 |
First Bancorp., Inc. | 900 | 12,285 |
First Busey Corp. (a) | 7,700 | 101,794 |
First Commonwealth Financial Corp. (a) | 25,782 | 240,546 |
First Community Bancshares, Inc. | 2,649 | 74,702 |
First Financial Bancorp. | 9,642 | 88,706 |
First Financial Bankshares, Inc. | 7,286 | 333,772 |
First Financial Corp. — Indiana | 3,110 | 95,197 |
First Merchants Corp. | 6,928 | 125,743 |
First Midwest Bancorp., Inc. (a) | 16,900 | 315,185 |
First South Bancorp., Inc. (a) | 2,000 | 25,760 |
FirstMerit Corp. | 27,300 | 445,263 |
FNB Corp. — Pennsylvania (a) | 29,559 | 348,205 |
Frontier Financial Corp. (a) | 17,130 | 145,948 |
Glacier Bancorp., Inc. (a) | 18,637 | 298,006 |
Greene Bancshares, Inc. | 5,244 | 73,521 |
Guaranty Bancorp.* | 14,800 | 53,280 |
Hancock Holding Co. | 8,800 | 345,752 |
Hanmi Financial Corp. | 14,642 | 76,285 |
Harleysville National Corp. | 7,930 | 88,499 |
Heartland Financial USA, Inc. | 2,850 | 51,841 |
Heritage Commerce Corp. | 5,300 | 52,470 |
Home Bancshares, Inc. (a) | 3,200 | 71,936 |
IBERIABANK Corp. | 4,675 | 207,897 |
Independent Bank Corp. — Massachusetts | 6,200 | 147,808 |
Integra Bank Corp. | 5,022 | 39,322 |
International Bancshares Corp. | 17,310 | 369,915 |
Investors Bancorp., Inc.* | 17,000 | 222,027 |
Lakeland Bancorp., Inc. (a) | 4,785 | 58,281 |
Lakeland Financial Corp. | 2,500 | 47,700 |
MainSource Financial Group, Inc. | 7,158 | 110,949 |
MB Financial, Inc. (a) | 11,972 | 269,011 |
Midwest Banc Holdings, Inc. (a) | 5,200 | 25,324 |
Nara Bancorp., Inc. | 8,300 | 89,059 |
National Penn Bancshares, Inc. | 26,974 | 358,215 |
NBT Bancorp., Inc. | 11,297 | 232,831 |
Northfield Bancorp., Inc.* (a) | 4,163 | 44,752 |
Old National Bancorp. (a) | 22,702 | 323,730 |
Old Second Bancorp., Inc. | 5,798 | 67,373 |
Oriental Financial Group, Inc. | 8,742 | 124,661 |
Pacific Capital Bancorp. (a) | 16,344 | 225,220 |
Pacific Continental Corp. | 1,400 | 15,386 |
PacWest Bancorp. | 8,484 | 126,242 |
Park National Corp. (a) | 3,450 | 185,955 |
Peapack-Gladstone Financial Corp. | 1,000 | 21,970 |
Pennsylvania Commerce Bancorp., Inc.* | 800 | 19,240 |
Peoples Bancorp., Inc. | 3,595 | 68,233 |
Pinnacle Financial Partners, Inc.* (a) | 6,300 | 126,567 |
PremierWest Bancorp. | 3,400 | 19,856 |
PrivateBancorp., Inc. (a) | 6,700 | 203,546 |
Prosperity Bancshares, Inc. | 13,400 | 358,182 |
Provident Bankshares Corp. (a) | 12,597 | 80,369 |
Renasant Corp. | 5,200 | 76,596 |
Republic Bancorp., Inc. "A" | 2,136 | 52,546 |
S&T Bancorp., Inc. | 8,460 | 245,848 |
S.Y.Bancorp., Inc. (a) | 3,060 | 65,362 |
Sandy Spring Bancorp., Inc. | 6,800 | 112,744 |
Santander BanCorp. | 884 | 9,379 |
|
| Value ($) |
|
| |
SCBT Financial Corp. | 2,393 | 68,344 |
Seacoast Banking Corp. of Florida (a) | 6,260 | 48,578 |
Shore Bancshares, Inc. | 1,300 | 24,336 |
Sierra Bancorp. (a) | 1,100 | 18,150 |
Signature Bank* | 10,300 | 265,328 |
Simmons First National Corp. "A" | 3,500 | 97,895 |
Smithtown Bancorp., Inc. | 1,600 | 26,000 |
South Financial Group, Inc. (a) | 26,500 | 103,880 |
Southside Bancshares, Inc. | 4,983 | 91,886 |
Southwest Bancorp., Inc. | 3,800 | 43,700 |
State Bancorp., Inc. | 1,800 | 22,500 |
StellarOne Corp. | 5,100 | 74,460 |
Sterling Bancorp. | 7,418 | 88,645 |
Sterling Bancshares, Inc. | 25,537 | 232,131 |
Sterling Financial Corp. — Washington | 19,711 | 81,604 |
Suffolk Bancorp. | 2,300 | 67,574 |
Sun Bancorp., Inc.* | 3,627 | 36,814 |
Susquehanna Bancshares, Inc. (a) | 29,090 | 398,242 |
SVB Financial Group* (a) | 10,100 | 485,911 |
Texas Capital Bancshares, Inc.* | 8,400 | 134,400 |
Tompkins Financial Corp. | 1,710 | 63,612 |
TowneBank | 5,300 | 79,818 |
TriCo Bancshares | 3,100 | 33,945 |
Trustmark Corp. (a) | 17,000 | 300,050 |
UCBH Holdings, Inc. (a) | 40,400 | 90,900 |
UMB Financial Corp. | 10,384 | 532,388 |
Umpqua Holdings Corp. (a) | 20,993 | 254,645 |
Union Bankshares Corp. | 2,600 | 38,714 |
United Bankshares, Inc. | 13,200 | 302,940 |
United Community Banks, Inc. (a) | 14,100 | 120,273 |
United Securities Bancshares (a) | 1,200 | 17,448 |
Univest Corp. of Pennsylvania (a) | 3,250 | 64,545 |
W Holding Co., Inc. (a) | 26,300 | 22,618 |
Washington Trust Bancorp., Inc. | 2,500 | 49,250 |
WesBanco, Inc. | 7,200 | 123,480 |
West Bancorp., Inc. | 2,800 | 24,360 |
West Coast Bancorp. | 6,600 | 57,222 |
Westamerica Bancorp. (a) | 9,700 | 510,123 |
Western Alliance Bancorp.* (a) | 3,839 | 29,791 |
Wilshire Bancorp., Inc. | 5,700 | 48,849 |
Wintrust Financial Corp. (a) | 8,550 | 203,917 |
Yadkin Valley Financial Corp. | 1,600 | 19,120 |
| 16,743,137 | |
Consumer Finance 0.3% | ||
Advance America Cash Advance Centers, Inc. | 16,950 | 86,106 |
Advanta Corp. "B" | 13,950 | 87,745 |
Cash America International, Inc. | 8,500 | 263,500 |
CompuCredit Corp.* (a) | 5,893 | 35,358 |
Credit Acceptance Corp.* (a) | 2,037 | 52,066 |
Dollar Financial Corp.* | 8,400 | 126,924 |
EZCORP, Inc. "A"* | 13,200 | 168,300 |
First Cash Financial Services, Inc.* | 7,200 | 107,928 |
Nelnet, Inc. "A" | 4,200 | 47,166 |
The First Marblehead Corp. | 19,100 | 49,087 |
World Acceptance Corp.* | 5,700 | 191,919 |
| 1,216,099 | |
Diversified Financial Services 0.5% | ||
Ampal-American Israel Corp. "A"* (a) | 3,700 | 16,687 |
American Capital Agency Corp. | 3,800 | 63,232 |
|
| Value ($) |
|
| |
Asset Acceptance Capital Corp. | 4,934 | 60,294 |
Compass Diversified Holdings | 9,200 | 105,156 |
Encore Capital Group, Inc.* | 3,400 | 30,022 |
Financial Federal Corp. (a) | 7,850 | 172,386 |
Interactive Brokers Group, Inc. "A"* (a) | 12,300 | 395,199 |
MarketAxess Holdings, Inc.* | 11,200 | 84,672 |
Medallion Financial Corp. | 2,900 | 27,318 |
NewStar Financial, Inc.* | 5,300 | 31,323 |
PHH Corp.* | 16,000 | 245,600 |
PICO Holdings, Inc.* | 5,500 | 238,975 |
Portfolio Recovery Associates, Inc.* (a) | 5,000 | 187,500 |
Primus Guaranty Ltd.* (a) | 11,200 | 32,592 |
Resource America, Inc. | 4,300 | 40,076 |
| 1,731,032 | |
Insurance 3.4% | ||
Ambac Financial Group, Inc. | 85,500 | 114,570 |
AmCOMP, Inc.* | 2,000 | 19,440 |
American Equity Investment Life Holding Co. | 20,172 | 164,402 |
American Physicians Capital, Inc. | 3,300 | 159,852 |
American Safety Insurance Holdings Ltd.* | 4,600 | 66,148 |
Amerisafe, Inc.* | 7,000 | 111,580 |
AmTrust Financial Services, Inc. | 6,700 | 84,420 |
Argo Group International Holdings Ltd.* | 9,015 | 302,543 |
Aspen Insurance Holdings Ltd. | 26,900 | 636,723 |
Assured Guaranty Ltd. (a) | 17,600 | 316,624 |
Baldwin & Lyons, Inc. | 1,825 | 31,901 |
CastlePoint Holdings Ltd. | 8,600 | 78,174 |
Citizens, Inc.* | 8,700 | 53,331 |
CNA Surety Corp.* | 3,750 | 47,400 |
Crawford & Co. "B"* | 5,600 | 44,744 |
Darwin Professional Underwriters, Inc.* | 1,800 | 55,440 |
Delphi Financial Group, Inc. "A" | 13,731 | 317,735 |
Donegal Group, Inc. "A" | 2,466 | 39,136 |
eHealth, Inc.* (a) | 8,600 | 151,876 |
EMC Insurance Group, Inc. | 900 | 21,672 |
Employers Holdings, Inc. | 16,900 | 349,830 |
Enstar Group Ltd.* | 1,800 | 157,500 |
FBL Financial Group, Inc. "A" | 3,216 | 63,934 |
First Acceptance Corp.* | 3,005 | 9,616 |
First Mercury Financial Corp.* | 5,500 | 97,020 |
Flagstone Reinsurance Holdings Ltd. | 7,000 | 82,530 |
FPIC Insurance Group, Inc.* | 3,100 | 140,492 |
Greenlight Capital Re Ltd. "A"* | 10,200 | 233,172 |
Harleysville Group, Inc. | 4,500 | 152,235 |
Hilb Rogal & Hobbs Co. | 11,800 | 512,828 |
Hilltop Holdings, Inc.* | 11,926 | 122,957 |
Horace Mann Educators Corp. | 14,468 | 202,841 |
Independence Holding Co. | 440 | 4,299 |
Infinity Property & Casualty Corp. | 5,700 | 236,664 |
IPC Holdings Ltd. | 16,700 | 443,385 |
Kansas City Life Insurance Co. | 900 | 37,575 |
LandAmerica Financial Group, Inc. | 5,600 | 124,264 |
Life Partners Holdings, Inc. | 2,300 | 45,954 |
Maiden Holdings Ltd. | 13,100 | 83,840 |
Max Capital Group Ltd. | 18,000 | 383,940 |
Meadowbrook Insurance Group, Inc. | 10,000 | 53,000 |
|
| Value ($) |
|
| |
Montpelier Re Holdings Ltd. (a) | 27,900 | 411,525 |
National Financial Partners Corp. (a) | 11,800 | 233,876 |
National Interstate Corp. | 2,269 | 41,704 |
National Western Life Insurance Co. "A" | 600 | 131,100 |
Navigators Group, Inc.* | 4,600 | 248,630 |
NYMAGIC, Inc. | 900 | 17,244 |
Odyssey Re Holdings Corp. | 8,702 | 308,921 |
Phoenix Companies, Inc. | 37,400 | 284,614 |
Platinum Underwriters Holdings Ltd. | 14,700 | 479,367 |
PMA Capital Corp. "A"* | 11,800 | 108,678 |
Presidential Life Corp. | 6,200 | 95,604 |
ProAssurance Corp.* (a) | 9,627 | 463,155 |
ProCentury Corp. | 3,000 | 47,520 |
Quanta Capital Holdings Ltd. | 27,100 | 71,544 |
RLI Corp. | 6,600 | 326,502 |
Safety Insurance Group, Inc. | 5,400 | 192,510 |
SCPIE Holdings, Inc.* | 2,000 | 55,980 |
Seabright Insurance Holdings* | 7,612 | 110,222 |
Selective Insurance Group, Inc. | 17,700 | 332,052 |
State Auto Financial Corp. | 3,200 | 76,576 |
Stewart Information Services Corp. | 5,200 | 100,568 |
Tower Group, Inc. | 7,200 | 152,568 |
United America Indemnity Ltd. "A"* | 7,600 | 101,612 |
United Fire & Casualty Co. | 6,300 | 169,659 |
Validus Holdings Ltd. | 19,200 | 408,000 |
Zenith National Insurance Corp. | 11,450 | 402,582 |
| 11,727,900 | |
Real Estate Investment Trusts 5.6% | ||
Acadia Realty Trust (REIT) | 9,727 | 225,180 |
Agree Realty Corp. (REIT) | 2,900 | 63,945 |
Alexander's, Inc. (REIT)* | 700 | 217,420 |
American Campus Communities, Inc. (REIT) | 13,528 | 376,620 |
Anthracite Capital, Inc. (REIT) (a) | 17,800 | 125,312 |
Anworth Mortgage Asset Corp. (REIT) | 24,300 | 158,193 |
Arbor Realty Trust, Inc. (REIT) (a) | 5,700 | 51,129 |
Ashford Hospitality Trust (REIT) | 34,732 | 160,462 |
Associated Estates Realty Corp. (REIT) | 6,000 | 64,260 |
BioMed Realty Trust, Inc. (REIT) | 21,500 | 527,395 |
Capital Trust, Inc. "A" (REIT) (a) | 4,400 | 84,524 |
CapLease, Inc. (REIT) | 14,300 | 107,107 |
Capstead Mortgage Corp. (REIT) | 15,700 | 170,345 |
Care Investment Trust, Inc. (REIT) | 2,100 | 19,803 |
Cedar Shopping Centers, Inc. (REIT) | 14,100 | 165,252 |
Chimera Investment Corp. (REIT) | 11,189 | 100,813 |
Cogdell Spencer, Inc. (REIT) | 2,000 | 32,500 |
Colonial Properties Trust (REIT) | 13,600 | 272,272 |
Corporate Office Properties Trust (REIT) | 11,400 | 391,362 |
Cousins Properties, Inc. (REIT) (a) | 15,800 | 364,980 |
DCT Industrial Trust, Inc. (REIT) | 57,700 | 477,756 |
DiamondRock Hospitality Co. (REIT) | 27,900 | 303,831 |
DuPont Fabros Technology, Inc. (REIT) | 4,913 | 91,578 |
EastGroup Properties, Inc. (REIT) | 8,700 | 373,230 |
Education Realty Trust, Inc. (REIT) | 10,890 | 126,868 |
Entertainment Properties Trust (REIT) | 9,205 | 455,095 |
|
| Value ($) |
|
| |
Equity Lifestyle Properties, Inc. (REIT) | 7,100 | 312,400 |
Equity One, Inc. (REIT) (a) | 11,850 | 243,517 |
Extra Space Storage, Inc. (REIT) | 26,700 | 410,112 |
FelCor Lodging Trust, Inc. (REIT) | 20,331 | 213,475 |
First Industrial Realty Trust, Inc. (REIT) (a) | 14,300 | 392,821 |
First Potomac Realty Trust (REIT) | 9,200 | 140,208 |
Franklin Street Properties Corp. (REIT) (a) | 16,519 | 208,800 |
Friedman, Billings, Ramsey Group, Inc. "A" (REIT) | 42,400 | 63,600 |
Getty Realty Corp. (REIT) | 4,500 | 64,845 |
Glimcher Realty Trust (REIT) | 12,600 | 140,868 |
Gramercy Capital Corp. (REIT) | 11,990 | 138,964 |
Hatteras Financial Corp. (REIT) | 3,000 | 68,970 |
Healthcare Realty Trust, Inc. (REIT) (a) | 14,800 | 351,796 |
Hersha Hospitality Trust (REIT) | 16,000 | 120,800 |
Highwoods Properties, Inc. (REIT) | 19,100 | 600,122 |
Home Properties, Inc. (REIT) | 9,300 | 446,958 |
Inland Real Estate Corp. (REIT) | 19,400 | 279,748 |
Investors Real Estate Trust (REIT) | 15,100 | 144,054 |
Jer Investors Trust, Inc. (REIT) (a) | 9,100 | 57,330 |
Kite Realty Group Trust (REIT) | 5,800 | 72,500 |
LaSalle Hotel Properties (REIT) | 11,800 | 296,534 |
Lexington Realty Trust (REIT) (a) | 17,680 | 240,978 |
LTC Properties, Inc. (REIT) | 8,200 | 209,592 |
Maguire Properties, Inc. (REIT) (a) | 11,000 | 133,870 |
Medical Properties Trust, Inc. (REIT) | 21,346 | 216,022 |
MFA Mortgage Investments, Inc. (REIT) | 44,200 | 288,184 |
Mid-America Apartment Communities, Inc. (REIT) | 8,900 | 454,256 |
Mission West Properties, Inc. (REIT) | 4,400 | 48,224 |
Monmouth Real Estate Investment Corp. "A" (REIT) | 2,200 | 14,080 |
National Health Investors, Inc. (REIT) | 6,400 | 182,464 |
National Retail Properties, Inc. (REIT) | 21,700 | 453,530 |
Newcastle Investment Corp. (REIT) (a) | 14,600 | 102,346 |
NorthStar Realty Finance Corp. (REIT) (a) | 20,334 | 169,179 |
OMEGA Healthcare Investors, Inc. (REIT) | 23,352 | 388,811 |
One Liberty Properties, Inc. (REIT) | 1,100 | 17,941 |
Parkway Properties, Inc. (REIT) (a) | 5,600 | 188,888 |
Pennsylvania Real Estate Investment Trust (REIT) | 10,012 | 231,678 |
Post Properties, Inc. (REIT) | 13,200 | 392,700 |
Potlatch Corp. (REIT) | 11,726 | 529,077 |
PS Business Parks, Inc. (REIT) | 4,900 | 252,840 |
RAIT Financial Trust (REIT) (a) | 21,400 | 158,788 |
Ramco-Gershenson Properties Trust (REIT) | 6,400 | 131,456 |
Realty Income Corp. (REIT) (a) | 33,285 | 757,567 |
Redwood Trust, Inc. (REIT) (a) | 9,800 | 223,342 |
Resource Capital Corp. (REIT) (a) | 5,000 | 36,050 |
Saul Centers, Inc. (REIT) | 2,700 | 126,873 |
Senior Housing Properties Trust (REIT) | 28,600 | 558,558 |
Sovran Self Storage, Inc. (REIT) | 6,100 | 253,516 |
|
| Value ($) |
|
| |
Strategic Hotels & Resorts, Inc. (REIT) | 20,900 | 195,833 |
Sun Communities, Inc. (REIT) | 6,600 | 120,318 |
Sunstone Hotel Investors, Inc. (REIT) | 17,500 | 290,500 |
Tanger Factory Outlet Centers, Inc. (REIT) | 10,700 | 384,451 |
U-Store-It Trust (REIT) | 16,900 | 201,955 |
Universal Health Realty Income Trust (REIT) | 3,900 | 117,000 |
Urstadt Biddle Properties "A" (REIT) | 8,100 | 118,746 |
Washington Real Estate Investment Trust (REIT) (a) | 16,755 | 503,488 |
Winthrop Realty Trust (REIT) | 11,400 | 41,040 |
| 19,009,795 | |
Real Estate Management & Development 0.2% | ||
Consolidated-Tomoka Land Co. | 1,600 | 67,296 |
Forestar Real Estate Group, Inc.* | 10,500 | 200,025 |
FX Real Estate & Entertainment, Inc.* | 2,220 | 4,218 |
Grubb & Ellis Co. | 10,400 | 40,040 |
Maui Land & Pineapple Co., Inc.* | 1,200 | 35,340 |
Meruelo Maddux Properties, Inc.* | 13,200 | 28,776 |
Stratus Properties, Inc.* | 900 | 15,651 |
Tejon Ranch Co.* | 3,900 | 140,634 |
Thomas Properties Group, Inc. | 9,000 | 88,560 |
| 620,540 | |
Thrifts & Mortgage Finance 1.2% | ||
Abington Bancorp., Inc. | 5,300 | 48,336 |
Anchor BanCorp. Wisconsin, Inc. | 6,700 | 46,967 |
Bank Mutual Corp. | 18,041 | 181,132 |
BankFinancial Corp. | 5,200 | 67,652 |
Beneficial Mutual Bancorp., Inc.* | 10,800 | 119,556 |
Berkshire Hills Bancorp., Inc. | 2,200 | 52,030 |
Brookline Bancorp., Inc. | 20,835 | 198,974 |
Clifton Savings Bancorp., Inc. | 1,600 | 15,584 |
Corus Bankshares, Inc. (a) | 15,000 | 62,400 |
Danvers Bancorp., Inc.* | 4,200 | 46,200 |
Dime Community Bancshares | 8,969 | 148,078 |
Downey Financial Corp. (a) | 9,900 | 27,423 |
ESSA Bancorp., Inc. | 3,700 | 46,324 |
Federal Agricultural Mortgage Corp. "C" | 3,700 | 91,686 |
First Financial Holdings, Inc. | 2,600 | 44,668 |
First Financial Northwest, Inc. | 5,300 | 52,629 |
First Niagara Financial Group, Inc. | 36,779 | 472,978 |
First Place Financial Corp. | 7,500 | 70,500 |
FirstFed Financial Corp.* (a) | 5,700 | 45,828 |
Flagstar Bancorp., Inc. (a) | 12,550 | 37,775 |
Flushing Financial Corp. | 7,900 | 149,705 |
Guaranty Financial Group, Inc.* | 13,500 | 72,495 |
IndyMac Bancorp., Inc. | 39,600 | 24,552 |
Kearny Financial Corp. | 4,497 | 49,467 |
MASSBANK Corp. | 500 | 19,790 |
NASB Financial, Inc. (a) | 400 | 7,112 |
NewAlliance Bancshares, Inc. | 35,900 | 448,032 |
Northwest Bancorp., Inc. (a) | 6,000 | 130,920 |
OceanFirst Financial Corp. | 1,600 | 28,880 |
Ocwen Financial Corp.* (a) | 12,700 | 59,055 |
Oritani Financial Corp.* | 2,700 | 43,200 |
Provident Financial Services, Inc. | 19,864 | 278,295 |
Provident New York Bancorp. | 14,678 | 162,339 |
Radian Group, Inc. | 19,200 | 27,840 |
|
| Value ($) |
|
| |
Rockville Financial, Inc. | 1,500 | 18,840 |
Roma Financial Corp. | 2,900 | 37,990 |
The PMI Group, Inc. | 21,400 | 41,730 |
TrustCo Bank Corp. (a) | 27,483 | 203,924 |
United Community Financial Corp. | 8,242 | 30,908 |
United Financial Bancorp., Inc. | 3,700 | 41,329 |
ViewPoint Financial Group | 3,400 | 50,048 |
Wauwatosa Holdings, Inc.* (a) | 3,020 | 32,072 |
Westfield Financial, Inc. | 7,400 | 66,970 |
WSFS Financial Corp. | 1,600 | 71,360 |
| 3,973,573 | |
Health Care 13.0% | ||
Biotechnology 3.7% | ||
Acadia Pharmaceuticals, Inc.* (a) | 10,191 | 37,605 |
Acorda Therapeutics, Inc.* | 10,600 | 347,998 |
Affymax, Inc.* | 2,600 | 41,366 |
Alexion Pharmaceuticals, Inc.* (a) | 11,848 | 858,980 |
Alkermes, Inc.* | 31,600 | 390,576 |
Allos Therapeutics, Inc.* | 14,900 | 102,959 |
Alnylam Pharmaceuticals, Inc.* (a) | 11,700 | 312,741 |
Amicus Therapeutics, Inc.* (a) | 2,600 | 27,768 |
Applera Corp. — Celera Group* | 23,700 | 269,232 |
Arena Pharmaceuticals, Inc.* (a) | 25,900 | 134,421 |
ARIAD Pharmaceuticals, Inc.* | 26,400 | 63,360 |
ArQule, Inc.* | 16,000 | 52,000 |
Array BioPharma, Inc.* | 13,800 | 64,860 |
AVANT Immunotherapeutics, Inc.* | 5,500 | 80,080 |
Cell Genesys, Inc.* (a) | 30,200 | 78,520 |
Cepheid, Inc.* | 18,400 | 517,408 |
Cougar Biotechnology, Inc.* | 4,300 | 102,469 |
Cubist Pharmaceuticals, Inc.* | 17,357 | 309,996 |
CV Therapeutics, Inc.* | 20,422 | 168,073 |
Cytokinetics, Inc.* | 7,400 | 27,454 |
Cytori Therapeutics, Inc.* | 8,000 | 51,840 |
Dendreon Corp.* (a) | 31,800 | 141,510 |
Dyax Corp.* | 14,300 | 44,330 |
Emergent Biosolutions, Inc.* | 3,000 | 29,790 |
Enzon Pharmaceuticals, Inc.* (a) | 16,400 | 116,768 |
Genomic Health, Inc.* | 5,141 | 98,450 |
Geron Corp.* (a) | 27,800 | 95,910 |
GTx, Inc.* (a) | 6,746 | 96,805 |
Halozyme Therapeutics, Inc.* (a) | 16,500 | 88,770 |
Human Genome Sciences, Inc.* (a) | 45,000 | 234,450 |
Idenix Pharmaceuticals, Inc.* | 7,604 | 55,281 |
Idera Pharmaceuticals, Inc.* | 5,600 | 81,816 |
ImmunoGen, Inc.* | 10,300 | 31,518 |
Immunomedics, Inc.* | 20,900 | 44,517 |
Incyte Corp.* | 22,800 | 173,508 |
Indevus Pharmaceuticals, Inc.* | 32,100 | 50,397 |
InterMune, Inc.* (a) | 10,900 | 143,008 |
Isis Pharmaceuticals, Inc.* (a) | 27,068 | 368,937 |
Lexicon Pharmaceuticals, Inc.* | 18,600 | 29,760 |
Ligand Pharmaceuticals, Inc. "B"* | 22,800 | 59,280 |
MannKind Corp.* (a) | 19,900 | 59,700 |
Martek Biosciences Corp.* (a) | 9,800 | 330,358 |
Maxygen, Inc.* | 6,100 | 20,679 |
Medarex, Inc.* (a) | 39,700 | 262,417 |
Metabolix, Inc.* (a) | 7,000 | 68,600 |
Molecular Insight Pharmaceuticals, Inc.* | 3,900 | 21,489 |
Momenta Pharmaceutical, Inc.* | 8,400 | 103,320 |
Myriad Genetics, Inc.* (a) | 14,100 | 641,832 |
Nabi Biopharmaceuticals* | 19,133 | 75,384 |
|
| Value ($) |
|
| |
Neurocrine Biosciences, Inc.* | 14,600 | 61,174 |
Novavax, Inc.* | 11,400 | 28,386 |
NPS Pharmaceuticals, Inc.* | 11,700 | 52,065 |
Omrix Biopharmaceuticals, Inc.* | 5,100 | 80,274 |
Onyx Pharmaceuticals, Inc.* | 17,200 | 612,320 |
Orexigen Therapeutics, Inc.* | 7,500 | 59,175 |
OSI Pharmaceuticals, Inc.* | 17,600 | 727,232 |
Osiris Therapeutics, Inc.* (a) | 4,000 | 51,400 |
PDL BioPharma, Inc. | 36,600 | 388,692 |
Pharmasset, Inc.* | 5,600 | 105,728 |
Progenics Pharmaceuticals, Inc.* | 9,000 | 142,830 |
Protalix BioTherapeutics, Inc.* | 571 | 1,547 |
Regeneron Pharmaceuticals, Inc.* | 19,259 | 278,100 |
Repligen Corp.* | 7,300 | 34,456 |
Rigel Pharmaceuticals, Inc.* | 11,400 | 258,324 |
Sangamo BioSciences, Inc.* | 12,800 | 127,360 |
Savient Pharmaceuticals, Inc.* (a) | 16,589 | 419,702 |
Seattle Genetics, Inc.* (a) | 17,500 | 148,050 |
Synta Pharmaceuticals Corp.* | 5,100 | 31,110 |
Targacept, Inc.* | 1,900 | 13,813 |
Tercica, Inc.* | 7,000 | 61,810 |
Theravance, Inc.* | 17,400 | 206,538 |
Third Wave Technologies* | 15,100 | 168,516 |
United Therapeutics Corp.* | 6,896 | 674,084 |
XOMA Ltd.* | 47,700 | 80,613 |
ZymoGenetics, Inc.* (a) | 13,600 | 114,512 |
| 12,536,101 | |
Health Care Equipment & Supplies 3.4% | ||
Abaxis, Inc.* | 6,600 | 159,258 |
ABIOMED, Inc.* (a) | 10,400 | 184,600 |
Accuray, Inc.* (a) | 12,800 | 93,312 |
Align Technology, Inc.* (a) | 18,400 | 193,016 |
American Medical Systems Holdings, Inc.* (a) | 21,700 | 324,415 |
Analogic Corp. | 4,500 | 283,815 |
AngioDynamics, Inc.* | 8,400 | 114,408 |
ArthroCare Corp.* (a) | 8,100 | 330,561 |
Atrion Corp. | 300 | 28,746 |
Cantel Medical Corp.* | 2,400 | 24,288 |
Cardiac Science Corp.* | 4,300 | 35,260 |
Clinical Data, Inc.* | 2,500 | 35,675 |
Conceptus, Inc.* (a) | 10,400 | 192,296 |
CONMED Corp.* | 9,261 | 245,880 |
CryoLife, Inc.* | 9,900 | 113,256 |
Cyberonics, Inc.* | 8,151 | 176,877 |
Cynosure, Inc. "A"* | 3,600 | 71,352 |
Datascope Corp. | 3,806 | 178,882 |
Dexcom, Inc.* | 6,900 | 41,676 |
ev3, Inc.* (a) | 20,765 | 196,852 |
Exactech, Inc.* | 2,900 | 74,559 |
Greatbatch, Inc.* | 5,900 | 102,070 |
Haemonetics Corp.* | 7,700 | 427,042 |
Hansen Medical, Inc.* (a) | 6,100 | 101,992 |
I-Flow Corp.* | 8,200 | 83,230 |
ICU Medical, Inc.* | 4,200 | 96,096 |
Immucor, Inc.* | 21,293 | 551,063 |
Insulet Corp.* | 6,500 | 102,245 |
Integra LifeSciences Holdings* | 6,000 | 266,880 |
Invacare Corp. | 9,200 | 188,048 |
IRIS International, Inc.* | 5,000 | 78,250 |
Kensey Nash Corp.* | 3,000 | 96,150 |
Masimo Corp.* | 14,000 | 480,900 |
Medical Action Industries, Inc.* | 5,100 | 52,887 |
|
| Value ($) |
|
| |
Mentor Corp. (a) | 9,847 | 273,944 |
Meridian Bioscience, Inc. | 13,350 | 359,382 |
Merit Medical Systems, Inc.* | 8,844 | 130,007 |
Micrus Endovascular Corp.* | 5,800 | 81,316 |
Natus Medical, Inc.* | 9,400 | 196,836 |
Neogen Corp.* | 3,800 | 86,982 |
NuVasive, Inc.* (a) | 11,700 | 522,522 |
NxStage Medical, Inc.* | 5,885 | 22,598 |
OraSure Technologies, Inc.* | 18,100 | 67,694 |
Orthofix International NV* | 5,500 | 159,225 |
Orthovita, Inc.* | 13,900 | 28,495 |
Palomar Medical Technologies, Inc.* | 6,900 | 68,862 |
Quidel Corp.* | 9,300 | 153,636 |
RTI Biologics, Inc.* | 17,600 | 154,000 |
Sirona Dental Systems, Inc.* (a) | 5,600 | 145,152 |
Somanetics Corp.* | 4,700 | 99,640 |
SonoSite, Inc.* (a) | 5,928 | 166,043 |
Spectranetics Corp.* | 11,100 | 109,446 |
Stereotaxis, Inc.* (a) | 9,450 | 50,652 |
STERIS Corp. | 19,100 | 549,316 |
SurModics, Inc.* (a) | 4,900 | 219,716 |
Symmetry Medical, Inc.* | 10,100 | 163,822 |
Synovis Life Technologies, Inc.* | 4,700 | 88,501 |
Thoratec Corp.* | 16,160 | 281,022 |
TomoTherapy, Inc.* | 14,400 | 128,592 |
TranS1, Inc.* | 3,000 | 45,210 |
Vital Signs, Inc. | 2,800 | 158,984 |
Vnus Medical Technologies* | 4,900 | 98,049 |
Volcano Corp.* | 13,900 | 169,580 |
West Pharmaceutical Services, Inc. | 9,672 | 418,604 |
Wright Medical Group, Inc.* | 11,000 | 312,510 |
Zoll Medical Corp.* | 6,700 | 225,589 |
| 11,461,764 | |
Health Care Providers & Services 2.9% | ||
Air Methods Corp.* | 3,900 | 97,500 |
Alliance Imaging, Inc.* | 5,800 | 50,286 |
Almost Family, Inc.* | 2,500 | 66,500 |
Amedisys, Inc.* (a) | 8,299 | 418,436 |
AMERIGROUP Corp.* | 16,100 | 334,880 |
AMN Healthcare Services, Inc.* | 9,700 | 164,124 |
AmSurg Corp.* | 9,200 | 224,020 |
Apria Healthcare Group, Inc.* | 12,900 | 250,131 |
Assisted Living Concepts, Inc. "A"* | 15,400 | 84,700 |
athenahealth, Inc.* | 7,000 | 215,320 |
Bio-Reference Laboratories, Inc.* | 4,300 | 95,933 |
BMP Sunstone Corp.* (a) | 7,800 | 44,460 |
Capital Senior Living Corp.* | 5,300 | 39,962 |
CardioNet, Inc.* | 900 | 23,967 |
Centene Corp.* | 13,000 | 218,270 |
Chemed Corp. | 7,500 | 274,575 |
Chindex International, Inc.* | 4,200 | 61,614 |
CorVel Corp.* | 3,050 | 103,304 |
Cross Country Healthcare, Inc.* | 10,300 | 148,423 |
Emergency Medical Services Corp. "A"* | 3,600 | 81,468 |
Emeritus Corp.* | 5,400 | 78,948 |
Five Star Quality Care, Inc.* | 7,500 | 35,475 |
Genoptix, Inc.* | 3,000 | 94,650 |
Gentiva Health Services, Inc.* | 9,100 | 173,355 |
Hanger Orthopedic Group, Inc.* | 8,200 | 135,218 |
HealthExtras, Inc.* | 11,000 | 331,540 |
|
| Value ($) |
|
| |
HEALTHSOUTH Corp.* (a) | 24,200 | 402,446 |
Healthspring, Inc.* | 14,700 | 248,136 |
Healthways, Inc.* | 11,000 | 325,600 |
HMS Holdings Corp.* | 8,500 | 182,495 |
inVentiv Health, Inc.* | 11,100 | 308,469 |
IPC The Hospitalist Co.* | 1,100 | 20,702 |
Kindred Healthcare, Inc.* | 8,500 | 244,460 |
Landauer, Inc. | 2,500 | 140,600 |
LHC Group, Inc.* (a) | 5,249 | 122,039 |
Magellan Health Services, Inc.* | 13,500 | 499,905 |
MedCath Corp.* | 5,800 | 104,284 |
Molina Healthcare, Inc.* (a) | 4,800 | 116,832 |
MWI Veterinary Supply, Inc.* | 3,789 | 125,454 |
National Healthcare Corp. | 2,200 | 100,826 |
Nighthawk Radiology Holdings, Inc.* (a) | 9,300 | 65,844 |
Odyssey HealthCare, Inc.* | 11,875 | 115,662 |
Owens & Minor, Inc. | 12,800 | 584,832 |
PharMerica Corp.* | 10,211 | 230,666 |
Providence Service Corp.* | 4,638 | 97,908 |
PSS World Medical, Inc.* | 20,963 | 341,697 |
Psychiatric Solutions, Inc.* (a) | 16,900 | 639,496 |
Radnet, Inc.* | 5,200 | 32,240 |
RehabCare Group, Inc.* | 6,600 | 105,798 |
Res-Care, Inc.* | 6,700 | 119,126 |
Skilled Healthcare Group, Inc. "A"* | 7,100 | 95,282 |
Sun Healthcare Group, Inc.* | 13,400 | 179,426 |
Sunrise Senior Living, Inc.* (a) | 13,450 | 302,356 |
Triple-S Management Corp. "B"* | 5,700 | 93,195 |
U.S. Physical Therapy, Inc.* | 4,900 | 80,409 |
Universal American Financial Corp.* | 14,137 | 144,480 |
Virtual Radiologic Corp.* | 3,100 | 41,075 |
| 10,058,799 | |
Health Care Technology 0.4% | ||
Allscripts Healthcare Solutions, Inc.* (a) | 17,100 | 212,211 |
Computer Programs & Systems, Inc. | 4,000 | 69,320 |
Eclipsys Corp.* | 18,106 | 332,426 |
MedAssets, Inc.* | 4,200 | 71,610 |
Omnicell, Inc.* | 11,400 | 150,252 |
Phase Forward, Inc.* | 14,343 | 257,744 |
TriZetto Group, Inc.* | 14,400 | 307,872 |
Vital Images, Inc.* | 6,300 | 78,372 |
| 1,479,807 | |
Life Sciences Tools & Services 1.2% | ||
Accelrys, Inc.* | 5,700 | 27,531 |
Affymetrix, Inc.* | 20,600 | 211,974 |
Albany Molecular Research, Inc.* | 7,400 | 98,198 |
AMAG Pharmaceuticals, Inc.* | 5,386 | 183,663 |
Bio-Rad Laboratories, Inc. "A"* | 5,600 | 452,984 |
Bruker Corp.* | 17,038 | 218,938 |
Caliper Life Sciences, Inc.* | 10,000 | 25,900 |
Cambrex Corp.* | 10,303 | 60,479 |
Dionex Corp.* | 6,060 | 402,202 |
Enzo Biochem, Inc.* | 9,337 | 104,761 |
eResearchTechnology, Inc.* | 13,100 | 228,464 |
Exelixis, Inc.* | 35,600 | 178,000 |
Kendle International, Inc.* | 4,500 | 163,485 |
Life Sciences Research, Inc.* | 3,200 | 90,368 |
Luminex Corp.* (a) | 12,400 | 254,820 |
Medivation, Inc.* (a) | 9,000 | 106,470 |
|
| Value ($) |
|
| |
Nektar Therapeutics* | 31,900 | 106,865 |
PAREXEL International Corp.* | 18,720 | 492,523 |
Pharmanet Development Group, Inc.* | 6,700 | 105,659 |
Sequenom, Inc.* | 15,100 | 240,996 |
Varian, Inc.* | 9,628 | 491,606 |
| 4,245,886 | |
Pharmaceuticals 1.4% | ||
Adolor Corp.* | 17,000 | 93,160 |
Akorn, Inc.* (a) | 14,400 | 47,664 |
Alexza Pharmaceuticals, Inc.* | 4,300 | 16,942 |
Alpharma, Inc. "A"* | 14,790 | 333,219 |
Ardea Biosciences, Inc.* | 2,500 | 32,050 |
Auxilium Pharmaceuticals, Inc.* | 13,400 | 450,508 |
Bentley Pharmaceuticals, Inc.* | 6,900 | 111,435 |
Biodel, Inc.* | 2,700 | 35,100 |
BioMimetic Therapeutics, Inc.* | 4,300 | 51,256 |
Cadence Pharmaceuticals, Inc.* | 5,000 | 30,450 |
Caraco Pharmaceutical Laboratories Ltd.* | 2,300 | 30,360 |
Columbia Laboratories, Inc.* | 12,000 | 39,600 |
Cypress Bioscience, Inc.* (a) | 13,200 | 94,908 |
DepoMed, Inc.* | 12,100 | 38,841 |
Discovery Laboratories, Inc.* (a) | 35,200 | 58,080 |
Durect Corp.* | 21,400 | 78,538 |
Inspire Pharmaceuticals, Inc.* | 15,800 | 67,624 |
Javelin Pharmaceuticals, Inc.* | 14,900 | 34,568 |
K-V Pharmaceutical Co. "A"* (a) | 11,150 | 215,529 |
Medicines Co.* | 17,200 | 340,904 |
Medicis Pharmaceutical Corp. "A" (a) | 17,200 | 357,416 |
MiddleBrook Pharmaceuticals, Inc.* | 14,000 | 47,320 |
Noven Pharmaceuticals, Inc.* | 8,500 | 90,865 |
Obagi Medical Products, Inc.* | 6,800 | 58,140 |
Optimer Pharmaceuticals, Inc.* | 5,800 | 47,038 |
Pain Therapeutics, Inc.* (a) | 12,000 | 94,800 |
Par Pharmaceutical Companies, Inc.* | 11,700 | 189,891 |
POZEN, Inc.* (a) | 8,900 | 96,832 |
Questcor Pharmaceuticals, Inc.* | 14,500 | 67,280 |
Salix Pharmaceuticals Ltd.* | 16,550 | 116,346 |
Sciele Pharma, Inc.* (a) | 11,800 | 228,330 |
Valeant Pharmaceuticals International* (a) | 23,100 | 395,241 |
ViroPharma, Inc.* (a) | 21,000 | 232,260 |
VIVUS, Inc.* | 21,000 | 140,280 |
XenoPort, Inc.* | 8,320 | 324,730 |
| 4,687,505 | |
Industrials 16.0% | ||
Aerospace & Defense 1.6% | ||
AAR Corp.* | 11,350 | 153,566 |
Aerovironment, Inc.* | 4,000 | 108,720 |
American Science & Engineering, Inc. (a) | 3,200 | 164,896 |
Applied Signal Technology, Inc. | 2,800 | 38,248 |
Argon ST, Inc.* | 4,983 | 123,578 |
Ascent Solar Technologies, Inc.* | 3,100 | 32,085 |
Ceradyne, Inc.* | 7,875 | 270,113 |
Cubic Corp. | 4,000 | 89,120 |
Curtiss-Wright Corp. | 14,600 | 653,204 |
Ducommun, Inc.* | 2,600 | 59,696 |
DynCorp International, Inc. "A"* | 8,100 | 122,715 |
|
| Value ($) |
|
| |
Esterline Technologies Corp.* | 9,100 | 448,266 |
GenCorp, Inc.* (a) | 18,583 | 133,054 |
HEICO Corp. (a) | 7,400 | 240,796 |
Herley Industries, Inc.* | 3,200 | 42,496 |
Hexcel Corp.* | 29,300 | 565,490 |
Ladish Co., Inc.* | 5,400 | 111,186 |
LMI Aerospace, Inc.* | 2,100 | 36,897 |
Moog, Inc. "A"* | 12,775 | 475,741 |
Orbital Sciences Corp.* | 17,560 | 413,714 |
Stanley, Inc.* | 2,400 | 80,448 |
Taser International, Inc.* (a) | 21,700 | 108,283 |
Teledyne Technologies, Inc.* | 11,022 | 537,763 |
TransDigm Group, Inc.* | 11,190 | 375,872 |
Triumph Group, Inc. | 4,800 | 226,080 |
| 5,612,027 | |
Air Freight & Logistics 0.4% | ||
Atlas Air Worldwide Holdings, Inc.* | 4,617 | 228,357 |
Dynamex, Inc.* | 2,480 | 66,489 |
Forward Air Corp. | 9,737 | 336,900 |
Hub Group, Inc. "A"* | 11,100 | 378,843 |
Pacer International, Inc. | 11,700 | 251,667 |
Park-Ohio Holdings Corp.* | 1,700 | 25,092 |
| 1,287,348 | |
Airlines 0.4% | ||
AirTran Holdings, Inc.* | 31,900 | 65,076 |
Alaska Air Group, Inc.* | 11,300 | 173,342 |
Allegiant Travel Co.* | 4,900 | 91,091 |
Hawaiian Holdings, Inc.* | 14,000 | 97,300 |
JetBlue Airways Corp.* | 51,200 | 190,976 |
Republic Airways Holdings, Inc.* | 12,479 | 108,068 |
SkyWest, Inc. | 18,900 | 239,085 |
UAL Corp. | 37,600 | 196,272 |
US Airways Group, Inc.* | 25,400 | 63,500 |
| 1,224,710 | |
Building Products 0.6% | ||
AAON, Inc. | 5,150 | 99,189 |
American Woodmark Corp. (a) | 4,100 | 86,633 |
Ameron International Corp. | 2,900 | 347,942 |
Apogee Enterprises, Inc. | 9,600 | 155,136 |
Builders FirstSource, Inc.* (a) | 4,500 | 23,895 |
China Architectural Engineering, Inc.* | 7,000 | 68,390 |
Gibraltar Industries, Inc. | 9,350 | 149,320 |
Griffon Corp.* | 10,170 | 89,089 |
Insteel Industries, Inc. | 6,400 | 117,184 |
NCI Building Systems, Inc.* | 5,900 | 216,707 |
Quanex Building Products Corp. | 10,775 | 160,116 |
Simpson Manufacturing Co., Inc. (a) | 11,500 | 273,010 |
Trex Co., Inc.* (a) | 5,900 | 69,207 |
Universal Forest Products, Inc. | 5,800 | 173,768 |
| 2,029,586 | |
Commercial Services & Supplies 4.1% | ||
ABM Industries, Inc. | 14,700 | 327,075 |
Acco Brands Corp.* | 15,500 | 174,065 |
Administaff, Inc. | 6,300 | 175,707 |
American Ecology Corp. | 6,100 | 180,133 |
American Reprographics Co.* | 10,540 | 175,491 |
AMREP Corp. (a) | 800 | 38,072 |
Angelica Corp. | 3,000 | 63,810 |
Bowne & Co., Inc. | 9,600 | 122,400 |
Casella Waste Systems, Inc. "A"* | 8,300 | 101,177 |
|
| Value ($) |
|
| |
CBIZ, Inc.* | 15,528 | 123,448 |
CDI Corp. | 3,600 | 91,584 |
Cenveo, Inc.* (a) | 14,380 | 140,493 |
China Direct, Inc.* | 3,500 | 25,690 |
China Security & Surveillance Technology, Inc.* | 7,400 | 99,752 |
Clean Harbors, Inc.* | 6,562 | 466,296 |
Comfort Systems USA, Inc. | 14,000 | 188,160 |
COMSYS IT Partners, Inc.* | 5,274 | 48,099 |
Consolidated Graphics, Inc.* | 3,500 | 172,445 |
Cornell Companies, Inc.* | 4,000 | 96,440 |
CoStar Group, Inc.* (a) | 6,600 | 293,370 |
Courier Corp. | 2,450 | 49,196 |
CRA International, Inc.* | 3,700 | 133,755 |
Deluxe Corp. | 15,300 | 272,646 |
Duff & Phelps Corp. "A"* | 2,800 | 46,368 |
EnergySolutions | 9,800 | 219,030 |
EnerNOC, Inc.* (a) | 3,600 | 64,620 |
Ennis, Inc. | 7,600 | 118,940 |
Exponent, Inc.* | 5,200 | 163,332 |
First Advantage Corp. "A"* | 3,300 | 52,305 |
Fuel Tech, Inc.* (a) | 6,300 | 111,006 |
G & K Services, Inc. "A" | 6,672 | 203,229 |
Geo Group, Inc.* | 15,500 | 348,750 |
GeoEye, Inc.* | 6,300 | 111,573 |
Healthcare Services Group, Inc. | 13,387 | 203,616 |
Heidrick & Struggles International, Inc. | 5,744 | 158,764 |
Herman Miller, Inc. | 17,800 | 443,042 |
Hill International, Inc.* | 6,500 | 106,860 |
HNI Corp. | 13,000 | 229,580 |
Hudson Highland Group, Inc.* | 8,900 | 93,183 |
Huron Consulting Group, Inc.* | 5,871 | 266,191 |
ICF International, Inc.* | 3,000 | 49,860 |
ICT Group, Inc.* | 3,400 | 27,880 |
IKON Office Solutions, Inc. | 24,300 | 274,104 |
Innerworkings, Inc.* (a) | 11,300 | 135,148 |
Interface, Inc. "A" | 17,441 | 218,536 |
Kelly Services, Inc. "A" | 9,200 | 177,836 |
Kforce, Inc.* | 10,000 | 84,900 |
Kimball International, Inc. "B" | 9,300 | 77,004 |
Knoll, Inc. | 14,656 | 178,070 |
Korn/Ferry International* | 15,523 | 244,177 |
LECG Corp.* | 9,000 | 78,660 |
M&F Worldwide Corp.* | 4,300 | 169,033 |
McGrath Rentcorp. | 7,400 | 181,966 |
Metalico, Inc.* | 8,400 | 147,168 |
Mine Safety Appliances Co. | 9,300 | 371,907 |
Mobile Mini, Inc.* | 11,548 | 230,960 |
MPS Group, Inc.* | 28,672 | 304,783 |
Multi-Color Corp. | 2,100 | 44,079 |
Navigant Consulting, Inc.* | 14,475 | 283,131 |
Odyssey Marine Exploration, Inc.* (a) | 14,600 | 57,816 |
On Assignment, Inc.* | 13,300 | 106,666 |
PeopleSupport, Inc.* (a) | 7,900 | 67,150 |
PRG-Schultz International, Inc.* | 3,400 | 31,994 |
Resources Connection, Inc. | 15,100 | 307,285 |
Rollins, Inc. | 12,412 | 183,946 |
Schawk, Inc. | 4,900 | 58,751 |
School Specialty, Inc.* | 7,000 | 208,110 |
Spherion Corp.* | 19,743 | 91,213 |
Standard Parking Corp.* | 2,200 | 40,040 |
Standard Register Co. | 3,200 | 30,176 |
|
| Value ($) |
|
| |
Sykes Enterprises, Inc.* | 9,600 | 181,056 |
Team, Inc.* | 6,300 | 216,216 |
Tetra Tech, Inc.* | 19,116 | 432,404 |
The Advisory Board Co.* | 5,900 | 232,047 |
TrueBlue, Inc.* | 13,000 | 171,730 |
United Stationers, Inc.* | 7,951 | 293,789 |
Viad Corp. | 6,300 | 162,477 |
Volt Information Sciences, Inc.* | 4,400 | 52,404 |
VSE Corp. | 900 | 24,750 |
Waste Connections, Inc.* | 19,875 | 634,609 |
Waste Services, Inc.* | 7,733 | 54,440 |
Watson Wyatt Worldwide, Inc. "A" | 13,100 | 692,859 |
| 14,110,823 | |
Construction & Engineering 0.8% | ||
Dycom Industries, Inc.* | 11,966 | 173,746 |
EMCOR Group, Inc.* | 20,800 | 593,424 |
Furmanite Corp.* | 9,800 | 78,204 |
Granite Construction, Inc. | 9,950 | 313,723 |
Great Lakes Dredge & Dock Co. | 10,400 | 63,544 |
Insituform Technologies, Inc. "A"* | 9,590 | 146,056 |
Integrated Electrical Services, Inc.* | 3,300 | 56,760 |
Layne Christensen Co.* | 6,400 | 280,256 |
MasTec, Inc.* | 12,500 | 133,250 |
Michael Baker Corp.* | 2,900 | 63,452 |
Northwest Pipe Co.* | 3,200 | 178,560 |
Orion Marine Group, Inc.* | 7,800 | 110,214 |
Perini Corp.* | 8,200 | 271,010 |
Pike Electric Corp.* | 4,108 | 68,234 |
Sterling Construction Co., Inc.* | 4,300 | 85,398 |
| 2,615,831 | |
Electrical Equipment 2.7% | ||
A.O. Smith Corp. | 5,760 | 189,101 |
Acuity Brands, Inc. | 13,031 | 626,530 |
Advanced Battery Technologies, Inc.* | 15,400 | 88,858 |
Akeena Solar, Inc.* | 8,100 | 45,522 |
American Superconductor Corp.* (a) | 12,989 | 465,656 |
AZZ, Inc.* | 4,200 | 167,580 |
Baldor Electric Co. | 14,197 | 496,611 |
Beacon Power Corp.* | 32,600 | 67,808 |
Belden, Inc. | 13,338 | 451,891 |
Brady Corp. "A" | 16,500 | 569,745 |
Capstone Turbine Corp.* | 48,400 | 202,796 |
China BAK Battery, Inc.* | 11,800 | 55,578 |
Coleman Cable, Inc.* | 2,000 | 20,640 |
Encore Wire Corp. | 6,550 | 138,795 |
Ener1, Inc.* | 13,200 | 97,944 |
Energy Conversion Devices, Inc.* (a) | 12,709 | 935,891 |
EnerSys* | 8,500 | 290,955 |
Evergreen Solar, Inc.* (a) | 32,400 | 313,956 |
Franklin Electric Co., Inc. | 7,800 | 302,484 |
FuelCell Energy, Inc.* (a) | 23,600 | 167,560 |
Fushi Copperweld, Inc.* | 5,100 | 121,023 |
GrafTech International Ltd.* | 32,098 | 861,189 |
II-VI, Inc.* | 8,200 | 286,344 |
LaBarge, Inc.* | 2,700 | 35,100 |
LSI Industries, Inc. | 7,575 | 61,509 |
Medis Technologies Ltd.* (a) | 11,365 | 38,300 |
Microvision, Inc.* | 21,000 | 57,750 |
Orion Energy Systems, Inc.* | 4,200 | 42,000 |
Plug Power, Inc.* | 30,900 | 72,615 |
|
| Value ($) |
|
| |
Polypore International, Inc.* | 4,400 | 111,452 |
Powell Industries, Inc.* | 2,900 | 146,189 |
Power-One, Inc.* (a) | 16,200 | 30,618 |
PowerSecure International, Inc.* | 3,500 | 25,410 |
Preformed Line Products Co. | 400 | 16,124 |
Regal-Beloit Corp. | 9,700 | 409,825 |
Superior Essex, Inc.* | 6,640 | 296,343 |
Ultralife Corp.* | 4,900 | 52,381 |
Valence Technology, Inc.* | 12,900 | 57,147 |
Vicor Corp. | 4,174 | 41,657 |
Woodward Governor Co. | 18,900 | 673,974 |
| 9,132,851 | |
Industrial Conglomerates 0.3% | ||
Otter Tail Corp. | 10,300 | 399,949 |
Raven Industries, Inc. | 4,800 | 157,344 |
Seaboard Corp. | 100 | 155,100 |
Standex International Corp. | 2,900 | 60,146 |
Tredegar Corp. | 8,155 | 119,878 |
| 892,417 | |
Machinery 3.5% | ||
3D Systems Corp.* (a) | 6,700 | 63,650 |
Accuride Corp.* | 8,866 | 37,681 |
Actuant Corp. "A" | 17,000 | 532,950 |
Alamo Group, Inc. | 1,200 | 24,708 |
Albany International Corp. "A" | 8,552 | 248,008 |
Altra Holdings, Inc.* | 9,300 | 156,333 |
American Railcar Industries, Inc. | 3,400 | 57,052 |
Ampco-Pittsburgh Corp. | 3,000 | 133,440 |
Astec Industries, Inc.* | 6,060 | 194,768 |
Axsys Technologies, Inc.* | 3,100 | 161,324 |
Badger Meter, Inc. | 4,212 | 212,832 |
Barnes Group, Inc. | 14,300 | 330,187 |
Blount International, Inc.* | 10,200 | 118,422 |
Briggs & Stratton Corp. (a) | 14,300 | 181,324 |
Cascade Corp. | 3,400 | 143,888 |
Chart Industries, Inc.* | 9,300 | 452,352 |
China Fire & Security Group, Inc.* | 3,500 | 28,175 |
CIRCOR International, Inc. | 5,400 | 264,546 |
CLARCOR, Inc. | 16,600 | 582,660 |
Colfax Corp.* | 7,500 | 188,175 |
Columbus McKinnon Corp.* | 6,600 | 158,928 |
Commercial Vehicle Group, Inc.* | 5,675 | 53,061 |
Dynamic Materials Corp. | 3,500 | 115,325 |
EnPro Industries, Inc.* | 6,800 | 253,912 |
ESCO Technologies, Inc.* | 7,734 | 362,879 |
Federal Signal Corp. | 13,830 | 165,960 |
Flow International Corp.* | 11,800 | 92,040 |
Force Protection, Inc.* (a) | 22,900 | 75,799 |
FreightCar America, Inc. | 4,400 | 156,200 |
Gehl Co.* | 4,215 | 62,340 |
Gorman-Rupp Co. | 4,108 | 163,663 |
Graham Corp. | 1,800 | 133,398 |
Greenbrier Companies, Inc. | 4,900 | 99,470 |
Hurco Companies, Inc.* | 2,400 | 74,136 |
K-Tron International, Inc.* | 600 | 77,760 |
Kadant, Inc.* | 4,480 | 101,248 |
Kaydon Corp. (a) | 8,490 | 436,471 |
Key Technology, Inc.* | 1,300 | 41,353 |
L.B. Foster Co. "A"* | 3,900 | 129,480 |
Lindsay Corp. (a) | 3,650 | 310,141 |
Lydall, Inc.* | 6,400 | 80,320 |
Met-Pro Corp. | 3,300 | 44,055 |
|
| Value ($) |
|
| |
Middleby Corp.* (a) | 5,700 | 250,287 |
Mueller Industries, Inc. | 11,000 | 354,200 |
Mueller Water Products, Inc. "A" (a) | 38,100 | 307,467 |
NACCO Industries, Inc. "A" | 1,725 | 128,254 |
NN, Inc. | 6,300 | 87,822 |
Nordson Corp. | 11,000 | 801,790 |
Peerless Mfg. Co.* | 1,700 | 79,679 |
RBC Bearings, Inc.* | 6,845 | 228,075 |
Robbins & Myers, Inc. | 8,400 | 418,908 |
Sun Hydraulics Corp. (a) | 4,050 | 130,694 |
Tecumseh Products Co. "A"* | 5,641 | 184,912 |
Tennant Co. | 5,900 | 177,413 |
Thermadyne Holdings Corp.* | 3,300 | 48,807 |
Titan International, Inc. | 8,300 | 295,646 |
Titan Machinery, Inc.* | 2,700 | 84,564 |
TriMas Corp.* | 2,600 | 15,574 |
TurboChef Technologies, Inc.* | 6,700 | 32,026 |
Twin Disc, Inc. | 3,300 | 69,069 |
Wabash National Corp. | 11,200 | 84,672 |
Wabtec Corp. | 14,771 | 718,166 |
Watts Water Technologies, Inc. "A" (a) | 8,480 | 211,152 |
Xerium Technologies, Inc. (a) | 8,467 | 33,529 |
| 12,043,120 | |
Marine 0.4% | ||
American Commercial Lines, Inc.* (a) | 13,100 | 143,183 |
Eagle Bulk Shipping, Inc. (a) | 14,600 | 431,722 |
Genco Shipping & Trading Ltd. (a) | 6,800 | 443,360 |
Horizon Lines, Inc. "A" (a) | 10,664 | 106,107 |
International Shipholding Corp.* | 2,700 | 63,288 |
TBS International Ltd. "A"* | 3,000 | 119,850 |
Ultrapetrol Bahamas Ltd.* | 7,200 | 90,792 |
| 1,398,302 | |
Road & Rail 0.7% | ||
AMERCO* | 3,000 | 143,040 |
Arkansas Best Corp. (a) | 6,689 | 245,085 |
Celadon Group, Inc.* | 8,900 | 88,911 |
Dollar Thrifty Automotive Group, Inc.* | 8,200 | 77,490 |
Genesee & Wyoming, Inc.* | 9,300 | 316,386 |
Heartland Express, Inc. (a) | 19,281 | 287,480 |
Knight Transportation, Inc. | 16,792 | 307,293 |
Marten Transport Ltd.* | 4,900 | 78,253 |
Old Dominion Freight Line, Inc.* | 9,450 | 283,689 |
Patriot Transportation Holding, Inc.* | 300 | 24,000 |
Saia, Inc.* | 5,249 | 57,319 |
Universal Truckload Services, Inc.* | 2,210 | 48,664 |
Werner Enterprises, Inc. (a) | 15,300 | 284,274 |
YRC Worldwide, Inc.* | 17,100 | 254,277 |
| 2,496,161 | |
Trading Companies & Distributors 0.5% | ||
Aceto Corp. | 5,400 | 41,256 |
Aircastle Ltd. | 13,200 | 111,012 |
Applied Industrial Technologies, Inc. | 12,350 | 298,500 |
Beacon Roofing Supply, Inc.* | 15,408 | 163,479 |
H&E Equipment Services, Inc.* | 4,500 | 54,090 |
Houston Wire & Cable Co. | 6,400 | 127,360 |
Interline Brands, Inc.* | 9,100 | 144,963 |
Kaman Corp. | 8,700 | 198,012 |
|
| Value ($) |
|
| |
Lawson Products, Inc. | 500 | 12,390 |
RSC Holdings, Inc.* (a) | 13,500 | 125,010 |
Rush Enterprises, Inc. "A"* | 11,900 | 142,919 |
TAL International Group, Inc. | 4,200 | 95,508 |
Textainer Group Holdings Ltd. | 2,300 | 44,919 |
Watsco, Inc. (a) | 6,853 | 286,455 |
| 1,845,873 | |
Transportation Infrastructure 0.0% | ||
CAI International, Inc.* | 1,500 | 26,100 |
Information Technology 17.2% | ||
Communications Equipment 2.5% | ||
3Com Corp.* | 121,400 | 257,368 |
Acme Packet, Inc.* | 9,900 | 76,824 |
ADTRAN, Inc. | 17,700 | 421,968 |
Airvana, Inc.* | 5,400 | 28,944 |
Anaren, Inc.* | 5,670 | 59,932 |
Arris Group, Inc.* | 38,316 | 323,770 |
Aruba Networks, Inc.* | 14,500 | 75,835 |
Avanex Corp.* | 66,700 | 75,371 |
Avocent Corp.* | 13,300 | 247,380 |
Bel Fuse, Inc. "B" | 4,535 | 112,060 |
BigBand Networks, Inc.* | 12,600 | 59,598 |
Black Box Corp. | 5,874 | 159,714 |
Blue Coat Systems, Inc.* | 9,616 | 135,682 |
Bookham, Inc.* | 25,700 | 43,433 |
Cogo Group, Inc.* | 9,600 | 87,456 |
Comtech Telecommunications Corp.* | 7,350 | 360,150 |
DG Fastchannel, Inc.* | 5,600 | 96,600 |
Digi International, Inc.* | 7,100 | 55,735 |
EMS Technologies, Inc.* | 4,100 | 89,544 |
Emulex Corp.* | 25,300 | 294,745 |
Extreme Networks, Inc.* | 41,500 | 117,860 |
Finisar Corp.* | 89,600 | 106,624 |
Foundry Networks, Inc.* | 45,100 | 533,082 |
Globecomm Systems, Inc.* | 4,600 | 37,996 |
Harmonic, Inc.* | 31,100 | 295,761 |
Harris Stratex Networks, Inc. "A"* | 7,050 | 66,904 |
Hughes Communications, Inc.* | 2,200 | 107,998 |
Infinera Corp.* | 27,900 | 246,078 |
InterDigital, Inc.* (a) | 14,800 | 359,936 |
Ixia* | 10,400 | 72,280 |
Loral Space & Communications, Inc.* | 2,700 | 47,574 |
MRV Communications, Inc.* | 43,534 | 51,805 |
NETGEAR, Inc.* | 11,100 | 153,846 |
Neutral Tandem, Inc.* | 5,100 | 89,250 |
Nextwave Wireless, Inc.* (a) | 13,900 | 56,156 |
Oplink Communications, Inc.* | 7,771 | 74,602 |
OpNext, Inc.* | 7,700 | 41,426 |
Optium Corp.* | 5,600 | 40,768 |
Orbcomm, Inc.* (a) | 8,300 | 47,310 |
ParkerVision, Inc.* | 6,300 | 62,559 |
PC-Tel, Inc. | 8,100 | 77,679 |
Plantronics, Inc. | 14,700 | 328,104 |
Polycom, Inc.* | 26,700 | 650,412 |
Powerwave Technologies, Inc.* | 38,800 | 164,900 |
Radyne Corp.* | 7,000 | 80,010 |
Riverbed Technology, Inc.* | 16,900 | 231,868 |
SeaChange International, Inc.* | 11,700 | 83,772 |
ShoreTel, Inc.* | 11,100 | 49,062 |
Sonus Networks, Inc.* (a) | 64,300 | 219,906 |
|
| Value ($) |
|
| |
Starent Networks Corp.* (a) | 10,400 | 130,832 |
Sycamore Networks, Inc.* | 55,100 | 177,422 |
Symmetricom, Inc.* | 15,100 | 57,984 |
Tekelec* (a) | 21,800 | 320,678 |
UTStarcom, Inc.* (a) | 32,800 | 179,416 |
ViaSat, Inc.* | 8,800 | 177,848 |
| 8,601,817 | |
Computers & Peripherals 0.9% | ||
3PAR, Inc.* | 7,100 | 55,664 |
Adaptec, Inc.* | 40,600 | 129,920 |
Avid Technology, Inc.* (a) | 10,700 | 181,793 |
Compellent Technologies, Inc.* | 3,600 | 40,824 |
Cray, Inc.* | 11,900 | 55,216 |
Data Domain, Inc.* | 9,700 | 226,301 |
Electronics for Imaging, Inc.* | 17,800 | 259,880 |
Hutchinson Technology, Inc.* | 8,600 | 115,584 |
Hypercom Corp.* | 19,100 | 84,040 |
Imation Corp. | 9,100 | 208,572 |
Immersion Corp.* | 10,400 | 70,824 |
Intermec, Inc.* | 18,600 | 392,088 |
Intevac, Inc.* | 7,800 | 87,984 |
Isilon Systems, Inc.* | 4,500 | 19,980 |
Netezza Corp.* | 11,300 | 129,724 |
Novatel Wireless, Inc.* (a) | 10,600 | 117,978 |
Palm, Inc. (a) | 35,609 | 191,933 |
Presstek, Inc.* | 6,300 | 31,248 |
Quantum Corp.* | 56,600 | 76,410 |
Rackable Systems, Inc.* | 10,300 | 138,020 |
Rimage Corp.* | 4,300 | 53,277 |
STEC, Inc.* (a) | 11,000 | 112,970 |
Stratasys, Inc.* | 6,700 | 123,682 |
Super Micro Computer, Inc.* | 5,100 | 37,638 |
Synaptics, Inc.* (a) | 7,100 | 267,883 |
| 3,209,433 | |
Electronic Equipment & Instruments 2.2% | ||
Agilysys, Inc. | 7,968 | 90,357 |
Anixter International, Inc.* (a) | 9,000 | 535,410 |
Benchmark Electronics, Inc.* | 20,748 | 339,022 |
Brightpoint, Inc.* | 14,830 | 108,259 |
Checkpoint Systems, Inc.* | 11,700 | 244,296 |
Cogent, Inc.* | 14,300 | 162,591 |
Cognex Corp. | 14,200 | 327,310 |
Coherent, Inc.* | 6,800 | 203,252 |
Comverge, Inc.* (a) | 7,600 | 106,248 |
CPI International, Inc.* | 1,900 | 23,370 |
CTS Corp. | 12,890 | 129,545 |
Daktronics, Inc. (a) | 11,000 | 221,870 |
DTS, Inc.* | 6,100 | 191,052 |
Echelon Corp.* (a) | 9,300 | 101,370 |
Electro Rent Corp. | 5,600 | 70,224 |
Electro Scientific Industries, Inc.* | 9,556 | 135,409 |
Excel Technology, Inc.* | 4,535 | 101,221 |
FARO Technologies, Inc.* | 5,800 | 145,986 |
Gerber Scientific, Inc.* | 8,800 | 100,144 |
Insight Enterprises, Inc.* | 15,962 | 187,234 |
IPG Photonics Corp.* | 5,100 | 95,931 |
KEMET Corp.* | 21,900 | 70,956 |
L-1 Identity Solutions, Inc.* (a) | 19,560 | 260,539 |
Littelfuse, Inc.* | 7,286 | 229,873 |
Maxwell Technologies, Inc.* | 6,900 | 73,278 |
Measurement Specialties, Inc.* | 3,511 | 61,759 |
Mercury Computer Systems, Inc.* | 6,922 | 52,123 |
|
| Value ($) |
|
| |
Methode Electronics, Inc. "A" | 11,928 | 124,648 |
MTS Systems Corp. | 6,100 | 218,868 |
Multi-Fineline Electronix, Inc.* | 3,200 | 88,544 |
Newport Corp.* | 11,900 | 135,541 |
OSI Systems, Inc.* | 4,300 | 92,106 |
Park Electrochemical Corp. | 6,787 | 164,992 |
PC Connection, Inc.* | 1,900 | 17,689 |
Photon Dynamics, Inc.* | 7,000 | 105,560 |
Plexus Corp.* | 13,924 | 385,416 |
RadiSys Corp.* | 7,474 | 67,714 |
Rofin-Sinar Technologies, Inc.* | 9,900 | 298,980 |
Rogers Corp.* | 5,200 | 195,468 |
Sanmina-SCI Corp.* | 158,300 | 202,624 |
ScanSource, Inc.* | 8,900 | 238,164 |
Smart Modular Technologies (WWH), Inc.* | 13,400 | 51,322 |
SYNNEX Corp.* | 4,786 | 120,081 |
Technitrol, Inc. | 14,000 | 237,860 |
TTM Technologies, Inc.* | 14,700 | 194,187 |
Universal Display Corp.* (a) | 10,315 | 127,081 |
Zygo Corp.* | 4,200 | 41,286 |
| 7,476,760 | |
Internet Software & Services 2.3% | ||
Ariba, Inc.* (a) | 27,721 | 407,776 |
Art Technology Group, Inc.* | 40,300 | 128,960 |
AsiaInfo Holdings, Inc.* | 10,700 | 126,474 |
Bankrate, Inc.* (a) | 3,800 | 148,466 |
Bidz.com, Inc.* | 2,700 | 23,517 |
Chordiant Software, Inc.* | 11,380 | 56,900 |
CMGI, Inc.* | 14,590 | 154,654 |
CNET Networks, Inc.* (a) | 44,300 | 509,007 |
comScore, Inc.* | 6,200 | 135,284 |
Constant Contact, Inc.* (a) | 5,700 | 107,445 |
DealerTrack Holdings, Inc.* | 12,600 | 177,786 |
Dice Holdings, Inc.* | 5,000 | 41,300 |
Digital River, Inc.* | 11,428 | 440,892 |
DivX, Inc.* | 9,900 | 72,666 |
EarthLink, Inc.* | 36,100 | 312,265 |
Greenfield Online, Inc.* | 9,400 | 140,248 |
GSI Commerce, Inc.* | 8,200 | 111,766 |
InfoSpace, Inc. | 12,100 | 100,793 |
Internap Network Services Corp.* (a) | 17,930 | 83,912 |
Internet Brands, Inc. "A"* | 5,400 | 35,802 |
Internet Capital Group, Inc.* | 12,300 | 95,079 |
Interwoven, Inc.* | 13,950 | 167,540 |
j2 Global Communications, Inc.* | 14,200 | 326,600 |
Keynote Systems, Inc.* | 3,200 | 41,216 |
Limelight Networks, Inc.* | 11,300 | 43,166 |
Liquidity Services, Inc.* | 5,500 | 63,415 |
LoopNet, Inc.* (a) | 8,200 | 92,660 |
Marchex, Inc. "B" (a) | 8,600 | 105,952 |
MercadoLibre, Inc.* | 7,800 | 269,022 |
Move, Inc.* | 36,500 | 85,045 |
NIC, Inc. | 12,300 | 84,009 |
Omniture, Inc.* | 19,134 | 355,318 |
Perficient, Inc.* | 10,700 | 103,362 |
RealNetworks, Inc.* | 28,600 | 188,760 |
S1 Corp.* | 17,900 | 135,503 |
SAVVIS, Inc.* (a) | 11,100 | 143,301 |
SonicWALL, Inc.* | 19,900 | 128,355 |
SupportSoft, Inc.* | 10,600 | 34,450 |
Switch & Data Facilities Co.* | 5,800 | 98,542 |
|
| Value ($) |
|
| |
TechTarget, Inc.* | 3,400 | 35,904 |
Terremark Worldwide, Inc.* | 14,892 | 81,310 |
The Knot, Inc.* | 10,300 | 100,734 |
TheStreet.com, Inc. | 7,300 | 47,523 |
United Online, Inc. (a) | 21,350 | 214,141 |
ValueClick, Inc.* | 29,300 | 443,895 |
Vignette Corp.* | 9,240 | 110,880 |
VistaPrint Ltd.* (a) | 13,400 | 358,584 |
Vocus, Inc.* | 5,600 | 180,152 |
Websense, Inc.* | 15,200 | 255,968 |
Website Pros, Inc.* | 10,200 | 84,966 |
| 7,791,265 | |
IT Services 1.7% | ||
Acxiom Corp. | 18,100 | 207,969 |
BearingPoint, Inc.* (a) | 59,300 | 48,033 |
CACI International, Inc. "A"* | 9,100 | 416,507 |
Cass Information Systems, Inc. | 1,400 | 44,842 |
China Information Security Technology, Inc.* | 5,300 | 29,998 |
CIBER, Inc.* | 14,147 | 87,853 |
CSG Systems International, Inc.* | 12,400 | 136,648 |
CyberSource Corp.* | 21,647 | 362,154 |
Euronet Worldwide, Inc.* (a) | 14,000 | 236,600 |
Exlservice Holdings, Inc.* | 5,900 | 82,777 |
Forrester Research, Inc.* | 5,200 | 160,576 |
Gartner, Inc.* | 19,585 | 405,801 |
Gevity HR, Inc. | 9,100 | 48,958 |
Global Cash Access Holdings, Inc.* | 11,600 | 79,576 |
Heartland Payment Systems, Inc. (a) | 8,560 | 202,016 |
iGATE Corp.* | 4,288 | 34,861 |
infoGROUP, Inc. | 9,800 | 43,022 |
Integral Systems, Inc. | 3,135 | 121,325 |
ManTech International Corp. "A"* | 7,000 | 336,840 |
MAXIMUS, Inc. | 5,406 | 188,237 |
NCI, Inc. "A"* | 1,300 | 29,744 |
Ness Technologies, Inc.* | 14,100 | 142,692 |
Online Resources Corp.* | 9,600 | 80,160 |
Perot Systems Corp. "A"* | 25,900 | 388,759 |
RightNow Technologies, Inc.* | 9,700 | 132,599 |
Safeguard Scientifics, Inc.* | 27,800 | 34,472 |
Sapient Corp.* | 29,900 | 191,958 |
SI International, Inc.* | 4,700 | 98,418 |
SRA International, Inc. "A"* | 12,500 | 280,750 |
Syntel, Inc. | 3,600 | 121,392 |
TeleTech Holdings, Inc.* | 12,200 | 243,512 |
The Hackett Group, Inc.* | 10,800 | 61,992 |
TNS, Inc.* | 8,500 | 203,660 |
VeriFone Holdings, Inc.* | 20,700 | 247,365 |
Wright Express Corp.* | 11,500 | 285,200 |
| 5,817,266 | |
Semiconductors & Semiconductor Equipment 3.5% | ||
Actel Corp.* | 9,068 | 152,796 |
Advanced Analogic Technologies, Inc.* | 16,854 | 69,607 |
Advanced Energy Industries, Inc.* | 9,806 | 134,342 |
Amkor Technology, Inc.* | 33,200 | 345,612 |
ANADIGICS, Inc.* (a) | 18,600 | 183,210 |
Applied Micro Circuits Corp.* | 19,775 | 169,274 |
Asyst Technologies, Inc.* | 18,700 | 66,759 |
Atheros Communications* | 18,200 | 546,000 |
ATMI, Inc.* | 10,206 | 284,952 |
AuthenTec, Inc.* | 9,200 | 95,864 |
|
| Value ($) |
|
| |
Axcelis Technologies, Inc.* | 29,300 | 142,984 |
Brooks Automation, Inc.* | 21,596 | 178,599 |
Cabot Microelectronics Corp.* | 6,600 | 218,790 |
Cavium Networks, Inc.* | 9,000 | 189,000 |
CEVA, Inc.* | 4,800 | 38,256 |
Cirrus Logic, Inc.* | 23,000 | 127,880 |
Cohu, Inc. | 7,483 | 109,850 |
Conexant Systems, Inc.* | 13,010 | 58,545 |
Cymer, Inc.* | 9,373 | 251,946 |
Diodes, Inc.* | 9,550 | 263,962 |
DSP Group, Inc.* | 10,700 | 74,900 |
Eagle Test Systems, Inc.* | 2,900 | 32,480 |
EMCORE Corp.* | 21,900 | 137,094 |
Entegris, Inc.* | 34,385 | 225,222 |
Exar Corp.* | 14,982 | 112,964 |
FEI Co.* (a) | 12,302 | 280,240 |
FormFactor, Inc.* | 14,600 | 269,078 |
Hittite Microwave Corp.* | 5,699 | 202,998 |
IXYS Corp.* | 8,700 | 103,878 |
Kopin Corp.* | 17,600 | 50,512 |
Kulicke & Soffa Industries, Inc.* | 18,300 | 133,407 |
Lattice Semiconductor Corp.* | 40,700 | 127,391 |
LTX Corp.* | 22,674 | 49,883 |
Mattson Technology, Inc.* | 18,100 | 86,156 |
Micrel, Inc. | 17,600 | 161,040 |
Microsemi Corp.* | 24,088 | 606,536 |
Microtune, Inc.* | 16,500 | 57,090 |
MIPS Technologies, Inc.* | 16,000 | 60,000 |
MKS Instruments, Inc.* | 14,700 | 321,930 |
Monolithic Power Systems, Inc.* | 8,900 | 192,418 |
Netlogic Microsystems, Inc.* (a) | 5,500 | 182,600 |
NVE Corp.* | 1,800 | 56,988 |
OmniVision Technologies, Inc.* | 15,600 | 188,604 |
Pericom Semiconductor Corp.* | 8,200 | 121,688 |
Photronics, Inc.* | 12,168 | 85,663 |
PLX Technology, Inc.* | 10,000 | 76,300 |
PMC-Sierra, Inc.* | 67,500 | 516,375 |
Power Integrations, Inc.* | 8,900 | 281,329 |
RF Micro Devices, Inc.* | 78,287 | 227,032 |
Rubicon Technology, Inc.* | 4,700 | 95,504 |
Rudolph Technologies, Inc.* | 8,602 | 66,235 |
Semitool, Inc.* | 7,200 | 54,072 |
Semtech Corp.* | 18,700 | 263,109 |
Sigma Designs, Inc.* (a) | 8,300 | 115,287 |
Silicon Image, Inc.* | 25,100 | 181,975 |
Silicon Storage Technology, Inc.* | 28,000 | 77,560 |
SiRF Technology Holdings, Inc.* | 19,800 | 85,536 |
Skyworks Solutions, Inc.* | 49,800 | 491,526 |
Spansion, Inc. "A"* | 35,300 | 79,425 |
Standard Microsystems Corp.* | 6,661 | 180,846 |
Supertex, Inc.* | 4,248 | 99,148 |
Techwell, Inc.* | 5,800 | 71,456 |
Tessera Technologies, Inc.* | 14,500 | 237,365 |
Transmeta Corp.* | 4,900 | 67,669 |
Trident Microsystems, Inc.* | 22,400 | 81,760 |
TriQuint Semiconductor, Inc.* | 43,678 | 264,689 |
Ultra Clean Holdings, Inc.* | 7,300 | 58,108 |
Ultratech, Inc.* | 8,528 | 132,355 |
Veeco Instruments, Inc.* (a) | 10,800 | 173,664 |
Volterra Semiconductor Corp.* | 8,800 | 151,888 |
Zoran Corp.* | 15,165 | 177,430 |
| 11,856,631 | |
|
| Value ($) |
|
| |
Software 4.1% | ||
ACI Worldwide, Inc.* (a) | 11,806 | 207,667 |
Actuate Corp.* | 22,100 | 86,411 |
Advent Software, Inc.* | 5,800 | 209,264 |
American Software, Inc. "A" | 4,500 | 25,380 |
Ansoft Corp.* | 5,100 | 185,640 |
Blackbaud, Inc. | 14,982 | 320,615 |
Blackboard, Inc.* | 10,100 | 386,123 |
Bottomline Technologies, Inc.* | 8,300 | 80,759 |
Callidus Software, Inc.* | 6,900 | 34,500 |
Commvault Systems, Inc.* | 12,800 | 212,992 |
Concur Technologies, Inc.* (a) | 13,100 | 435,313 |
Deltek, Inc.* | 2,700 | 20,466 |
DemandTec, Inc.* | 4,800 | 36,048 |
Digimarc Corp.* | 5,200 | 73,632 |
Double-Take Software, Inc.* | 6,200 | 85,188 |
Ebix, Inc.* | 500 | 38,860 |
Entrust, Inc.* | 15,300 | 44,982 |
Epicor Software Corp.* | 16,500 | 114,015 |
EPIQ Systems, Inc.* | 10,100 | 143,420 |
Fair Isaac Corp. | 14,500 | 301,165 |
FalconStor Software, Inc.* (a) | 13,783 | 97,584 |
i2 Technologies, Inc.* | 5,500 | 68,365 |
Informatica Corp.* | 28,900 | 434,656 |
Interactive Intelligence, Inc.* | 5,400 | 62,856 |
Intervoice, Inc.* | 13,400 | 76,380 |
Jack Henry & Associates, Inc. | 24,600 | 532,344 |
JDA Software Group, Inc.* | 8,482 | 153,524 |
Kenexa Corp.* | 7,933 | 149,458 |
Lawson Software, Inc.* | 39,200 | 284,984 |
Macrovision Solutions Corp.* | 25,178 | 376,663 |
Magma Design Automation, Inc.* | 15,000 | 91,050 |
Manhattan Associates, Inc.* | 8,500 | 201,705 |
Mentor Graphics Corp.* | 29,600 | 467,680 |
MICROS Systems, Inc.* | 26,432 | 805,912 |
MicroStrategy, Inc. "A"* | 2,700 | 174,825 |
Midway Games, Inc.* (a) | 8,559 | 18,830 |
Monotype Imaging Holdings, Inc.* | 3,300 | 40,194 |
MSC.Software Corp.* | 12,700 | 139,446 |
Net 1 UEPS Technologies, Inc.* | 13,700 | 332,910 |
NetScout Systems, Inc.* | 8,100 | 86,508 |
NetSuite, Inc.* (a) | 2,100 | 42,987 |
OpenTV Corp. "A"* | 19,300 | 25,283 |
OPNET Technologies, Inc.* | 2,400 | 21,600 |
Parametric Technology Corp.* | 35,200 | 586,784 |
Pegasystems, Inc. | 3,300 | 44,418 |
Phoenix Technologies Ltd.* | 10,100 | 111,100 |
Progress Software Corp.* | 12,994 | 332,256 |
PROS Holdings, Inc.* | 2,900 | 32,567 |
QAD, Inc. | 3,400 | 23,018 |
Quality Systems, Inc. (a) | 5,700 | 166,896 |
Quest Software, Inc.* | 21,700 | 321,377 |
Radiant Systems, Inc.* | 8,300 | 89,059 |
Renaissance Learning, Inc. | 1,900 | 21,299 |
Secure Computing Corp.* | 19,337 | 80,055 |
Smith Micro Software, Inc.* (a) | 10,300 | 58,710 |
Solera Holdings, Inc.* | 17,000 | 470,220 |
Sonic Solutions* (a) | 9,400 | 56,024 |
Sourcefire, Inc.* | 4,700 | 36,331 |
SPSS, Inc.* | 6,100 | 221,857 |
SuccessFactors, Inc.* | 8,400 | 91,980 |
Sybase, Inc.* | 24,300 | 714,906 |
Symyx Technologies, Inc.* | 12,370 | 86,343 |
|
| Value ($) |
|
| |
Synchronoss Technologies, Inc.* (a) | 7,800 | 70,434 |
Take-Two Interactive Software, Inc.* | 23,500 | 600,895 |
Taleo Corp. "A"* | 7,916 | 155,074 |
TeleCommunication Systems, Inc. "A"* | 8,200 | 37,966 |
THQ, Inc.* | 20,245 | 410,164 |
TIBCO Software, Inc.* | 56,400 | 431,460 |
TiVo, Inc.* | 34,400 | 212,248 |
Tyler Technologies, Inc.* | 10,600 | 143,842 |
Ultimate Software Group, Inc.* | 8,300 | 295,729 |
Unica Corp.* | 2,900 | 23,316 |
VASCO Data Security International, Inc.* (a) | 9,300 | 97,929 |
Wind River Systems, Inc.* | 24,000 | 261,360 |
| 14,013,801 | |
Materials 4.4% | ||
Chemicals 2.1% | ||
A. Schulman, Inc. | 9,400 | 216,482 |
American Vanguard Corp. | 7,033 | 86,506 |
Arch Chemicals, Inc. | 7,288 | 241,597 |
Balchem Corp. | 4,900 | 113,337 |
Calgon Carbon Corp.* (a) | 11,700 | 180,882 |
Ferro Corp. | 12,632 | 236,976 |
Flotek Industries, Inc.* (a) | 7,600 | 156,712 |
GenTek, Inc.* | 3,200 | 86,048 |
H.B. Fuller Co. | 15,896 | 356,706 |
Hercules, Inc. | 35,500 | 601,015 |
ICO, Inc.* | 6,900 | 41,538 |
Innophos Holdings, Inc. | 3,800 | 121,410 |
Innospec, Inc. | 8,100 | 152,442 |
Koppers Holdings, Inc. | 6,200 | 259,594 |
Landec Corp.* | 4,900 | 31,703 |
LSB Industries, Inc.* (a) | 6,200 | 122,760 |
Minerals Technologies, Inc. | 6,168 | 392,223 |
NewMarket Corp. | 4,300 | 284,789 |
NL Industries, Inc. | 1,832 | 17,459 |
Olin Corp. | 22,754 | 595,700 |
OM Group, Inc.* | 9,200 | 301,668 |
Penford Corp. | 4,800 | 71,424 |
PolyOne Corp.* | 27,262 | 190,016 |
Quaker Chemical Corp. | 3,900 | 103,974 |
Rockwood Holdings, Inc.* | 13,787 | 479,788 |
Sensient Technologies Corp. | 14,233 | 400,801 |
ShengdaTech, Inc.* (a) | 11,000 | 109,230 |
Solutia, Inc.* | 20,200 | 258,964 |
Spartech Corp. | 11,100 | 104,673 |
Stepan Co. | 2,400 | 109,488 |
W.R. Grace & Co.* | 22,200 | 521,478 |
Westlake Chemical Corp. | 5,200 | 77,272 |
Zep, Inc. | 6,365 | 94,711 |
Zoltek Companies, Inc.* (a) | 8,300 | 201,275 |
| 7,320,641 | |
Construction Materials 0.2% | ||
Headwaters, Inc.* (a) | 12,100 | 142,417 |
Texas Industries, Inc. (a) | 7,347 | 412,387 |
US Concrete, Inc.* | 13,500 | 64,260 |
| 619,064 | |
Containers & Packaging 0.3% | ||
AEP Industries, Inc.* | 1,600 | 27,792 |
Boise, Inc.* (a) | 12,300 | 47,355 |
|
| Value ($) |
|
| |
Graphic Packaging Holding Co.* | 38,900 | 78,578 |
Myers Industries, Inc. | 9,359 | 76,276 |
Rock-Tenn Co. "A" | 11,400 | 341,886 |
Silgan Holdings, Inc. | 8,500 | 431,290 |
| 1,003,177 | |
Metals & Mining 1.4% | ||
A.M. Castle & Co. | 4,700 | 134,467 |
Allied Nevada Gold Corp.* | 12,400 | 73,036 |
AMCOL International Corp. | 7,550 | 214,873 |
Apex Silver Mines Ltd.* (a) | 20,800 | 102,128 |
Brush Engineered Materials, Inc.* | 5,700 | 139,194 |
China Precision Steel, Inc.* | 7,000 | 30,730 |
Coeur d'Alene Mines Corp.* (a) | 169,100 | 490,390 |
Compass Minerals International, Inc. | 10,000 | 805,600 |
Esmark, Inc.* | 5,300 | 101,336 |
General Moly, Inc.* (a) | 21,500 | 169,205 |
General Steel Holdings, Inc.* | 4,100 | 64,452 |
Haynes International, Inc.* | 3,700 | 212,935 |
Hecla Mining Co.* (a) | 38,500 | 356,510 |
Horsehead Holding Corp.* | 9,900 | 120,384 |
Kaiser Aluminum Corp. | 5,200 | 278,356 |
Olympic Steel, Inc. | 3,000 | 227,760 |
Royal Gold, Inc. | 9,700 | 304,192 |
RTI International Metals, Inc.* | 6,900 | 245,778 |
Stillwater Mining Co.* (a) | 11,925 | 141,073 |
Sutor Technology Group Ltd.* | 3,600 | 25,452 |
Universal Stainless & Alloy Products, Inc.* | 2,400 | 88,896 |
Worthington Industries, Inc. (a) | 20,100 | 412,050 |
| 4,738,797 | |
Paper & Forest Products 0.4% | ||
AbitibiBowater, Inc. (a) | 16,016 | 149,429 |
Buckeye Technologies, Inc.* | 11,398 | 96,427 |
Deltic Timber Corp. | 3,700 | 197,987 |
Glatfelter | 13,808 | 186,546 |
Kapstone Paper and Packaging Corp.* | 3,100 | 20,677 |
Louisiana-Pacific Corp. | 31,100 | 264,039 |
Mercer International, Inc.* (a) | 12,212 | 91,346 |
Neenah Paper, Inc. | 5,600 | 93,576 |
Schweitzer-Mauduit International, Inc. | 6,100 | 102,785 |
Verso Paper Corp.* | 5,000 | 42,300 |
Wausau Paper Corp. | 11,480 | 88,511 |
| 1,333,623 | |
Telecommunication Services 1.3% | ||
Diversified Telecommunication Services 1.0% | ||
Alaska Communications Systems Group, Inc. (a) | 15,200 | 181,488 |
Atlantic Tele-Network, Inc. | 2,300 | 63,273 |
Cbeyond, Inc.* | 8,200 | 131,364 |
Cincinnati Bell, Inc.* | 74,700 | 297,306 |
Cogent Communications Group, Inc.* (a) | 14,800 | 198,320 |
Consolidated Communications Holdings, Inc. | 8,250 | 122,842 |
FairPoint Communications, Inc. (a) | 28,090 | 202,529 |
General Communication, Inc. "A"* | 15,500 | 106,485 |
Global Crossing Ltd.* (a) | 9,100 | 163,254 |
Globalstar, Inc.* (a) | 9,100 | 25,753 |
iBasis, Inc. | 6,400 | 20,992 |
IDT Corp. "B"* (a) | 13,200 | 22,440 |
|
| Value ($) |
|
| |
Iowa Telecommunications Services, Inc. | 8,400 | 147,924 |
NTELOS Holdings Corp. | 9,100 | 230,867 |
PAETEC Holding Corp.* | 37,099 | 235,579 |
Premiere Global Services, Inc.* | 18,448 | 268,972 |
Shenandoah Telecommunications Co. | 6,072 | 79,057 |
tw telecom, Inc.* | 47,500 | 761,425 |
Vonage Holdings Corp.* (a) | 12,200 | 20,252 |
| 3,280,122 | |
Wireless Telecommunication Services 0.3% | ||
Centennial Communications Corp.* | 23,000 | 160,770 |
FiberTower Corp.* | 30,000 | 42,000 |
ICO Global Communications Holdings Ltd.* | 30,100 | 98,126 |
iPCS, Inc.* | 5,800 | 171,854 |
Rural Celluar Corp. "A"* | 4,600 | 204,746 |
Syniverse Holdings, Inc.* | 15,220 | 246,564 |
TerreStar Corp.* | 15,700 | 62,486 |
USA Mobility, Inc.* | 9,364 | 70,698 |
Virgin Mobile USA, Inc. "A"* | 6,925 | 19,044 |
| 1,076,288 | |
Utilities 3.4% | ||
Electric Utilities 1.3% | ||
ALLETE, Inc. | 9,100 | 382,200 |
Central Vermont Public Service Corp. | 2,800 | 54,236 |
Cleco Corp. | 20,460 | 477,332 |
El Paso Electric Co.* | 15,500 | 306,900 |
Empire District Electric Co. | 8,900 | 165,006 |
IDACORP, Inc. | 13,200 | 381,348 |
ITC Holdings Corp. | 16,200 | 827,982 |
MGE Energy, Inc. | 6,000 | 195,720 |
Portland General Electric Co. | 21,200 | 477,424 |
UIL Holdings Corp. | 6,933 | 203,899 |
Unisource Energy Corp. | 10,200 | 316,302 |
Westar Energy, Inc. (a) | 32,000 | 688,320 |
| 4,476,669 | |
Gas Utilities 1.1% | ||
Chesapeake Utilities Corp. | 1,000 | 25,720 |
EnergySouth, Inc. | 1,800 | 88,308 |
New Jersey Resources Corp. | 14,275 | 466,078 |
Nicor, Inc. | 13,500 | 574,965 |
Northwest Natural Gas Co. | 9,107 | 421,290 |
Piedmont Natural Gas Co., Inc. | 24,500 | 640,920 |
South Jersey Industries, Inc. | 10,300 | 384,808 |
Southwest Gas Corp. | 13,512 | 401,712 |
The Laclede Group, Inc. | 6,500 | 262,405 |
WGL Holdings, Inc. | 16,600 | 576,684 |
| 3,842,890 | |
Independent Power Producers & Energy Traders 0.1% | ||
Ormat Technologies, Inc. (a) | 6,100 | 299,998 |
Synthesis Energy Systems, Inc.* | 4,600 | 41,400 |
U.S. Geothermal, Inc.* | 15,300 | 44,982 |
| 386,380 | |
|
| Value ($) |
|
| |
Multi-Utilities 0.6% | ||
Aquila, Inc.* | 111,200 | 419,224 |
Avista Corp. | 18,371 | 394,242 |
Black Hills Corp. | 12,000 | 384,720 |
CH Energy Group, Inc. (a) | 4,200 | 149,394 |
NorthWestern Corp. | 13,600 | 345,712 |
PNM Resources, Inc. | 22,400 | 267,904 |
| 1,961,196 | |
Water Utilities 0.3% | ||
American States Water Co. | 4,600 | 160,724 |
Cadiz, Inc.* (a) | 2,400 | 38,688 |
California Water Service Group | 5,700 | 186,789 |
Connecticut Water Service, Inc. | 1,200 | 26,880 |
Consolidated Water Co., Ltd. (a) | 5,600 | 110,880 |
Middlesex Water Co. | 2,300 | 38,157 |
SJW Corp. | 5,400 | 142,560 |
Southwest Water Co. (a) | 9,625 | 96,443 |
| 801,121 | |
Total Common Stocks (Cost $354,413,374) | 330,869,031 | |
| ||
Warrants 0.0% | ||
Pegasus Wireless Corp., Expiration Date 2/15/2020* (Cost $0) | 2,040 | 0 |
| Principal Amount ($) | Value ($) |
|
| |
Government & Agency Obligation 0.2% | ||
US Treasury Obligation 0.2% | ||
US Treasury Bill, 2.06%**, 12/4/2008 (b) (Cost $584,729) | 590,000 | 584,677 |
|
| Value ($) |
|
| |
Closed End Investment Companies 0.2% | ||
Apollo Investment Corp. | 43,323 | 620,819 |
Kayne Anderson Energy Development Fund | 1,900 | 43,605 |
Total Closed End Investment Companies (Cost $832,148) | 664,424 | |
| ||
Securities Lending Collateral 19.6% | ||
Daily Assets Fund Institutional, 2.74% (c) (d) (Cost $66,753,053) | 66,753,053 | 66,753,053 |
| ||
Cash Equivalents 1.0% | ||
Cash Management QP Trust, 2.49% (c) (Cost $3,410,406) | 3,410,406 | 3,410,406 |
| % of Net Assets | Value ($) |
|
| |
Total Investment Portfolio (Cost $425,993,710)+ | 118.0 | 402,281,591 |
Other Assets and Liabilities, Net (a) | (18.0) | (61,392,150) |
Net Assets | 100.0 | 340,889,441 |
** Annualized yield at time of purchase; not a coupon rate.
+ The cost for federal income tax purposes was $426,890,385. At June 30, 2008, net unrealized depreciation for all securities based on tax cost was $24,608,794. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $49,953,800 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $74,562,594.
(a) All or a portion of these securities were on loan amounting to $52,772,316. In addition, included in other assets and liabilities are pending sales, amounting to $10,935,589, that are also on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2008 amounted to $63,707,905 which is 18.7% of net assets.
(b) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.
REIT: Real Estate Investment Trust
At June 30, 2008, open futures contracts purchased were as follows:
Futures | Expiration Date | Contracts | Aggregated Face Value ($) | Value ($) | Unrealized Depreciation ($) |
Russell E Mini 2000 Index | 9/19/2008 | 133 | 9,509,331 | 9,199,610 | (309,721) |
The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's assets carried at fair value:
Valuation Inputs | Investments in Securities at Value | Net Unrealized Depreciation on Other Financial Instruments++ |
Level 1 — Quoted Prices | $ 401,696,914 | $ (309,721) |
Level 2 — Other Significant Observable Inputs | 584,677 | — |
Level 3 — Significant Unobservable Inputs | — | — |
Total | $ 402,281,591 | $ (309,721) |
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of June 30, 2008 (Unaudited) | |
Assets | |
Investments: Investments in securities, at value (cost $355,830,251) — including $52,772,316 of securities loaned | $ 332,118,132 |
Investment in Daily Assets Fund Institutional (cost $66,753,053)* | 66,753,053 |
Investment in Cash Management QP Trust (cost $3,410,406) | 3,410,406 |
Total investments at value (cost $425,993,710) | 402,281,591 |
Receivable for investments sold | 54,862,855 |
Dividends receivable | 372,506 |
Interest receivable | 127,941 |
Receivable for Portfolio shares sold | 889,349 |
Other assets | 14,457 |
Total assets | 458,548,699 |
Liabilities | |
Cash overdraft | 31,789 |
Payable for investments purchased | 50,416,251 |
Payable upon return of securities loaned | 66,753,053 |
Payable for Portfolio shares redeemed | 130,388 |
Payable for daily variation margin on open futures contracts | 94,010 |
Accrued management fee | 89,407 |
Other accrued expenses and payables | 144,360 |
Total liabilities | 117,659,258 |
Net assets, at value | $ 340,889,441 |
Net Assets Consist of | |
Undistributed net investment income | 2,432,939 |
Net unrealized appreciation (depreciation) on: Investments | (23,712,119) |
Futures | (309,721) |
Accumulated net realized gain (loss) | 14,528,934 |
Paid-in capital | 347,949,408 |
Net assets, at value | $ 340,889,441 |
Class A Net Asset Value, offering and redemption price per share ($282,389,734 ÷ 23,866,570 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.83 |
Class B Net Asset Value, offering and redemption price per share ($58,499,707 ÷ 4,940,064 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.84 |
Statement of Operations for the six months ended June 30, 2008 (Unaudited) | |
Investment Income | |
Income: Dividends (net of foreign taxes withheld of $636) | $ 2,447,741 |
Interest — Cash Management QP Trust | 59,113 |
Interest | 8,446 |
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates | 629,238 |
Total Income | 3,144,538 |
Expenses: Management fee | 608,500 |
Administration fee | 173,857 |
Custodian fee | 13,701 |
Distribution service fees (Class B) | 78,999 |
Services to shareholders | 2,292 |
Professional fees | 35,485 |
Trustees' fees and expenses | 9,280 |
Reports to shareholders | 39,907 |
Other | 30,914 |
Total expenses before expense reductions | 992,935 |
Expense reductions | (89,664) |
Total expenses after expense reductions | 903,271 |
Net investment income (loss) | 2,241,267 |
Realized and Unrealized Gain (Loss) on Investment Transactions | |
Net realized gain (loss) from: Investments | 15,963,635 |
Futures | (253,247) |
| 15,710,388 |
Change in net unrealized appreciation (depreciation) Investments | (54,102,507) |
Futures | (343,479) |
| (54,445,986) |
Net gain (loss) | (38,735,598) |
Net increase (decrease) in net assets resulting from operations | $ (36,494,331) |
The accompanying notes are an integral part of the financial statements.
Statement of Changes in Net Assets | ||
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2008 (Unaudited) | Year Ended December 31, 2007 |
Operations: Net investment income (loss) | $ 2,241,267 | $ 5,194,735 |
Net realized gain (loss) | 15,710,388 | 73,373,342 |
Change in net unrealized appreciation (depreciation) | (54,445,986) | (75,889,353) |
Net increase (decrease) in net assets resulting from operations | (36,494,331) | 2,678,724 |
Distributions to shareholders from: Net investment income: Class A | (4,288,526) | (4,565,770) |
Class B | (769,075) | (458,283) |
Net realized gains: Class A | (27,269,429) | (33,459,835) |
Class B | (5,881,158) | (4,794,943) |
Total distributions | (38,208,188) | (43,278,831) |
Portfolio share transactions: Class A Proceeds from shares sold | 36,726,730 | 91,786,867 |
Reinvestment of distributions | 31,557,955 | 38,025,605 |
Cost of shares redeemed | (29,739,625) | (126,864,683) |
In-kind redemptions | — | (200,297,872) |
Net increase (decrease) in net assets from Class A share transactions | 38,545,060 | (197,350,083) |
Class B Proceeds from shares sold | 2,419,713 | 19,495,609 |
Reinvestment of distributions | 6,650,233 | 5,253,226 |
Cost of shares redeemed | (10,327,542) | (11,756,658) |
Net increase (decrease) in net assets from Class B share transactions | (1,257,596) | 12,992,177 |
Increase (decrease) in net assets | (37,415,055) | (224,958,013) |
Net assets at beginning of period | 378,304,496 | 603,262,509 |
Net assets at end of period (including undistributed net investment income of $2,432,939 and $5,249,273, respectively) | $ 340,889,441 | $ 378,304,496 |
Other Information | ||
Class A Shares outstanding at beginning of period | 20,730,811 | 33,226,950 |
Shares sold | 2,781,622 | 5,752,702 |
Shares issued to shareholders in reinvestment of distributions | 2,603,792 | 2,409,734 |
Shares redeemed | (2,249,655) | (8,047,287) |
In-kind redemptions | — | (12,611,288) |
Net increase (decrease) in Class A shares | 3,135,759 | (12,496,139) |
Shares outstanding at end of period | 23,866,570 | 20,730,811 |
Class B Shares outstanding at beginning of period | 4,996,175 | 4,198,980 |
Shares sold | 184,425 | 1,229,459 |
Shares issued to shareholders in reinvestment of distributions | 548,247 | 332,483 |
Shares redeemed | (788,783) | (764,747) |
Net increase (decrease) in Class B shares | (56,111) | 797,195 |
Shares outstanding at end of period | 4,940,064 | 4,996,175 |
The accompanying notes are an integral part of the financial statements.
Class A Years Ended December 31, | 2008a | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 14.71 | $ 16.12 | $ 14.40 | $ 14.35 | $ 12.24 | $ 8.45 |
Income (loss) from investment operations: Net investment income (loss)b | .09 | .17 | .14 | .11 | .11 | .09 |
Net realized and unrealized gain (loss) | (1.48) | (.40) | 2.34 | .42 | 2.06 | 3.79 |
Total from investment operations | (1.39) | (.23) | 2.48 | .53 | 2.17 | 3.88 |
Less distributions from: Net investment income | (.20) | (.14) | (.10) | (.09) | (.06) | (.09) |
Net realized gains | (1.29) | (1.04) | (.66) | (.39) | — | — |
Total distributions | (1.49) | (1.18) | (.76) | (.48) | (.06) | (.09) |
Net asset value, end of period | $ 11.83 | $ 14.71 | $ 16.12 | $ 14.40 | $ 14.35 | $ 12.24 |
Total Return (%)c | (9.70)** | (1.90) | 17.49 | 4.26 | 17.76 | 46.42 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 282 | 305 | 536 | 449 | 450 | 316 |
Ratio of expenses before expense reductions (%) | .52* | .53 | .47 | .46 | .48 | .61 |
Ratio of expenses after expense reductions (%) | .47* | .51 | .45 | .45 | .45 | .45 |
Ratio of net investment income (loss) (%) | 1.34* | 1.09 | .93 | .78 | .87 | .91 |
Portfolio turnover rate (%) | 21** | 24d | 42 | 26 | 22 | 28 |
a For the six months ended June 30, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized |
Class B Years Ended December 31, | 2008a | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 14.70 | $ 16.11 | $ 14.39 | $ 14.34 | $ 12.23 | $ 8.44 |
Income (loss) from investment operations: Net investment income (loss)b | .07 | .13 | .10 | .07 | .08 | .07 |
Net realized and unrealized gain (loss) | (1.47) | (.40) | 2.34 | .43 | 2.05 | 3.80 |
Total from investment operations | (1.40) | (.27) | 2.44 | .50 | 2.13 | 3.87 |
Less distributions from: Net investment income | (.17) | (.10) | (.06) | (.06) | (.02) | (.08) |
Net realized gains | (1.29) | (1.04) | (.66) | (.39) | — | — |
Total distributions | (1.46) | (1.14) | (.72) | (.45) | (.02) | (.08) |
Net asset value, end of period | $ 11.84 | $ 14.70 | $ 16.11 | $ 14.39 | $ 14.34 | $ 12.23 |
Total Return (%)c | (9.79)** | (2.16) | 17.19 | 3.99 | 17.48 | 46.05 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 58 | 73 | 68 | 45 | 35 | 18 |
Ratio of expenses before expense reductions (%) | .77* | .78 | .72 | .71 | .73 | .87 |
Ratio of expenses after expense reductions (%) | .72* | .76 | .70 | .70 | .70 | .70 |
Ratio of net investment income (loss) (%) | 1.09* | .84 | .68 | .53 | .66 | .66 |
Portfolio turnover rate (%) | 21** | 24d | 42 | 26 | 22 | 28 |
a For the six months ended June 30, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized |
Notes to Financial Statements (Unaudited)
A. Significant Accounting Policies
DWS Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as a diversified, open-end management investment company. The Trust is organized as a Massachusetts business trust. The Trust is comprised of several portfolios. DWS Small Cap Index VIP (the "Portfolio") is one of the series the Trust offers to investors. The Portfolio is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").
Multiple Classes of Shares of Beneficial Interest. The Portfolio offers two classes of shares to investors: Class A shares and Class B shares. Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act equal to an annual rate up to 0.25% of the Class B shares average daily net assets. Class A shares are not subject to such fees. All shares have equal rights with respect to voting except that shareholders vote separately on matters affecting their rights as holders of a particular class.
Investment income, realized and unrealized gains and losses, and certain Portfolio-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fee). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.
The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust are valued at their net asset value each business day.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trustees.
The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), which governs the application of generally accepted accounting principles that require fair value measurements of the Portfolio's assets and liabilities. Fair value is an estimate of the price the Portfolio would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels as follows:
• Level 1 — quoted prices in active markets for identical securities
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 — significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)
For Level 1 inputs, the Portfolio uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value. The Portfolio's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities. For Level 3 valuation techniques, the Portfolio uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.
The Portfolio may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.
New Accounting Pronouncements. In March 2008, FASB issued Statement of Financial Accounting Standards No. 161 ("FAS 161") Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosure about an entity's derivative and hedging activities. FAS 161 is effective for fiscal years beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Portfolio's financial statement disclosures.
Securities Lending. The Portfolio may lend securities to financial institutions. The Portfolio retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Portfolio requires the borrowers of the securities to maintain collateral with the Portfolio consisting of liquid, unencumbered assets having a value at least equal to the value of the securities loaned. The Portfolio may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Portfolio receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to the lending agent. Either the Portfolio or the borrower may terminate the loan. The Portfolio is subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Portfolio invests in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.
Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Portfolio dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When entering into a closing transaction, the Portfolio will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Portfolio's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities hedged. When utilizing future contracts to hedge, the Portfolio gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.
Federal Income Taxes. The Portfolio's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2007 and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Net investment income of the Portfolio, if any, is distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Portfolio if not distributed, and, therefore, will be distributed to shareholders at least annually.
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to in-kind redemptions, investments in futures contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Portfolio may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Portfolio.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Contingencies. In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.
Expenses. Expenses of the Trust arising in connection with a specific portfolio are allocated to that portfolio. Other Trust expenses which cannot be directly attributed to a portfolio are apportioned among the portfolios in the Trust.
Real Estate Investment Trusts. The Portfolio periodically recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated and a recharacterization will be made in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains. The Portfolio distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. At the fiscal year end of the Portfolio, distributions received from Real Estate Investment Trusts (REITs) in excess of income are recorded as either a reduction of cost of investments or realized gains. The Portfolio distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.
B. Purchases and Sales of Securities
During the six months ended June 30, 2008, purchases and sales of investment securities (excluding short-term investments) aggregated $73,527,988 and $78,643,941, respectively.
C. Related Parties
Investment Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Portfolio in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold, or entered into by the Portfolio or delegates such responsibility to the Portfolio's subadvisor. Pursuant to the Investment Management Agreement with the Advisor, the Portfolio pays the Advisor an annual fee based on its average daily net assets, which is calculated daily and payable monthly at the annual rate of 0.35%.
Northern Trust Investments, N.A. ("NTI") acts as investment sub-advisor for the Portfolio. As the Portfolio's investment sub-advisor, NTI makes the Portfolio's investment decisions. It buys and sells securities for the Portfolio and conducts the research that leads to these purchase and sale decisions. NTI is paid by the Advisor for its services.
For the period from January 1, 2008 through September 30, 2008, the Advisor has contractually agreed to waive all or a portion of its management fee and pay certain operating expenses of the Portfolio (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses of 0.47% for Class A.
Accordingly, for the six months ended June 30, 2008, the Advisor waived a portion of its management fee aggregating $86,573 and the amount charged aggregated $521,927, which was equivalent to an annualized effective rate of 0.30% of the Portfolio's average daily net assets.
Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays DIMA an annual fee ("Administration fee") of 0.10% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2008, DIMA received an Administration fee of $173,857, of which $29,615 is unpaid.
Distribution Service Agreement. DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, is the Portfolio's distributor. In accordance with the Distribution Plan, DIDI receives 12b-1 fees of 0.25% of average daily net assets of Class B shares. For the six months ended June 30, 2008, the Distribution Service Fee was as follows:
Distribution Service Fee | Total Aggregated | Unpaid at June 30, 2008 |
Class B | $ 78,999 | $ 14,591 |
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Portfolio. Pursuant to a sub-transfer agency agreement among DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee they receive from the Portfolio. For the six months ended June 30, 2008, the amounts charged to the Portfolio by DISC were as follows:
Services to Shareholders | Total Aggregated | Waived | Unpaid at June 30, 2008 |
Class A | $ 754 | $ 754 | $ — |
Class B | 232 | — | 185 |
| $ 986 | $ 754 | $ 185 |
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Portfolio. For the six months ended June 30, 2008, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $10,261, of which $7,811 is unpaid.
Trustees' Fees and Expenses. The Portfolio paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson and Vice Chairperson.
In connection with the board consolidation on April 1, 2008, of the two DWS Funds Boards of Trustees, certain Independent Board Members retired prior to their normal retirement date, and received a one-time retirement benefit. DIMA has agreed to reimburse the Funds for the cost of this benefit. During the period ended June 30, 2008, the Portfolio paid its allocated portion of the retirement benefit of $1,815 to the non-continuing Independent Board Members, and the Portfolio was reimbursed by DIMA for this payment.
Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Portfolio may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Manager or Advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Manager or Advisor a management fee for the affiliated funds' investments in the QP Trust.
D. Fee Reductions
The Portfolio has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Portfolio's custodian expenses. During the six months ended June 30, 2008, the Portfolio's custodian fee was reduced by $522 for custody credits earned.
E. Line of Credit
The Portfolio and other affiliated funds (the "Participants") share in a $490 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement.
F. Ownership of the Portfolio
At June 30, 2008, one participating insurance company was a beneficial owner of record of 10% or more of the total outstanding Class A shares of the Portfolio, owning 51% and 11%, respectively. At June 30, 2008, two participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Portfolio, each owning 51% and 23%, respectively.
The Portfolio's policies and procedures for voting proxies for portfolio securities and information about how the Portfolio voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the Portfolio's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Summary of Management Fee Evaluation by Independent Fee Consultant
October 26, 2007
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Scudder Funds. My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2007, including my qualifications, the evaluation process for each of the DWS Scudder Funds, consideration of certain complex-level factors, and my conclusions.
Qualifications
For more than 30 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past several years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
I hold a Master of Business Administration degree, with highest honors, from Harvard University; and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of directors of a private market research company, and have served in various leadership and financial oversight capacities with non-profit organizations.
Evaluation of Fees for each DWS Scudder Fund
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 136 Fund portfolios in the DWS Scudder Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
Fees and Expenses Compared with Other Funds
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
DeAM's Fees for Similar Services to Others
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Scudder Fund. These similar products included the other DWS Scudder Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
Costs and Profit Margins
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
Economies of Scale
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Scudder Fund compares with this industry observation, I reviewed:
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
Quality of Service — Performance
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
Complex-Level Considerations
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
I considered how aggregated DWS Scudder Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
Findings
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Scudder Funds are reasonable.
Thomas H. Mack
Notes
Deutsche Investment Management Americas Inc. ("DIMA"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Portfolio's Advisor.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover. The managers' views are subject to change at any time based on market and other conditions and should not be construed as a recommendation.
This information must be preceded or accompanied by a current prospectus.
Portfolio changes should not be considered recommendations for action by individual investors.
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606
(800) 778-1482
vit-scif-3 (R-4326-1 8/08)
ITEM 2. | CODE OF ETHICS |
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| Not applicable. |
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ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
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| Not applicable. |
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ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
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| Not applicable. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
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| Not Applicable |
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ITEM 6. | SCHEDULE OF INVESTMENTS |
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| Not Applicable |
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ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
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| Not applicable. |
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ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
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| Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
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| Not Applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
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| The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910. |
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ITEM 11. | CONTROLS AND PROCEDURES |
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| (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
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| (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
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ITEM 12. | EXHIBITS |
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| (a)(1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
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| (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
Form N-CSRS Item F
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Small Cap Index VIP, a series of DWS Investments VIT Funds |
By: | /s/Michael G. Clark |
| Michael G. Clark |
President
Date: | August 19, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Registrant: | DWS Small Cap Index VIP, a series of DWS Investments VIT Funds |
By: | /s/Michael G. Clark |
| Michael G. Clark |
President
Date: | August 19, 2008 |
By: | /s/Paul Schubert |
| Paul Schubert |
Chief Financial Officer and Treasurer
Date: August 19, 2008