UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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: (201) 593-6408
Paul Schubert
100 Plaza One
Jersey City, NJ 07311
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 12/31/2010 |
ITEM 1. | REPORT TO STOCKHOLDERS |
DECEMBER 31, 2010
ANNUAL REPORT
DWS INVESTMENTS VIT FUNDS
DWS Small Cap Index VIP |
Contents
4 Performance Summary 5 Information About Your Fund's Expenses 6 Management Summary 7 Portfolio Summary 8 Investment Portfolio 43 Statement of Assets and Liabilities 43 Statement of Operations 44 Statement of Changes in Net Assets 46 Financial Highlights 47 Notes to Financial Statements 52 Report of Independent Registered Public Accounting Firm 53 Tax Information 53 Proxy Voting 54 Investment Management Agreement Approval 57 Summary of Management Fee Evaluation by Independent Fee Consultant 59 Board Members and Officers |
This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Various factors, including costs, cash flows and security selection, may cause the fund's performance to differ from that of the index. Any decline in value of a fund security that is out on loan by the portfolio will adversely affect performance. Financial failure of the borrower may mean a delay in recovery or loss of rights in the collateral. Stocks of smaller companies involve greater risk than securities of larger, more-established companies. Stocks may decline in value. See the prospectus for details.
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
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 Fund'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 separat e account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2010 are 0.56% and 0.81% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Fund returns 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 | The Russell 2000® Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000 Index. Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index. | |
Yearly periods ended December 31 |
Comparative Results (as of December 31, 2010) | |||||||||||||||||
DWS Small Cap Index VIP | 1-Year | 3-Year | 5-Year | 10-Year | |||||||||||||
Class A | Growth of $10,000 | $ | 12,639 | $ | 10,539 | $ | 12,147 | $ | 17,702 | ||||||||
Average annual total return | 26.39 | % | 1.77 | % | 3.97 | % | 5.88 | % | |||||||||
Russell 2000 Index | Growth of $10,000 | $ | 12,685 | $ | 10,682 | $ | 12,446 | $ | 18,477 | ||||||||
Average annual total return | 26.85 | % | 2.22 | % | 4.47 | % | 6.33 | % | |||||||||
DWS Small Cap Index VIP | 1-Year | 3-Year | 5-Year | Life of Class* | |||||||||||||
Class B | Growth of $10,000 | $ | 12,611 | $ | 10,458 | $ | 11,991 | $ | 16,208 | ||||||||
Average annual total return | 26.11 | % | 1.50 | % | 3.70 | % | 5.73 | % | |||||||||
Russell 2000 Index | Growth of $10,000 | $ | 12,685 | $ | 10,682 | $ | 12,446 | $ | 17,182 | ||||||||
Average annual total return | 26.85 | % | 2.22 | % | 4.47 | % | 6.44 | % |
The growth of $10,000 is cumulative.
* The Fund commenced offering Class B shares on April 30, 2002. Index returns began on April 30, 2002.
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund 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 Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. 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 (July 1, 2010 to December 31, 2010).
The tables illustrate your Fund's expenses in two ways:
•Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund'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% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund 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 December 31, 2010 | ||||||||
Actual Fund Return | Class A | Class B | ||||||
Beginning Account Value 7/1/10 | $ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 12/31/10 | $ | 1,292.70 | $ | 1,290.30 | ||||
Expenses Paid per $1,000* | $ | 3.00 | $ | 4.44 | ||||
Hypothetical 5% Fund Return | Class A | Class B | ||||||
Beginning Account Value 7/1/10 | $ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value 12/31/10 | $ | 1,022.59 | $ | 1,021.33 | ||||
Expenses Paid per $1,000* | $ | 2.64 | $ | 3.92 |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios | Class A | Class B | ||
DWS Small Cap Index VIP | .52% | .77% |
For more information, please refer to the Fund's prospectus.
These tables do not reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
As 2010 began, concerns surfaced regarding sovereign debt problems in Europe and possible contagion that could negatively affect the US banking sector, which in investors' minds remained vulnerable in the aftermath of the 2008 financial crisis. However, a few bright spots between February and April 2010 sparked renewed interest in equities, thanks to improving consumer confidence, strong fourth-quarter 2009 gross domestic product (GDP) growth and manufacturing activity that rose to its highest level in six years.1 In early May 2010, additional European sovereign concerns, the Gulf of Mexico oil spill and a possible slowdown in the Chinese economy (which could hurt US export levels) dampened enthusiasm. By the end of August 2010, investors had regained their enthusiasm for stocks as economic data began to reflect a stabilizing and moderately improving economy, especially given pockets of strength in the manufacturing sector. And market watchers were further encouraged by the US Federal Reserve Board's (the Fed's) implementation of quantitative easing measures to jump-start the economy and support asset prices.
For the 12 months ended December 31, 2010, the Fund returned 26.39% (Class A shares, unadjusted for contract charges), compared with the 26.85% return of the Russell 2000® Index.
To attempt to match the risk and return characteristics of the Russell 2000 Index as closely as possible, the Fund invests in a statistically selected sample of the securities found in the Russell 2000 Index, using a process known as "optimization." This process selects stocks for the Fund so that industry weightings, market capitalizations and fundamental characteristics (price-to-book ratios, price-to-earnings ratios, debt-to-asset ratios and dividend yields) closely match those of the securities in the Russell 2000 Index without purchasing all of the stocks in the index.2 Going forward, we will continue to seek returns that approximate those of the Index.
Brent Reeder
Portfolio Manager and Senior Vice President
Northern Trust Investments, Inc., Subadvisor to the Fund
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 Fund'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 separat e account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.
Risk Considerations
Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. Any decline in value of a fund security that is out on loan by the Fund will adversely affect performance. Financial failure of the borrower may mean a delay in recovery or loss of rights in the collateral. Stocks of smaller companies involve greater risk than securities of larger, more-established companies. Stocks may decline in value. See the prospectus for details.
The Russell 2000 Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000® Index.
Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
1 Gross domestic product is the value of goods and services produced in an economy.
2 Price-to-earnings (P/E) ratio, or earnings multiple, is the price of a stock divided by its earnings per share. It is a widely used gauge of a stock's valuation that indicates what investors are paying for a company's earnings on a per share basis. Price-to-book (P/B) ratio is a measure of a stock's valuation relative to its book value (or total assets minus liabilities). A debt-to-asset ratio indicates what proportion of the company's assets are being financed through debt. A dividend yield is a financial ratio that shows how much a compa ny pays out in dividends each year relative to its share price.
Portfolio management market commentary is as of December 31, 2010, 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. Current and future portfolio holdings are subject to risk.
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/10 | 12/31/09 |
Common Stocks | 97% | 99% |
Cash Equivalents* | 3% | 1% |
100% | 100% |
Sector Diversification (As a % of Common Stocks and Rights) | 12/31/10 | 12/31/09 |
Financials | 20% | 20% |
Information Technology | 19% | 18% |
Industrials | 16% | 16% |
Consumer Discretionary | 14% | 14% |
Health Care | 12% | 14% |
Energy | 6% | 5% |
Materials | 6% | 5% |
Consumer Staples | 3% | 4% |
Utilities | 3% | 3% |
Telecommunication Services | 1% | 1% |
100% | 100% |
Ten Largest Equity Holdings (2.6% of Net Assets) | |
1. Riverbed Technology, Inc. Manufactures and markets appliances used to connect computers in wide-area networks | 0.4% |
2. VeriFone Systems, Inc. Provides software-related services to enable transaction payments | 0.3% |
3. TIBCO Software, Inc. Provider of software solutions that enable businesses to integrate internal operations | 0.3% |
4. Brigham Exploration Co. Independent exploration and production company | 0.3% |
5. Nordson Corp. Manufacturer of industrial application equipment | 0.3% |
6. Deckers Outdoor Corp. Designs and markets function-oriented footwear and apparel | 0.2% |
7. Rackspace Hosting, Inc. Delivers Web sites, Web-based IT systems and provides related services | 0.2% |
8. Sotheby's Auctions fine arts, antiques and collectibles | 0.2% |
9. Baldor Electric Co. Manufactures and sells motors and drives | 0.2% |
10. Hecla Mining Co. Miner of domestic gold and silver | 0.2% |
Asset allocation, sector diversification and holdings are subject to change.
* In order to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market, the Fund invests in futures contracts.
For more complete details about the Fund's investment portfolio, see page 8.
Following the Fund'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. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
Shares | Value ($) | |||||||
Common Stocks 96.7% | ||||||||
Consumer Discretionary 13.2% | ||||||||
Auto Components 0.9% | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 16,210 | 208,460 | ||||||
Amerigon, Inc.* | 6,283 | 68,359 | ||||||
Cooper Tire & Rubber Co. | 16,641 | 392,395 | ||||||
Dana Holding Corp.* | 38,599 | 664,289 | ||||||
Dorman Products, Inc.* | 3,150 | 114,156 | ||||||
Drew Industries, Inc. (a) | 5,172 | 117,508 | ||||||
Exide Technologies* | 21,021 | 197,808 | ||||||
Fuel Systems Solutions, Inc.* | 4,366 | 128,273 | ||||||
Modine Manufacturing Co.* | 12,533 | 194,261 | ||||||
Shiloh Industries, Inc. | 1,452 | 17,351 | ||||||
Spartan Motors, Inc. | 8,264 | 50,328 | ||||||
Standard Motor Products, Inc. | 5,063 | 69,363 | ||||||
Stoneridge, Inc.* | 4,427 | 69,902 | ||||||
Superior Industries International, Inc. | 6,453 | 136,933 | ||||||
Tenneco, Inc.* | 16,482 | 678,399 | ||||||
Tower International, Inc.* | 1,701 | 30,091 | ||||||
3,137,876 | ||||||||
Automobiles 0.0% | ||||||||
Winnebago Industries, Inc.* | 7,961 | 121,007 | ||||||
Distributors 0.1% | ||||||||
Audiovox Corp. "A"* | 4,134 | 35,676 | ||||||
Core-Mark Holding Co., Inc.* | 2,898 | 103,140 | ||||||
Pool Corp. (a) | 13,683 | 308,415 | ||||||
Weyco Group, Inc. | 1,997 | 48,907 | ||||||
496,138 | ||||||||
Diversified Consumer Services 1.1% | ||||||||
American Public Education, Inc.* | 5,091 | 189,589 | ||||||
Bridgepoint Education, Inc.* (a) | 5,395 | 102,505 | ||||||
Cambium Learning Group, Inc.* | 4,460 | 15,342 | ||||||
Capella Education Co.* (a) | 4,576 | 304,670 | ||||||
Coinstar, Inc.* | 8,618 | 486,400 | ||||||
Corinthian Colleges, Inc.* (a) | 24,426 | 127,259 | ||||||
CPI Corp. (a) | 1,290 | 29,090 | ||||||
Grand Canyon Education, Inc.* | 8,575 | 167,984 | ||||||
K12, Inc.* | 6,970 | 199,760 | ||||||
Learning Tree International, Inc. | 1,724 | 16,481 | ||||||
Lincoln Educational Services Corp. | 3,668 | 56,891 | ||||||
Mac-Gray Corp. | 2,855 | 42,682 | ||||||
Matthews International Corp. "A" | 8,352 | 292,153 | ||||||
National American University Holdings, Inc. | 2,172 | 15,943 | ||||||
Pre-Paid Legal Services, Inc.* (a) | 2,086 | 125,682 | ||||||
Princeton Review, Inc.* (a) | 4,474 | 5,279 | ||||||
Regis Corp. | 15,596 | 258,894 | ||||||
Sotheby's | 18,352 | 825,840 | ||||||
Steiner Leisure Ltd.* | 4,087 | 190,863 | ||||||
Stewart Enterprises, Inc. "A" (a) | 22,136 | 148,090 | ||||||
Universal Technical Institute, Inc. | 5,912 | 130,182 | ||||||
3,731,579 | ||||||||
Hotels Restaurants & Leisure 2.4% | ||||||||
AFC Enterprises, Inc.* | 6,833 | 94,979 | ||||||
Ambassadors Group, Inc. | 5,434 | 62,491 | ||||||
Ameristar Casinos, Inc. | 6,974 | 109,004 | ||||||
Biglari Holdings, Inc.* | 397 | 162,853 | ||||||
BJ's Restaurants, Inc.* (a) | 6,198 | 219,595 | ||||||
Shares | Value ($) | |||||||
Bluegreen Corp.* | 4,713 | 15,176 | ||||||
Bob Evans Farms, Inc. | 8,385 | 276,370 | ||||||
Boyd Gaming Corp.* (a) | 14,970 | 158,682 | ||||||
Bravo Brio Restaurant Group, Inc.* | 3,098 | 59,389 | ||||||
Buffalo Wild Wings, Inc.* (a) | 4,892 | 214,514 | ||||||
California Pizza Kitchen, Inc.* | 5,166 | 89,268 | ||||||
Caribou Coffee Co., Inc.* (a) | 2,042 | 20,583 | ||||||
Carrols Restaurant Group, Inc.* | 3,474 | 25,777 | ||||||
CEC Entertainment, Inc.* | 5,638 | 218,924 | ||||||
Churchill Downs, Inc. | 3,191 | 138,489 | ||||||
Cracker Barrel Old Country Store, Inc. | 6,572 | 359,948 | ||||||
Denny's Corp.* | 26,161 | 93,656 | ||||||
DineEquity, Inc.* | 4,887 | 241,320 | ||||||
Domino's Pizza, Inc.* | 10,129 | 161,558 | ||||||
Einstein Noah Restaurant Group, Inc.* | 1,465 | 20,583 | ||||||
Empire Resorts, Inc.* (a) | 7,096 | 7,309 | ||||||
Gaylord Entertainment Co.* (a) | 9,612 | 345,455 | ||||||
Interval Leisure Group, Inc.* | 10,729 | 173,166 | ||||||
Isle of Capri Casinos, Inc.* (a) | 4,142 | 42,331 | ||||||
Jack in the Box, Inc.* | 15,234 | 321,894 | ||||||
Jamba, Inc.* (a) | 16,512 | 37,482 | ||||||
Krispy Kreme Doughnuts, Inc.* | 15,311 | 106,871 | ||||||
LIFE TIME FITNESS, Inc.* | 11,357 | 465,523 | ||||||
Marcus Corp. | 5,759 | 76,422 | ||||||
McCormick & Schmick's Seafood Restaurants, Inc.* | 3,869 | 35,169 | ||||||
Monarch Casino & Resort, Inc.* | 2,791 | 34,888 | ||||||
Morgans Hotel Group Co.* | 5,613 | 50,910 | ||||||
Multimedia Games, Inc.* | 6,526 | 36,415 | ||||||
O'Charley's, Inc.* | 4,969 | 35,777 | ||||||
Orient-Express Hotels Ltd. "A"* | 27,856 | 361,849 | ||||||
P.F. Chang's China Bistro, Inc. (a) | 6,397 | 309,999 | ||||||
Papa John's International, Inc.* | 5,730 | 158,721 | ||||||
Peet's Coffee & Tea, Inc.* (a) | 3,320 | 138,577 | ||||||
Pinnacle Entertainment, Inc.* | 16,256 | 227,909 | ||||||
Red Lion Hotels Corp.* | 3,771 | 30,093 | ||||||
Red Robin Gourmet Burgers, Inc.* | 4,469 | 95,949 | ||||||
Ruby Tuesday, Inc.* (a) | 17,835 | 232,925 | ||||||
Ruth's Hospitality Group, Inc.* (a) | 8,401 | 38,897 | ||||||
Scientific Games Corp. "A"* | 18,009 | 179,370 | ||||||
Shuffle Master, Inc.* | 15,131 | 173,250 | ||||||
Sonic Corp.* | 17,268 | 174,752 | ||||||
Speedway Motorsports, Inc. | 3,493 | 53,513 | ||||||
Texas Roadhouse, Inc. "A"* (a) | 15,835 | 271,887 | ||||||
The Cheesecake Factory, Inc.* | 16,528 | 506,749 | ||||||
Vail Resorts, Inc.* (a) | 10,029 | 521,909 | ||||||
7,989,120 | ||||||||
Household Durables 0.7% | ||||||||
American Greetings Corp. "A" | 10,726 | 237,688 | ||||||
Beazer Homes USA, Inc.* (a) | 20,100 | 108,339 | ||||||
Blyth, Inc. | 1,364 | 47,031 | ||||||
Brookfield Homes Corp.* | 2,212 | 20,793 | ||||||
Cavco Industries, Inc.* | 1,729 | 80,727 | ||||||
CSS Industries, Inc. | 1,866 | 38,458 | ||||||
Ethan Allen Interiors, Inc. (a) | 6,553 | 131,126 | ||||||
Furniture Brands International, Inc.* (a) | 12,765 | 65,612 | ||||||
Helen of Troy Ltd.* | 8,362 | 248,686 | ||||||
Hooker Furniture Corp. | 3,076 | 43,464 | ||||||
Shares | Value ($) | |||||||
Hovnanian Enterprises, Inc. "A"* (a) | 13,245 | 54,172 | ||||||
iRobot Corp.* (a) | 5,806 | 144,453 | ||||||
Kid Brands, Inc.* | 3,454 | 29,532 | ||||||
La-Z-Boy, Inc.* | 13,965 | 125,964 | ||||||
Libbey, Inc.* | 5,503 | 85,131 | ||||||
Lifetime Brands, Inc.* | 2,536 | 35,605 | ||||||
M/I Homes, Inc.* | 4,785 | 73,593 | ||||||
Meritage Homes Corp.* (a) | 8,766 | 194,605 | ||||||
Ryland Group, Inc. | 12,296 | 209,401 | ||||||
Sealy Corp.* | 13,302 | 38,842 | ||||||
Skyline Corp. | 1,800 | 46,944 | ||||||
Standard Pacific Corp.* | 29,406 | 135,268 | ||||||
Universal Electronics, Inc.* | 3,681 | 104,430 | ||||||
2,299,864 | ||||||||
Internet & Catalog Retail 0.4% | ||||||||
1-800 FLOWERS.COM, Inc. "A"* | 5,298 | 14,252 | ||||||
Blue Nile, Inc.* (a) | 3,521 | 200,908 | ||||||
drugstore.com, Inc.* | 25,647 | 56,680 | ||||||
Gaiam, Inc. "A" | 4,005 | 30,838 | ||||||
HSN, Inc.* | 10,611 | 325,121 | ||||||
NutriSystem, Inc. | 7,547 | 158,713 | ||||||
Orbitz Worldwide, Inc.* | 5,489 | 30,684 | ||||||
Overstock.com, Inc.* (a) | 3,989 | 65,739 | ||||||
PetMed Express, Inc. | 6,564 | 116,905 | ||||||
Shutterfly, Inc.* | 7,431 | 260,308 | ||||||
US Auto Parts Network, Inc.* | 4,076 | 34,238 | ||||||
Vitacost.com, Inc.* | 3,971 | 22,635 | ||||||
1,317,021 | ||||||||
Leisure Equipment & Products 0.7% | ||||||||
Arctic Cat, Inc.* | 3,341 | 48,912 | ||||||
Brunswick Corp. (a) | 24,194 | 453,395 | ||||||
Callaway Golf Co. (a) | 18,370 | 148,246 | ||||||
Eastman Kodak Co.* | 72,956 | 391,044 | ||||||
JAKKS Pacific, Inc.* (a) | 7,968 | 145,177 | ||||||
Johnson Outdoors, Inc. "A"* | 1,177 | 14,736 | ||||||
Leapfrog Enterprises, Inc.* | 8,924 | 49,528 | ||||||
Marine Products Corp.* | 3,050 | 20,313 | ||||||
Polaris Industries, Inc. (a) | 8,544 | 666,603 | ||||||
RC2 Corp.* | 5,819 | 126,680 | ||||||
Smith & Wesson Holding Corp.* | 15,947 | 59,642 | ||||||
Steinway Musical Instruments, Inc.* | 1,547 | 30,708 | ||||||
Sturm, Ruger & Co., Inc. (a) | 5,033 | 76,955 | ||||||
Summer Infant, Inc.* | 2,899 | 21,974 | ||||||
2,253,913 | ||||||||
Media 1.3% | ||||||||
AH Belo Corp. "A"* | 4,929 | 42,882 | ||||||
Arbitron, Inc. (a) | 7,209 | 299,318 | ||||||
Ascent Media Corp. "A"* | 3,951 | 153,141 | ||||||
Ballantyne Strong, Inc.* | 3,936 | 30,583 | ||||||
Beasley Broadcast Group, Inc. "A"* | 1,548 | 9,273 | ||||||
Belo Corp. "A"* | 24,469 | 173,241 | ||||||
Carmike Cinemas, Inc.* | 2,291 | 17,687 | ||||||
Cinemark Holdings, Inc. | 15,767 | 271,823 | ||||||
CKX, Inc.* | 15,460 | 62,304 | ||||||
Crown Media Holdings, Inc.* (a) | 7,874 | 20,630 | ||||||
Cumulus Media, Inc. "A"* | 6,071 | 26,166 | ||||||
Dex One Corp.* | 13,851 | 103,328 | ||||||
E.W. Scripps Co. "A"* | 8,712 | 88,427 | ||||||
Entercom Communications Corp. "A"* | 6,479 | 75,027 | ||||||
Shares | Value ($) | |||||||
Entravision Communications Corp. "A"* | 13,431 | 34,518 | ||||||
Fisher Communications, Inc.* | 1,534 | 33,441 | ||||||
Global Sources Ltd.* | 4,670 | 44,458 | ||||||
Gray Television, Inc.* | 13,451 | 25,153 | ||||||
Harte-Hanks, Inc. | 10,392 | 132,706 | ||||||
Journal Communications, Inc. "A"* | 12,400 | 62,620 | ||||||
Knology, Inc.* | 8,381 | 130,995 | ||||||
Lee Enterprises, Inc.* (a) | 12,363 | 30,413 | ||||||
Lin TV Corp. "A"* | 7,600 | 40,280 | ||||||
Lions Gate Entertainment Corp.* (a) | 18,941 | 123,306 | ||||||
Live Nation Entertainment, Inc.* | 38,646 | 441,337 | ||||||
LodgeNet Interactive Corp.* | 6,546 | 27,820 | ||||||
Martha Stewart Living Omnimedia, Inc. "A"* (a) | 6,536 | 28,889 | ||||||
McClatchy Co. "A"* (a) | 16,458 | 76,859 | ||||||
Media General, Inc. "A"* (a) | 6,082 | 35,154 | ||||||
Mediacom Communications Corp. "A"* | 10,992 | 92,992 | ||||||
National CineMedia, Inc. | 14,308 | 284,872 | ||||||
Nexstar Broadcasting Group, Inc. "A"* | 2,951 | 17,676 | ||||||
Outdoor Channel Holdings, Inc.* | 2,580 | 18,499 | ||||||
Playboy Enterprises, Inc. "B"* | 5,144 | 26,852 | ||||||
PRIMEDIA, Inc. | 5,413 | 22,735 | ||||||
Radio One, Inc. "D"* | 8,606 | 9,639 | ||||||
ReachLocal, Inc.* (a) | 1,327 | 26,421 | ||||||
Rentrak Corp.* | 2,627 | 79,230 | ||||||
Scholastic Corp. (a) | 8,358 | 246,895 | ||||||
Sinclair Broadcast Group, Inc. "A" | 12,426 | 101,645 | ||||||
SuperMedia, Inc.* | 3,544 | 30,868 | ||||||
Valassis Communications, Inc.* | 13,600 | 439,960 | ||||||
Value Line, Inc. | 300 | 4,335 | ||||||
Warner Music Group Corp.* | 12,491 | 70,324 | ||||||
Westwood One, Inc.* (a) | 1,464 | 13,366 | ||||||
World Wrestling Entertainment, Inc. "A" (a) | 6,700 | 95,408 | ||||||
4,223,496 | ||||||||
Multiline Retail 0.4% | ||||||||
99 Cents Only Stores* | 12,306 | 196,158 | ||||||
Dillard's, Inc. "A" (a) | 11,055 | 419,427 | ||||||
Fred's, Inc. | 10,777 | 148,291 | ||||||
Gordmans Stores, Inc.* | 1,495 | 25,056 | ||||||
Retail Ventures, Inc.* | 6,581 | 107,270 | ||||||
Saks, Inc.* (a) | 36,641 | 392,059 | ||||||
The Bon-Ton Stores, Inc.* (a) | 3,254 | 41,196 | ||||||
Tuesday Morning Corp.* | 8,409 | 44,399 | ||||||
1,373,856 | ||||||||
Specialty Retail 3.2% | ||||||||
America's Car-Mart, Inc.* | 2,527 | 68,431 | ||||||
AnnTaylor Stores Corp.* | 16,119 | 441,499 | ||||||
Asbury Automotive Group, Inc.* | 7,796 | 144,070 | ||||||
Ascena Retail Group, Inc.* | 16,026 | 423,407 | ||||||
Barnes & Noble, Inc. (a) | 10,711 | 151,561 | ||||||
bebe stores, inc. | 9,065 | 54,027 | ||||||
Big 5 Sporting Goods Corp. | 5,758 | 87,925 | ||||||
Body Central Corp.* | 1,582 | 22,575 | ||||||
Books-A-Million, Inc. | 2,112 | 12,250 | ||||||
Borders Group, Inc.* | 14,217 | 12,798 | ||||||
Brown Shoe Co., Inc. | 12,119 | 168,818 | ||||||
Build-A-Bear Workshop, Inc.* (a) | 4,581 | 34,999 | ||||||
Cabela's, Inc.* | 10,815 | 235,226 | ||||||
Casual Male Retail Group, Inc.* | 11,533 | 54,666 | ||||||
Shares | Value ($) | |||||||
Cato Corp. "A" | 7,605 | 208,453 | ||||||
Charming Shoppes, Inc.* | 31,436 | 111,598 | ||||||
Children's Place Retail Stores, Inc.* | 7,171 | 355,968 | ||||||
Christopher & Banks Corp. | 9,416 | 57,908 | ||||||
Citi Trends, Inc.* | 4,144 | 101,735 | ||||||
Coldwater Creek, Inc.* | 16,271 | 51,579 | ||||||
Collective Brands, Inc.* | 17,717 | 373,829 | ||||||
Conn's, Inc.* (a) | 4,800 | 22,464 | ||||||
Destination Maternity Corp.* | 1,244 | 47,185 | ||||||
DSW, Inc. "A"* (a) | 3,915 | 153,076 | ||||||
Express, Inc. | 4,432 | 83,322 | ||||||
Genesco, Inc.* | 6,658 | 249,608 | ||||||
Group 1 Automotive, Inc. (a) | 6,604 | 275,783 | ||||||
Haverty Furniture Companies, Inc. | 4,666 | 60,565 | ||||||
hhgregg, Inc.* (a) | 3,700 | 77,515 | ||||||
Hibbett Sports, Inc.* (a) | 7,964 | 293,872 | ||||||
Hot Topic, Inc. | 12,934 | 81,096 | ||||||
Jo-Ann Stores, Inc.* | 7,591 | 457,130 | ||||||
Jos. A. Bank Clothiers, Inc.* (a) | 7,387 | 297,844 | ||||||
Kirkland's, Inc.* | 4,641 | 65,113 | ||||||
Lithia Motors, Inc. "A" | 6,265 | 89,527 | ||||||
Lumber Liquidators Holdings, Inc.* (a) | 6,157 | 153,371 | ||||||
MarineMax, Inc.* | 6,120 | 57,222 | ||||||
Midas, Inc.* | 4,041 | 32,773 | ||||||
Monro Muffler Brake, Inc. | 8,243 | 285,108 | ||||||
New York & Co., Inc.* | 8,045 | 35,559 | ||||||
OfficeMax, Inc.* | 23,523 | 416,357 | ||||||
Pacific Sunwear of California, Inc.* (a) | 18,638 | 101,018 | ||||||
Penske Automotive Group, Inc.* | 12,276 | 213,848 | ||||||
Pier 1 Imports, Inc.* | 28,979 | 304,279 | ||||||
Rent-A-Center, Inc. (a) | 18,134 | 585,366 | ||||||
Rue21, Inc.* | 4,064 | 119,116 | ||||||
Sally Beauty Holdings, Inc.* (a) | 25,528 | 370,922 | ||||||
Select Comfort Corp.* | 15,098 | 137,845 | ||||||
Shoe Carnival, Inc.* | 2,522 | 68,094 | ||||||
Sonic Automotive, Inc. "A" | 11,092 | 146,858 | ||||||
Stage Stores, Inc. | 10,067 | 174,562 | ||||||
Stein Mart, Inc. | 7,871 | 72,807 | ||||||
Systemax, Inc.* | 2,979 | 42,004 | ||||||
Talbots, Inc.* | 19,441 | 165,637 | ||||||
The Buckle, Inc. | 7,007 | 264,654 | ||||||
The Finish Line, Inc. "A" | 14,063 | 241,743 | ||||||
The Men's Wearhouse, Inc. | 14,207 | 354,891 | ||||||
The Pep Boys — Manny, Moe & Jack | 14,361 | 192,868 | ||||||
The Wet Seal, Inc. "A"* | 26,409 | 97,713 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* | 8,696 | 295,664 | ||||||
Vitamin Shoppe, Inc.* | 4,439 | 149,328 | ||||||
West Marine, Inc.* | 3,594 | 38,025 | ||||||
Winmark Corp. | 666 | 22,404 | ||||||
Zumiez, Inc.* | 5,477 | 147,167 | ||||||
10,714,625 | ||||||||
Textiles, Apparel & Luxury Goods 2.0% | ||||||||
American Apparel, Inc.* (a) | 10,700 | 17,762 | ||||||
Carter's, Inc.* | 16,373 | 483,167 | ||||||
Cherokee, Inc. | 1,925 | 36,209 | ||||||
Columbia Sportswear Co. | 3,123 | 188,317 | ||||||
Crocs, Inc.* (a) | 23,535 | 402,919 | ||||||
Culp, Inc.* | 2,428 | 25,154 | ||||||
Deckers Outdoor Corp.* (a) | 10,641 | 848,513 | ||||||
Delta Apparel, Inc.* | 1,605 | 21,668 | ||||||
Shares | Value ($) | |||||||
G-III Apparel Group Ltd.* | 4,109 | 144,431 | ||||||
Iconix Brand Group, Inc.* | 19,970 | 385,621 | ||||||
Joe's Jeans, Inc.* (a) | 11,674 | 18,212 | ||||||
K-Swiss, Inc. "A"* (a) | 7,254 | 90,457 | ||||||
Kenneth Cole Productions, Inc. "A"* | 2,090 | 26,104 | ||||||
LaCrosse Footwear, Inc. (a) | 1,258 | 20,631 | ||||||
Liz Claiborne, Inc.* (a) | 26,210 | 187,664 | ||||||
Maidenform Brands, Inc.* (a) | 6,328 | 150,417 | ||||||
Movado Group, Inc.* | 4,312 | 69,596 | ||||||
Oxford Industries, Inc. | 3,379 | 86,536 | ||||||
Perry Ellis International, Inc.* | 2,639 | 72,493 | ||||||
Quiksilver, Inc.* (a) | 35,891 | 181,967 | ||||||
R.G. Barry Corp. | 2,256 | 25,087 | ||||||
Skechers USA, Inc. "A"* | 9,703 | 194,060 | ||||||
Steven Madden Ltd.* | 6,708 | 279,858 | ||||||
The Jones Group, Inc. | 24,145 | 375,213 | ||||||
The Warnaco Group, Inc.* | 12,177 | 670,587 | ||||||
Timberland Co. "A"* | 10,756 | 264,490 | ||||||
True Religion Apparel, Inc.* (a) | 7,019 | 156,243 | ||||||
Under Armour, Inc. "A"* (a) | 9,730 | 533,593 | ||||||
Unifi, Inc.* | 3,776 | 63,928 | ||||||
Vera Bradley, Inc.* | 3,478 | 114,774 | ||||||
Volcom, Inc. | 5,233 | 98,747 | ||||||
Wolverine World Wide, Inc. | 13,471 | 429,456 | ||||||
6,663,874 | ||||||||
Consumer Staples 2.9% | ||||||||
Beverages 0.2% | ||||||||
Boston Beer Co., Inc. "A"* | 2,343 | 222,796 | ||||||
Coca-Cola Bottling Co. Consolidated | 1,174 | 65,251 | ||||||
Heckmann Corp.* | 24,589 | 123,682 | ||||||
MGP Ingredients, Inc. (a) | 3,092 | 34,136 | ||||||
National Beverage Corp. | 2,978 | 39,131 | ||||||
Primo Water Corp.* | 2,550 | 36,235 | ||||||
521,231 | ||||||||
Food & Staples Retailing 0.8% | ||||||||
Arden Group, Inc. "A" | 379 | 31,268 | ||||||
Casey's General Stores, Inc. | 10,332 | 439,213 | ||||||
Ingles Markets, Inc. "A" | 3,451 | 66,259 | ||||||
Nash Finch Co. | 3,425 | 145,597 | ||||||
Pantry, Inc.* | 6,094 | 121,027 | ||||||
PriceSmart, Inc. | 4,367 | 166,077 | ||||||
Rite Aid Corp.* | 155,027 | 136,920 | ||||||
Ruddick Corp. | 12,152 | 447,680 | ||||||
Spartan Stores, Inc. | 6,153 | 104,293 | ||||||
Susser Holdings Corp.* | 2,300 | 31,855 | ||||||
The Andersons, Inc. | 4,983 | 181,132 | ||||||
The Fresh Market, Inc.* | 4,167 | 171,680 | ||||||
United Natural Foods, Inc.* | 13,203 | 484,286 | ||||||
Village Super Market, Inc. "A" | 1,627 | 53,691 | ||||||
Weis Markets, Inc. | 3,112 | 125,507 | ||||||
Winn-Dixie Stores, Inc.* | 14,945 | 107,156 | ||||||
2,813,641 | ||||||||
Food Products 1.2% | ||||||||
Alico, Inc. | 1,130 | 26,939 | ||||||
B&G Foods, Inc. "A" | 13,223 | 181,552 | ||||||
Bridgford Foods Corp. | 620 | 8,835 | ||||||
Cal-Maine Foods, Inc. (a) | 3,751 | 118,457 | ||||||
Calavo Growers, Inc. (a) | 2,900 | 66,845 | ||||||
Chiquita Brands International, Inc.* (a) | 12,448 | 174,521 | ||||||
Shares | Value ($) | |||||||
Darling International, Inc.* | 22,589 | 299,982 | ||||||
Diamond Foods, Inc. (a) | 6,044 | 321,420 | ||||||
Dole Food Co., Inc.* (a) | 9,680 | 130,777 | ||||||
Farmer Brothers Co. | 1,596 | 28,409 | ||||||
Fresh Del Monte Produce, Inc. | 10,959 | 273,427 | ||||||
Griffin Land & Nurseries, Inc. | 617 | 19,978 | ||||||
Hain Celestial Group, Inc.* | 11,242 | 304,208 | ||||||
Harbinger Group, Inc.* | 2,645 | 16,373 | ||||||
Imperial Sugar Co. (a) | 3,462 | 46,287 | ||||||
J & J Snack Foods Corp. | 3,934 | 189,776 | ||||||
John B. Sanfilippo & Son, Inc.* | 2,193 | 27,281 | ||||||
Lancaster Colony Corp. | 5,336 | 305,219 | ||||||
Lifeway Foods, Inc.* | 1,481 | 14,144 | ||||||
Limoneira Co. | 2,264 | 64,977 | ||||||
Pilgrim's Pride Corp.* | 13,503 | 95,736 | ||||||
Sanderson Farms, Inc. | 6,222 | 243,591 | ||||||
Seneca Foods Corp. "A"* | 2,092 | 56,442 | ||||||
Smart Balance, Inc.* | 16,748 | 72,519 | ||||||
Snyders-Lance, Inc. | 7,176 | 168,205 | ||||||
Tootsie Roll Industries, Inc. (a) | 6,544 | 189,580 | ||||||
TreeHouse Foods, Inc.* (a) | 9,561 | 488,471 | ||||||
3,933,951 | ||||||||
Household Products 0.2% | ||||||||
Central Garden & Pet Co. "A"* | 15,911 | 157,200 | ||||||
Oil-Dri Corp. of America | 1,524 | 32,751 | ||||||
Spectrum Brands Holdings, Inc.* | 4,981 | 155,258 | ||||||
WD-40 Co. | 4,578 | 184,402 | ||||||
529,611 | ||||||||
Personal Products 0.3% | ||||||||
Elizabeth Arden, Inc.* | 6,467 | 148,806 | ||||||
Female Health Co. | 4,952 | 28,177 | ||||||
Inter Parfums, Inc. | 4,035 | 76,060 | ||||||
Medifast, Inc.* | 3,817 | 110,235 | ||||||
Nature's Sunshine Products, Inc.* | 2,086 | 18,732 | ||||||
Nu Skin Enterprises, Inc. "A" | 13,410 | 405,787 | ||||||
Nutraceutical International Corp.* | 2,493 | 35,376 | ||||||
Prestige Brands Holdings, Inc.* | 11,537 | 137,867 | ||||||
Revlon, Inc. "A"* | 2,941 | 28,939 | ||||||
Schiff Nutrition International, Inc. | 3,390 | 30,781 | ||||||
Synutra International, Inc.* (a) | 4,980 | 66,981 | ||||||
USANA Health Sciences, Inc.* | 1,560 | 67,782 | ||||||
1,155,523 | ||||||||
Tobacco 0.2% | ||||||||
Alliance One International, Inc.* (a) | 24,294 | 103,007 | ||||||
Star Scientific, Inc.* (a) | 27,533 | 53,689 | ||||||
Universal Corp. (a) | 6,691 | 272,324 | ||||||
Vector Group Ltd. (a) | 12,529 | 217,002 | ||||||
646,022 | ||||||||
Energy 6.2% | ||||||||
Energy Equipment & Services 2.1% | ||||||||
Allis-Chalmers Energy, Inc.* | 10,117 | 71,730 | ||||||
Basic Energy Services, Inc.* | 6,305 | 103,906 | ||||||
Bristow Group, Inc.* | 9,777 | 462,941 | ||||||
Cal Dive International, Inc.* | 26,185 | 148,469 | ||||||
CARBO Ceramics, Inc. (a) | 5,200 | 538,408 | ||||||
Complete Production Services, Inc.* | 21,215 | 626,903 | ||||||
Dawson Geophysical Co.* | 2,194 | 69,989 | ||||||
Dril-Quip, Inc.* | 9,295 | 722,407 | ||||||
Global Geophysical Services, Inc.* | 2,163 | 22,452 | ||||||
Global Industries Ltd.* | 27,685 | 191,857 | ||||||
Shares | Value ($) | |||||||
Gulf Island Fabrication, Inc. | 3,989 | 112,410 | ||||||
GulfMark Offshore, Inc. "A"* | 6,243 | 189,787 | ||||||
Helix Energy Solutions Group, Inc.* | 28,987 | 351,902 | ||||||
Hercules Offshore, Inc.* | 31,376 | 108,561 | ||||||
Hornbeck Offshore Services, Inc.* | 6,337 | 132,317 | ||||||
ION Geophysical Corp.* (a) | 35,204 | 298,530 | ||||||
Key Energy Services, Inc.* | 34,727 | 450,756 | ||||||
Lufkin Industries, Inc. | 8,251 | 514,780 | ||||||
Matrix Service Co.* | 7,456 | 90,814 | ||||||
Natural Gas Services Group* | 3,396 | 64,218 | ||||||
Newpark Resources, Inc.* | 24,565 | 151,320 | ||||||
OYO Geospace Corp.* | 1,125 | 111,499 | ||||||
Parker Drilling Co.* (a) | 32,576 | 148,872 | ||||||
PHI, Inc. (Non Voting)* | 3,834 | 72,233 | ||||||
Pioneer Drilling Co.* | 14,927 | 131,507 | ||||||
RPC, Inc. (a) | 11,987 | 217,195 | ||||||
Seahawk Drilling, Inc.* | 3,029 | 27,110 | ||||||
T-3 Energy Services, Inc.* | 3,630 | 144,583 | ||||||
Tesco Corp.* | 8,408 | 133,519 | ||||||
TETRA Technologies, Inc.* | 20,699 | 245,697 | ||||||
Union Drilling, Inc.* | 3,732 | 27,169 | ||||||
Vantage Drilling Co.* | 40,462 | 82,138 | ||||||
Willbros Group, Inc.* | 12,672 | 124,439 | ||||||
6,890,418 | ||||||||
Oil, Gas & Consumable Fuels 4.1% | ||||||||
Abraxas Petroleum Corp.* | 18,561 | 84,824 | ||||||
Alon USA Energy, Inc. (a) | 1,860 | 11,123 | ||||||
Amyris, Inc.* | 1,555 | 41,487 | ||||||
Apco Oil & Gas International, Inc. | 2,449 | 140,817 | ||||||
Approach Resources, Inc.* | 4,828 | 111,527 | ||||||
ATP Oil & Gas Corp.* (a) | 11,968 | 200,344 | ||||||
Berry Petroleum Co. "A" | 13,934 | 608,916 | ||||||
Bill Barrett Corp.* | 12,749 | 524,366 | ||||||
BPZ Resources, Inc.* (a) | 26,947 | 128,268 | ||||||
Brigham Exploration Co.* | 31,820 | 866,777 | ||||||
Callon Petroleum Co.* | 7,970 | 47,182 | ||||||
CAMAC Energy, Inc.* | 13,139 | 26,147 | ||||||
Carrizo Oil & Gas, Inc.* | 8,696 | 299,925 | ||||||
Cheniere Energy, Inc.* (a) | 15,612 | 86,178 | ||||||
Clayton Williams Energy, Inc.* | 1,610 | 135,192 | ||||||
Clean Energy Fuels Corp.* | 12,413 | 171,796 | ||||||
Cloud Peak Energy, Inc.* | 8,836 | 205,260 | ||||||
Contango Oil & Gas Co.* | 3,234 | 187,346 | ||||||
Crosstex Energy, Inc. (a) | 10,946 | 96,982 | ||||||
CVR Energy, Inc.* | 8,358 | 126,874 | ||||||
Delek US Holdings, Inc. | 3,425 | 24,934 | ||||||
Delta Petroleum Corp.* (a) | 52,293 | 39,743 | ||||||
DHT Holdings, Inc. (a) | 14,120 | 65,658 | ||||||
Endeavour International Corp.* (a) | 6,180 | 85,284 | ||||||
Energy Partners Ltd.* | 8,023 | 119,222 | ||||||
Energy XXI (Bermuda) Ltd.* | 18,963 | 524,706 | ||||||
Evolution Petroleum Corp.* | 3,988 | 26,002 | ||||||
FX Energy, Inc.* (a) | 12,008 | 73,849 | ||||||
Gastar Exploration Ltd.* | 14,946 | 64,268 | ||||||
General Maritime Corp. (a) | 22,087 | 71,783 | ||||||
GeoResources, Inc.* | 3,571 | 79,312 | ||||||
GMX Resources, Inc.* (a) | 7,817 | 43,150 | ||||||
Golar LNG Ltd. | 10,143 | 152,246 | ||||||
Goodrich Petroleum Corp.* (a) | 6,451 | 113,796 | ||||||
Green Plains Renewable Energy, Inc.* (a) | 5,352 | 60,263 | ||||||
Gulfport Energy Corp.* | 7,449 | 161,271 | ||||||
Hallador Energy Co. | 983 | 10,312 | ||||||
Shares | Value ($) | |||||||
Harvest Natural Resources, Inc.* (a) | 8,927 | 108,642 | ||||||
Houston American Energy Corp. | 4,975 | 89,998 | ||||||
International Coal Group, Inc.* (a) | 35,614 | 275,652 | ||||||
Isramco, Inc.* | 336 | 28,325 | ||||||
James River Coal Co.* | 7,646 | 193,673 | ||||||
Knightsbridge Tankers Ltd. (a) | 6,726 | 149,788 | ||||||
Kodiak Oil & Gas Corp.* | 48,684 | 321,314 | ||||||
L&L Energy, Inc.* (a) | 4,662 | 50,350 | ||||||
Magnum Hunter Resources Corp.* | 15,024 | 108,173 | ||||||
McMoRan Exploration Co.* | 26,189 | 448,879 | ||||||
Miller Petroleum, Inc.* | 4,979 | 25,891 | ||||||
Nordic American Tanker Shipping Ltd. (a) | 12,680 | 329,934 | ||||||
Northern Oil & Gas, Inc.* | 14,885 | 405,021 | ||||||
Oasis Petroleum, Inc.* | 13,125 | 355,950 | ||||||
Overseas Shipholding Group, Inc. (a) | 7,099 | 251,447 | ||||||
Panhandle Oil & Gas, Inc. | 1,844 | 50,562 | ||||||
Patriot Coal Corp.* (a) | 21,682 | 419,980 | ||||||
Penn Virginia Corp. (a) | 12,658 | 212,908 | ||||||
Petroleum Development Corp.* | 6,450 | 272,254 | ||||||
PetroQuest Energy, Inc.* | 14,506 | 109,230 | ||||||
RAM Energy Resources, Inc.* | 15,314 | 28,178 | ||||||
Rentech, Inc.* (a) | 59,802 | 72,958 | ||||||
Resolute Energy Corp.* (a) | 10,479 | 154,670 | ||||||
REX American Resources Corp.* | 1,849 | 28,401 | ||||||
Rex Energy Corp.* | 8,503 | 116,066 | ||||||
Rosetta Resources, Inc.* | 14,451 | 543,936 | ||||||
Scorpio Tankers, Inc.* | 4,696 | 47,477 | ||||||
Ship Finance International Ltd. | 12,208 | 262,716 | ||||||
Stone Energy Corp.* (a) | 11,739 | 261,662 | ||||||
Swift Energy Co.* (a) | 11,558 | 452,496 | ||||||
Syntroleum Corp.* | 20,697 | 38,289 | ||||||
Teekay Tankers Ltd. "A" | 8,811 | 108,728 | ||||||
TransAtlantic Petroleum Ltd.* | 40,722 | 135,604 | ||||||
Uranium Energy Corp.* (a) | 17,134 | 103,489 | ||||||
USEC, Inc.* (a) | 31,294 | 188,390 | ||||||
VAALCO Energy, Inc.* | 13,865 | 99,273 | ||||||
Venoco, Inc.* | 5,429 | 100,165 | ||||||
W&T Offshore, Inc. | 9,322 | 166,584 | ||||||
Warren Resources, Inc.* | 19,323 | 87,340 | ||||||
Western Refining, Inc.* (a) | 14,234 | 150,596 | ||||||
World Fuel Services Corp. | 18,815 | 680,350 | ||||||
13,852,469 | ||||||||
Financials 19.7% | ||||||||
Capital Markets 1.9% | ||||||||
American Capital Ltd.* | 93,358 | 705,787 | ||||||
Arlington Asset Investment Corp. "A" | 1,872 | 44,909 | ||||||
Artio Global Investors, Inc. "A" | 7,712 | 113,752 | ||||||
BGC Partners, Inc. "A" (a) | 15,712 | 130,567 | ||||||
BlackRock Kelso Capital Corp. | 19,528 | 215,980 | ||||||
Calamos Asset Management, Inc. "A" | 5,040 | 70,560 | ||||||
Capital Southwest Corp. | 783 | 81,275 | ||||||
Cohen & Steers, Inc. | 4,940 | 128,934 | ||||||
Cowen Group, Inc. "A"* | 10,029 | 46,735 | ||||||
Diamond Hill Investment Group | 700 | 50,638 | ||||||
Duff & Phelps Corp. "A" | 7,539 | 127,108 | ||||||
Epoch Holding Corp. | 3,491 | 54,215 | ||||||
Evercore Partners, Inc. "A" | 4,323 | 146,982 | ||||||
FBR Capital Markets Corp.* | 14,578 | 55,688 | ||||||
Shares | Value ($) | |||||||
Fifth Street Finance Corp. | 15,294 | 185,669 | ||||||
Financial Engines, Inc.* | 3,578 | 70,952 | ||||||
GAMCO Investors, Inc. "A" | 1,843 | 88,482 | ||||||
GFI Group, Inc. | 18,300 | 85,827 | ||||||
Gladstone Capital Corp. (a) | 5,787 | 66,666 | ||||||
Gladstone Investment Corp. | 6,600 | 50,490 | ||||||
Gleacher & Co., Inc.* | 21,525 | 51,014 | ||||||
Harris & Harris Group, Inc.* | 8,500 | 37,230 | ||||||
Hercules Technology Growth Capital, Inc. | 9,461 | 98,016 | ||||||
HFF, Inc. "A"* | 5,279 | 50,995 | ||||||
International Assets Holding Corp.* (a) | 3,389 | 79,980 | ||||||
Investment Technology Group, Inc.* | 12,036 | 197,029 | ||||||
JMP Group, Inc. | 4,691 | 35,792 | ||||||
KBW, Inc. (a) | 9,802 | 273,672 | ||||||
Knight Capital Group, Inc. "A"* (a) | 25,590 | 352,886 | ||||||
LaBranche & Co., Inc.* | 9,695 | 34,902 | ||||||
Ladenburg Thalmann Financial Services, Inc.* (a) | 25,243 | 29,534 | ||||||
Main Street Capital Corp. | 4,164 | 75,743 | ||||||
MCG Capital Corp. | 21,116 | 147,179 | ||||||
Medallion Financial Corp. | 4,500 | 36,900 | ||||||
MF Global Holdings Ltd.* (a) | 31,431 | 262,763 | ||||||
MVC Capital, Inc. | 6,694 | 97,732 | ||||||
NGP Capital Resources Co. | 5,775 | 53,130 | ||||||
Oppenheimer Holdings, Inc. "A" | 2,816 | 73,807 | ||||||
optionsXpress Holdings, Inc. | 11,646 | 182,493 | ||||||
PennantPark Investment Corp. | 9,725 | 119,034 | ||||||
Penson Worldwide, Inc.* (a) | 5,222 | 25,536 | ||||||
Piper Jaffray Companies, Inc.* | 4,196 | 146,902 | ||||||
Prospect Capital Corp. | 22,509 | 243,097 | ||||||
Pzena Investment Management, Inc. "A" | 1,434 | 10,540 | ||||||
Rodman & Renshaw Capital Group, Inc.* | 4,364 | 11,696 | ||||||
Safeguard Scientifics, Inc.* | 5,644 | 96,400 | ||||||
Sanders Morris Harris Group, Inc. | 6,136 | 44,486 | ||||||
Solar Capital Ltd. | 1,550 | 38,409 | ||||||
Stifel Financial Corp.* | 9,342 | 579,578 | ||||||
SWS Group, Inc. | 7,909 | 39,941 | ||||||
TICC Capital Corp. | 8,742 | 97,998 | ||||||
TradeStation Group, Inc.* | 11,290 | 76,208 | ||||||
Triangle Capital Corp. | 4,078 | 77,482 | ||||||
Virtus Investment Partners, Inc.* | 1,293 | 58,663 | ||||||
Westwood Holdings Group, Inc. | 1,573 | 62,857 | ||||||
6,420,840 | ||||||||
Commercial Banks 5.6% | ||||||||
1st Source Corp. | 3,964 | 80,231 | ||||||
1st United Bancorp., Inc.* | 6,090 | 42,082 | ||||||
Alliance Financial Corp. (a) | 1,287 | 41,634 | ||||||
American National Bankshares, Inc. | 1,473 | 34,689 | ||||||
Ameris Bancorp. (a) | 6,570 | 69,248 | ||||||
Ames National Corp. (a) | 2,109 | 45,702 | ||||||
Arrow Financial Corp. | 2,657 | 73,094 | ||||||
BancFirst Corp. | 1,825 | 75,172 | ||||||
Banco Latinoamericano de Comercio Exterior SA "E" | 7,652 | 141,256 | ||||||
Bancorp. Rhode Island, Inc. | 1,041 | 30,283 | ||||||
Bank of Marin Bancorp. | 1,461 | 51,135 | ||||||
Bank of the Ozarks, Inc. | 3,578 | 155,106 | ||||||
Boston Private Financial Holdings, Inc. | 19,905 | 130,378 | ||||||
Shares | Value ($) | |||||||
Bridge Bancorp., Inc. | 1,549 | 38,183 | ||||||
Bryn Mawr Bank Corp. (a) | 2,771 | 48,354 | ||||||
Camden National Corp. | 2,116 | 76,663 | ||||||
Capital City Bank Group, Inc. | 3,126 | 39,388 | ||||||
Cardinal Financial Corp. | 7,879 | 91,633 | ||||||
Cathay General Bancorp. | 21,574 | 360,286 | ||||||
Center Financial Corp.* | 9,881 | 74,898 | ||||||
Centerstate Banks, Inc. | 7,374 | 58,402 | ||||||
Century Bancorp., Inc. "A" | 1,033 | 27,674 | ||||||
Chemical Financial Corp. | 6,740 | 149,291 | ||||||
Citizens & Northern Corp. | 3,007 | 44,684 | ||||||
Citizens Republic Bancorp., Inc.* | 107,757 | 66,271 | ||||||
City Holding Co. (a) | 4,338 | 157,166 | ||||||
CNB Financial Corp. | 3,400 | 50,354 | ||||||
CoBiz Financial, Inc. (a) | 9,034 | 54,927 | ||||||
Columbia Banking System, Inc. | 10,872 | 228,964 | ||||||
Community Bank System, Inc. | 9,101 | 252,735 | ||||||
Community Trust Bancorp., Inc. | 3,759 | 108,861 | ||||||
CVB Financial Corp. (a) | 25,006 | 216,802 | ||||||
Danvers Bancorp., Inc. | 5,171 | 91,372 | ||||||
Eagle Bancorp., Inc.* | 4,712 | 67,994 | ||||||
Encore Bancshares, Inc.* | 2,230 | 22,880 | ||||||
Enterprise Financial Services Corp. | 3,626 | 37,928 | ||||||
Financial Institutions, Inc. | 2,853 | 54,121 | ||||||
First BanCorp. — North Carolina | 4,128 | 63,200 | ||||||
First BanCorp. — Puerto Rico* (a) | 23,808 | 10,952 | ||||||
First Bancorp., Inc. | 2,700 | 42,633 | ||||||
First Busey Corp. | 14,323 | 67,318 | ||||||
First Commonwealth Financial Corp. | 27,969 | 198,020 | ||||||
First Community Bancshares, Inc. | 4,380 | 65,437 | ||||||
First Financial Bancorp. | 16,027 | 296,179 | ||||||
First Financial Bankshares, Inc. (a) | 5,751 | 294,336 | ||||||
First Financial Corp. — Indiana | 3,054 | 107,318 | ||||||
First Interstate BancSystem, Inc. "A" | 3,449 | 52,563 | ||||||
First Merchants Corp. | 6,928 | 61,382 | ||||||
First Midwest Bancorp., Inc. (a) | 20,572 | 236,989 | ||||||
First of Long Island Corp. | 2,064 | 59,670 | ||||||
First South Bancorp., Inc. | 2,400 | 15,528 | ||||||
FirstMerit Corp. | 29,720 | 588,159 | ||||||
FNB Corp. (a) | 30,875 | 303,192 | ||||||
German American Bancorp., Inc. (a) | 2,880 | 53,035 | ||||||
Glacier Bancorp., Inc. | 19,705 | 297,743 | ||||||
Great Southern Bancorp., Inc. | 2,688 | 63,410 | ||||||
Greene Bancshares, Inc.* (a) | 3,288 | 10,522 | ||||||
Hancock Holding Co. | 8,112 | 282,784 | ||||||
Hanmi Financial Corp.* | 28,808 | 33,129 | ||||||
Heartland Financial USA, Inc. | 3,621 | 63,223 | ||||||
Heritage Financial Corp.* | 2,663 | 37,069 | ||||||
Home Bancorp., Inc.* | 2,056 | 28,414 | ||||||
Home Bancshares, Inc. | 6,054 | 133,370 | ||||||
Hudson Valley Holding Corp. | 3,621 | 89,661 | ||||||
IBERIABANK Corp. | 7,363 | 435,374 | ||||||
Independent Bank Corp. — Massachusetts (a) | 5,748 | 155,483 | ||||||
International Bancshares Corp. | 14,696 | 294,361 | ||||||
Investors Bancorp., Inc.* | 12,838 | 168,435 | ||||||
Lakeland Bancorp., Inc. | 5,557 | 60,960 | ||||||
Lakeland Financial Corp. | 4,216 | 90,475 | ||||||
MainSource Financial Group, Inc. | 5,170 | 53,820 | ||||||
MB Financial, Inc. | 14,648 | 253,703 | ||||||
Merchants Bancshares, Inc. | 1,476 | 40,679 | ||||||
Metro Bancorp., Inc.* | 3,770 | 41,508 | ||||||
Shares | Value ($) | |||||||
MidSouth Bancorp., Inc. | 2,182 | 33,516 | ||||||
MidWestOne Financial Group, Inc. | 1,903 | 28,754 | ||||||
Nara Bancorp., Inc.* | 10,756 | 105,624 | ||||||
National Bankshares, Inc. | 1,801 | 56,713 | ||||||
National Penn Bancshares, Inc. | 34,626 | 278,047 | ||||||
NBT Bancorp., Inc. | 9,497 | 229,353 | ||||||
Northfield Bancorp., Inc. (a) | 4,859 | 64,722 | ||||||
Old National Bancorp. | 23,471 | 279,070 | ||||||
OmniAmerican Bancorp., Inc.* | 3,324 | 45,040 | ||||||
Oriental Financial Group, Inc. (a) | 12,709 | 158,735 | ||||||
Orrstown Financial Services, Inc. | 1,658 | 45,446 | ||||||
Pacific Continental Corp. | 5,134 | 51,648 | ||||||
PacWest Bancorp. (a) | 8,614 | 184,167 | ||||||
Park National Corp. | 3,448 | 250,566 | ||||||
Peapack-Gladstone Financial Corp. | 2,730 | 35,626 | ||||||
Penns Woods Bancorp., Inc. | 938 | 37,332 | ||||||
Peoples Bancorp., Inc. | 2,888 | 45,197 | ||||||
Pinnacle Financial Partners, Inc.* | 9,119 | 123,836 | ||||||
Porter Bancorp., Inc. | 767 | 7,903 | ||||||
PrivateBancorp., Inc. | 14,329 | 206,051 | ||||||
Prosperity Bancshares, Inc. | 12,827 | 503,845 | ||||||
Renasant Corp. (a) | 6,723 | 113,686 | ||||||
Republic Bancorp., Inc. "A" (a) | 2,881 | 68,424 | ||||||
S&T Bancorp., Inc. | 6,950 | 157,000 | ||||||
S.Y. Bancorp., Inc. (a) | 3,280 | 80,524 | ||||||
Sandy Spring Bancorp., Inc. (a) | 6,664 | 122,817 | ||||||
SCBT Financial Corp. | 3,587 | 117,474 | ||||||
Sierra Bancorp. | 3,235 | 34,712 | ||||||
Signature Bank* | 11,282 | 564,100 | ||||||
Simmons First National Corp. "A" | 4,789 | 136,486 | ||||||
Southside Bancshares, Inc. | 4,077 | 85,902 | ||||||
Southwest Bancorp., Inc.* | 5,458 | 67,679 | ||||||
State Bancorp., Inc. | 4,711 | 43,577 | ||||||
StellarOne Corp. | 6,044 | 87,880 | ||||||
Sterling Bancorp. | 7,483 | 78,347 | ||||||
Sterling Bancshares, Inc. | 25,443 | 178,610 | ||||||
Suffolk Bancorp. | 2,554 | 63,033 | ||||||
Susquehanna Bancshares, Inc. | 35,171 | 340,455 | ||||||
SVB Financial Group* | 11,490 | 609,544 | ||||||
Taylor Capital Group, Inc.* | 2,671 | 35,124 | ||||||
Texas Capital Bancshares, Inc.* | 10,126 | 215,380 | ||||||
The Bancorp., Inc.* | 6,263 | 63,695 | ||||||
Tompkins Financial Corp. | 2,172 | 85,055 | ||||||
Tower Bancorp., Inc. | 1,999 | 44,058 | ||||||
TowneBank (a) | 6,517 | 103,555 | ||||||
TriCo Bancshares | 3,873 | 62,549 | ||||||
Trustmark Corp. (a) | 17,280 | 429,235 | ||||||
UMB Financial Corp. | 8,701 | 360,395 | ||||||
Umpqua Holdings Corp. | 31,287 | 381,076 | ||||||
Union First Market Bankshares Corp. | 5,215 | 77,078 | ||||||
United Bankshares, Inc. | 10,733 | 313,404 | ||||||
United Community Banks, Inc.* | 26,924 | 52,502 | ||||||
Univest Corp. of Pennsylvania | 4,332 | 83,044 | ||||||
Virginia Commerce Bancorp., Inc.* | 5,560 | 34,361 | ||||||
Washington Banking Co. | 4,402 | 60,351 | ||||||
Washington Trust Bancorp., Inc. | 3,900 | 85,332 | ||||||
Webster Financial Corp. | 18,084 | 356,255 | ||||||
WesBanco, Inc. | 6,130 | 116,225 | ||||||
West Bancorp. (a) | 4,052 | 31,565 | ||||||
West Coast Bancorp.* | 26,072 | 73,523 | ||||||
Westamerica Bancorp. | 8,112 | 449,973 | ||||||
Western Alliance Bancorp.* | 17,904 | 131,773 | ||||||
Shares | Value ($) | |||||||
Whitney Holding Corp. | 26,736 | 378,314 | ||||||
Wilshire Bancorp., Inc. (a) | 5,344 | 40,721 | ||||||
Wintrust Financial Corp. | 9,358 | 309,095 | ||||||
18,634,954 | ||||||||
Consumer Finance 0.6% | ||||||||
Advance America Cash Advance Centers, Inc. | 14,750 | 83,190 | ||||||
Cash America International, Inc. (a) | 7,991 | 295,108 | ||||||
CompuCredit Holdings Corp.* | 3,154 | 22,015 | ||||||
Credit Acceptance Corp.* | 1,562 | 98,047 | ||||||
Dollar Financial Corp.* | 6,697 | 191,735 | ||||||
EZCORP, Inc. "A"* | 12,681 | 344,035 | ||||||
First Cash Financial Services, Inc.* | 8,311 | 257,558 | ||||||
Nelnet, Inc. "A" | 7,274 | 172,321 | ||||||
Netspend Holdings, Inc.* | 8,344 | 106,970 | ||||||
Student Loan Corp. | 1,094 | 35,489 | ||||||
The First Marblehead Corp.* (a) | 15,439 | 33,503 | ||||||
World Acceptance Corp.* | 4,539 | 239,659 | ||||||
1,879,630 | ||||||||
Diversified Financial Services 0.5% | ||||||||
Asset Acceptance Capital Corp.* (a) | 3,862 | 22,902 | ||||||
ASTA Funding, Inc. | 2,924 | 23,684 | ||||||
California First National Bancorp. | 432 | 6,234 | ||||||
Compass Diversified Holdings | 10,000 | 176,900 | ||||||
Encore Capital Group, Inc.* | 3,840 | 90,048 | ||||||
Life Partners Holdings, Inc. (a) | 1,833 | 35,065 | ||||||
MarketAxess Holdings, Inc. | 7,613 | 158,427 | ||||||
Marlin Business Services Corp.* | 2,370 | 29,981 | ||||||
NewStar Financial, Inc.* | 7,313 | 77,299 | ||||||
PHH Corp.* (a) | 15,375 | 355,931 | ||||||
PICO Holdings, Inc.* | 6,238 | 198,368 | ||||||
Portfolio Recovery Associates, Inc.* | 4,591 | 345,243 | ||||||
Primus Guaranty Ltd.* | 5,403 | 27,447 | ||||||
1,547,529 | ||||||||
Insurance 2.5% | ||||||||
Alterra Capital Holdings Ltd. | 26,165 | 566,211 | ||||||
American Equity Investment Life Holding Co. | 16,541 | 207,590 | ||||||
American Safety Insurance Holdings Ltd.* | 2,900 | 62,002 | ||||||
AMERISAFE, Inc.* | 5,152 | 90,160 | ||||||
AmTrust Financial Services, Inc. | 5,973 | 104,528 | ||||||
Argo Group International Holdings Ltd. | 8,401 | 314,617 | ||||||
Baldwin & Lyons, Inc. | 2,192 | 51,578 | ||||||
Citizens, Inc.* (a) | 10,066 | 74,992 | ||||||
CNA Surety Corp.* | 5,024 | 118,968 | ||||||
CNO Financial Group, Inc.* | 61,539 | 417,234 | ||||||
Crawford & Co. "B"* (a) | 7,300 | 24,820 | ||||||
Delphi Financial Group, Inc. "A" | 13,006 | 375,093 | ||||||
Donegal Group, Inc. "A" | 2,772 | 40,139 | ||||||
eHealth, Inc.* | 5,935 | 84,218 | ||||||
EMC Insurance Group, Inc. (a) | 1,245 | 28,187 | ||||||
Employers Holdings, Inc. | 10,893 | 190,410 | ||||||
Enstar Group Ltd.* | 1,776 | 150,214 | ||||||
FBL Financial Group, Inc. "A" | 3,686 | 105,678 | ||||||
First American Financial Corp. | 28,198 | 421,278 | ||||||
First Mercury Financial Corp. | 4,111 | 67,420 | ||||||
Flagstone Reinsurance Holdings SA | 14,522 | 182,977 | ||||||
FPIC Insurance Group, Inc.* | 2,472 | 91,365 | ||||||
Gerova Financial Group Ltd.* | 383 | 11,490 | ||||||
Shares | Value ($) | |||||||
Global Indemnity PLC* | 3,832 | 78,364 | ||||||
Greenlight Capital Re Ltd. "A"* | 7,853 | 210,539 | ||||||
Hallmark Financial Services, Inc.* | 2,863 | 26,053 | ||||||
Harleysville Group, Inc. | 3,229 | 118,633 | ||||||
Hilltop Holdings, Inc.* | 10,486 | 104,021 | ||||||
Horace Mann Educators Corp. | 10,579 | 190,845 | ||||||
Infinity Property & Casualty Corp. | 3,453 | 213,395 | ||||||
Kansas City Life Insurance Co. | 1,074 | 35,474 | ||||||
Maiden Holdings Ltd. | 13,881 | 109,105 | ||||||
Meadowbrook Insurance Group, Inc. | 15,107 | 154,847 | ||||||
Montpelier Re Holdings Ltd. | 18,123 | 361,373 | ||||||
National Financial Partners Corp.* (a) | 11,803 | 158,160 | ||||||
National Interstate Corp. | 1,857 | 39,740 | ||||||
National Western Life Insurance Co. "A" | 577 | 96,197 | ||||||
Navigators Group, Inc.* | 3,387 | 170,535 | ||||||
Phoenix Companies, Inc.* | 31,041 | 78,844 | ||||||
Platinum Underwriters Holdings Ltd. | 11,261 | 506,407 | ||||||
Presidential Life Corp. | 5,610 | 55,707 | ||||||
Primerica, Inc. | 6,636 | 160,923 | ||||||
ProAssurance Corp.* | 8,492 | 514,615 | ||||||
RLI Corp. | 5,175 | 272,050 | ||||||
Safety Insurance Group, Inc. | 3,509 | 166,923 | ||||||
Seabright Holdings, Inc. | 6,465 | 59,607 | ||||||
Selective Insurance Group, Inc. | 14,764 | 267,967 | ||||||
State Auto Financial Corp. | 3,829 | 66,701 | ||||||
Stewart Information Services Corp. (a) | 5,132 | 59,172 | ||||||
Tower Group, Inc. | 10,225 | 261,556 | ||||||
United Fire & Casualty Co. | 6,338 | 141,464 | ||||||
Universal Insurance Holdings, Inc. | 4,094 | 19,938 | ||||||
8,480,324 | ||||||||
Real Estate Investment Trusts 7.0% | ||||||||
Acadia Realty Trust (REIT) | 11,109 | 202,628 | ||||||
Agree Realty Corp. (REIT) | 2,410 | 63,118 | ||||||
Alexander's, Inc. (REIT) | 568 | 234,175 | ||||||
American Campus Communities, Inc. (REIT) | 17,835 | 566,440 | ||||||
American Capital Agency Corp. (REIT) (a) | 13,901 | 399,515 | ||||||
Anworth Mortgage Asset Corp. (REIT) | 33,079 | 231,553 | ||||||
Apollo Commercial Real Estate Finance, Inc. (REIT) | 4,906 | 80,213 | ||||||
Ashford Hospitality Trust (REIT)* (a) | 10,913 | 105,310 | ||||||
Associated Estates Realty Corp. (REIT) | 11,282 | 172,502 | ||||||
BioMed Realty Trust, Inc. (REIT) | 36,032 | 671,997 | ||||||
CapLease, Inc. (REIT) | 15,565 | 90,588 | ||||||
Capstead Mortgage Corp. (REIT) | 19,328 | 243,340 | ||||||
CBL & Associates Properties, Inc. (REIT) (a) | 37,669 | 659,207 | ||||||
Cedar Shopping Centers, Inc. (REIT) | 15,179 | 95,476 | ||||||
Chatham Lodging Trust (REIT) | 2,408 | 41,538 | ||||||
Chesapeake Lodging Trust (REIT) | 4,121 | 77,516 | ||||||
Cogdell Spencer, Inc. (REIT) | 11,972 | 69,438 | ||||||
Colonial Properties Trust (REIT) | 21,366 | 385,656 | ||||||
Colony Financial, Inc. (REIT) | 3,782 | 75,716 | ||||||
Cousins Properties, Inc. (REIT) | 25,217 | 210,310 | ||||||
CreXus Investment Corp. (REIT) | 3,610 | 47,291 | ||||||
Shares | Value ($) | |||||||
Cypress Sharpridge Investments, Inc. (REIT) | 13,723 | 177,164 | ||||||
DCT Industrial Trust, Inc. (REIT) | 58,044 | 308,214 | ||||||
DiamondRock Hospitality Co. (REIT)* | 41,870 | 502,440 | ||||||
DuPont Fabros Technology, Inc. (REIT) (a) | 11,342 | 241,244 | ||||||
Dynex Capital, Inc. (REIT) | 5,638 | 61,567 | ||||||
EastGroup Properties, Inc. (REIT) | 7,465 | 315,919 | ||||||
Education Realty Trust, Inc. (REIT) | 16,012 | 124,413 | ||||||
Entertainment Properties Trust (REIT) | 12,652 | 585,155 | ||||||
Equity Lifestyle Properties, Inc. (REIT) | 7,066 | 395,201 | ||||||
Equity One, Inc. (REIT) | 10,980 | 199,616 | ||||||
Excel Trust, Inc. (REIT) | 4,207 | 50,905 | ||||||
Extra Space Storage, Inc. (REIT) | 24,099 | 419,323 | ||||||
FelCor Lodging Trust, Inc. (REIT)* | 27,247 | 191,819 | ||||||
First Industrial Realty Trust, Inc. (REIT)* (a) | 17,629 | 154,430 | ||||||
First Potomac Realty Trust (REIT) | 13,458 | 226,364 | ||||||
Franklin Street Properties Corp. (REIT) (a) | 18,631 | 265,492 | ||||||
Getty Realty Corp. (REIT) (a) | 5,787 | 181,017 | ||||||
Gladstone Commercial Corp. (REIT) | 2,411 | 45,399 | ||||||
Glimcher Realty Trust (REIT) | 23,868 | 200,491 | ||||||
Government Properties Income Trust (REIT) | 7,734 | 207,194 | ||||||
Hatteras Financial Corp. (REIT) | 12,831 | 388,394 | ||||||
Healthcare Realty Trust, Inc. (REIT) | 17,270 | 365,606 | ||||||
Hersha Hospitality Trust (REIT) | 37,046 | 244,504 | ||||||
Highwoods Properties, Inc. (REIT) | 19,486 | 620,629 | ||||||
Home Properties, Inc. (REIT) (a) | 10,333 | 573,378 | ||||||
Inland Real Estate Corp. (REIT) | 19,945 | 175,516 | ||||||
Invesco Mortgage Capital (REIT) | 10,966 | 239,497 | ||||||
Investors Real Estate Trust (REIT) (a) | 20,946 | 187,886 | ||||||
iStar Financial, Inc. (REIT)* (a) | 25,586 | 200,083 | ||||||
Kilroy Realty Corp. (REIT) (a) | 14,727 | 537,094 | ||||||
Kite Realty Group Trust (REIT) | 14,993 | 81,112 | ||||||
LaSalle Hotel Properties (REIT) | 18,956 | 500,438 | ||||||
Lexington Realty Trust (REIT) (a) | 26,846 | 213,426 | ||||||
LTC Properties, Inc. (REIT) | 7,072 | 198,582 | ||||||
Medical Properties Trust, Inc. (REIT) (a) | 30,773 | 333,272 | ||||||
MFA Financial, Inc. (REIT) | 76,944 | 627,863 | ||||||
Mid-America Apartment Communities, Inc. (REIT) | 8,949 | 568,172 | ||||||
Mission West Properties, Inc. (REIT) | 4,927 | 32,962 | ||||||
Monmouth Real Estate Investment Corp. "A" (REIT) | 7,368 | 62,628 | ||||||
MPG Office Trust, Inc. (REIT)* (a) | 13,374 | 36,779 | ||||||
National Health Investors, Inc. (REIT) | 6,742 | 303,525 | ||||||
National Retail Properties, Inc. (REIT) (a) | 22,721 | 602,106 | ||||||
Newcastle Investment Corp. (REIT)* | 17,287 | 115,823 | ||||||
NorthStar Realty Finance Corp. (REIT) (a) | 20,986 | 99,683 | ||||||
OMEGA Healthcare Investors, Inc. (REIT) (a) | 26,994 | 605,745 | ||||||
One Liberty Properties, Inc. (REIT) | 2,332 | 38,944 | ||||||
Parkway Properties, Inc. (REIT) | 6,013 | 105,348 | ||||||
Pebblebrook Hotel Trust (REIT) | 10,124 | 205,720 | ||||||
Shares | Value ($) | |||||||
Pennsylvania Real Estate Investment Trust (REIT) (a) | 15,358 | 223,152 | ||||||
Pennymac Mortgage Investment Trust (REIT) | 4,281 | 77,700 | ||||||
Post Properties, Inc. (REIT) | 13,420 | 487,146 | ||||||
Potlatch Corp. (REIT) | 11,066 | 360,198 | ||||||
PS Business Parks, Inc. (REIT) | 4,959 | 276,315 | ||||||
RAIT Financial Trust (REIT)* (a) | 25,295 | 55,396 | ||||||
Ramco-Gershenson Properties Trust (REIT) | 10,565 | 131,534 | ||||||
Redwood Trust, Inc. (REIT) | 20,999 | 313,515 | ||||||
Resource Capital Corp. (REIT) | 13,590 | 100,294 | ||||||
Retail Opportunity Investments Corp. | 11,617 | 115,124 | ||||||
Sabra Health Care REIT, Inc. (REIT) | 6,993 | 128,671 | ||||||
Saul Centers, Inc. (REIT) | 1,750 | 82,863 | ||||||
Sovran Self Storage, Inc. (REIT) | 7,442 | 273,940 | ||||||
Starwood Property Trust, Inc. (REIT) | 13,041 | 280,121 | ||||||
Strategic Hotels & Resorts, Inc. (REIT)* | 39,002 | 206,321 | ||||||
Sun Communities, Inc. (REIT) | 5,282 | 175,943 | ||||||
Sunstone Hotel Investors, Inc. (REIT)* (a) | 32,142 | 332,027 | ||||||
Tanger Factory Outlet Centers, Inc. (REIT) | 11,001 | 563,141 | ||||||
Terreno Realty Corp. (REIT)* | 2,555 | 45,811 | ||||||
Two Harbors Investment Corp. (REIT) | 7,206 | 70,547 | ||||||
U-Store-It Trust (REIT) | 25,895 | 246,779 | ||||||
UMH Properties, Inc. (REIT) | 2,562 | 26,132 | ||||||
Universal Health Realty Income Trust (REIT) | 3,136 | 114,558 | ||||||
Urstadt Biddle Properties "A" (REIT) | 6,217 | 120,921 | ||||||
Walter Investment Management Corp. (REIT) | 6,939 | 124,486 | ||||||
Washington Real Estate Investment Trust (REIT) | 17,564 | 544,308 | ||||||
Winthrop Realty Trust (REIT) | 6,108 | 78,121 | ||||||
23,396,673 | ||||||||
Real Estate Management & Development 0.2% | ||||||||
Avatar Holdings, Inc.* | 2,200 | 43,604 | ||||||
Campus Crest Communities, Inc. (REIT) | 8,410 | 117,908 | ||||||
Consolidated-Tomoka Land Co. | 1,414 | 40,865 | ||||||
Coresite Realty Corp. (REIT) | 5,351 | 72,988 | ||||||
Forestar Group, Inc.* | 10,262 | 198,056 | ||||||
Hudson Pacific Properties, Inc. (REIT) | 4,113 | 61,901 | ||||||
Kennedy-Wilson Holdings, Inc.* | 5,753 | 57,472 | ||||||
Tejon Ranch Co.* | 3,636 | 100,172 | ||||||
Thomas Properties Group, Inc.* | 9,793 | 41,326 | ||||||
734,292 | ||||||||
Thrifts & Mortgage Finance 1.4% | ||||||||
Abington Bancorp., Inc. | 5,774 | 68,884 | ||||||
Astoria Financial Corp. | 23,394 | 325,411 | ||||||
Bank Mutual Corp. | 12,588 | 60,171 | ||||||
BankFinancial Corp. | 5,273 | 51,412 | ||||||
Beneficial Mutual Bancorp., Inc.* | 9,529 | 84,141 | ||||||
Berkshire Hills Bancorp., Inc. | 3,964 | 87,604 | ||||||
BofI Holding, Inc.* | 1,931 | 29,950 | ||||||
Brookline Bancorp., Inc. | 16,266 | 176,486 | ||||||
Clifton Savings Bancorp., Inc. | 3,000 | 32,430 | ||||||
Dime Community Bancshares | 7,457 | 108,798 | ||||||
Shares | Value ($) | |||||||
Doral Financial Corp.* | 5,953 | 8,215 | ||||||
ESB Financial Corp. | 2,512 | 40,795 | ||||||
ESSA Bancorp., Inc. | 3,920 | 51,822 | ||||||
Federal Agricultural Mortgage Corp. "C" (a) | 2,672 | 43,607 | ||||||
First Financial Holdings, Inc. | 4,800 | 55,248 | ||||||
Flagstar Bancorp., Inc.* (a) | 19,318 | 31,488 | ||||||
Flushing Financial Corp. | 8,390 | 117,460 | ||||||
Fox Chase Bancorp.* | 1,710 | 20,263 | ||||||
Heritage Financial Group, Inc. | 292 | 3,627 | ||||||
Home Federal Bancorp., Inc. | 4,624 | 56,736 | ||||||
Kaiser Federal Financial Group, Inc. | 769 | 8,905 | ||||||
Kearny Financial Corp. | 4,150 | 35,690 | ||||||
Meridian Interstate Bancorp., Inc.* | 2,800 | 33,012 | ||||||
MGIC Investment Corp.* | 55,269 | 563,191 | ||||||
NASB Financial, Inc. (a) | 1,000 | 16,760 | ||||||
NewAlliance Bancshares, Inc. | 28,725 | 430,300 | ||||||
Northwest Bancshares, Inc. | 30,160 | 354,682 | ||||||
OceanFirst Financial Corp. | 3,998 | 51,454 | ||||||
Ocwen Financial Corp.* | 20,501 | 195,580 | ||||||
Oritani Financial Corp. | 14,778 | 180,883 | ||||||
Provident Financial Services, Inc. | 16,559 | 250,538 | ||||||
Provident New York Bancorp. | 10,753 | 112,799 | ||||||
Radian Group, Inc. (a) | 36,630 | 295,604 | ||||||
Rockville Financial, Inc. | 2,500 | 30,550 | ||||||
Roma Financial Corp. | 2,001 | 21,211 | ||||||
Territorial Bancorp., Inc. | 3,379 | 67,276 | ||||||
The PMI Group, Inc.* | 38,705 | 127,726 | ||||||
TrustCo Bank Corp. | 20,717 | 131,346 | ||||||
United Financial Bancorp., Inc. | 4,635 | 70,776 | ||||||
ViewPoint Financial Group | 3,848 | 44,983 | ||||||
Waterstone Financial, Inc.* | 3,020 | 9,815 | ||||||
Westfield Financial, Inc. | 7,834 | 72,464 | ||||||
WSFS Financial Corp. | 1,633 | 77,470 | ||||||
4,637,563 | ||||||||
Health Care 12.0% | ||||||||
Biotechnology 3.2% | ||||||||
Acorda Therapeutics, Inc.* | 10,429 | 284,295 | ||||||
Affymax, Inc.* | 5,818 | 38,690 | ||||||
Alkermes, Inc.* | 26,279 | 322,706 | ||||||
Allos Therapeutics, Inc.* | 21,791 | 100,457 | ||||||
Alnylam Pharmaceuticals, Inc.* | 10,094 | 99,527 | ||||||
AMAG Pharmaceuticals, Inc.* | 5,958 | 107,840 | ||||||
Anacor Pharmaceuticals, Inc.* | 2,996 | 16,089 | ||||||
Anthera Pharmaceuticals, Inc.* | 1,642 | 8,013 | ||||||
Arena Pharmaceuticals, Inc.* (a) | 34,256 | 58,920 | ||||||
ARIAD Pharmaceuticals, Inc.* | 34,387 | 175,374 | ||||||
ArQule, Inc.* | 10,964 | 64,359 | ||||||
Array BioPharma, Inc.* | 15,880 | 47,481 | ||||||
AspenBio Pharma, Inc.* | 9,688 | 5,846 | ||||||
Aveo Pharmaceuticals, Inc.* | 2,625 | 38,378 | ||||||
AVI BioPharma, Inc.* (a) | 31,729 | 67,265 | ||||||
BioCryst Pharmaceuticals, Inc.* (a) | 8,247 | 42,637 | ||||||
BioSante Pharmaceuticals, Inc.* | 17,860 | 29,290 | ||||||
BioSpecifics Technologies Corp.* | 1,133 | 29,005 | ||||||
BioTime, Inc.* (a) | 7,062 | 58,826 | ||||||
Celera Corp.* | 22,722 | 143,149 | ||||||
Celldex Therapeutics, Inc.* (a) | 9,304 | 38,332 | ||||||
Cepheid, Inc.* (a) | 16,255 | 369,801 | ||||||
Chelsea Therapeutics International Ltd.* | 10,393 | 77,948 | ||||||
Clinical Data, Inc.* | 3,375 | 53,696 | ||||||
Codexis, Inc.* | 3,440 | 36,464 | ||||||
Shares | Value ($) | |||||||
Cubist Pharmaceuticals, Inc.* | 15,932 | 340,945 | ||||||
Curis, Inc.* | 20,390 | 40,372 | ||||||
Cytokinetics, Inc.* | 14,310 | 29,908 | ||||||
Cytori Therapeutics, Inc.* (a) | 13,494 | 70,034 | ||||||
CytRx Corp.* (a) | 30,797 | 31,105 | ||||||
Dyax Corp.* | 27,197 | 58,202 | ||||||
Dynavax Technologies Corp.* (a) | 25,656 | 82,099 | ||||||
Emergent Biosolutions, Inc.* | 5,706 | 133,863 | ||||||
Enzon Pharmaceuticals, Inc.* | 13,743 | 167,252 | ||||||
Exact Sciences Corp.* | 12,626 | 75,504 | ||||||
Exelixis, Inc.* | 30,187 | 247,835 | ||||||
Genomic Health, Inc.* (a) | 3,714 | 79,442 | ||||||
Geron Corp.* (a) | 33,305 | 172,187 | ||||||
Halozyme Therapeutics, Inc.* | 21,689 | 171,777 | ||||||
Idenix Pharmaceuticals, Inc.* (a) | 8,923 | 44,972 | ||||||
ImmunoGen, Inc.* (a) | 18,441 | 170,764 | ||||||
Immunomedics, Inc.* (a) | 17,735 | 63,491 | ||||||
Incyte Corp.* (a) | 24,304 | 402,474 | ||||||
Infinity Pharmaceuticals, Inc.* (a) | 4,077 | 24,177 | ||||||
Inhibitex, Inc.* | 13,677 | 35,560 | ||||||
Inovio Pharmaceuticals, Inc.* (a) | 22,423 | 25,786 | ||||||
InterMune, Inc.* | 12,258 | 446,191 | ||||||
Ironwood Pharmaceuticals, Inc. "A"* | 5,300 | 54,855 | ||||||
Isis Pharmaceuticals, Inc.* (a) | 26,187 | 265,012 | ||||||
Keryx Biopharmaceuticals, Inc.* | 14,167 | 64,885 | ||||||
Lexicon Pharmaceuticals, Inc.* (a) | 55,160 | 79,430 | ||||||
Ligand Pharmaceuticals, Inc. "B"* | 5,765 | 51,424 | ||||||
MannKind Corp.* (a) | 18,553 | 149,537 | ||||||
Martek Biosciences Corp.* (a) | 9,211 | 288,304 | ||||||
Maxygen, Inc. | 9,217 | 36,223 | ||||||
Medivation, Inc.* (a) | 9,601 | 145,647 | ||||||
Metabolix, Inc.* | 7,437 | 90,508 | ||||||
Micromet, Inc.* | 24,640 | 200,077 | ||||||
Momenta Pharmaceuticals, Inc.* (a) | 12,079 | 180,823 | ||||||
Nabi Biopharmaceuticals* | 11,823 | 68,455 | ||||||
Nanosphere, Inc.* | 3,738 | 16,298 | ||||||
Neuralstem, Inc.* (a) | 11,745 | 24,899 | ||||||
Neurocrine Biosciences, Inc.* | 13,100 | 100,084 | ||||||
NeurogesX, Inc.* (a) | 3,322 | 21,128 | ||||||
Novavax, Inc.* | 25,493 | 61,948 | ||||||
NPS Pharmaceuticals, Inc.* | 18,178 | 143,606 | ||||||
Nymox Pharmaceutical Corp.* (a) | 5,140 | 36,186 | ||||||
Omeros Corp.* (a) | 5,239 | 43,169 | ||||||
Onyx Pharmaceuticals, Inc.* | 17,062 | 629,076 | ||||||
Opko Health, Inc.* (a) | 24,539 | 90,058 | ||||||
Orexigen Therapeutics, Inc.* | 8,596 | 69,456 | ||||||
Osiris Therapeutics, Inc.* | 5,122 | 39,900 | ||||||
PDL BioPharma, Inc. | 37,433 | 233,208 | ||||||
Peregrine Pharmaceuticals, Inc.* (a) | 14,359 | 33,026 | ||||||
Pharmacyclics, Inc.* (a) | 12,193 | 74,133 | ||||||
Pharmasset, Inc.* | 8,092 | 351,274 | ||||||
Progenics Pharmaceuticals, Inc.* (a) | 7,227 | 39,459 | ||||||
Rigel Pharmaceuticals, Inc.* | 13,770 | 103,688 | ||||||
Sangamo BioSciences, Inc.* (a) | 11,555 | 76,725 | ||||||
Savient Pharmaceuticals, Inc.* (a) | 18,191 | 202,648 | ||||||
SciClone Pharmaceuticals, Inc.* | 11,399 | 47,648 | ||||||
Seattle Genetics, Inc.* | 22,611 | 338,034 | ||||||
SIGA Technologies, Inc.* | 9,355 | 130,970 | ||||||
Spectrum Pharmaceuticals, Inc.* (a) | 13,828 | 94,998 | ||||||
Shares | Value ($) | |||||||
StemCells, Inc.* (a) | 34,035 | 36,758 | ||||||
Synta Pharmaceuticals Corp.* | 6,786 | 41,530 | ||||||
Targacept, Inc.* | 6,599 | 174,874 | ||||||
Theravance, Inc.* (a) | 17,120 | 429,198 | ||||||
Transcept Pharmaceuticals, Inc.* | 1,485 | 10,989 | ||||||
Vanda Pharmaceuticals, Inc.* | 7,331 | 69,351 | ||||||
Vical, Inc.* | 20,965 | 42,349 | ||||||
Zalicus, Inc.* | 18,220 | 28,788 | ||||||
ZIOPHARM Oncology, Inc.* (a) | 13,547 | 63,129 | ||||||
Zogenix, Inc.* (a) | 1,730 | 9,809 | ||||||
10,811,902 | ||||||||
Health Care Equipment & Supplies 3.1% | ||||||||
Abaxis, Inc.* (a) | 5,983 | 160,644 | ||||||
ABIOMED, Inc.* (a) | 8,507 | 81,752 | ||||||
Accuray, Inc.* | 14,200 | 95,850 | ||||||
Align Technology, Inc.* (a) | 16,152 | 315,610 | ||||||
Alimera Sciences, Inc.* (a) | 1,779 | 18,466 | ||||||
Alphatec Holdings, Inc.* | 14,080 | 38,016 | ||||||
American Medical Systems Holdings, Inc.* | 20,752 | 391,383 | ||||||
Analogic Corp. | 3,451 | 170,859 | ||||||
AngioDynamics, Inc.* | 6,799 | 104,501 | ||||||
Antares Pharma, Inc.* | 19,564 | 33,259 | ||||||
ArthroCare Corp.* | 7,457 | 231,614 | ||||||
Atrion Corp. | 417 | 74,835 | ||||||
Cantel Medical Corp. | 3,630 | 84,942 | ||||||
Cerus Corp.* | 10,868 | 26,735 | ||||||
Conceptus, Inc.* (a) | 8,317 | 114,775 | ||||||
CONMED Corp.* | 7,975 | 210,779 | ||||||
CryoLife, Inc.* | 7,954 | 43,111 | ||||||
Cutera, Inc.* | 4,245 | 35,191 | ||||||
Cyberonics, Inc.* | 7,654 | 237,427 | ||||||
Cynosure, Inc. "A"* | 2,868 | 29,340 | ||||||
Delcath Systems, Inc.* (a) | 11,870 | 116,326 | ||||||
Dexcom, Inc.* | 16,915 | 230,890 | ||||||
Dynavox, Inc. "A"* | 2,601 | 13,343 | ||||||
Endologix, Inc.* | 12,831 | 91,742 | ||||||
Exactech, Inc.* | 2,330 | 43,851 | ||||||
Greatbatch, Inc.* | 6,518 | 157,410 | ||||||
Haemonetics Corp.* | 6,951 | 439,164 | ||||||
Hansen Medical, Inc.* | 11,134 | 16,367 | ||||||
HeartWare International, Inc.* | 2,585 | 226,368 | ||||||
ICU Medical, Inc.* | 3,184 | 116,216 | ||||||
Immucor, Inc.* | 19,274 | 382,203 | ||||||
Insulet Corp.* | 11,854 | 183,737 | ||||||
Integra LifeSciences Holdings* | 5,809 | 274,766 | ||||||
Invacare Corp. | 7,943 | 239,561 | ||||||
IRIS International, Inc.* | 4,512 | 46,158 | ||||||
Kensey Nash Corp.* (a) | 1,873 | 52,126 | ||||||
MAKO Surgical Corp.* | 8,328 | 126,752 | ||||||
Masimo Corp. (a) | 14,171 | 411,951 | ||||||
Medical Action Industries, Inc.* | 3,662 | 35,082 | ||||||
MELA Sciences, Inc.* | 6,908 | 23,142 | ||||||
Meridian Bioscience, Inc. (a) | 11,203 | 259,461 | ||||||
Merit Medical Systems, Inc.* | 7,599 | 120,292 | ||||||
Natus Medical, Inc.* | 8,038 | 113,979 | ||||||
Neogen Corp.* | 6,184 | 253,729 | ||||||
NuVasive, Inc.* (a) | 10,824 | 277,636 | ||||||
NxStage Medical, Inc.* | 7,555 | 187,968 | ||||||
OraSure Technologies, Inc.* | 13,078 | 75,198 | ||||||
Orthofix International NV* | 4,759 | 138,011 | ||||||
Orthovita, Inc.* | 17,658 | 35,493 | ||||||
Shares | Value ($) | |||||||
Palomar Medical Technologies, Inc.* | 5,096 | 72,414 | ||||||
Quidel Corp.* (a) | 5,999 | 86,686 | ||||||
Rochester Medical Corp.* | 3,230 | 35,272 | ||||||
RTI Biologics, Inc.* | 14,435 | 38,541 | ||||||
Sirona Dental Systems, Inc.* | 9,262 | 386,966 | ||||||
Solta Medical, Inc.* | 16,467 | 50,224 | ||||||
SonoSite, Inc.* | 3,580 | 113,128 | ||||||
Spectranetics Corp.* | 8,299 | 42,823 | ||||||
St. Jude Medical, Inc.* | 0 | 9 | ||||||
STAAR Surgical Co.* | 9,642 | 58,816 | ||||||
Stereotaxis, Inc.* (a) | 9,405 | 36,021 | ||||||
STERIS Corp. | 16,123 | 587,845 | ||||||
SurModics, Inc.* | 4,848 | 57,546 | ||||||
Symmetry Medical, Inc.* | 9,633 | 89,105 | ||||||
Syneron Medical Ltd.* | 9,887 | 100,748 | ||||||
Synovis Life Technologies, Inc.* | 3,152 | 50,779 | ||||||
TomoTherapy, Inc.* | 12,163 | 43,908 | ||||||
Unilife Corp.* (a) | 13,426 | 71,158 | ||||||
Vascular Solutions, Inc.* | 4,436 | 51,990 | ||||||
Volcano Corp.* | 13,703 | 374,229 | ||||||
West Pharmaceutical Services, Inc. | 9,064 | 373,437 | ||||||
Wright Medical Group, Inc.* | 10,744 | 166,854 | ||||||
Young Innovations, Inc. | 1,416 | 45,326 | ||||||
Zoll Medical Corp.* | 5,933 | 220,886 | ||||||
10,342,722 | ||||||||
Health Care Providers & Services 2.9% | ||||||||
Accretive Health, Inc.* | 3,229 | 52,471 | ||||||
Air Methods Corp.* | 3,122 | 175,675 | ||||||
Alliance HealthCare Services, Inc.* | 6,523 | 27,658 | ||||||
Allied Healthcare International, Inc.* | 10,468 | 26,275 | ||||||
Almost Family, Inc.* | 2,247 | 86,330 | ||||||
Amedisys, Inc.* | 7,937 | 265,889 | ||||||
America Service Group, Inc. | 2,655 | 40,197 | ||||||
American Dental Partners, Inc.* | 4,113 | 55,567 | ||||||
AMERIGROUP Corp.* | 14,098 | 619,184 | ||||||
AMN Healthcare Services, Inc.* | 10,673 | 65,532 | ||||||
AmSurg Corp.* | 8,699 | 182,244 | ||||||
Assisted Living Concepts, Inc. "A"* | 2,797 | 90,986 | ||||||
Bio-Reference Laboratories, Inc.* | 6,505 | 144,281 | ||||||
BioScrip, Inc.* | 10,874 | 56,871 | ||||||
Capital Senior Living Corp.* | 7,192 | 48,186 | ||||||
CardioNet, Inc.* | 6,953 | 32,540 | ||||||
Catalyst Health Solutions, Inc.* | 10,462 | 486,378 | ||||||
Centene Corp.* | 13,260 | 336,008 | ||||||
Chemed Corp. | 6,413 | 407,290 | ||||||
Chindex International, Inc.* | 3,630 | 59,859 | ||||||
Continucare Corp.* | 7,029 | 32,896 | ||||||
CorVel Corp.* | 1,890 | 91,381 | ||||||
Cross Country Healthcare, Inc.* | 7,848 | 66,473 | ||||||
Emeritus Corp.* | 6,092 | 120,073 | ||||||
ExamWorks Group, Inc.* | 3,210 | 59,321 | ||||||
Five Star Quality Care, Inc.* | 8,717 | 61,629 | ||||||
Genoptix, Inc.* | 4,812 | 91,524 | ||||||
Gentiva Health Services, Inc.* | 8,210 | 218,386 | ||||||
Hanger Orthopedic Group, Inc.* | 7,261 | 153,861 | ||||||
HEALTHSOUTH Corp.* (a) | 25,445 | 526,966 | ||||||
Healthspring, Inc.* | 16,005 | 424,613 | ||||||
Healthways, Inc.* | 9,139 | 101,991 | ||||||
HMS Holdings Corp.* | 7,384 | 478,262 | ||||||
IPC The Hospitalist Co.* | 4,304 | 167,899 | ||||||
Shares | Value ($) | |||||||
Kindred Healthcare, Inc.* (a) | 10,494 | 192,775 | ||||||
Landauer, Inc. | 2,590 | 155,322 | ||||||
LCA-Vision, Inc.* | 5,151 | 29,618 | ||||||
LHC Group, Inc.* | 4,416 | 132,480 | ||||||
Magellan Health Services, Inc.* | 9,111 | 430,768 | ||||||
MedCath Corp.* | 6,001 | 83,714 | ||||||
Metropolitan Health Networks, Inc.* | 11,032 | 49,313 | ||||||
Molina Healthcare, Inc.* | 4,348 | 121,092 | ||||||
MWI Veterinary Supply, Inc.* | 3,367 | 212,626 | ||||||
National Healthcare Corp. | 2,443 | 113,038 | ||||||
National Research Corp. | 400 | 13,700 | ||||||
Owens & Minor, Inc. (a) | 17,392 | 511,847 | ||||||
PDI, Inc.* | 2,469 | 26,023 | ||||||
PharMerica Corp.* | 8,512 | 97,462 | ||||||
Providence Service Corp.* | 3,580 | 57,531 | ||||||
PSS World Medical, Inc.* (a) | 15,724 | 355,362 | ||||||
RehabCare Group, Inc.* | 6,794 | 161,018 | ||||||
Rural/Metro Corp.* | 5,268 | 76,807 | ||||||
Select Medical Holdings Corp.* | 13,857 | 101,295 | ||||||
Skilled Healthcare Group, Inc. "A"* | 5,574 | 50,054 | ||||||
Sun Healthcare Group, Inc.* | 6,993 | 88,531 | ||||||
Sunrise Senior Living, Inc.* | 14,827 | 80,807 | ||||||
Team Health Holdings, Inc.* (a) | 4,303 | 66,869 | ||||||
The Ensign Group, Inc. | 4,141 | 102,987 | ||||||
Triple-S Management Corp. "B"* | 5,752 | 109,748 | ||||||
Universal American Financial Corp. | 8,812 | 180,205 | ||||||
US Physical Therapy, Inc.* | 2,702 | 53,554 | ||||||
WellCare Health Plans, Inc.* | 11,449 | 345,989 | ||||||
9,855,231 | ||||||||
Health Care Technology 0.5% | ||||||||
athenahealth, Inc.* | 9,158 | 375,295 | ||||||
Computer Programs & Systems, Inc. | 2,747 | 128,670 | ||||||
MedAssets, Inc.* (a) | 11,904 | 240,342 | ||||||
Medidata Solutions, Inc.* | 5,205 | 124,295 | ||||||
MedQuist, Inc. | 2,760 | 23,874 | ||||||
Merge Healthcare, Inc.* | 14,412 | 53,757 | ||||||
Omnicell, Inc.* | 9,223 | 133,272 | ||||||
Quality Systems, Inc. (a) | 5,095 | 355,733 | ||||||
Transcend Services, Inc.* | 2,329 | 45,625 | ||||||
Vital Images, Inc.* | 4,077 | 56,996 | ||||||
1,537,859 | ||||||||
Life Sciences Tools & Services 0.7% | ||||||||
Accelrys, Inc.* | 14,894 | 123,620 | ||||||
Affymetrix, Inc.* | 20,157 | 101,390 | ||||||
Albany Molecular Research, Inc.* | 5,601 | 31,478 | ||||||
Bruker Corp.* | 20,086 | 333,428 | ||||||
Caliper Life Sciences, Inc.* | 12,435 | 78,838 | ||||||
Cambrex Corp.* | 7,409 | 38,304 | ||||||
Complete Genomics, Inc.* | 1,435 | 10,719 | ||||||
Dionex Corp.* | 4,892 | 577,305 | ||||||
Enzo Biochem, Inc.* | 8,310 | 43,877 | ||||||
eResearchTechnology, Inc.* | 13,522 | 99,387 | ||||||
Furiex Pharmaceuticals, Inc.* | 2,399 | 34,666 | ||||||
Kendle International, Inc.* | 3,895 | 42,416 | ||||||
Luminex Corp.* | 10,358 | 189,344 | ||||||
Pacific Biosciences of California, Inc.* | 4,104 | 65,295 | ||||||
PAREXEL International Corp.* | 16,103 | 341,867 | ||||||
PURE Bioscience* (a) | 9,765 | 21,678 | ||||||
Sequenom, Inc.* | 25,306 | 202,954 | ||||||
2,336,566 | ||||||||
Shares | Value ($) | |||||||
Pharmaceuticals 1.6% | ||||||||
Acura Pharmaceuticals, Inc.* (a) | 2,300 | 7,613 | ||||||
Aegerion Pharmaceuticals, Inc.* | 1,465 | 20,759 | ||||||
Akorn, Inc.* | 15,409 | 93,533 | ||||||
Alexza Pharmaceuticals, Inc.* | 10,700 | 13,375 | ||||||
Aoxing Pharmaceutical Co., Inc.* (a) | 6,729 | 18,774 | ||||||
Ardea Biosciences, Inc.* | 3,665 | 95,290 | ||||||
Auxilium Pharmaceuticals, Inc.* (a) | 11,520 | 243,072 | ||||||
AVANIR Pharmaceuticals, Inc. "A"* | 25,354 | 103,444 | ||||||
Biodel, Inc.* (a) | 4,905 | 8,976 | ||||||
BioMimetic Therapeutics, Inc.* | 4,782 | 60,731 | ||||||
BMP Sunstone Corp.* | 7,561 | 74,930 | ||||||
Cadence Pharmaceuticals, Inc.* (a) | 8,848 | 66,802 | ||||||
Caraco Pharmaceutical Laboratories Ltd.* | 3,300 | 14,982 | ||||||
Corcept Therapeutics, Inc.* | 7,031 | 27,140 | ||||||
Cornerstone Therapeutics, Inc.* | 2,025 | 11,725 | ||||||
Cumberland Pharmaceuticals, Inc.* (a) | 2,605 | 15,604 | ||||||
Cypress Bioscience, Inc.* | 10,110 | 65,513 | ||||||
DepoMed, Inc.* | 14,001 | 89,046 | ||||||
Durect Corp.* | 22,554 | 77,811 | ||||||
Eurand NV* | 5,018 | 59,363 | ||||||
Hi-Tech Pharmacal Co., Inc.* (a) | 2,526 | 63,024 | ||||||
Impax Laboratories, Inc.* | 16,998 | 341,830 | ||||||
Inspire Pharmaceuticals, Inc.* | 16,544 | 138,970 | ||||||
Jazz Pharmaceuticals, Inc.* | 4,074 | 80,176 | ||||||
Lannett Co., Inc.* | 3,149 | 17,603 | ||||||
MAP Pharmaceuticals, Inc.* | 4,483 | 75,045 | ||||||
Medicines Co.* | 14,846 | 209,774 | ||||||
Medicis Pharmaceutical Corp. "A" | 16,557 | 443,562 | ||||||
Nektar Therapeutics* (a) | 26,065 | 334,935 | ||||||
NeoStem, Inc.* (a) | 7,214 | 10,172 | ||||||
NuPathe, Inc.* | 1,261 | 11,425 | ||||||
Obagi Medical Products, Inc.* | 5,002 | 57,773 | ||||||
Optimer Pharmaceuticals, Inc.* | 8,737 | 98,815 | ||||||
Pain Therapeutics, Inc.* (a) | 10,187 | 68,762 | ||||||
Par Pharmaceutical Companies, Inc.* | 9,653 | 371,737 | ||||||
POZEN, Inc.* (a) | 6,813 | 45,306 | ||||||
Questcor Pharmaceuticals, Inc.* (a) | 15,149 | 223,145 | ||||||
Salix Pharmaceuticals Ltd.* | 15,715 | 737,976 | ||||||
Santarus, Inc.* | 13,042 | 42,647 | ||||||
Somaxon Pharmaceuticals, Inc.* (a) | 11,291 | 35,567 | ||||||
Sucampo Pharmaceuticals, Inc. "A"* | 3,421 | 13,137 | ||||||
SuperGen, Inc.* | 14,365 | 37,636 | ||||||
ViroPharma, Inc.* | 21,193 | 367,063 | ||||||
VIVUS, Inc.* (a) | 22,154 | 207,583 | ||||||
XenoPort, Inc.* | 8,926 | 76,050 | ||||||
5,278,196 | ||||||||
Industrials 15.3% | ||||||||
Aerospace & Defense 1.8% | ||||||||
AAR Corp.* | 10,717 | 294,396 | ||||||
Aerovironment, Inc.* | 4,619 | 123,928 | ||||||
American Science & Engineering, Inc. | 2,484 | 211,711 | ||||||
Applied Energetics, Inc.* | 21,832 | 18,577 | ||||||
Applied Signal Technology, Inc. | 3,690 | 139,814 | ||||||
Astronics Corp.* (a) | 2,379 | 49,959 | ||||||
Ceradyne, Inc.* | 6,937 | 218,724 | ||||||
Cubic Corp. | 4,363 | 205,715 | ||||||
Shares | Value ($) | |||||||
Curtiss-Wright Corp. (a) | 12,704 | 421,773 | ||||||
DigitalGlobe, Inc.* | 7,701 | 244,199 | ||||||
Ducommun, Inc. | 2,748 | 59,851 | ||||||
Esterline Technologies Corp.* | 8,140 | 558,323 | ||||||
GenCorp, Inc.* (a) | 15,378 | 79,504 | ||||||
GeoEye, Inc.* | 6,096 | 258,409 | ||||||
Global Defense Technology & Systems, Inc.* | 1,047 | 17,652 | ||||||
HEICO Corp. (a) | 8,050 | 410,791 | ||||||
Herley Industries, Inc.* | 3,673 | 63,616 | ||||||
Hexcel Corp.* | 26,720 | 483,365 | ||||||
Kratos Defense & Security Solutions, Inc.* | 5,406 | 71,197 | ||||||
Ladish Co., Inc.* | 4,225 | 205,377 | ||||||
LMI Aerospace, Inc.* | 2,600 | 41,574 | ||||||
Moog, Inc. "A"* | 12,347 | 491,411 | ||||||
National Presto Industries, Inc. | 1,284 | 166,933 | ||||||
Orbital Sciences Corp.* | 15,685 | 268,684 | ||||||
Taser International, Inc.* (a) | 16,230 | 76,281 | ||||||
Teledyne Technologies, Inc.* | 9,896 | 435,127 | ||||||
The Keyw Holding Corp.* | 2,865 | 42,030 | ||||||
Triumph Group, Inc. | 4,580 | 409,498 | ||||||
6,068,419 | ||||||||
Air Freight & Logistics 0.4% | ||||||||
Air Transport Services Group, Inc.* | 15,032 | 118,753 | ||||||
Atlas Air Worldwide Holdings, Inc.* (a) | 6,986 | 390,028 | ||||||
Dynamex, Inc.* | 2,787 | 69,006 | ||||||
Forward Air Corp. | 7,948 | 225,564 | ||||||
Hub Group, Inc. "A"* | 10,295 | 361,766 | ||||||
Pacer International, Inc.* (a) | 9,352 | 63,968 | ||||||
Park-Ohio Holdings Corp.* | 2,182 | 45,626 | ||||||
1,274,711 | ||||||||
Airlines 0.7% | ||||||||
AirTran Holdings, Inc.* | 37,192 | 274,849 | ||||||
Alaska Air Group, Inc.* | 9,886 | 560,437 | ||||||
Allegiant Travel Co. | 4,066 | 200,210 | ||||||
Hawaiian Holdings, Inc.* (a) | 14,430 | 113,131 | ||||||
JetBlue Airways Corp.* (a) | 67,497 | 446,155 | ||||||
Pinnacle Airlines Corp.* | 4,988 | 39,405 | ||||||
Republic Airways Holdings, Inc.* (a) | 12,879 | 94,274 | ||||||
SkyWest, Inc. | 15,449 | 241,314 | ||||||
US Airways Group, Inc.* (a) | 43,957 | 440,010 | ||||||
2,409,785 | ||||||||
Building Products 0.6% | ||||||||
A.O. Smith Corp. | 9,859 | 375,431 | ||||||
AAON, Inc. (a) | 3,343 | 94,306 | ||||||
Ameresco, Inc. " A "* | 2,373 | 34,076 | ||||||
American Woodmark Corp. | 2,550 | 62,577 | ||||||
Ameron International Corp. | 2,512 | 191,841 | ||||||
Apogee Enterprises, Inc. | 7,899 | 106,400 | ||||||
Builders FirstSource, Inc.* | 12,786 | 25,188 | ||||||
Gibraltar Industries, Inc.* | 8,636 | 117,191 | ||||||
Griffon Corp.* | 11,946 | 152,192 | ||||||
Insteel Industries, Inc. | 5,054 | 63,125 | ||||||
NCI Building Systems, Inc.* (a) | 5,312 | 74,315 | ||||||
PGT, Inc.* | 5,436 | 13,318 | ||||||
Quanex Building Products Corp. | 10,505 | 199,280 | ||||||
Simpson Manufacturing Co., Inc. (a) | 10,774 | 333,024 | ||||||
Trex Co., Inc.* (a) | 4,301 | 103,052 | ||||||
Shares | Value ($) | |||||||
Universal Forest Products, Inc. | 5,250 | 204,225 | ||||||
2,149,541 | ||||||||
Commercial Services & Supplies 2.4% | ||||||||
ABM Industries, Inc. (a) | 14,366 | 377,826 | ||||||
Acco Brands Corp.* | 15,368 | 130,935 | ||||||
American Reprographics Co.* | 10,149 | 77,031 | ||||||
APAC Customer Services, Inc.* | 8,339 | 50,618 | ||||||
Casella Waste Systems, Inc. "A"* | 7,082 | 50,211 | ||||||
Cenveo, Inc.* | 15,962 | 85,237 | ||||||
Clean Harbors, Inc.* | 6,273 | 527,434 | ||||||
Consolidated Graphics, Inc.* | 2,564 | 124,175 | ||||||
Courier Corp. | 2,510 | 38,955 | ||||||
Deluxe Corp. | 14,140 | 325,503 | ||||||
EnergySolutions | 24,589 | 136,961 | ||||||
EnerNOC, Inc.* (a) | 5,452 | 130,357 | ||||||
Ennis, Inc. | 7,431 | 127,070 | ||||||
Fuel Tech, Inc.* | 5,437 | 52,793 | ||||||
G & K Services, Inc. "A" | 5,162 | 159,557 | ||||||
Healthcare Services Group, Inc. | 17,829 | 290,078 | ||||||
Herman Miller, Inc. | 15,725 | 397,843 | ||||||
Higher One Holdings Inc.* | 2,893 | 58,525 | ||||||
HNI Corp. (a) | 12,423 | 387,598 | ||||||
Innerworkings, Inc.* (a) | 5,760 | 37,728 | ||||||
Interface, Inc. "A" | 13,769 | 215,485 | ||||||
Kimball International, Inc. "B" | 9,128 | 62,983 | ||||||
Knoll, Inc. | 12,958 | 216,787 | ||||||
M&F Worldwide Corp.* | 2,950 | 68,145 | ||||||
McGrath Rentcorp. | 6,588 | 172,737 | ||||||
Metalico, Inc.* | 10,662 | 62,693 | ||||||
Mine Safety Appliances Co. (a) | 7,275 | 226,471 | ||||||
Mobile Mini, Inc.* (a) | 9,696 | 190,914 | ||||||
Multi-Color Corp. | 2,978 | 57,952 | ||||||
Rollins, Inc. (a) | 17,744 | 350,434 | ||||||
Schawk, Inc. | 2,999 | 61,719 | ||||||
Standard Parking Corp.* | 4,313 | 81,473 | ||||||
Standard Register Co. | 5,456 | 18,605 | ||||||
Steelcase, Inc. "A" | 21,131 | 223,355 | ||||||
Sykes Enterprises, Inc.* | 11,407 | 231,106 | ||||||
Team, Inc.* | 5,268 | 127,486 | ||||||
Tetra Tech, Inc.* (a) | 17,098 | 428,476 | ||||||
The Brink's Co. | 13,272 | 356,751 | ||||||
The Geo Group, Inc.* | 16,562 | 408,419 | ||||||
UniFirst Corp. | 3,896 | 214,475 | ||||||
United Stationers, Inc.* | 6,572 | 419,359 | ||||||
US Ecology, Inc. | 5,300 | 92,114 | ||||||
Viad Corp. | 5,490 | 139,830 | ||||||
7,994,204 | ||||||||
Construction & Engineering 0.8% | ||||||||
Argan, Inc.* | 2,332 | 21,618 | ||||||
Comfort Systems USA, Inc. | 10,737 | 141,406 | ||||||
Dycom Industries, Inc.* | 9,581 | 141,320 | ||||||
EMCOR Group, Inc.* | 18,164 | 526,393 | ||||||
Furmanite Corp.* | 9,652 | 66,695 | ||||||
Granite Construction, Inc. (a) | 9,501 | 260,612 | ||||||
Great Lakes Dredge & Dock Co. | 16,233 | 119,637 | ||||||
Insituform Technologies, Inc. "A"* | 10,809 | 286,547 | ||||||
Layne Christensen Co.* | 5,272 | 181,462 | ||||||
MasTec, Inc.* | 14,772 | 215,524 | ||||||
Michael Baker Corp.* | 2,264 | 70,410 | ||||||
MYR Group, Inc.* | 5,521 | 115,941 | ||||||
Northwest Pipe Co.* | 2,425 | 58,273 | ||||||
Orion Marine Group, Inc.* | 7,484 | 86,814 | ||||||
Shares | Value ($) | |||||||
Pike Electric Corp.* | 4,276 | 36,688 | ||||||
Primoris Services Corp. | 5,581 | 53,243 | ||||||
Sterling Construction Co., Inc.* | 4,300 | 56,072 | ||||||
Tutor Perini Corp. | 7,342 | 157,192 | ||||||
2,595,847 | ||||||||
Electrical Equipment 2.0% | ||||||||
A123 Systems, Inc.* (a) | 20,142 | 192,155 | ||||||
Acuity Brands, Inc. (a) | 11,890 | 685,696 | ||||||
Advanced Battery Technologies, Inc.* (a) | 18,077 | 69,596 | ||||||
American Superconductor Corp.* (a) | 13,837 | 395,600 | ||||||
AZZ, Inc. | 3,474 | 138,995 | ||||||
Baldor Electric Co. | 12,828 | 808,677 | ||||||
Belden, Inc. | 12,907 | 475,236 | ||||||
Brady Corp. "A" | 13,449 | 438,572 | ||||||
Broadwind Energy, Inc.* | 25,829 | 59,665 | ||||||
Capstone Turbine Corp.* | 67,594 | 64,877 | ||||||
Coleman Cable, Inc.* | 2,288 | 14,369 | ||||||
Encore Wire Corp. | 5,181 | 129,939 | ||||||
Ener1, Inc.* (a) | 15,938 | 60,405 | ||||||
EnerSys* | 13,103 | 420,868 | ||||||
Franklin Electric Co., Inc. | 6,217 | 241,966 | ||||||
FuelCell Energy, Inc.* | 28,111 | 64,936 | ||||||
Generac Holdings, Inc.* | 5,389 | 87,140 | ||||||
GrafTech International Ltd.* | 32,921 | 653,153 | ||||||
Hoku Corp.* | 4,920 | 12,989 | ||||||
II-VI, Inc.* | 6,919 | 320,765 | ||||||
LaBarge, Inc.* | 3,256 | 51,152 | ||||||
LSI Industries, Inc. | 5,626 | 47,596 | ||||||
Polypore International, Inc.* | 6,004 | 244,543 | ||||||
Powell Industries, Inc.* | 2,471 | 81,246 | ||||||
PowerSecure International, Inc.* (a) | 5,412 | 42,105 | ||||||
Preformed Line Products Co. | 657 | 38,451 | ||||||
SatCon Technology Corp.* (a) | 31,787 | 143,042 | ||||||
UQM Technologies, Inc.* (a) | 10,101 | 23,131 | ||||||
Vicor Corp. (a) | 5,406 | 88,658 | ||||||
Woodward Governor Co. | 16,646 | 625,224 | ||||||
6,720,747 | �� | |||||||
Industrial Conglomerates 0.2% | ||||||||
Raven Industries, Inc. | 4,419 | 210,742 | ||||||
Seaboard Corp. | 88 | 175,208 | ||||||
Standex International Corp. | 3,547 | 106,091 | ||||||
Tredegar Corp. | 6,821 | 132,191 | ||||||
United Capital Corp.* | 400 | 13,000 | ||||||
637,232 | ||||||||
Machinery 3.2% | ||||||||
3D Systems Corp.* (a) | 5,041 | 158,741 | ||||||
Actuant Corp. "A" | 18,739 | 498,832 | ||||||
Alamo Group, Inc. | 1,777 | 49,436 | ||||||
Albany International Corp. "A" | 7,348 | 174,074 | ||||||
Altra Holdings, Inc.* | 7,106 | 141,125 | ||||||
American Railcar Industries, Inc.* (a) | 2,818 | 62,362 | ||||||
Ampco-Pittsburgh Corp. | 2,479 | 69,536 | ||||||
ArvinMeritor, Inc.* (a) | 25,966 | 532,822 | ||||||
Astec Industries, Inc.* | 5,442 | 176,375 | ||||||
Badger Meter, Inc. (a) | 4,070 | 179,975 | ||||||
Barnes Group, Inc. | 13,661 | 282,373 | ||||||
Blount International, Inc.* | 13,384 | 210,932 | ||||||
Briggs & Stratton Corp. (a) | 13,944 | 274,557 | ||||||
Cascade Corp. | 2,387 | 112,857 | ||||||
Chart Industries, Inc.* | 7,915 | 267,369 | ||||||
Shares | Value ($) | |||||||
CIRCOR International, Inc. | 4,670 | 197,448 | ||||||
CLARCOR, Inc. (a) | 13,768 | 590,509 | ||||||
Colfax Corp.* | 6,647 | 122,371 | ||||||
Columbus McKinnon Corp.* | 5,003 | 101,661 | ||||||
Commercial Vehicle Group, Inc.* | 6,799 | 110,484 | ||||||
Douglas Dynamics, Inc. | 3,205 | 48,556 | ||||||
Dynamic Materials Corp. | 3,659 | 82,584 | ||||||
Energy Recovery, Inc.* (a) | 11,064 | 40,494 | ||||||
EnPro Industries, Inc.* | 5,735 | 238,347 | ||||||
ESCO Technologies, Inc. | 7,165 | 271,124 | ||||||
Federal Signal Corp. | 16,907 | 115,982 | ||||||
Flow International Corp.* | 11,800 | 48,262 | ||||||
Force Protection, Inc.* | 18,840 | 103,808 | ||||||
FreightCar America, Inc. (a) | 3,136 | 90,756 | ||||||
Gorman-Rupp Co. | 3,430 | 110,858 | ||||||
Graham Corp. | 2,488 | 49,760 | ||||||
Greenbrier Companies, Inc.* | 4,994 | 104,824 | ||||||
John Bean Technologies Corp. | 7,542 | 151,820 | ||||||
Kadant, Inc.* | 3,492 | 82,306 | ||||||
Kaydon Corp. | 9,261 | 377,108 | ||||||
L.B. Foster Co. "A"* | 2,687 | 110,006 | ||||||
Lindsay Corp. | 3,368 | 200,160 | ||||||
Lydall, Inc.* | 4,733 | 38,101 | ||||||
Met-Pro Corp. | 3,565 | 42,103 | ||||||
Middleby Corp.* (a) | 4,509 | 380,650 | ||||||
Miller Industries, Inc. | 2,498 | 35,546 | ||||||
Mueller Industries, Inc. | 10,193 | 333,311 | ||||||
Mueller Water Products, Inc. "A" | 41,876 | 174,623 | ||||||
NACCO Industries, Inc. "A" | 1,600 | 173,392 | ||||||
Nordson Corp. (a) | 9,357 | 859,721 | ||||||
Omega Flex, Inc.* | 800 | 13,232 | ||||||
PMFG, Inc.* | 4,000 | 65,600 | ||||||
RBC Bearings, Inc.* | 5,887 | 230,064 | ||||||
Robbins & Myers, Inc. | 7,486 | 267,849 | ||||||
Sauer-Danfoss, Inc.* | 3,079 | 86,982 | ||||||
Sun Hydraulics Corp. | 3,387 | 128,029 | ||||||
Tecumseh Products Co. "A"* | 4,733 | 61,766 | ||||||
Tennant Co. | 5,226 | 200,731 | ||||||
Titan International, Inc. (a) | 9,898 | 193,407 | ||||||
TriMas Corp.* | 3,908 | 79,958 | ||||||
Twin Disc, Inc. | 2,385 | 71,216 | ||||||
Wabash National Corp.* | 18,694 | 221,524 | ||||||
Watts Water Technologies, Inc. "A" | 8,170 | 298,940 | ||||||
Xerium Technologies, Inc.* | 2,066 | 32,953 | ||||||
10,530,292 | ||||||||
Marine 0.1% | ||||||||
Baltic Trading Ltd. | 4,634 | 47,313 | ||||||
Eagle Bulk Shipping, Inc.* (a) | 16,672 | 83,027 | ||||||
Excel Maritime Carriers Ltd.* | 11,112 | 62,561 | ||||||
Genco Shipping & Trading Ltd.* | 8,016 | 115,430 | ||||||
Horizon Lines, Inc. "A" | 8,974 | 39,216 | ||||||
International Shipholding Corp. | 1,425 | 36,195 | ||||||
Ultrapetrol Bahamas Ltd.* (a) | 6,466 | 41,576 | ||||||
425,318 | ||||||||
Professional Services 1.2% | ||||||||
Acacia Research* | 9,269 | 240,438 | ||||||
Administaff, Inc. | 6,040 | 176,972 | ||||||
Barrett Business Services, Inc. | 2,358 | 36,667 | ||||||
CBIZ, Inc.* | 9,439 | 58,899 | ||||||
CDI Corp. | 3,282 | 61,012 | ||||||
Corporate Executive Board Co. | 9,390 | 352,595 | ||||||
CoStar Group, Inc.* (a) | 5,607 | 322,739 | ||||||
Shares | Value ($) | |||||||
CRA International, Inc.* | 3,158 | 74,245 | ||||||
Dolan Co.* | 8,259 | 114,965 | ||||||
Exponent, Inc.* | 3,832 | 143,815 | ||||||
Franklin Covey Co.* | 4,046 | 34,755 | ||||||
GP Strategies Corp.* | 3,608 | 36,946 | ||||||
Heidrick & Struggles International, Inc. | 4,589 | 131,475 | ||||||
Hill International, Inc.* | 6,325 | 40,923 | ||||||
Hudson Highland Group, Inc.* | 8,974 | 52,318 | ||||||
Huron Consulting Group, Inc.* | 6,067 | 160,472 | ||||||
ICF International, Inc.* | 4,731 | 121,681 | ||||||
Kelly Services, Inc. "A"* | 7,229 | 135,905 | ||||||
Kforce, Inc.* | 8,532 | 138,048 | ||||||
Korn/Ferry International* | 12,648 | 292,295 | ||||||
LECG Corp.* | 7,263 | 10,023 | ||||||
Mistras Group, Inc.* | 4,036 | 54,405 | ||||||
Navigant Consulting, Inc.* | 14,339 | 131,919 | ||||||
On Assignment, Inc.* | 9,992 | 81,435 | ||||||
Resources Connection, Inc. | 12,588 | 234,011 | ||||||
School Specialty, Inc.* | 5,053 | 70,388 | ||||||
SFN Group, Inc.* | 13,759 | 134,288 | ||||||
The Advisory Board Co.* | 4,282 | 203,952 | ||||||
TrueBlue, Inc.* | 11,906 | 214,189 | ||||||
Volt Information Sciences, Inc.* | 4,158 | 35,967 | ||||||
VSE Corp. | 1,200 | 39,624 | ||||||
3,937,366 | ||||||||
Road & Rail 1.0% | ||||||||
AMERCO* | 2,365 | 227,135 | ||||||
Arkansas Best Corp. | 6,781 | 185,935 | ||||||
Avis Budget Group, Inc.* | 28,088 | 437,049 | ||||||
Celadon Group, Inc.* | 5,220 | 77,204 | ||||||
Dollar Thrifty Automotive Group, Inc.* | 7,863 | 371,605 | ||||||
Genesee & Wyoming, Inc. "A"* | 10,667 | 564,818 | ||||||
Heartland Express, Inc. (a) | 13,741 | 220,131 | ||||||
Knight Transportation, Inc. (a) | 16,278 | 309,282 | ||||||
Marten Transport Ltd. | 4,139 | 88,492 | ||||||
Old Dominion Freight Line, Inc.* | 11,342 | 362,830 | ||||||
P.A.M. Transportation Services, Inc.* | 1,303 | 14,620 | ||||||
Patriot Transportation Holding, Inc.* | 400 | 37,184 | ||||||
Quality Distribution, Inc.* | 2,590 | 23,543 | ||||||
RailAmerica, Inc.* | 6,038 | 78,192 | ||||||
Roadrunner Transportation Systems, Inc.* | 3,028 | 43,785 | ||||||
Saia, Inc.* | 4,549 | 75,468 | ||||||
Universal Truckload Services, Inc.* | 1,496 | 23,816 | ||||||
USA Truck, Inc.* | 2,925 | 38,698 | ||||||
Werner Enterprises, Inc. (a) | 11,717 | 264,804 | ||||||
3,444,591 | ||||||||
Trading Companies & Distributors 0.9% | ||||||||
Aceto Corp. | 6,582 | 59,238 | ||||||
Aircastle Ltd. | 14,056 | 146,885 | ||||||
Applied Industrial Technologies, Inc. | 11,560 | 375,469 | ||||||
Beacon Roofing Supply, Inc.* | 12,443 | 222,356 | ||||||
BlueLinx Holdings, Inc.* | 3,450 | 12,627 | ||||||
CAI International, Inc.* | 2,942 | 57,663 | ||||||
DXP Enterprises, Inc.* | 2,397 | 57,528 | ||||||
H&E Equipment Services, Inc.* | 7,297 | 84,426 | ||||||
Houston Wire & Cable Co. (a) | 4,992 | 67,092 | ||||||
Interline Brands, Inc.* | 8,950 | 203,792 | ||||||
Shares | Value ($) | |||||||
Kaman Corp. | 7,223 | 209,973 | ||||||
Lawson Products, Inc. | 1,100 | 27,379 | ||||||
RSC Holdings, Inc.* (a) | 13,089 | 127,487 | ||||||
Rush Enterprises, Inc. "A"* | 8,508 | 173,904 | ||||||
SeaCube Container Leasing Ltd. | 2,950 | 41,477 | ||||||
TAL International Group, Inc. | 4,635 | 143,082 | ||||||
Textainer Group Holdings Ltd. | 2,700 | 76,923 | ||||||
Titan Machinery, Inc.* | 3,587 | 69,229 | ||||||
United Rentals, Inc.* | 16,411 | 373,350 | ||||||
Watsco, Inc. | 7,611 | 480,102 | ||||||
3,009,982 | ||||||||
Information Technology 18.0% | ||||||||
Communications Equipment 2.9% | ||||||||
Acme Packet, Inc.* | 11,930 | 634,199 | ||||||
ADTRAN, Inc. | 17,011 | 615,968 | ||||||
Anaren, Inc.* | 4,066 | 84,776 | ||||||
Arris Group, Inc.* | 34,334 | 385,227 | ||||||
Aruba Networks, Inc.* (a) | 21,117 | 440,923 | ||||||
Aviat Networks, Inc.* | 16,898 | 85,673 | ||||||
Bel Fuse, Inc. "B" | 2,887 | 68,999 | ||||||
BigBand Networks, Inc.* | 12,600 | 35,280 | ||||||
Black Box Corp. | 4,815 | 184,366 | ||||||
Blue Coat Systems, Inc.* | 11,525 | 344,252 | ||||||
Calix, Inc.* | 2,069 | 34,966 | ||||||
Comtech Telecommunications Corp. | 7,693 | 213,327 | ||||||
DG Fastchannel, Inc.* | 6,914 | 199,676 | ||||||
Digi International, Inc.* | 6,804 | 75,524 | ||||||
EMS Technologies, Inc.* | 4,391 | 86,854 | ||||||
Emulex Corp.* | 23,649 | 275,747 | ||||||
Extreme Networks, Inc.* | 23,067 | 71,277 | ||||||
Finisar Corp.* (a) | 20,495 | 608,497 | ||||||
Globecomm Systems, Inc.* | 5,503 | 55,030 | ||||||
Harmonic, Inc.* | 30,831 | 264,222 | ||||||
Infinera Corp.* (a) | 23,724 | 245,069 | ||||||
InterDigital, Inc.* (a) | 11,939 | 497,140 | ||||||
Ixia* | 9,063 | 152,077 | ||||||
KVH Industries, Inc.* | 3,942 | 47,107 | ||||||
Loral Space & Communications, Inc.* | 2,944 | 225,216 | ||||||
Meru Networks, Inc.* | 1,516 | 23,377 | ||||||
NETGEAR, Inc.* | 9,636 | 324,540 | ||||||
Network Engines, Inc.* | 9,981 | 15,171 | ||||||
Network Equipment Technologies, Inc.* | 9,355 | 43,314 | ||||||
Occam Networks, Inc.* | 3,480 | 30,172 | ||||||
Oclaro, Inc.* | 13,679 | 179,879 | ||||||
Oplink Communications, Inc.* | 5,281 | 97,540 | ||||||
OpNext, Inc.* | 13,256 | 23,331 | ||||||
PC-Tel, Inc.* | 4,511 | 27,066 | ||||||
Plantronics, Inc. | 13,195 | 491,118 | ||||||
Powerwave Technologies, Inc.* (a) | 34,398 | 87,371 | ||||||
Riverbed Technology, Inc.* | 34,447 | 1,211,501 | ||||||
SeaChange International, Inc.* | 7,941 | 67,896 | ||||||
ShoreTel, Inc.* | 11,735 | 91,650 | ||||||
Sonus Networks, Inc.* | 57,329 | 153,068 | ||||||
Sycamore Networks, Inc. | 5,089 | 104,783 | ||||||
Symmetricom, Inc.* | 12,189 | 86,420 | ||||||
Tekelec* | 18,195 | 216,702 | ||||||
UTStarcom, Inc.* (a) | 32,533 | 67,018 | ||||||
ViaSat, Inc.* | 9,037 | 401,333 | ||||||
9,674,642 | ||||||||
Shares | Value ($) | |||||||
Computers & Peripherals 0.7% | ||||||||
Avid Technology, Inc.* (a) | 7,958 | 138,947 | ||||||
Compellent Technologies, Inc.* | 6,471 | 178,535 | ||||||
Cray, Inc.* | 9,671 | 69,148 | ||||||
Electronics for Imaging, Inc.* | 12,521 | 179,176 | ||||||
Hutchinson Technology, Inc.* | 6,502 | 24,122 | ||||||
Hypercom Corp.* | 12,751 | 106,726 | ||||||
Imation Corp.* | 8,592 | 88,584 | ||||||
Immersion Corp.* | 7,833 | 52,559 | ||||||
Intermec, Inc.* | 13,538 | 171,391 | ||||||
Intevac, Inc.* | 6,166 | 86,386 | ||||||
Novatel Wireless, Inc.* (a) | 8,473 | 80,917 | ||||||
Presstek, Inc.* | 7,638 | 16,956 | ||||||
Quantum Corp.* | 59,706 | 222,106 | ||||||
Rimage Corp.* | 2,549 | 38,006 | ||||||
Silicon Graphics International Corp.* | 8,435 | 76,168 | ||||||
STEC, Inc.* (a) | 11,288 | 199,233 | ||||||
Stratasys, Inc.* | 5,749 | 187,647 | ||||||
Super Micro Computer, Inc.* | 6,513 | 75,160 | ||||||
Synaptics, Inc.* | 9,293 | 273,028 | ||||||
Xyratex Ltd.* | 8,338 | 135,993 | ||||||
2,400,788 | ||||||||
Electronic Equipment, Instruments & Components 2.4% | ||||||||
Agilysys, Inc.* | 5,311 | 29,901 | ||||||
Anixter International, Inc. | 7,605 | 454,247 | ||||||
Benchmark Electronics, Inc.* | 17,432 | 316,565 | ||||||
Brightpoint, Inc.* | 19,525 | 170,453 | ||||||
Checkpoint Systems, Inc.* | 10,790 | 221,734 | ||||||
Cognex Corp. | 10,964 | 322,561 | ||||||
Coherent, Inc.* | 6,981 | 315,122 | ||||||
Comverge, Inc.* | 6,718 | 46,421 | ||||||
CPI International, Inc.* | 2,130 | 41,215 | ||||||
CTS Corp. | 9,191 | 101,652 | ||||||
Daktronics, Inc. (a) | 9,151 | 145,684 | ||||||
DDi Corp. | 4,031 | 47,405 | ||||||
DTS, Inc.* | 4,774 | 234,165 | ||||||
Echelon Corp.* (a) | 9,202 | 93,768 | ||||||
Electro Rent Corp. | 4,641 | 74,999 | ||||||
Electro Scientific Industries, Inc.* | 7,500 | 120,225 | ||||||
Fabrinet* | 2,732 | 58,738 | ||||||
FARO Technologies, Inc.* | 4,287 | 140,785 | ||||||
Gerber Scientific, Inc.* | 6,974 | 54,885 | ||||||
Insight Enterprises, Inc.* (a) | 12,818 | 168,685 | ||||||
IPG Photonics Corp.* | 7,174 | 226,842 | ||||||
L-1 Identity Solutions, Inc.* | 20,703 | 246,573 | ||||||
Littelfuse, Inc. | 6,054 | 284,901 | ||||||
Maxwell Technologies, Inc.* (a) | 7,333 | 138,520 | ||||||
Measurement Specialties, Inc.* | 4,016 | 117,870 | ||||||
Mercury Computer Systems, Inc.* | 6,707 | 123,275 | ||||||
Methode Electronics, Inc. | 10,078 | 130,712 | ||||||
Microvision, Inc.* | 23,939 | 44,527 | ||||||
MTS Systems Corp. | 4,213 | 157,819 | ||||||
Multi-Fineline Electronix, Inc.* | 2,878 | 76,238 | ||||||
Newport Corp.* | 9,973 | 173,231 | ||||||
OSI Systems, Inc.* | 4,489 | 163,220 | ||||||
Park Electrochemical Corp. | 5,694 | 170,820 | ||||||
PC Connection, Inc.* | 2,400 | 21,264 | ||||||
Plexus Corp.* | 10,902 | 337,308 | ||||||
Power-One, Inc.* (a) | 18,684 | 190,577 | ||||||
Pulse Electronics Corp. (a) | 10,660 | 56,711 | ||||||
RadiSys Corp.* | 6,359 | 56,595 | ||||||
Richardson Electonics Ltd. | 3,969 | 46,398 | ||||||
Shares | Value ($) | |||||||
Rofin-Sinar Technologies, Inc.* | 7,633 | 270,514 | ||||||
Rogers Corp.* | 4,418 | 168,988 | ||||||
Sanmina-SCI Corp.* | 22,018 | 252,767 | ||||||
ScanSource, Inc.* | 7,211 | 230,031 | ||||||
Smart Modular Technologies (WWH), Inc.* (a) | 14,514 | 83,601 | ||||||
Spectrum Control, Inc.* | 3,281 | 49,182 | ||||||
SYNNEX Corp.* (a) | 6,185 | 192,972 | ||||||
TESSCO Technologies, Inc. | 1,366 | 21,788 | ||||||
TTM Technologies, Inc.* | 22,167 | 330,510 | ||||||
Universal Display Corp.* | 8,236 | 252,433 | ||||||
Viasystems Group, Inc.* | 1,209 | 24,349 | ||||||
X-Rite, Inc.* | 9,918 | 45,325 | ||||||
Zygo Corp.* | 4,596 | 56,209 | ||||||
7,901,280 | ||||||||
Internet Software & Services 2.1% | ||||||||
Ancestry.com, Inc.* | 5,219 | 147,802 | ||||||
Archipelago Learning, Inc.* | 3,236 | 31,745 | ||||||
Art Technology Group, Inc.* | 42,899 | 256,536 | ||||||
comScore, Inc.* | 6,269 | 139,861 | ||||||
Constant Contact, Inc.* | 7,893 | 244,604 | ||||||
DealerTrack Holdings, Inc.* | 11,150 | 223,781 | ||||||
Dice Holdings, Inc.* | 4,529 | 64,991 | ||||||
Digital River, Inc.* | 10,743 | 369,774 | ||||||
EarthLink, Inc. (a) | 29,389 | 252,745 | ||||||
Envestnet, Inc.* | 2,007 | 34,239 | ||||||
GSI Commerce, Inc.* | 18,110 | 420,152 | ||||||
InfoSpace, Inc.* | 10,031 | 83,257 | ||||||
Internap Network Services Corp.* | 14,392 | 87,503 | ||||||
Internet Capital Group, Inc.* | 10,076 | 143,281 | ||||||
Intralinks Holdings, Inc.* | 3,074 | 57,515 | ||||||
j2 Global Communications, Inc.* (a) | 12,400 | 358,980 | ||||||
Keynote Systems, Inc. | 3,168 | 46,316 | ||||||
KIT Digital, Inc.* (a) | 7,640 | 122,546 | ||||||
Limelight Networks, Inc.* | 12,326 | 71,614 | ||||||
Liquidity Services, Inc.* | 3,913 | 54,978 | ||||||
LivePerson, Inc.* | 12,081 | 136,515 | ||||||
Local.com Corp.* (a) | 4,426 | 28,725 | ||||||
LogMeIn, Inc.* | 4,173 | 185,031 | ||||||
LoopNet, Inc.* | 5,402 | 60,016 | ||||||
Marchex, Inc. "B" | 5,551 | 52,957 | ||||||
Mediamind Technologies, Inc.* | 1,392 | 19,070 | ||||||
ModusLink Global Solutions, Inc.* | 12,637 | 84,668 | ||||||
Move, Inc.* (a) | 43,755 | 112,450 | ||||||
NIC, Inc. | 15,422 | 149,748 | ||||||
OpenTable, Inc.* | 4,369 | 307,927 | ||||||
Openwave Systems, Inc.* | 22,941 | 48,635 | ||||||
Perficient, Inc.* | 5,720 | 71,500 | ||||||
QuinStreet, Inc.* (a) | 2,626 | 50,446 | ||||||
Rackspace Hosting, Inc.* (a) | 26,518 | 832,930 | ||||||
RealNetworks, Inc.* | 22,108 | 92,854 | ||||||
RightNow Technologies, Inc.* (a) | 6,050 | 143,204 | ||||||
Saba Software, Inc.* | 7,942 | 48,605 | ||||||
SAVVIS, Inc.* | 10,390 | 265,153 | ||||||
SPS Commerce, Inc.* | 1,314 | 20,761 | ||||||
Stamps.com, Inc. | 2,895 | 38,359 | ||||||
Support.com, Inc.* | 12,427 | 80,527 | ||||||
TechTarget, Inc.* (a) | 4,825 | 38,262 | ||||||
Terremark Worldwide, Inc.* (a) | 16,134 | 208,935 | ||||||
The Knot, Inc.* | 8,290 | 81,905 | ||||||
Travelzoo, Inc.* | 1,483 | 61,129 | ||||||
United Online, Inc. | 23,295 | 153,747 | ||||||
ValueClick, Inc.* | 22,488 | 360,483 | ||||||
Shares | Value ($) | |||||||
Vocus, Inc.* | 4,527 | 125,217 | ||||||
Zix Corp.* | 15,575 | 66,505 | ||||||
7,138,484 | ||||||||
IT Services 2.0% | ||||||||
Acxiom Corp.* | 18,800 | 322,420 | ||||||
CACI International, Inc. "A"* | 8,352 | 445,997 | ||||||
Cardtronics, Inc.* | 7,459 | 132,024 | ||||||
Cass Information Systems, Inc. | 2,316 | 87,869 | ||||||
CIBER, Inc.* | 18,447 | 86,332 | ||||||
Computer Task Group, Inc.* | 3,796 | 41,300 | ||||||
CSG Systems International, Inc.* | 9,406 | 178,150 | ||||||
Echo Global Logistics, Inc.* | 2,944 | 35,446 | ||||||
Euronet Worldwide, Inc.* (a) | 13,663 | 238,283 | ||||||
Exlservice Holdings, Inc.* | 3,996 | 85,834 | ||||||
Forrester Research, Inc. | 4,019 | 141,831 | ||||||
Global Cash Access Holdings, Inc.* | 13,928 | 44,430 | ||||||
Heartland Payment Systems, Inc. | 10,050 | 154,971 | ||||||
iGATE Corp. (a) | 6,532 | 128,746 | ||||||
Integral Systems, Inc.* | 5,053 | 50,075 | ||||||
Jack Henry & Associates, Inc. | 23,638 | 689,048 | ||||||
Lionbridge Technologies, Inc.* | 17,064 | 62,966 | ||||||
ManTech International Corp. "A"* | 6,125 | 253,146 | ||||||
MAXIMUS, Inc. | 4,825 | 316,424 | ||||||
MoneyGram International, Inc.* (a) | 22,718 | 61,566 | ||||||
NCI, Inc. "A"* | 1,678 | 38,577 | ||||||
Online Resources Corp.* | 6,417 | 29,839 | ||||||
Sapient Corp. | 28,499 | 344,838 | ||||||
SRA International, Inc. "A"* | 11,863 | 242,598 | ||||||
Stream Global Services, Inc.* (a) | 1,538 | 6,075 | ||||||
Syntel, Inc. | 3,668 | 175,294 | ||||||
TeleTech Holdings, Inc.* | 8,338 | 171,679 | ||||||
The Hackett Group, Inc.* | 7,890 | 27,694 | ||||||
Tier Technologies, Inc. "B"* | 3,861 | 23,127 | ||||||
TNS, Inc.* | 6,975 | 145,080 | ||||||
Unisys Corp.* | 11,820 | 306,020 | ||||||
VeriFone Systems, Inc.* | 23,494 | 905,929 | ||||||
Virtusa Corp.* | 3,567 | 58,356 | ||||||
Wright Express Corp.* (a) | 10,580 | 486,680 | ||||||
6,518,644 | ||||||||
Semiconductors & Semiconductor Equipment 3.8% | ||||||||
Advanced Analogic Technologies, Inc.* | 11,187 | 44,860 | ||||||
Advanced Energy Industries, Inc.* | 10,067 | 137,314 | ||||||
Alpha & Omega Semiconductor Ltd.* | 1,396 | 17,911 | ||||||
Amkor Technology, Inc.* (a) | 28,958 | 214,000 | ||||||
ANADIGICS, Inc.* | 18,328 | 127,013 | ||||||
Applied Micro Circuits Corp.* (a) | 18,384 | 196,341 | ||||||
ATMI, Inc.* | 8,529 | 170,068 | ||||||
Axcelis Technologies, Inc.* | 28,848 | 99,814 | ||||||
AXT, Inc.* | 8,503 | 88,771 | ||||||
Brooks Automation, Inc.* | 18,225 | 165,301 | ||||||
Cabot Microelectronics Corp.* | 6,334 | 262,544 | ||||||
Cavium Networks, Inc.* (a) | 12,280 | 462,710 | ||||||
CEVA, Inc.* | 5,605 | 114,903 | ||||||
Cirrus Logic, Inc.* (a) | 18,880 | 301,702 | ||||||
Cohu, Inc. | 6,487 | 107,555 | ||||||
Conexant Systems, Inc.* (a) | 22,535 | 36,732 | ||||||
Cymer, Inc.* | 8,205 | 369,799 | ||||||
Diodes, Inc.* | 9,298 | 250,953 | ||||||
DSP Group, Inc.* | 6,073 | 49,434 | ||||||
Energy Conversion Devices, Inc.* (a) | 13,062 | 60,085 | ||||||
Shares | Value ($) | |||||||
Entegris, Inc.* (a) | 36,122 | 269,831 | ||||||
Entropic Communications, Inc.* (a) | 17,749 | 214,408 | ||||||
Evergreen Solar, Inc.* (a) | 52,108 | 30,379 | ||||||
Exar Corp.* | 9,949 | 69,444 | ||||||
FEI Co.* | 10,285 | 271,627 | ||||||
FormFactor, Inc.* | 13,717 | 121,807 | ||||||
FSI International, Inc.* (a) | 11,196 | 49,486 | ||||||
GSI Technology, Inc.* | 5,571 | 45,125 | ||||||
GT Solar International, Inc.* (a) | 17,222 | 157,065 | ||||||
Hittite Microwave Corp.* | 7,500 | 457,800 | ||||||
Ikanos Communications, Inc.* | 8,327 | 11,158 | ||||||
Inphi Corp.* | 1,625 | 32,646 | ||||||
Integrated Device Technology, Inc.* | 41,138 | 273,979 | ||||||
Integrated Silicon Solution, Inc.* | 7,155 | 57,455 | ||||||
IXYS Corp.* | 6,691 | 77,749 | ||||||
Kopin Corp.* | 18,387 | 76,490 | ||||||
Kulicke & Soffa Industries, Inc.* | 19,411 | 139,759 | ||||||
Lattice Semiconductor Corp.* | 31,184 | 188,975 | ||||||
LTX-Credence Corp.* | 13,553 | 100,292 | ||||||
Mattson Technology, Inc.* | 13,859 | 41,577 | ||||||
MaxLinear, Inc. "A"* | 2,065 | 22,219 | ||||||
Micrel, Inc. (a) | 13,541 | 175,898 | ||||||
Microsemi Corp.* | 22,860 | 523,494 | ||||||
Mindspeed Technologies, Inc.* | 8,832 | 53,875 | ||||||
MIPS Technologies, Inc.* | 13,730 | 208,147 | ||||||
MKS Instruments, Inc.* | 13,861 | 339,456 | ||||||
Monolithic Power Systems, Inc.* | 8,923 | 147,408 | ||||||
MoSys, Inc.* | 9,568 | 54,442 | ||||||
Nanometrics, Inc.* | 4,929 | 63,239 | ||||||
Netlogic Microsystems, Inc.* (a) | 17,245 | 541,666 | ||||||
NVE Corp.* | 1,302 | 75,295 | ||||||
OmniVision Technologies, Inc.* | 15,164 | 449,006 | ||||||
PDF Solutions, Inc.* | 6,254 | 30,144 | ||||||
Pericom Semiconductor Corp.* | 7,211 | 79,177 | ||||||
Photronics, Inc.* | 13,946 | 82,421 | ||||||
PLX Technology, Inc.* | 10,985 | 39,656 | ||||||
Power Integrations, Inc. (a) | 6,638 | 266,449 | ||||||
RF Micro Devices, Inc.* | 73,938 | 543,444 | ||||||
Rubicon Technology, Inc.* (a) | 4,440 | 93,595 | ||||||
Rudolph Technologies, Inc.* | 9,114 | 75,008 | ||||||
Semtech Corp.* | 17,047 | 385,944 | ||||||
Sigma Designs, Inc.* | 8,101 | 114,791 | ||||||
Silicon Image, Inc.* | 20,642 | 151,719 | ||||||
Spansion, Inc. "A"* | 4,081 | 84,477 | ||||||
Standard Microsystems Corp.* | 6,165 | 177,737 | ||||||
Supertex, Inc.* | 2,811 | 67,970 | ||||||
Tessera Technologies, Inc.* | 13,881 | 307,464 | ||||||
Trident Microsystems, Inc.* | 19,351 | 34,445 | ||||||
TriQuint Semiconductor, Inc.* | 42,382 | 495,446 | ||||||
Ultra Clean Holdings, Inc.* | 5,955 | 55,441 | ||||||
Ultratech, Inc.* | 6,493 | 129,081 | ||||||
Veeco Instruments, Inc.* (a) | 11,218 | 481,925 | ||||||
Volterra Semiconductor Corp.* | 6,931 | 160,522 | ||||||
Zoran Corp.* | 14,486 | 127,477 | ||||||
12,603,340 | ||||||||
Software 4.1% | ||||||||
ACI Worldwide, Inc.* | 9,394 | 252,417 | ||||||
Actuate Corp.* | 12,563 | 71,609 | ||||||
Advent Software, Inc.* (a) | 4,369 | 253,052 | ||||||
American Software, Inc. "A" | 5,259 | 35,603 | ||||||
Ariba, Inc.* | 24,483 | 575,106 | ||||||
Aspen Technology, Inc.* | 17,213 | 218,605 | ||||||
Shares | Value ($) | |||||||
Blackbaud, Inc. (a) | 12,401 | 321,186 | ||||||
Blackboard, Inc.* (a) | 9,382 | 387,477 | ||||||
Bottomline Technologies, Inc.* | 8,578 | 186,228 | ||||||
BroadSoft, Inc.* | 1,906 | 45,515 | ||||||
CDC Corp. "A"* | 9,092 | 31,913 | ||||||
CommVault Systems, Inc.* | 11,790 | 337,430 | ||||||
Concur Technologies, Inc.* (a) | 10,981 | 570,243 | ||||||
Convio, Inc.* | 1,654 | 13,695 | ||||||
Deltek, Inc.* | 5,945 | 43,161 | ||||||
DemandTec, Inc.* | 4,962 | 53,788 | ||||||
Digimarc Corp.* | 1,854 | 55,639 | ||||||
Ebix, Inc.* (a) | 7,407 | 175,324 | ||||||
Epicor Software Corp.* | 13,221 | 133,532 | ||||||
EPIQ Systems, Inc. | 9,361 | 128,527 | ||||||
ePlus, Inc.* | 1,066 | 25,200 | ||||||
Fair Isaac Corp. (a) | 11,288 | 263,801 | ||||||
FalconStor Software, Inc.* | 8,242 | 27,611 | ||||||
Fortinet, Inc.* | 11,511 | 372,381 | ||||||
Guidance Software, Inc.* | 3,696 | 26,574 | ||||||
Interactive Intelligence, Inc.* (a) | 3,676 | 96,164 | ||||||
JDA Software Group, Inc.* | 11,978 | 335,384 | ||||||
Kenexa Corp.* | 6,028 | 131,350 | ||||||
Lawson Software, Inc.* | 37,472 | 346,616 | ||||||
Magma Design Automation, Inc.* (a) | 17,730 | 88,827 | ||||||
Manhattan Associates, Inc.* | 6,284 | 191,913 | ||||||
Mentor Graphics Corp.* | 29,420 | 353,040 | ||||||
MicroStrategy, Inc. "A"* | 2,294 | 196,068 | ||||||
Monotype Imaging Holdings, Inc.* | 5,975 | 66,323 | ||||||
Motricity, Inc.* | 1,365 | 25,348 | ||||||
NetScout Systems, Inc.* | 8,419 | 193,721 | ||||||
NetSuite, Inc.* (a) | 5,078 | 126,950 | ||||||
OPNET Technologies, Inc. | 3,534 | 94,605 | ||||||
Parametric Technology Corp.* | 31,624 | 712,489 | ||||||
Pegasystems, Inc. | 4,491 | 164,505 | ||||||
Progress Software Corp.* | 11,424 | 483,464 | ||||||
PROS Holdings, Inc.* | 4,910 | 55,925 | ||||||
QAD, Inc. "A"* | 1,360 | 12,376 | ||||||
QLIK Technologies, Inc.* | 3,739 | 96,504 | ||||||
Quest Software, Inc.* | 16,513 | 458,071 | ||||||
Radiant Systems, Inc.* | 9,047 | 177,050 | ||||||
RealD, Inc.* | 4,048 | 104,924 | ||||||
RealPage, Inc.* | 4,299 | 132,968 | ||||||
Renaissance Learning, Inc. | 3,640 | 43,098 | ||||||
Rosetta Stone, Inc.* | 2,899 | 61,517 | ||||||
S1 Corp.* | 14,327 | 98,856 | ||||||
Smith Micro Software, Inc.* | 8,434 | 132,751 | ||||||
Solarwinds, Inc.* | 9,673 | 186,205 | ||||||
Sonic Solutions* | 11,767 | 176,505 | ||||||
Sourcefire, Inc.* | 7,610 | 197,327 | ||||||
SRS Labs, Inc.* | 3,541 | 31,196 | ||||||
SS&C Technologies Holdings, Inc.* | 3,416 | 70,062 | ||||||
SuccessFactors, Inc.* | 17,076 | 494,521 | ||||||
Synchronoss Technologies, Inc.* | 6,412 | 171,265 | ||||||
Take-Two Interactive Software, Inc.* (a) | 19,519 | 238,913 | ||||||
Taleo Corp. "A"* | 10,769 | 297,763 | ||||||
TeleCommunication Systems, Inc. "A"* | 12,735 | 59,472 | ||||||
TeleNav, Inc.* | 2,233 | 16,256 | ||||||
THQ, Inc.* | 18,916 | 114,631 | ||||||
TIBCO Software, Inc.* | 45,447 | 895,760 | ||||||
TiVo, Inc.* | 31,353 | 270,576 | ||||||
Shares | Value ($) | |||||||
Tyler Technologies, Inc.* | 7,891 | 163,817 | ||||||
Ultimate Software Group, Inc.* (a) | 6,733 | 327,426 | ||||||
VASCO Data Security International, Inc.* | 7,175 | 58,333 | ||||||
Virnetx Holding Corp. | 9,746 | 144,728 | ||||||
Wave Systems Corp. "A"* (a) | 22,225 | 87,567 | ||||||
Websense, Inc.* | 11,917 | 241,319 | ||||||
13,830,066 | ||||||||
Materials 5.5% | ||||||||
Chemicals 2.4% | ||||||||
A. Schulman, Inc. | 8,740 | 200,059 | ||||||
American Vanguard Corp. (a) | 5,708 | 48,746 | ||||||
Arch Chemicals, Inc. | 6,267 | 237,707 | ||||||
Balchem Corp. | 7,757 | 262,264 | ||||||
Calgon Carbon Corp.* (a) | 15,030 | 227,254 | ||||||
Ferro Corp.* | 23,675 | 346,602 | ||||||
Georgia Gulf Corp.* | 9,370 | 225,442 | ||||||
H.B. Fuller Co. | 13,559 | 278,231 | ||||||
Hawkins, Inc. | 2,414 | 107,182 | ||||||
Innophos Holdings, Inc. | 5,932 | 214,026 | ||||||
KMG Chemicals, Inc. | 1,701 | 28,186 | ||||||
Koppers Holdings, Inc. | 5,591 | 200,046 | ||||||
Kraton Performance Polymers, Inc.* | 3,010 | 93,159 | ||||||
Landec Corp.* | 6,891 | 41,208 | ||||||
LSB Industries, Inc.* | 4,577 | 111,038 | ||||||
Minerals Technologies, Inc. | 5,204 | 340,394 | ||||||
NewMarket Corp. | 2,794 | 344,696 | ||||||
NL Industries, Inc. | 1,832 | 20,445 | ||||||
Olin Corp. | 21,539 | 441,980 | ||||||
OM Group, Inc.* | 8,517 | 327,990 | ||||||
Omnova Solutions, Inc.* | 11,871 | 99,241 | ||||||
PolyOne Corp.* | 25,703 | 321,030 | ||||||
Quaker Chemical Corp. | 3,098 | 129,094 | ||||||
Rockwood Holdings, Inc.* | 14,195 | 555,308 | ||||||
Senomyx, Inc.* | 10,754 | 76,676 | ||||||
Sensient Technologies Corp. | 13,442 | 493,725 | ||||||
Solutia, Inc.* | 33,235 | 767,064 | ||||||
Spartech Corp.* | 8,472 | 79,298 | ||||||
Stepan Co. | 2,189 | 166,955 | ||||||
STR Holdings, Inc.* (a) | 7,872 | 157,440 | ||||||
TPC Group, Inc.* | 2,187 | 66,310 | ||||||
W.R. Grace & Co.* | 19,962 | 701,265 | ||||||
Westlake Chemical Corp. | 5,261 | 228,696 | ||||||
Zep, Inc. | 5,751 | 114,330 | ||||||
Zoltek Companies, Inc.* (a) | 7,954 | 91,869 | ||||||
8,144,956 | ||||||||
Construction Materials 0.1% | ||||||||
Headwaters, Inc.* | 15,745 | 72,112 | ||||||
Texas Industries, Inc. | 5,776 | 264,425 | ||||||
United States Lime & Minerals, Inc.* | 820 | 34,547 | ||||||
371,084 | ||||||||
Containers & Packaging 0.5% | ||||||||
AEP Industries, Inc.* | 1,272 | 33,008 | ||||||
Boise, Inc. | 19,374 | 153,636 | ||||||
Graham Packaging Co., Inc.* | 4,730 | 61,679 | ||||||
Graphic Packaging Holding Co.* | 29,723 | 115,622 | ||||||
Myers Industries, Inc. | 9,851 | 95,949 | ||||||
Rock-Tenn Co. "A" | 10,628 | 573,381 | ||||||
Silgan Holdings, Inc. | 14,864 | 532,280 | ||||||
1,565,555 | ||||||||
Shares | Value ($) | |||||||
Metals & Mining 2.0% | ||||||||
A.M. Castle & Co.* | 4,420 | 81,372 | ||||||
Allied Nevada Gold Corp.* | 20,527 | 540,065 | ||||||
AMCOL International Corp. (a) | 6,569 | 203,639 | ||||||
Brush Engineered Materials, Inc.* | 5,482 | 211,825 | ||||||
Capital Gold Corp.* | 16,275 | 82,514 | ||||||
Century Aluminum Co.* | 17,719 | 275,176 | ||||||
Coeur d'Alene Mines Corp.* (a) | 24,212 | 661,472 | ||||||
General Moly, Inc.* (a) | 16,931 | 109,713 | ||||||
Globe Specialty Metals, Inc. | 17,065 | 291,641 | ||||||
Golden Star Resources Ltd.* | 71,549 | 328,410 | ||||||
Haynes International, Inc. | 3,245 | 135,738 | ||||||
Hecla Mining Co.* (a) | 69,810 | 786,061 | ||||||
Horsehead Holding Corp.* | 12,064 | 157,315 | ||||||
Jaguar Mining, Inc.* (a) | 23,334 | 166,372 | ||||||
Kaiser Aluminum Corp. (a) | 4,227 | 211,731 | ||||||
Metals USA Holdings Corp.* | 3,243 | 49,423 | ||||||
Molycorp, Inc.* (a) | 6,896 | 344,110 | ||||||
Noranda Aluminum Holding Corp.* | 3,317 | 48,428 | ||||||
Olympic Steel, Inc. | 2,562 | 73,478 | ||||||
RTI International Metals, Inc.* | 8,371 | 225,850 | ||||||
Stillwater Mining Co.* | 12,266 | 261,879 | ||||||
Thompson Creek Metals Co., Inc.* | 44,643 | 657,145 | ||||||
Universal Stainless & Alloy Products, Inc.* | 1,980 | 61,934 | ||||||
US Energy Corp.* | 7,549 | 45,898 | ||||||
US Gold Corp.* (a) | 24,804 | 200,168 | ||||||
Worthington Industries, Inc. | 15,445 | 284,188 | ||||||
6,495,545 | ||||||||
Paper & Forest Products 0.5% | ||||||||
Buckeye Technologies, Inc. | 10,603 | 222,769 | ||||||
Clearwater Paper Corp.* | 3,152 | 246,802 | ||||||
Deltic Timber Corp. | 2,887 | 162,654 | ||||||
KapStone Paper & Packaging Corp.* | 10,558 | 161,537 | ||||||
Louisiana-Pacific Corp.* (a) | 34,244 | 323,948 | ||||||
Neenah Paper, Inc. | 4,074 | 80,176 | ||||||
P.H. Glatfelter Co. | 12,449 | 152,749 | ||||||
Schweitzer-Mauduit International, Inc. (a) | 4,998 | 314,474 | ||||||
Verso Paper Corp.* | 4,102 | 14,029 | ||||||
Wausau Paper Corp. | 13,859 | 119,326 | ||||||
1,798,464 | ||||||||
Telecommunication Services 1.0% | ||||||||
Diversified Telecommunication Services 0.7% | ||||||||
AboveNet, Inc. | 6,140 | 358,944 | ||||||
Alaska Communications Systems Group, Inc. (a) | 12,079 | 134,077 | ||||||
Atlantic Tele-Network, Inc. | 2,519 | 96,578 | ||||||
Cbeyond, Inc.* (a) | 7,453 | 113,882 | ||||||
Cincinnati Bell, Inc.* | 55,882 | 156,469 | ||||||
Cogent Communications Group, Inc.* | 12,376 | 174,997 | ||||||
Consolidated Communications Holdings, Inc. | 6,858 | 132,359 | ||||||
General Communication, Inc. "A"* | 11,285 | 142,868 | ||||||
Global Crossing Ltd.* | 7,979 | 103,089 | ||||||
Globalstar, Inc.* | 19,342 | 28,046 | ||||||
Hughes Communications, Inc.* | 2,443 | 98,795 | ||||||
IDT Corp. "B" | 3,939 | 101,035 | ||||||
Iridium Communications, Inc.* | 9,459 | 78,037 | ||||||
Neutral Tandem, Inc.* (a) | 9,318 | 134,552 | ||||||
PAETEC Holding Corp.* | 35,077 | 131,188 | ||||||
Premiere Global Services, Inc.* | 16,231 | 110,371 | ||||||
Shares | Value ($) | |||||||
Vonage Holdings Corp.* | 29,283 | 65,594 | ||||||
2,160,881 | ||||||||
Wireless Telecommunication Services 0.3% | ||||||||
FiberTower Corp.* | 12,765 | 56,932 | ||||||
ICO Global Communications (Holdings) Ltd.* | 26,197 | 39,296 | ||||||
NTELOS Holdings Corp. | 8,134 | 154,953 | ||||||
Shenandoah Telecommunications Co. | 6,495 | 121,651 | ||||||
Syniverse Holdings, Inc.* | 19,104 | 589,358 | ||||||
USA Mobility, Inc. | 6,040 | 107,331 | ||||||
1,069,521 | ||||||||
Utilities 2.9% | ||||||||
Electric Utilities 1.2% | ||||||||
ALLETE, Inc. | 8,556 | 318,797 | ||||||
Central Vermont Public Service Corp. | 3,409 | 74,521 | ||||||
Cleco Corp. (a) | 16,611 | 510,954 | ||||||
El Paso Electric Co.* | 12,063 | 332,095 | ||||||
Empire District Electric Co. (a) | 10,826 | 240,337 | ||||||
IDACORP, Inc. | 13,132 | 485,621 | ||||||
MGE Energy, Inc. (a) | 6,213 | 265,668 | ||||||
Otter Tail Corp. (a) | 9,852 | 222,064 | ||||||
PNM Resources, Inc. | 23,866 | 310,735 | ||||||
Portland General Electric Co. | 20,873 | 452,944 | ||||||
UIL Holdings Corp. | 13,764 | 412,370 | ||||||
Unisource Energy Corp. | 10,007 | 358,651 | ||||||
Unitil Corp. | 2,880 | 65,491 | ||||||
4,050,248 | ||||||||
Gas Utilities 1.1% | ||||||||
Chesapeake Utilities Corp. | 2,610 | 108,367 | ||||||
New Jersey Resources Corp. | 11,229 | 484,082 | ||||||
Nicor, Inc. | 12,458 | 621,903 | ||||||
Northwest Natural Gas Co. (a) | 7,306 | 339,510 | ||||||
Piedmont Natural Gas Co., Inc. (a) | 19,753 | 552,294 | ||||||
South Jersey Industries, Inc. (a) | 8,084 | 426,997 | ||||||
Southwest Gas Corp. | 12,297 | 450,931 | ||||||
The Laclede Group, Inc. | 6,148 | 224,648 | ||||||
WGL Holdings, Inc. | 13,865 | 495,952 | ||||||
3,704,684 | ||||||||
Independent Power Producers & Energy Traders 0.1% | ||||||||
American DG Energy, Inc.* (a) | 5,451 | 15,099 | ||||||
Dynegy, Inc.* | 28,518 | 160,271 | ||||||
175,370 | ||||||||
Multi-Utilities 0.3% | ||||||||
Avista Corp. | 15,107 | 340,209 | ||||||
Black Hills Corp. | 10,737 | 322,110 | ||||||
CH Energy Group, Inc. | 4,430 | 216,583 | ||||||
NorthWestern Corp. | 9,995 | 288,156 | ||||||
1,167,058 | ||||||||
Water Utilities 0.2% | ||||||||
American States Water Co. | 5,163 | 177,969 | ||||||
Artesian Resources Corp. "A" | 1,786 | 33,845 | ||||||
Cadiz, Inc.* (a) | 3,128 | 38,912 | ||||||
California Water Service Group | 5,492 | 204,687 | ||||||
Connecticut Water Service, Inc. | 2,181 | 60,806 | ||||||
Consolidated Water Co., Ltd. | 3,947 | 36,194 | ||||||
Middlesex Water Co. | 4,598 | 84,373 | ||||||
SJW Corp. | 3,607 | 95,477 | ||||||
York Water Co. (a) | 3,576 | 61,829 | ||||||
794,092 | ||||||||
Total Common Stocks (Cost $286,957,338) | 323,322,253 |
Principal Amount ($) | Value ($) | |||||||
Government & Agency Obligation 0.2% | ||||||||
US Treasury Obligation | ||||||||
US Treasury Bill, 0.175%**, 5/5/2011 (b) (Cost $769,537) | 770,000 | 769,616 |
Shares | Value ($) | |||||||
Closed-End Investment Companies 0.2% | ||||||||
Apollo Investment Corp. | 52,716 | 583,566 | ||||||
Golub Capital BDC LLC | 2,033 | 34,805 | ||||||
Kayne Anderson Energy Development Co. | 2,788 | 50,212 | ||||||
THL Credit, Inc. | 2,474 | 32,187 | ||||||
Total Closed-End Investment Companies (Cost $896,969) | 700,770 | |||||||
Shares | Value ($) | |||||||
Securities Lending Collateral 16.0% | ||||||||
Daily Assets Fund Institutional, 0.27% (c) (d) (Cost $53,398,987) | 53,398,987 | 53,398,987 | ||||||
Cash Equivalents 2.7% | ||||||||
Central Cash Management Fund, 0.19% (c) (Cost $9,059,066) | 9,059,066 | 9,059,066 |
% of Net Assets | Value ($) | |||||||
Total Investment Portfolio (Cost $351,081,897)+ | 115.8 | 387,250,692 | ||||||
Other Assets and Liabilities, Net (a) | (15.8 | ) | (52,964,468 | ) | ||||
Net Assets | 100.0 | 334,286,224 |
* Non-income producing security.
** Annualized yield at time of purchase; not a coupon rate.
+ The cost for federal income tax purposes was $355,175,765. At December 31, 2010, net unrealized appreciation for all securities based on tax cost was $32,074,927. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $75,448,422 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $43,373,495.
(a) All or a portion of these securities were on loan, amounting to $50,907,809. In addition, included in other assets and liabilities, net are pending sales, amounting to $548,930, that are also on loan (see Notes to Financial Statements). The value of all securities loaned at December 31, 2010 amounted to $51,456,739, which is 15.4% of net assets.
(b) At December 31, 2010, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust
At December 31, 2010, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Value ($) | Unrealized Appreciation ($) | |||||||||
Russell E Mini 2000 Index | USD | 3/18/2011 | 138 | 10,795,740 | 187,157 |
Currency Abbreviation |
USD United States Dollar |
For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of December 31, 2010 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 323,322,253 | $ | — | $ | — | $ | 323,322,253 | ||||||||
Closed-End Investment Companies | 700,770 | — | — | 700,770 | ||||||||||||
Short-Term Investments (e) | 62,458,053 | 769,616 | — | 63,227,669 | ||||||||||||
Derivatives (f) | 187,157 | — | — | 187,157 | ||||||||||||
Total | $ | 386,668,233 | $ | 769,616 | $ | — | $ | 387,437,849 |
There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the year ended December 31, 2010.
(e) See Investment Portfolio for additional detailed categorizations.
(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts.
The accompanying notes are an integral part of the financial statements.
as of December 31, 2010 | ||||
Assets | ||||
Investments: Investments in securities, at value (cost $288,623,844) — including $50,907,809 of securities loaned | $ | 324,792,639 | ||
Investment in Daily Assets Fund Institutional (cost $53,398,987)* | 53,398,987 | |||
Investment in Central Cash Management Fund (cost $9,059,066) | 9,059,066 | |||
Total investments at value (cost $351,081,897) | 387,250,692 | |||
Receivable for investments sold | 838,903 | |||
Dividends receivable | 308,527 | |||
Interest receivable | 31,213 | |||
Receivable for Fund shares sold | 31,814 | |||
Other assets | 4,418 | |||
Total assets | 388,465,567 | |||
Liabilities | ||||
Cash overdraft | 89,290 | |||
Payable upon return of securities loaned | 53,398,987 | |||
Payable for Fund shares redeemed | 351,368 | |||
Payable for daily variation margin on open futures contracts | 70,380 | |||
Accrued management fee | 100,408 | |||
Other accrued expenses and payables | 168,910 | |||
Total liabilities | 54,179,343 | |||
Net assets, at value | $ | 334,286,224 | ||
Net Assets Consist of | ||||
Undistributed net investment income | 2,613,908 | |||
Net unrealized appreciation (depreciation) on: Investments | 36,168,795 | |||
Futures | 187,157 | |||
Accumulated net realized gain (loss) | (20,715,772 | ) | ||
Paid-in capital | 316,032,136 | |||
Net assets, at value | $ | 334,286,224 | ||
Class A Net Asset Value, offering and redemption price per share ($284,653,868 ÷ 22,942,780 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ | 12.41 | ||
Class B Net Asset Value, offering and redemption price per share ($49,632,356 ÷ 4,003,137 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ | 12.40 |
* Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
Statement of Operations
for the year ended December 31, 2010 | ||||
Investment Income | ||||
Income: Dividends (net of foreign taxes withheld of $157) | $ | 3,966,527 | ||
Income distributions — Central Cash Management Fund | 11,898 | |||
Interest | 1,333 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates | 482,008 | |||
Total income | 4,461,766 | |||
Expenses: Management fee | 1,057,421 | |||
Administration fee | 302,120 | |||
Custodian fee | 37,780 | |||
Distribution service fee (Class B) | 114,672 | |||
Services to shareholders | 12,015 | |||
Professional fees | 59,633 | |||
Trustees' fees and expenses | 13,288 | |||
Reports to shareholders | 26,288 | |||
Other | 66,030 | |||
Total expenses before expense reductions | 1,689,247 | |||
Expense reductions | (11,573 | ) | ||
Total expenses after expense reductions | 1,677,674 | |||
Net investment income (loss) | 2,784,092 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: Investments | (28,473 | ) | ||
Futures | 1,121,867 | |||
1,093,394 | ||||
Change in net unrealized appreciation (depreciation) on: Investments | 68,777,315 | |||
Futures | 14,225 | |||
68,791,540 | ||||
Net gain (loss) | 69,884,934 | |||
Net increase (decrease) in net assets resulting from operations | $ | 72,669,026 |
The accompanying notes are an integral part of the financial statements.
Years Ended December 31, | ||||||||
Increase (Decrease) in Net Assets | 2010 | 2009 | ||||||
Operations: Net investment income (loss) | $ | 2,784,092 | $ | 2,948,189 | ||||
Net realized gain (loss) | 1,093,394 | (18,300,164 | ) | |||||
Change in net unrealized appreciation (depreciation) | 68,791,540 | 81,005,584 | ||||||
Net increase (decrease) in net assets resulting from operations | 72,669,026 | 65,653,609 | ||||||
Distributions to shareholders from: Net investment income: Class A | (2,379,611 | ) | (3,930,572 | ) | ||||
Class B | (308,033 | ) | (665,403 | ) | ||||
Net realized gains: Class A | — | (14,741,493 | ) | |||||
Class B | — | (2,865,686 | ) | |||||
Total distributions | (2,687,644 | ) | (22,203,154 | ) | ||||
Fund share transactions: Class A Proceeds from shares sold | 44,648,931 | 55,527,066 | ||||||
Reinvestment of distributions | 2,379,611 | 18,672,065 | ||||||
Cost of shares redeemed | (80,244,924 | ) | (50,441,144 | ) | ||||
Net increase (decrease) in net assets from Class A share transactions | (33,216,382 | ) | 23,757,987 | |||||
Class B Proceeds from shares sold | 6,800,894 | 4,826,794 | ||||||
Reinvestment of distributions | 308,033 | 3,531,089 | ||||||
Cost of shares redeemed | (13,106,274 | ) | (11,925,807 | ) | ||||
Net increase (decrease) in net assets from Class B share transactions | (5,997,347 | ) | (3,567,924 | ) | ||||
Increase (decrease) in net assets | 30,767,653 | 63,640,518 | ||||||
Net assets at beginning of period | 303,518,571 | 239,878,053 | ||||||
Net assets at end of period (including undistributed net investment income of $2,613,908 and $2,554,042, respectively) | $ | 334,286,224 | $ | 303,518,571 | ||||
Other Information | ||||||||
Class A Shares outstanding at beginning of period | 26,097,119 | 22,888,959 | ||||||
Shares sold | 4,165,310 | 6,645,343 | ||||||
Shares issued to shareholders in reinvestment of distributions | 204,962 | 2,547,349 | ||||||
Shares redeemed | (7,524,611 | ) | (5,984,532 | ) | ||||
Net increase (decrease) in Class A shares | (3,154,339 | ) | 3,208,160 | |||||
Shares outstanding at end of period | 22,942,780 | 26,097,119 | ||||||
Class B Shares outstanding at beginning of period | 4,564,752 | 4,907,741 | ||||||
Shares sold | 652,484 | 579,861 | ||||||
Shares issued to shareholders in reinvestment of distributions | 26,509 | 481,731 | ||||||
Shares redeemed | (1,240,608 | ) | (1,404,581 | ) | ||||
Net increase (decrease) in Class B shares | (561,615 | ) | (342,989 | ) | ||||
Shares outstanding at end of period | 4,003,137 | 4,564,752 |
The accompanying notes are an integral part of the financial statements.
Class A Years Ended December 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.90 | $ | 8.63 | $ | 14.71 | $ | 16.12 | $ | 14.40 | ||||||||||
Income (loss) from investment operations: Net investment income (loss)a | .10 | .10 | .18 | .17 | .14 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.51 | 1.93 | (4.77 | ) | (.40 | ) | 2.34 | |||||||||||||
Total from investment operations | 2.61 | 2.03 | (4.59 | ) | (.23 | ) | 2.48 | |||||||||||||
Less distributions from: Net investment income | (.10 | ) | (.16 | ) | (.20 | ) | (.14 | ) | (.10 | ) | ||||||||||
Net realized gains | — | (.60 | ) | (1.29 | ) | (1.04 | ) | (.66 | ) | |||||||||||
Total distributions | (.10 | ) | (.76 | ) | (1.49 | ) | (1.18 | ) | (.76 | ) | ||||||||||
Net asset value, end of period | $ | 12.41 | $ | 9.90 | $ | 8.63 | $ | 14.71 | $ | 16.12 | ||||||||||
Total Return (%)b | 26.39 | 26.57 | (34.12 | ) | (1.90 | ) | 17.49 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net assets, end of period ($ millions) | 285 | 258 | 198 | 305 | 536 | |||||||||||||||
Ratio of expenses before expense reductions (%) | .52 | .56 | .54 | .53 | .47 | |||||||||||||||
Ratio of expenses after expense reductions (%) | .52 | .50 | .47 | .51 | .45 | |||||||||||||||
Ratio of net investment income (loss) (%) | .96 | 1.19 | 1.51 | 1.09 | .93 | |||||||||||||||
Portfolio turnover rate (%) | 16 | 26 | 25 | 24 | c | 42 | ||||||||||||||
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. |
Class B Years Ended December 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.89 | $ | 8.62 | $ | 14.70 | $ | 16.11 | $ | 14.39 | ||||||||||
Income (loss) from investment operations: Net investment income (loss)a | .08 | .08 | .15 | .13 | .10 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.50 | 1.93 | (4.77 | ) | (.40 | ) | 2.34 | |||||||||||||
Total from investment operations | 2.58 | 2.01 | (4.62 | ) | (.27 | ) | 2.44 | |||||||||||||
Less distributions from: Net investment income | (.07 | ) | (.14 | ) | (.17 | ) | (.10 | ) | (.06 | ) | ||||||||||
Net realized gains | — | (.60 | ) | (1.29 | ) | (1.04 | ) | (.66 | ) | |||||||||||
Total distributions | (.07 | ) | (.74 | ) | (1.46 | ) | (1.14 | ) | (.72 | ) | ||||||||||
Net asset value, end of period | $ | 12.40 | $ | 9.89 | $ | 8.62 | $ | 14.70 | $ | 16.11 | ||||||||||
Total Return (%)b | 26.11 | 26.27 | (34.33 | ) | (2.16 | ) | 17.19 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net assets, end of period ($ millions) | 50 | 45 | 42 | 73 | 68 | |||||||||||||||
Ratio of expenses before expense reductions (%) | .77 | .81 | .79 | .78 | .72 | |||||||||||||||
Ratio of expenses after expense reductions (%) | .77 | .75 | .72 | .76 | .70 | |||||||||||||||
Ratio of net investment income (loss) (%) | .71 | .93 | 1.26 | .84 | .68 | |||||||||||||||
Portfolio turnover rate (%) | 16 | 26 | 25 | 24 | c | 42 | ||||||||||||||
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. |
A. Organization and Significant Accounting Policies
DWS Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The Trust is comprised of two series. DWS Small Cap Index VIP (the "Fund") is a diversified series of the Trust offered to investors. The Fund 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 Fund 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 and record keeping fees equal to an annual rate up to 0.25% and 0.15%, respectively, of the Class B shares average daily net assets. Class A shares are not subject to such fees.
Investment income, realized and unrealized gains and losses, and certain fund-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 Rule 12b-1 distribution fees). 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 Fund'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 Fund 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.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Equity securities and closed-end investment companies 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 they trade and are categorized as Level 1 securities. 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.
Debt securities are valued by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
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 Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost 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 issuer or of comparable companies; quotations or evaluated p rices 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 or issuer'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. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.
Securities Lending. The Fund lends securities to certain financial institutions. The Fund 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 Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts u nder the security lending agreement. The Fund 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 Fund 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 a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
Federal Income Taxes. The Fund'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.
At December 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $16,467,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2017 (the expiration date), whichever occurs first.
During the year ended December 31, 2010, the Fund utilized $3,031,000 of prior year capital loss carryforward.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Net investment income of the Fund, 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 Fund 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 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 Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At December 31, 2010, the Fund's components of distributable earnings (accumulated gains) on a tax basis were as follows:
Undistributed ordinary income* | $ | 2,679,539 | ||
Capital loss carryforwards | $ | (16,467,000 | ) | |
Unrealized appreciation (depreciation) on investments | $ | 32,074,927 |
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
Years Ended December 31, | ||||||||
2010 | 2009 | |||||||
Distributions from ordinary income* | $ | 2,687,644 | $ | 4,835,835 | ||||
Distributions from long-term capital gains | $ | — | $ | 17,367,319 |
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Expenses. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.
Real Estate Investment Trusts. The Fund 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 Fund distinguishes between dividends on a tax bas is 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. Interest income is recorded on the accrual basis. 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.
B. Derivative Instruments
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). For the year ended December 31, 2010, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.
Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund'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 underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.
A summary of the open futures contracts as of December 31, 2010 is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2010, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $5,178,000 to $10,796,000.
The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2010 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Liability Derivative | Futures Contracts | |||
Equity Contracts (a) | $ | 187,157 |
The above derivative is located in the following Statement of Assets and Liabilities account:
(a) Net unrealized appreciation (depreciation) on futures. Liability of payable for daily variation margin on open futures contracts reflects unsettled variation margin.
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2010 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Realized Gain (Loss) | Futures Contracts | |||
Equity Contracts (a) | $ | 1,121,867 |
The above derivative is located in the following Statement of Operations account:
(a) Net realized gain (loss) from futures
Change in Net Unrealized Appreciation (Depreciation) | Futures Contracts | |||
Equity Contracts (a) | $ | 14,225 |
The above derivative is located in the following Statement of Operations account:
(a) Change in net unrealized appreciation (depreciation) on futures
��
C. Purchases and Sales of Securities
During the year ended December 31, 2010, purchases and sales of investment securities (excluding short-term investments) aggregated $47,056,419 and $89,989,733, respectively.
D. 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 determines the securities, instruments and other contracts relating to investments to be purchased, sold, or entered into by the Fund or delegates such responsibility to the Fund's sub-advisor. Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly at the annual rate of 0.35%.
Northern Trust Investments, Inc. ("NTI") acts as investment sub-advisor for the Fund. As the Fund's investment sub-advisor, NTI makes the Fund's investment decisions. It buys and sells securities for the Fund 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, 2010 through September 30, 2010, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class A | .53% |
Class B | .93% |
For the period from October 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of Class A shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.50%.
Accordingly, for the year ended December 31, 2010, the Advisor waived a portion of its management fee aggregating $10,237 and the amount charged aggregated $1,047,184, which was equivalent to an annual effective rate of 0.35% of the Fund's average daily net assets.
Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2010, the Administration Fee was $302,120, of which $27,943 is unpaid.
Distribution Service Agreement. DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DIDI receives 12b-1 fees of up to 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2010, the Distribution Service Fee was as follows:
Distribution Service Fee | Total Aggregated | Unpaid at December 31, 2010 | ||||||
Class B | $ | 114,672 | $ | 10,481 |
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 Fund. 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 Fund. For the year ended December 31, 2010, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders | Total Aggregated | Waived | Unpaid at December 31, 2010 | |||||||||
Class A | $ | 1,336 | $ | 1,336 | $ | — | ||||||
Class B | 354 | — | 84 | |||||||||
$ | 1,690 | $ | 1,336 | $ | 84 |
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $26,288, of which $10,993 is unpaid.
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of the underlying money market funds. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.
E. Line of Credit
The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund 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 a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
F. Ownership of the Fund
At December 31, 2010, one participating insurance company was beneficial owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 57%. At December 31, 2010, two participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 45% and 26%, respectively.
To the Trustees of DWS Investments VIT Funds and the Shareholders of DWS Small Cap Index VIP:
In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Small Cap Index VIP (the "Fund") at December 31, 2010, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opi nion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
Boston, Massachusetts February 11, 2011 | PricewaterhouseCoopers LLP |
For corporate shareholders, 100% of the income dividends paid during the Fund's fiscal year ended December 31, 2010, qualified for the dividends received deduction.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, contact your insurance provider.
The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund 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 Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
The Board of Trustees, including the Independent Trustees, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") and sub-advisory agreement (the "Sub-Advisory Agreement," and together with the Agreement, the "Agreements") between DWS and Northern Trust Investments, Inc. ("NTI") in September 2010.
In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:
• In September 2010, all of the Fund's Trustees were independent of DWS and its affiliates.
• The Trustees meet frequently to discuss fund matters. Each year, the Trustees dedicate substantial time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Equity Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.
• The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").
• In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 Plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Independent Trustees as a group. The Independent Trustees reviewed the Contract Committee's findings and recommendations and presented their recommendations to the full Board.
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund, and that the Agreement was approved by the Fund's shareholders. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being pa rt of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.
While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's and NTI's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreements, DWS and NTI provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's perfor mance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by Lipper), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2009, the Fund's performance (Class A shares) was in the 3rd quartile of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).
On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS and NTI historically have been and continue to be satisfactory.
Fees and Expenses. The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses, and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include the 0.10% fee paid to DWS under the Fund's administrative services agreement, were higher than th e median (4th quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2009). With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DWS out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (4th quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2009, and analyzing Lipper expense universe Class A expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operatin g expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on factors as asset size). The Board also noted that the expense limitation agreed to by DWS helped to ensure that the Fund's total (net) operating expenses would remain competitive.
The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS US mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that di fferences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS and NTI.
Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in con nection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Fund. The Board noted that DWS pays NTI's fee out of its management fee, and its understanding that the Fund's sub-advisory fee schedule was the product of an arm's length negotiation with DWS.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DWS and NTI and Their Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and NTI and their affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS and NTI related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS and NTI related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.
Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters. The Board also considered the attention and resources dedicated by DWS to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.
October 3, 2010
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 Funds (formerly 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 th e nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
Qualifications
For more than 35 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 ten 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 and have served in various leadership and financial oversight capacities with non-profit organizations.
Evaluation of Fees for each DWS Fund
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS 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 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 Fund. These similar products included the other DWS 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 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 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 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 Funds are reasonable.
Thomas H. Mack
The following table presents certain information regarding the Board Members and Officers of the Trust as of December 31, 2010. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or a s otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.
Independent Board Members | ||
Name, Year of Birth, Position with the Fund and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen |
Paul K. Freeman (1950) Chairperson since 2009 Board Member since 1993 | Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998) | 122 |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International | 122 |
Henry P. Becton, Jr. (1943) Board Member since 1990 | Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company3 (medical technology company); Lead Director, Belo Corporation3 (media company); Public Radio International; Public Radio Exchange (PRX); The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic De velopment; Public Broadcasting Service | 122 |
Dawn-Marie Driscoll (1946) Board Member since 1987 | President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 122 |
Keith R. Fox (1954) Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies | 122 |
Kenneth C. Froewiss (1945) Board Member since 2001 | Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996) | 122 |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007); Independent Director of Barclays Bank Delaware (since September 2010). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006) | 122 |
William McClayton (1944) Board Member since 2004+ | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival | 122 |
Rebecca W. Rimel (1951) Board Member since 1995 | President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Director, CardioNet, Inc.2 (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care2 (January 2007-June 2007); Trustee, Pro Publica (charitable organization) (2007-2010) | 122 |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003) | 122 |
Jean Gleason Stromberg (1943) Board Member since 1997 | Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996) | 122 |
Robert H. Wadsworth (1940) Board Member since 1999 | President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association | 125 |
Officers4 | |
Name, Year of Birth, Position with the Fund and Length of Time Served5 | Principal Occupation(s) During Past 5 Years and Other Directorships Held |
Michael G. Clark6 (1965) President, 2006-present | Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000) |
Ingo Gefeke7 (1967) Executive Vice President since 2010 | Managing Director3, Deutsche Asset Management; Global Head of Distribution and Product Management, DWS Global Head of Trading and Securities Lending. Member of the Board of Directors of DWS Investment GmbH Frankfurt (since July 2009) and DWS Holding & Service GmbH Frankfurt (since January 2010); formerly, Global Chief Administrative Officer, Deutsche Asset Management (2004-2009); Global Chief Operating Officer, Global Transaction Banking, Deutsche Bank AG, New York (2001-2004); Chief Operating Officer, Global Banking Division Americas, Deutsche Bank AG, New York (1999-2001); Central Management, Global Banking Services, Deutsche Bank AG, Frankfurt (1998-1999); Relationship Management, Deutsche Bank AG, Tokyo, Japan (1997-1998) |
John Millette8 (1962) Vice President and Secretary, 1999-present | Director3, Deutsche Asset Management |
Paul H. Schubert6 (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present | Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998) |
Caroline Pearson8 (1962) Chief Legal Officer, April 2010-present | Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010) |
Rita Rubin9 (1970) Assistant Secretary, 2009-present | Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007) |
Paul Antosca8 (1957) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006) |
Jack Clark8 (1967) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007) |
Diane Kenneally8 (1966) Assistant Treasurer, 2007-present | Director3, Deutsche Asset Management |
John Caruso9 (1965) Anti-Money Laundering Compliance Officer, 2010-present | Managing Director3, Deutsche Asset Management |
Name, Year of Birth, Position with the Fund and Length of Time Served5 | Principal Occupation(s) During Past 5 Years and Other Directorships Held |
Robert Kloby9 (1962) Chief Compliance Officer, 2006-present | Managing Director3, Deutsche Asset Management |
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
3 Executive title, not a board directorship.
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
6 Address: 100 Plaza One, Jersey City, NJ 07311.
7 Effective January 11, 2011, Mr. Gefeke, Executive Vice President, resigned as an officer of the fund.
The mailing address of Mr. Gefeke is 345 Park Avenue, New York, New York 10154. Mr. Gefeke was an interested Board Member of certain DWS funds by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Gefeke received no compensation from the fund.
8 Address: One Beacon Street, Boston, MA 02108.
9 Address: 60 Wall Street, New York, New York 10005.
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.
Deutsche Investment Management Americas Inc. ("DIMA"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Fund'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) 621-1148
vit-scif-2 (R-20601-1 2/11)
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on su ch person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS SMALL CAP INDEX VIP
FORM N-CSR DISCLOSURE RE: AUDIT FEES
The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund | ||||||||||||
2010 | $ | 41,762 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2009 | $ | 43,394 | $ | 0 | $ | 0 | $ | 0 |
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year December 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
2010 | $ | 7,500 | $ | 0 | $ | 0 | ||||||
2009 | $ | 2,000 | $ | 0 | $ | 0 |
The “Audit-Related Fees” were billed for services in connection with the agreed-upon procedures.
Non-Audit Services
The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.
Fiscal Year Ended December 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) | ||||||||||||
2010 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2009 | $ | 0 | $ | 0 | $ | 100,000 | $ | 100,000 |
All other engagement fees were billed for services in connection with an internal control review of a subadvisor.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. 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 Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(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. | |
(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. | |
ITEM 12. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | 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. | |
(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-CSR 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: | February 23, 2011 |
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.
By: | /s/Michael G. Clark Michael G. Clark President |
Date: | February 23, 2011 |
By: | /s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | February 23, 2011 |