UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-2546
Fidelity Commonwealth Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | November 30 |
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Date of reporting period: | November 30, 2014 |
Item 1. Reports to Stockholders
Fidelity®
Nasdaq Composite Index®
Fund
Annual Report
November 30, 2014
(Fidelity Cover Art)
Contents
Performance | How the fund has done over time. | |
Management's Discussion of Fund Performance | The Portfolio Manager's review of fund performance and strategy. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
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Trustees and Officers |
| |
Distributions |
| |
Board Approval of Investment Advisory Contracts and Management Fees |
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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq Composite®, and The Nasdaq Stock Market®, Inc. are registered trademarks of The NASDAQ OMX Group, Inc. (which with its Affiliates are the Corporations) and are licensed for use by Fidelity. The product has not been passed on by the Corporations as to its legality or suitability. The product is not issued, endorsed or sold by the Corporations. The Corporations make no warranties and bear no liability with respect to shares of the product.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended November 30, 2014 | Past 1 | Past 5 | Past 10 |
Fidelity® Nasdaq Composite Index® Fund | 19.25% | 18.62% | 9.48% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® Fund on November 30, 2004. The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Management's Discussion of Fund Performance
Market Recap: The U.S. stock market closed near an all-time high for the 12 months ending November 30, 2014, supported by low interest rates and strong corporate profits. The large-cap S&P 500® Index gained 16.86%, clawing back from a late-period sell-off fueled by fears of a new global economic slump. Growth stocks in the index outperformed value-oriented names. The tech-heavy Nasdaq Composite Index® advanced 19.43%, while the small-cap Russell 2000® Index returned a relatively lackluster 3.99% amid growth and valuation worries. Health care (+28%) was the top sector in the S&P 500®, spurred by the strong performance of the pharmaceuticals, biotechnology & life sciences industry. Information technology (+27%) and consumer staples (+18%) also contributed strongly to the index's advance. Conversely, energy (-5%) was the biggest laggard, reflecting a sharp drop in crude prices beginning in June, attributed to weaker demand and a U.S. supply boom driven by shale drilling. Volatility was tame for much of the period, although it spiked to a three-year high in October amid growth concerns, Ebola fears and unrest in Syria, Iraq and Ukraine. Yet stocks proved resilient and gained in mid-October, bolstered by the relative economic strength of the U.S., which marked a six-year low in its unemployment rate.
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team for Fidelity® Nasdaq Composite Index® Fund: For the year, the fund added 19.25%, roughly in line with the benchmark. Many of the fund's top contributors were information technology stocks, led by Apple, the largest weighting in the index. This maker of mobile devices and personal computers saw its shares return 53% for the 12-month period. Various other technology stocks also lifted results, such as semiconductor manufacturer Intel, social-media giant Facebook and software maker Microsoft. In health care, biotechnology firms Amgen and Gilead Sciences further added value. In contrast, consumer discretionary stocks lagged the benchmark, with an especially poor showing from online retailer Amazon.com, which struggled on weaker-than-expected earnings. VimpelCom, a Netherlands-based and Bermuda-listed telecommunication services company that is Russia's third-largest mobile communications provider, encountered a variety of business challenges. Internet search leader Google was also a meaningful detractor; the stock fell only modestly, but the performance impact was large because the stock was the third-largest weighting in the index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2014 to November 30, 2014).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .29% | $ 1,000.00 | $ 1,135.90 | $ 1.55 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.61 | $ 1.47 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Ten Stocks as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 9.7 | 8.8 |
Microsoft Corp. | 5.4 | 5.3 |
Intel Corp. | 2.5 | 2.1 |
Google, Inc. Class C | 2.5 | 2.5 |
Facebook, Inc. Class A | 2.4 | 2.0 |
Google, Inc. Class A | 2.2 | 2.5 |
Amazon.com, Inc. | 2.1 | 2.3 |
Gilead Sciences, Inc. | 2.1 | 2.0 |
Cisco Systems, Inc. | 1.9 | 2.0 |
Comcast Corp. Class A | 1.7 | 1.8 |
| 32.5 | |
Market Sectors as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Information Technology | 47.9 | 47.2 |
Consumer Discretionary | 17.3 | 18.6 |
Health Care | 16.1 | 14.9 |
Financials | 6.4 | 6.8 |
Industrials | 4.5 | 4.9 |
Consumer Staples | 3.8 | 3.9 |
Telecommunication Services | 0.9 | 1.1 |
Energy | 0.9 | 1.3 |
Materials | 0.8 | 0.8 |
Utilities | 0.1 | 0.1 |
Asset Allocation (% of fund's net assets) | ||
To match the Nasdaq Composite Index, Fidelity Nasdaq Composite Index Fund seeks 100% investment exposure to stocks at all times. |
Annual Report
Investments November 30, 2014
Showing Percentage of Net Assets
Common Stocks - 98.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 17.3% | |||
Auto Components - 0.3% | |||
China Automotive Systems, Inc. | 4,892 | $ 38,158 | |
China XD Plastics Co. Ltd. (a) | 6,585 | 37,403 | |
Dorman Products, Inc. (a)(c) | 6,016 | 284,737 | |
Federal-Mogul Corp. Class A (a)(c) | 25,023 | 388,357 | |
Fox Factory Holding Corp. (a) | 6,682 | 91,610 | |
Fuel Systems Solutions, Inc. (a)(c) | 2,518 | 24,853 | |
Gentex Corp. (c) | 25,246 | 897,748 | |
Gentherm, Inc. (a)(c) | 6,501 | 245,023 | |
Jason Industries, Inc. (a) | 6,627 | 53,347 | |
Motorcar Parts of America, Inc. (a) | 3,075 | 103,781 | |
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(c) | 2,441 | 7,982 | |
Remy International, Inc. (c) | 5,564 | 102,378 | |
Shiloh Industries, Inc. (a) | 2,425 | 39,285 | |
SORL Auto Parts, Inc. (a) | 1,464 | 6,017 | |
Spartan Motors, Inc. | 9,513 | 47,660 | |
Strattec Security Corp. | 574 | 59,558 | |
Sypris Solutions, Inc. | 1,434 | 3,872 | |
The Goodyear Tire & Rubber Co. | 47,127 | 1,291,751 | |
| 3,723,520 | ||
Automobiles - 0.4% | |||
Kandi Technolgies, Inc. (a)(c) | 7,491 | 105,848 | |
Tesla Motors, Inc. (a)(c) | 21,342 | 5,218,546 | |
| 5,324,394 | ||
Distributors - 0.2% | |||
Core-Mark Holding Co., Inc. | 4,154 | 249,697 | |
LKQ Corp. (a) | 52,270 | 1,518,444 | |
Pool Corp. (c) | 7,830 | 465,180 | |
VOXX International Corp. (a) | 3,232 | 27,181 | |
Weyco Group, Inc. | 1,893 | 52,076 | |
| 2,312,578 | ||
Diversified Consumer Services - 0.2% | |||
2U, Inc. (c) | 6,242 | 112,855 | |
American Public Education, Inc. (a) | 2,623 | 88,133 | |
Apollo Education Group, Inc. Class A (non-vtg.) (a)(c) | 18,038 | 563,146 | |
Ascent Capital Group, Inc. (a) | 3,055 | 164,420 | |
ATA, Inc. ADR | 2,232 | 8,660 | |
Cambium Learning Group, Inc. (a) | 3,505 | 5,959 | |
Capella Education Co. | 2,120 | 144,542 | |
Career Education Corp. (a) | 8,921 | 52,277 | |
Collectors Universe, Inc. | 1,211 | 26,654 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Diversified Consumer Services - continued | |||
Corinthian Colleges, Inc. (a)(c) | 7,598 | $ 821 | |
Grand Canyon Education, Inc. (a)(c) | 7,710 | 352,116 | |
Houghton Mifflin Harcourt Co. (c) | 23,683 | 455,187 | |
Learning Tree International, Inc. (a) | 1,097 | 2,743 | |
Liberty Tax, Inc. (a)(c) | 2,338 | 89,089 | |
Lincoln Educational Services Corp. | 1,850 | 5,976 | |
National American University Holdings, Inc. (c) | 1,829 | 5,615 | |
Steiner Leisure Ltd. (a) | 2,513 | 111,251 | |
Strayer Education, Inc. (a) | 1,694 | 128,219 | |
Tarena International, Inc. ADR (c) | 2,900 | 35,844 | |
| 2,353,507 | ||
Hotels, Restaurants & Leisure - 2.6% | |||
Ambassadors Group, Inc. (a) | 1,175 | 2,620 | |
BJ's Restaurants, Inc. (a)(c) | 4,573 | 224,809 | |
Bloomin' Brands, Inc. (a) | 20,757 | 472,637 | |
Bob Evans Farms, Inc. | 5,022 | 272,996 | |
Bravo Brio Restaurant Group, Inc. (a) | 2,791 | 36,646 | |
Buffalo Wild Wings, Inc. (a)(c) | 3,498 | 595,395 | |
Caesars Acquisition Co. (a)(c) | 23,628 | 247,621 | |
Caesars Entertainment Corp. (a)(c) | 24,510 | 415,690 | |
Carrols Restaurant Group, Inc. (a) | 6,966 | 52,315 | |
Century Casinos, Inc. (a) | 4,746 | 24,632 | |
China Lodging Group Ltd. ADR (a)(c) | 5,632 | 140,744 | |
Churchill Downs, Inc. | 2,810 | 270,575 | |
Chuy's Holdings, Inc. (a)(c) | 2,585 | 55,345 | |
Cracker Barrel Old Country Store, Inc. (c) | 4,135 | 529,321 | |
Dave & Buster's Entertainment, Inc. | 6,807 | 156,016 | |
Del Frisco's Restaurant Group, Inc. (a)(c) | 3,430 | 76,215 | |
Denny's Corp. (a) | 13,611 | 131,891 | |
Diversified Restaurant Holdings, Inc. (a) | 7,360 | 38,198 | |
Dunkin' Brands Group, Inc. | 18,980 | 917,683 | |
El Pollo Loco Holdings, Inc. (a)(c) | 5,834 | 159,968 | |
Eldorado Resorts, Inc. (a) | 15,621 | 64,671 | |
Empire Resorts, Inc. (a)(c) | 6,270 | 42,699 | |
Famous Dave's of America, Inc. (a)(c) | 1,074 | 27,387 | |
Fiesta Restaurant Group, Inc. (a)(c) | 4,529 | 253,896 | |
Gaming Partners International Corp. (a) | 597 | 4,925 | |
Home Inns & Hotels Management, Inc. sponsored ADR (a)(c) | 5,911 | 182,413 | |
Iao Kun Group Hldng Co. Ltd. | 7,974 | 15,709 | |
Icahn Enterprises LP | 21,035 | 2,270,308 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Hotels, Restaurants & Leisure - continued | |||
Ignite Restaurant Group, Inc. (a) | 5,115 | $ 38,618 | |
International Speedway Corp. Class A | 4,311 | 134,848 | |
Interval Leisure Group, Inc. | 9,970 | 216,748 | |
Isle of Capri Casinos, Inc. (a) | 5,860 | 42,426 | |
Jack in the Box, Inc. | 7,113 | 529,919 | |
Jamba, Inc. (a)(c) | 2,758 | 34,172 | |
Kona Grill, Inc. (a) | 1,463 | 37,072 | |
Lakes Entertainment, Inc. (a) | 1,173 | 7,777 | |
Marriott International, Inc. Class A | 50,098 | 3,947,221 | |
Melco Crown Entertainment Ltd. sponsored ADR | 30,658 | 793,429 | |
Monarch Casino & Resort, Inc. (a) | 2,992 | 49,548 | |
Morgans Hotel Group Co. (a) | 5,096 | 41,278 | |
Multimedia Games Holding Co., Inc. (a) | 5,396 | 195,821 | |
Nathan's Famous, Inc. (a) | 830 | 62,399 | |
Noodles & Co. (a)(c) | 5,166 | 126,464 | |
Norwegian Cruise Line Holdings Ltd. (a) | 34,887 | 1,531,190 | |
Panera Bread Co. Class A (a)(c) | 4,650 | 778,410 | |
Papa John's International, Inc. | 6,771 | 357,373 | |
Papa Murphy's Holdings, Inc. (c) | 3,697 | 37,081 | |
Penn National Gaming, Inc. (a) | 12,977 | 184,273 | |
Pizza Inn Holdings, Inc. (a) | 1,342 | 9,045 | |
Popeyes Louisiana Kitchen, Inc. (a) | 3,944 | 217,867 | |
Potbelly Corp. (a)(c) | 6,263 | 82,546 | |
Premier Exhibitions, Inc. (a)(c) | 3,637 | 2,510 | |
RCI Hospitality Holdings, Inc. (a) | 1,724 | 16,688 | |
Red Robin Gourmet Burgers, Inc. (a) | 2,636 | 177,535 | |
Ruth's Hospitality Group, Inc. | 5,483 | 72,047 | |
Scientific Games Corp. Class A (a)(c) | 14,878 | 225,253 | |
Sonic Corp. | 10,175 | 276,658 | |
Starbucks Corp. | 128,597 | 10,443,362 | |
Texas Roadhouse, Inc. Class A (c) | 12,714 | 420,325 | |
The Cheesecake Factory, Inc. (c) | 8,459 | 409,669 | |
Town Sports International Holdings, Inc. | 4,202 | 28,406 | |
Tuniu Corp. Class A sponsored ADR | 1,323 | 17,477 | |
Wendy's Co. | 66,036 | 575,834 | |
Wynn Resorts Ltd. | 17,321 | 3,093,704 | |
| 32,898,318 | ||
Household Durables - 0.3% | |||
Bassett Furniture Industries, Inc. | 2,333 | 45,727 | |
Cavco Industries, Inc. (a) | 1,872 | 138,771 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Household Durables - continued | |||
Dixie Group, Inc. (a)(c) | 3,770 | $ 28,878 | |
EveryWare Global, Inc. (a)(c) | 3,960 | 3,881 | |
Flexsteel Industries, Inc. | 976 | 30,959 | |
Garmin Ltd. (c) | 33,041 | 1,893,249 | |
GoPro, Inc. Class A (c) | 4,444 | 346,499 | |
Green Brick Partners, Inc. (a) | 1,164 | 9,894 | |
Helen of Troy Ltd. (a)(c) | 5,148 | 332,870 | |
Hooker Furniture Corp. | 2,583 | 39,752 | |
iRobot Corp. (a)(c) | 4,802 | 174,889 | |
LGI Homes, Inc. (c) | 2,954 | 47,205 | |
Lifetime Brands, Inc. | 2,464 | 36,812 | |
Nova LifeStyle, Inc. (a)(c) | 3,428 | 13,643 | |
SGOCO Technology Ltd. (a) | 1,000 | 1,530 | |
Skullcandy, Inc. (a) | 4,547 | 43,106 | |
SodaStream International Ltd. (a)(c) | 3,238 | 71,171 | |
Stanley Furniture Co., Inc. (a) | 825 | 2,310 | |
Turtle Beach Corp. (a)(c) | 11,150 | 42,593 | |
Universal Electronics, Inc. (a) | 2,675 | 161,864 | |
Zagg, Inc. (a) | 3,197 | 18,223 | |
| 3,483,826 | ||
Internet & Catalog Retail - 4.2% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 4,940 | 42,237 | |
Amazon.com, Inc. (a) | 79,002 | 26,753,237 | |
Blue Nile, Inc. (a)(c) | 1,813 | 62,802 | |
CafePress, Inc. (a) | 1,330 | 2,780 | |
Cnova NV (a) | 80,000 | 587,200 | |
Ctrip.com International Ltd. sponsored ADR (a)(c) | 25,880 | 1,399,590 | |
dELiA*s, Inc. (a)(c) | 2,226 | 264 | |
eLong, Inc. sponsored ADR (a)(c) | 1,876 | 33,580 | |
EVINE Live, Inc. (a) | 7,480 | 45,927 | |
Expedia, Inc. | 19,847 | 1,728,872 | |
FTD Companies, Inc. (a)(c) | 3,031 | 105,054 | |
Gaiam, Inc. Class A (a) | 3,018 | 22,182 | |
Geeknet, Inc. (a) | 1,797 | 15,634 | |
Groupon, Inc. Class A (a)(c) | 113,046 | 851,236 | |
HSN, Inc. | 8,816 | 642,951 | |
JD.com, Inc. sponsored ADR (c) | 17,969 | 422,631 | |
Lands' End, Inc. (a) | 5,397 | 256,789 | |
Liberty Interactive Corp.: | |||
(Venture Group) Series A (a)(c) | 21,382 | 783,436 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
Liberty Interactive Corp.: - continued | |||
Series A (a) | 79,155 | $ 2,307,368 | |
Liberty TripAdvisor Holdings, Inc. (a) | 12,739 | 333,889 | |
MakeMyTrip Ltd. (a)(c) | 7,651 | 224,863 | |
Netflix, Inc. (a)(c) | 10,273 | 3,560,519 | |
NutriSystem, Inc. (c) | 4,390 | 83,278 | |
Overstock.com, Inc. (a) | 4,377 | 108,812 | |
PetMed Express, Inc. (c) | 2,807 | 37,895 | |
priceline.com, Inc. (a) | 8,959 | 10,394,142 | |
Qunar Cayman Islands Ltd. sponsored ADR (c) | 6,863 | 178,987 | |
RetailMeNot, Inc. (a)(c) | 8,342 | 122,836 | |
Shutterfly, Inc. (a) | 6,561 | 280,548 | |
TripAdvisor, Inc. (a)(c) | 22,330 | 1,644,605 | |
U.S. Auto Parts Network, Inc. (a) | 5,624 | 14,172 | |
zulily, Inc. Class A (c) | 10,053 | 288,823 | |
| 53,337,139 | ||
Leisure Products - 0.3% | |||
Arctic Cat, Inc. | 2,495 | 82,460 | |
Black Diamond, Inc. (a)(c) | 4,678 | 42,523 | |
Escalade, Inc. | 4,898 | 65,143 | |
Hasbro, Inc. (c) | 22,552 | 1,335,078 | |
JAKKS Pacific, Inc. (a)(c) | 3,085 | 22,706 | |
Johnson Outdoors, Inc. Class A | 1,539 | 46,662 | |
Malibu Boats, Inc. Class A (a) | 2,676 | 50,095 | |
Mattel, Inc. | 57,182 | 1,804,092 | |
Smith & Wesson Holding Corp. (a)(c) | 7,497 | 74,745 | |
Summer Infant, Inc. (a) | 1,750 | 4,883 | |
| 3,528,387 | ||
Media - 6.5% | |||
AirMedia Group, Inc. ADR (a) | 3,030 | 9,454 | |
AMC Networks, Inc. Class A (a)(c) | 10,316 | 669,096 | |
Beasley Broadcast Group, Inc. Class A | 689 | 3,659 | |
Bona Film Group Ltd. sponsored ADR (a)(c) | 6,626 | 44,792 | |
Carmike Cinemas, Inc. (a) | 3,849 | 114,084 | |
Central European Media Enterprises Ltd. Class A (a)(c) | 17,046 | 48,240 | |
Charter Communications, Inc. Class A (a)(c) | 18,689 | 3,171,523 | |
China Yida Holding Co. (a) | 388 | 1,040 | |
Cinedigm Corp. (a) | 11,416 | 20,320 | |
Comcast Corp.: | |||
Class A (c) | 377,705 | 21,544,293 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - continued | |||
Comcast Corp.: - continued | |||
Class A (special) (non-vtg.) (c) | 63,490 | $ 3,606,867 | |
Crown Media Holdings, Inc. Class A (a) | 74,627 | 252,239 | |
CTC Media, Inc. | 28,441 | 169,508 | |
Cumulus Media, Inc. Class A (a)(c) | 44,129 | 176,075 | |
Daily Journal Corp. (a)(c) | 220 | 48,136 | |
Dex Media, Inc. (a) | 2,971 | 25,432 | |
DIRECTV (a) | 85,949 | 7,538,587 | |
Discovery Communications, Inc.: | |||
Class A (a) | 28,644 | 999,676 | |
Class B (a) | 715 | 27,528 | |
Class C (non-vtg.) (a)(c) | 21,920 | 745,499 | |
DISH Network Corp. Class A (a) | 37,916 | 3,010,910 | |
DreamWorks Animation SKG, Inc. Class A (a)(c) | 12,706 | 302,911 | |
Emmis Communications Corp. Class A (a) | 2,486 | 5,171 | |
Global Sources Ltd. (a)(c) | 7,406 | 47,917 | |
Hemisphere Media Group, Inc. (a)(c) | 2,622 | 33,063 | |
Insignia Systems, Inc. (a) | 738 | 2,184 | |
Lamar Advertising Co. Class A (c) | 13,458 | 717,177 | |
Liberty Broadband Corp.: | |||
Class A (a) | 4,232 | 232,083 | |
Class C (a) | 8,676 | 471,974 | |
Liberty Global PLC: | |||
Class A (a) | 49,635 | 2,580,524 | |
Class B (a) | 247 | 12,175 | |
Class C | 80,814 | 4,034,235 | |
Liberty Media Corp.: | |||
Class A (a) | 16,930 | 622,516 | |
Class C (a) | 34,707 | 1,267,847 | |
Loral Space & Communications Ltd. (a) | 3,864 | 303,285 | |
Markit Ltd. | 31,338 | 796,925 | |
MDC Partners, Inc. Class A (sub. vtg.) | 8,141 | 179,672 | |
Morningstar, Inc. | 7,818 | 521,773 | |
National CineMedia, Inc. | 9,629 | 136,347 | |
News Corp.: | |||
Class A (a) | 59,434 | 922,416 | |
Class B (a)(c) | 38,974 | 586,559 | |
Nexstar Broadcasting Group, Inc. Class A | 5,581 | 286,361 | |
Radio One, Inc. Class D (non-vtg.) (a)(c) | 5,190 | 8,771 | |
ReachLocal, Inc. (a)(c) | 4,325 | 14,056 | |
Reading International, Inc. Class A (a) | 4,496 | 53,457 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - continued | |||
Rentrak Corp. (a)(c) | 2,078 | $ 174,760 | |
RRSat Global Communications Network Ltd. | 2,447 | 19,282 | |
Salem Communications Corp. Class A | 2,027 | 15,932 | |
Scholastic Corp. (c) | 5,012 | 177,926 | |
SFX Entertainment, Inc. (a)(c) | 14,185 | 61,705 | |
Sinclair Broadcast Group, Inc. Class A | 11,953 | 348,549 | |
Sirius XM Holdings, Inc. (a)(c) | 970,644 | 3,523,438 | |
Sizmek, Inc. (a) | 5,635 | 32,289 | |
Spanish Broadcasting System, Inc. Class A (a) | 311 | 1,029 | |
Starz Series A (a)(c) | 18,212 | 600,814 | |
The Madison Square Garden Co. Class A (a) | 10,654 | 778,168 | |
Twenty-First Century Fox, Inc.: | |||
Class A (c) | 227,049 | 8,355,403 | |
Class B | 148,380 | 5,246,717 | |
Value Line, Inc. | 1,458 | 22,322 | |
Viacom, Inc.: | |||
Class A | 13,687 | 1,035,148 | |
Class B (non-vtg.) | 58,982 | 4,460,809 | |
VisionChina Media, Inc. ADR (a) | 267 | 2,750 | |
WPP PLC ADR | 1,886 | 197,276 | |
YOU On Demand Holdings, Inc. (a)(c) | 1,926 | 4,526 | |
| 81,425,200 | ||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 35,904 | 2,454,397 | |
Fred's, Inc. Class A | 6,870 | 106,485 | |
Gordmans Stores, Inc. (a)(c) | 2,098 | 6,609 | |
Sears Canada, Inc. (c) | 16,848 | 158,829 | |
Sears Holdings Corp. (a)(c) | 18,539 | 669,258 | |
The Bon-Ton Stores, Inc. (c) | 2,482 | 20,898 | |
Tuesday Morning Corp. (a)(c) | 8,362 | 178,111 | |
| 3,594,587 | ||
Specialty Retail - 1.7% | |||
America's Car Mart, Inc. (a)(c) | 1,684 | 86,473 | |
Ascena Retail Group, Inc. (a) | 27,031 | 361,945 | |
bebe stores, Inc. | 10,002 | 30,206 | |
Bed Bath & Beyond, Inc. (a) | 34,417 | 2,525,175 | |
Big 5 Sporting Goods Corp. | 2,569 | 33,705 | |
Books-A-Million, Inc. (a) | 1,634 | 3,072 | |
Cache, Inc. (a) | 4,123 | 1,113 | |
Citi Trends, Inc. (a) | 3,084 | 72,967 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Conn's, Inc. (a)(c) | 6,303 | $ 216,193 | |
Destination Maternity Corp. | 3,661 | 58,686 | |
Destination XL Group, Inc. (a)(c) | 12,438 | 64,304 | |
Finish Line, Inc. Class A | 8,075 | 230,461 | |
Five Below, Inc. (a)(c) | 9,368 | 437,111 | |
Francesca's Holdings Corp. (a)(c) | 7,554 | 95,785 | |
Hibbett Sports, Inc. (a)(c) | 4,015 | 201,433 | |
Kirkland's, Inc. (a) | 2,299 | 49,934 | |
Mattress Firm Holding Corp. (a) | 5,864 | 416,520 | |
Michaels Companies, Inc. | 34,626 | 833,102 | |
Monro Muffler Brake, Inc. | 5,226 | 286,333 | |
O'Reilly Automotive, Inc. (a) | 17,872 | 3,265,929 | |
Office Depot, Inc. (a)(c) | 91,446 | 606,287 | |
Outerwall, Inc. (a)(c) | 3,185 | 223,842 | |
Pacific Sunwear of California, Inc. (a) | 6,909 | 11,607 | |
Perfumania Holdings, Inc. (a) | 1,858 | 11,408 | |
PetSmart, Inc. | 16,939 | 1,334,116 | |
Rent-A-Center, Inc. | 9,802 | 338,169 | |
Ross Stores, Inc. | 36,051 | 3,297,945 | |
Sears Hometown & Outlet Stores, Inc. (a) | 5,037 | 66,136 | |
Select Comfort Corp. (a)(c) | 9,032 | 237,903 | |
Shoe Carnival, Inc. | 3,594 | 72,814 | |
Sportsman's Warehouse Holdings, Inc. (c) | 6,307 | 44,464 | |
Staples, Inc. (c) | 110,295 | 1,550,748 | |
Stein Mart, Inc. | 8,335 | 118,357 | |
Tandy Leather Factory, Inc. | 1,041 | 9,702 | |
The Children's Place Retail Stores, Inc. (c) | 3,353 | 187,969 | |
Tile Shop Holdings, Inc. (a)(c) | 8,659 | 86,417 | |
Tractor Supply Co. | 23,677 | 1,821,472 | |
Trans World Entertainment Corp. | 6,821 | 22,032 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 11,027 | 1,394,805 | |
Urban Outfitters, Inc. (a)(c) | 24,323 | 786,119 | |
West Marine, Inc. (a) | 4,170 | 45,578 | |
Wet Seal, Inc. Class A (a)(c) | 7,436 | 2,380 | |
Winmark Corp. | 795 | 64,212 | |
Zumiez, Inc. (a)(c) | 5,008 | 179,136 | |
| 21,784,065 | ||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Charles & Colvard Ltd. (a) | 4,097 | 6,555 | |
Cherokee, Inc. | 1,470 | 26,387 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - continued | |||
Columbia Sportswear Co. (c) | 11,724 | $ 528,166 | |
Crocs, Inc. (a)(c) | 13,930 | 184,990 | |
Crown Crafts, Inc. | 1,184 | 8,797 | |
Exceed Co. Ltd. (a) | 1,935 | 3,096 | |
Fossil Group, Inc. (a)(c) | 9,131 | 1,020,115 | |
G-III Apparel Group Ltd. (a)(c) | 3,843 | 340,067 | |
Iconix Brand Group, Inc. (a)(c) | 8,734 | 352,941 | |
Joe's Jeans, Inc. (a) | 4,434 | 2,660 | |
Kingold Jewelry, Inc. (c) | 5,932 | 5,873 | |
lululemon athletica, Inc. (a)(c) | 19,641 | 946,500 | |
Perry Ellis International, Inc. (a)(c) | 2,652 | 69,986 | |
Rocky Brands, Inc. | 1,050 | 15,792 | |
Sequential Brands Group, Inc. (a)(c) | 7,968 | 98,166 | |
Steven Madden Ltd. (a) | 11,559 | 394,162 | |
Superior Uniform Group, Inc. | 1,222 | 29,597 | |
Vera Bradley, Inc. (a)(c) | 6,585 | 151,389 | |
| 4,185,239 | ||
TOTAL CONSUMER DISCRETIONARY | 217,950,760 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 0.3% | |||
Coca-Cola Bottling Co. Consolidated | 1,368 | 129,358 | |
Craft Brew Alliance, Inc. (a) | 3,377 | 45,725 | |
MGP Ingredients, Inc. | 2,591 | 38,554 | |
Monster Beverage Corp. (a) | 28,551 | 3,201,995 | |
National Beverage Corp. (a) | 8,047 | 202,302 | |
Primo Water Corp. (a) | 3,793 | 16,613 | |
| 3,634,547 | ||
Food & Staples Retailing - 1.4% | |||
Andersons, Inc. (c) | 4,681 | 252,961 | |
Casey's General Stores, Inc. (c) | 6,390 | 534,971 | |
Chefs' Warehouse Holdings (a)(c) | 5,027 | 86,565 | |
China Jo-Jo Drugstores, Inc. (a) | 1,100 | 2,255 | |
Costco Wholesale Corp. | 74,965 | 10,654,026 | |
Fairway Group Holdings Corp. (a)(c) | 3,145 | 11,668 | |
Fresh Market, Inc. (a)(c) | 8,404 | 344,228 | |
G Willi-Food International Ltd. (a) | 4,242 | 30,839 | |
Ingles Markets, Inc. Class A | 2,475 | 67,172 | |
Pantry, Inc. (a) | 4,277 | 113,554 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - continued | |||
PriceSmart, Inc. (c) | 5,512 | $ 534,444 | |
SpartanNash Co. | 6,449 | 150,455 | |
Sprouts Farmers Market LLC (a)(c) | 26,130 | 830,673 | |
United Natural Foods, Inc. (a)(c) | 8,306 | 624,528 | |
Village Super Market, Inc. Class A | 1,257 | 30,181 | |
Whole Foods Market, Inc. (c) | 61,737 | 3,026,965 | |
| 17,295,485 | ||
Food Products - 2.1% | |||
Alico, Inc. | 1,764 | 63,063 | |
Boulder Brands, Inc. (a)(c) | 9,021 | 97,427 | |
Bridgford Foods Corp. (a) | 433 | 3,165 | |
Cal-Maine Foods, Inc. (c) | 7,419 | 310,708 | |
Calavo Growers, Inc. | 3,048 | 130,881 | |
Diamond Foods, Inc. (a)(c) | 5,083 | 151,423 | |
Farmer Brothers Co. (a) | 2,901 | 82,737 | |
Freshpet, Inc. (c) | 5,000 | 83,550 | |
Inventure Foods, Inc. (a) | 3,723 | 51,415 | |
J&J Snack Foods Corp. | 3,202 | 336,370 | |
John B. Sanfilippo & Son, Inc. | 1,859 | 77,743 | |
Keurig Green Mountain, Inc. | 27,793 | 3,950,497 | |
Kraft Foods Group, Inc. | 101,780 | 6,124,103 | |
Lancaster Colony Corp. | 4,600 | 431,940 | |
Le Gaga Holdings Ltd. ADR (a) | 950 | 3,781 | |
Lifeway Foods, Inc. (a)(c) | 4,016 | 74,376 | |
Limoneira Co. (c) | 3,071 | 78,771 | |
Mondelez International, Inc. | 287,310 | 11,262,552 | |
Origin Agritech Ltd. (a)(c) | 2,765 | 4,258 | |
Pilgrims Pride Corp. (a)(c) | 44,292 | 1,430,632 | |
S&W Seed Co. (a)(c) | 3,247 | 11,949 | |
Sanderson Farms, Inc. (c) | 3,909 | 339,340 | |
Seneca Foods Corp. Class A (a) | 2,210 | 59,781 | |
SkyPeople Fruit Juice, Inc. (a)(c) | 1,700 | 1,853 | |
Snyders-Lance, Inc. (c) | 11,486 | 347,796 | |
SunOpta, Inc. (a) | 10,507 | 125,349 | |
The Hain Celestial Group, Inc. (a)(c) | 8,674 | 982,070 | |
| 26,617,530 | ||
Household Products - 0.0% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 9,938 | 81,989 | |
WD-40 Co. | 2,538 | 193,142 | |
| 275,131 | ||
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Personal Products - 0.0% | |||
Elizabeth Arden, Inc. (a)(c) | 5,115 | $ 88,899 | |
Inter Parfums, Inc. | 5,208 | 133,585 | |
LifeVantage Corp. (a) | 10,300 | 13,905 | |
Mannatech, Inc. (a) | 170 | 4,293 | |
Nature's Sunshine Products, Inc. | 3,567 | 53,220 | |
Neptune Technologies & Bioressources, Inc. (a)(c) | 17,684 | 34,950 | |
Nutraceutical International Corp. (a) | 2,506 | 53,077 | |
Reliv International, Inc. | 923 | 1,135 | |
Rock Creek Pharmaceuticals, Inc. (a)(c) | 16,201 | 2,555 | |
Synutra International, Inc. (a)(c) | 12,714 | 67,638 | |
The Female Health Co. | 3,903 | 16,627 | |
United-Guardian, Inc. | 1,179 | 24,323 | |
| 494,207 | ||
TOTAL CONSUMER STAPLES | 48,316,900 | ||
ENERGY - 0.9% | |||
Energy Equipment & Services - 0.1% | |||
Dawson Geophysical Co. | 871 | 11,785 | |
ENGlobal Corp. (a) | 5,041 | 11,645 | |
Exterran Partners LP | 10,244 | 253,232 | |
Forbes Energy Services Ltd. (a) | 4,367 | 8,690 | |
Geospace Technologies Corp. (a) | 1,916 | 50,506 | |
Glori Energy, Inc. (a)(c) | 5,415 | 21,660 | |
Gulf Island Fabrication, Inc. | 2,689 | 52,462 | |
Hercules Offshore, Inc. (a)(c) | 27,359 | 33,925 | |
Matrix Service Co. (a) | 4,102 | 86,634 | |
Mitcham Industries, Inc. (a)(c) | 2,123 | 16,177 | |
Ocean Rig UDW, Inc. (United States) (c) | 23,369 | 280,194 | |
Patterson-UTI Energy, Inc. | 24,903 | 440,534 | |
PHI, Inc. (non-vtg.) (a) | 3,055 | 126,813 | |
Profire Energy, Inc. (a)(c) | 7,873 | 26,296 | |
RigNet, Inc. (a) | 3,000 | 122,850 | |
SAExploration Holdings, Inc. (a) | 3,388 | 13,891 | |
Synthesis Energy Systems, Inc. (a)(c) | 9,656 | 8,884 | |
Tesco Corp. | 6,682 | 94,149 | |
TGC Industries, Inc. (a) | 4,125 | 11,034 | |
| 1,671,361 | ||
Oil, Gas & Consumable Fuels - 0.8% | |||
Abraxas Petroleum Corp. (a) | 16,103 | 53,542 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Aemetis, Inc. (a) | 3,015 | $ 16,854 | |
Alliance Holdings GP, LP | 10,248 | 686,923 | |
Alliance Resource Partners LP | 12,771 | 588,232 | |
Amyris, Inc. (a)(c) | 18,938 | 52,269 | |
APCO Oil and Gas International, Inc. (a) | 981 | 13,656 | |
Approach Resources, Inc. (a)(c) | 7,067 | 68,691 | |
Blueknight Energy Partners LP | 4,685 | 33,638 | |
BreitBurn Energy Partners LP | 16,115 | 212,879 | |
Calumet Specialty Products Partners LP | 11,887 | 311,439 | |
Capital Product Partners LP | 17,392 | 136,005 | |
Carrizo Oil & Gas, Inc. (a)(c) | 7,489 | 295,516 | |
Ceres, Inc. (a) | 2,501 | 700 | |
Clean Energy Fuels Corp. (a)(c) | 18,026 | 103,469 | |
Diamondback Energy, Inc. (a) | 9,856 | 555,878 | |
Dorchester Minerals LP | 5,118 | 132,198 | |
Dynagas LNG Partners LP | 3,113 | 55,754 | |
Eagle Rock Energy Partners LP | 25,651 | 73,362 | |
Energy XXI (Bermuda) Ltd. (c) | 15,003 | 60,162 | |
Escalera Resources Co. (a) | 564 | 637 | |
EV Energy Partners LP | 8,331 | 236,017 | |
FX Energy, Inc. (a)(c) | 8,238 | 21,419 | |
Gevo, Inc. (a) | 4,703 | 2,069 | |
Golar LNG Ltd. (c) | 15,943 | 661,953 | |
Golar LNG Partners LP | 7,995 | 263,036 | |
Green Plains, Inc. | 7,128 | 213,911 | |
Gulf Coast Ultra Deep Royalty Trust (a) | 36,688 | 53,931 | |
Gulfport Energy Corp. (a) | 14,107 | 673,327 | |
Hallador Energy Co. | 4,678 | 50,990 | |
Isramco, Inc. (a)(c) | 558 | 75,899 | |
Ivanhoe Energy, Inc. (a)(c) | 1,555 | 1,469 | |
Legacy Reserves LP | 12,846 | 229,044 | |
Lilis Energy, Inc. (a) | 2,890 | 3,728 | |
LINN Energy LLC/LINN Energy Finance Corp. | 39,162 | 714,707 | |
LinnCo LLC (c) | 23,266 | 381,795 | |
Magellan Petroleum Corp. (a) | 4,557 | 4,192 | |
Marine Petroleum Trust | 339 | 4,390 | |
Marlin Midstream Partners LP | 3,313 | 59,667 | |
Martin Midstream Partners LP | 6,110 | 214,033 | |
Memorial Production Partners LP | 13,813 | 190,067 | |
Memorial Resource Development Corp. | 32,373 | 699,257 | |
Mid-Con Energy Partners LP | 4,391 | 51,550 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Pacific Ethanol, Inc. (a)(c) | 3,259 | $ 37,902 | |
PDC Energy, Inc. (a)(c) | 5,686 | 167,794 | |
PostRock Energy Corp. (a) | 1,147 | 711 | |
PrimeEnergy Corp. (a) | 333 | 22,727 | |
Renewable Energy Group, Inc. (a)(c) | 7,470 | 71,114 | |
Rex Energy Corp. (a)(c) | 8,627 | 60,562 | |
Rosetta Resources, Inc. (a)(c) | 10,708 | 315,029 | |
Royale Energy, Inc. (a) | 2,924 | 7,018 | |
SinoCoking Coal and Coke Chemical Industries, Inc. (a)(c) | 4,480 | 15,635 | |
Solazyme, Inc. (a)(c) | 12,277 | 28,237 | |
StealthGas, Inc. (a) | 6,775 | 49,187 | |
Torchlight Energy Resources, Inc. (a)(c) | 2,041 | 2,286 | |
TransGlobe Energy Corp. | 11,707 | 38,085 | |
U.S. Energy Corp. (a) | 3,179 | 5,277 | |
Uranium Resources, Inc. (a)(c) | 678 | 1,383 | |
Vanguard Natural Resources LLC | 10,622 | 246,643 | |
Vertex Energy, Inc. (a)(c) | 4,311 | 15,778 | |
Viper Energy Partners LP | 14,349 | 257,852 | |
Warren Resources, Inc. (a) | 12,572 | 25,773 | |
Westmoreland Coal Co. (a) | 3,272 | 122,831 | |
ZaZa Energy Corp. (a)(c) | 1,047 | 2,356 | |
Zion Oil & Gas, Inc. (a)(c) | 3,214 | 5,239 | |
| 9,757,674 | ||
TOTAL ENERGY | 11,429,035 | ||
FINANCIALS - 6.4% | |||
Banks - 2.7% | |||
1st Source Corp. | 4,353 | 132,854 | |
Access National Corp. | 2,974 | 51,986 | |
ACNB Corp. | 934 | 18,820 | |
American National Bankshares, Inc. | 1,303 | 30,686 | |
American River Bankshares (a) | 684 | 6,402 | |
Ameris Bancorp | 4,716 | 118,607 | |
Ames National Corp. | 2,236 | 52,792 | |
Arrow Financial Corp. | 2,316 | 59,915 | |
Associated Banc-Corp. | 26,223 | 484,601 | |
BancFirst Corp. | 2,389 | 152,920 | |
Bancorp, Inc., Delaware (a) | 5,884 | 52,721 | |
Bank of Commerce Holdings | 924 | 5,553 | |
Bank of Kentucky Financial Corp. | 1,202 | 56,025 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Bank of Marin Bancorp | 1,056 | $ 53,645 | |
Bank of the Ozarks, Inc. (c) | 13,753 | 497,859 | |
Bankwell Financial Group, Inc. (a) | 1,107 | 21,044 | |
Banner Bank | 3,380 | 139,222 | |
Baylake Corp. | 834 | 10,300 | |
BBCN Bancorp, Inc. | 12,438 | 173,137 | |
BCB Bancorp, Inc. | 1,563 | 19,319 | |
Blue Hills Bancorp, Inc. (a) | 3,933 | 51,994 | |
BNC Bancorp | 4,280 | 72,632 | |
BOK Financial Corp. (c) | 11,757 | 757,739 | |
Boston Private Financial Holdings, Inc. | 14,869 | 189,728 | |
Bridge Bancorp, Inc. | 2,223 | 56,664 | |
Bridge Capital Holdings (a) | 3,225 | 74,304 | |
Bryn Mawr Bank Corp. | 2,194 | 64,569 | |
BSB Bancorp, Inc. (a) | 1,640 | 30,996 | |
C & F Financial Corp. | 1,129 | 44,516 | |
Camden National Corp. | 1,716 | 62,016 | |
Capital Bank Financial Corp.: | |||
rights (a) | 910 | 0 | |
Series A (a) | 4,817 | 122,111 | |
Capital City Bank Group, Inc. | 2,980 | 43,091 | |
Cardinal Financial Corp. | 6,043 | 110,406 | |
Cascade Bancorp (a) | 17,593 | 85,854 | |
Cathay General Bancorp | 14,587 | 370,218 | |
Centerstate Banks of Florida, Inc. | 7,974 | 89,149 | |
Central Valley Community Bancorp | 2,099 | 22,040 | |
Century Bancorp, Inc. Class A (non-vtg.) | 620 | 24,130 | |
Chemical Financial Corp. | 5,398 | 156,380 | |
Chemung Financial Corp. | 1,150 | 31,913 | |
Citizens & Northern Corp. | 2,447 | 47,643 | |
Citizens Holding Co. | 2,408 | 45,319 | |
City Holding Co. (c) | 3,947 | 172,602 | |
CNB Financial Corp., Pennsylvania | 3,363 | 59,391 | |
CoBiz, Inc. | 6,048 | 69,431 | |
Codorus Valley Bancorp, Inc. | 553 | 10,949 | |
Colony Bankcorp, Inc. (a) | 217 | 1,699 | |
Columbia Banking Systems, Inc. (c) | 8,021 | 220,337 | |
Commerce Bancshares, Inc. (c) | 17,305 | 741,000 | |
Community Trust Bancorp, Inc. | 3,218 | 116,427 | |
CommunityOne Bancorp (a) | 3,837 | 39,982 | |
ConnectOne Bancorp, Inc. | 4,487 | 82,920 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
CU Bancorp (a) | 1,835 | $ 35,966 | |
Customers Bancorp, Inc. (c) | 4,058 | 73,044 | |
CVB Financial Corp. (c) | 18,105 | 274,653 | |
DNB Financial Corp. | 526 | 11,125 | |
Eagle Bancorp, Inc. (a)(c) | 6,168 | 211,686 | |
East West Bancorp, Inc. | 24,455 | 899,210 | |
Eastern Virginia Bankshares, Inc. (a) | 553 | 3,578 | |
Enterprise Bancorp, Inc. | 2,780 | 64,996 | |
Enterprise Financial Services Corp. | 6,736 | 127,984 | |
Farmers Capital Bank Corp. (a) | 1,580 | 36,008 | |
Farmers National Banc Corp. | 3,366 | 28,409 | |
Fidelity Southern Corp. | 4,004 | 61,181 | |
Fifth Third Bancorp | 144,247 | 2,902,250 | |
Financial Institutions, Inc. | 2,178 | 51,640 | |
First Bancorp, North Carolina | 3,068 | 52,401 | |
First Busey Corp. | 20,066 | 131,432 | |
First Business Finance Services, Inc. | 770 | 33,287 | |
First Citizen Bancshares, Inc. | 1,462 | 370,763 | |
First Citizens Banc Corp. | 1,242 | 12,793 | |
First Community Bancshares, Inc. | 3,939 | 60,897 | |
First Connecticut Bancorp, Inc. | 4,259 | 63,715 | |
First Financial Bancorp, Ohio | 12,901 | 228,477 | |
First Financial Bankshares, Inc. (c) | 10,380 | 313,165 | |
First Financial Corp., Indiana | 2,360 | 78,989 | |
First Financial Service Corp. (a) | 413 | 1,491 | |
First Internet Bancorp | 893 | 15,860 | |
First Interstate Bancsystem, Inc. | 3,446 | 96,902 | |
First Merchants Corp. | 5,797 | 124,346 | |
First Midwest Bancorp, Inc., Delaware | 11,685 | 195,490 | |
First NBC Bank Holding Co. (a) | 2,697 | 98,171 | |
First Niagara Financial Group, Inc. | 57,309 | 468,215 | |
First of Long Island Corp. | 2,616 | 66,132 | |
First Security Group, Inc. (a) | 19,579 | 39,158 | |
First South Bancorp, Inc., Virginia | 619 | 4,958 | |
First United Corp. (a) | 493 | 4,250 | |
FirstMerit Corp. | 30,796 | 550,940 | |
Flushing Financial Corp. | 4,469 | 85,894 | |
Fulton Financial Corp. | 31,254 | 373,173 | |
German American Bancorp, Inc. | 2,307 | 65,196 | |
Glacier Bancorp, Inc. | 15,963 | 437,067 | |
Great Southern Bancorp, Inc. | 3,086 | 115,046 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Green Bancorp, Inc. | 5,477 | $ 87,030 | |
Grupo Financiero Galicia SA sponsored ADR (c) | 5,605 | 89,736 | |
Guaranty Bancorp | 4,413 | 65,401 | |
Hampton Roads Bankshares, Inc. (a)(c) | 31,349 | 50,472 | |
Hancock Holding Co. | 14,160 | 463,174 | |
Hanmi Financial Corp. | 4,781 | 96,098 | |
Hawthorn Bancshares, Inc. | 652 | 9,291 | |
Heartland Financial U.S.A., Inc. | 3,355 | 84,110 | |
Heritage Commerce Corp. | 5,516 | 45,452 | |
Heritage Financial Corp., Washington | 3,965 | 67,127 | |
Heritage Oaks Bancorp | 5,488 | 39,898 | |
Home Bancshares, Inc. (c) | 10,623 | 336,430 | |
HomeTrust Bancshares, Inc. (a) | 3,411 | 53,382 | |
Horizon Bancorp Industries | 1,746 | 42,550 | |
Huntington Bancshares, Inc. | 141,209 | 1,427,623 | |
IBERIABANK Corp. (c) | 5,369 | 350,703 | |
Independent Bank Corp. | 4,293 | 52,160 | |
Independent Bank Corp., Massachusetts | 4,953 | 196,287 | |
Independent Bank Group, Inc. | 2,853 | 122,394 | |
International Bancshares Corp. | 11,659 | 297,538 | |
Intervest Bancshares Corp. Class A | 3,293 | 32,568 | |
Investar Holding Corp. | 713 | 9,818 | |
Investors Bancorp, Inc. (c) | 61,331 | 662,988 | |
Lakeland Bancorp, Inc. | 11,549 | 127,385 | |
Lakeland Financial Corp. | 2,968 | 117,503 | |
Landmark Bancorp, Inc. | 494 | 11,041 | |
LCNB Corp. | 1,754 | 25,345 | |
LNB Bancorp, Inc. | 2,217 | 35,428 | |
Macatawa Bank Corp. | 8,944 | 45,257 | |
MainSource Financial Group, Inc. | 3,060 | 54,529 | |
MB Financial, Inc. (c) | 12,113 | 381,560 | |
MBT Financial Corp. (a) | 6,453 | 31,620 | |
Mercantile Bank Corp. | 2,787 | 53,427 | |
Merchants Bancshares, Inc. | 1,897 | 54,083 | |
Metro Bancorp, Inc. (a) | 2,298 | 57,565 | |
Middleburg Financial Corp. | 2,232 | 41,069 | |
MidWestOne Financial Group, Inc. | 1,033 | 28,418 | |
Monarch Financial Holdings, Inc. | 2,251 | 30,343 | |
MutualFirst Financial, Inc. | 1,656 | 35,356 | |
National Bankshares, Inc. (c) | 1,998 | 60,000 | |
National Penn Bancshares, Inc. (c) | 24,880 | 253,776 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
NBT Bancorp, Inc. | 9,859 | $ 239,672 | |
NewBridge Bancorp (a) | 7,077 | 57,182 | |
Northeast Bancorp | 1,292 | 11,757 | |
Northrim Bancorp, Inc. | 787 | 21,532 | |
Norwood Financial Corp. | 895 | 26,134 | |
Oak Valley Bancorp Oakdale California | 1,026 | 10,363 | |
Ohio Valley Banc Corp. | 1,615 | 38,437 | |
Old Line Bancshares, Inc. | 2,635 | 40,500 | |
Old National Bancorp, Indiana | 22,583 | 320,679 | |
Old Point Financial Corp. | 453 | 6,374 | |
Old Second Bancorp, Inc. (a) | 7,102 | 33,521 | |
OmniAmerican Bancorp, Inc. | 1,460 | 39,230 | |
Opus Bank (c) | 5,267 | 141,630 | |
Orrstown Financial Services, Inc. (a) | 901 | 15,110 | |
Pacific Continental Corp. | 3,136 | 43,465 | |
Pacific Mercantile Bancorp (a) | 4,383 | 29,804 | |
Pacific Premier Bancorp, Inc. (a) | 2,803 | 44,596 | |
PacWest Bancorp (c) | 16,803 | 781,340 | |
Palmetto Bancshares, Inc. | 2,607 | 40,930 | |
Park Sterling Corp. | 7,866 | 56,163 | |
Patriot National Bancorp, Inc. (a) | 2,549 | 4,512 | |
Peapack-Gladstone Financial Corp. | 2,757 | 48,909 | |
Penns Woods Bancorp, Inc. | 598 | 26,551 | |
Peoples Bancorp of North Carolina | 608 | 10,944 | |
Peoples Bancorp, Inc. | 2,530 | 61,251 | |
Peoples Financial Services Corp. (c) | 1,267 | 60,525 | |
Pinnacle Financial Partners, Inc. (c) | 7,054 | 265,724 | |
Popular, Inc. (a) | 17,414 | 568,393 | |
Preferred Bank, Los Angeles | 1,901 | 48,514 | |
Premier Financial Bancorp, Inc. | 766 | 12,095 | |
PrivateBancorp, Inc. | 13,091 | 411,712 | |
Renasant Corp. | 4,814 | 135,659 | |
Republic Bancorp, Inc., Kentucky Class A | 3,549 | 80,598 | |
Republic First Bancorp, Inc. (a)(c) | 5,561 | 21,076 | |
S&T Bancorp, Inc. | 6,617 | 181,835 | |
Sandy Spring Bancorp, Inc. | 4,494 | 106,822 | |
SB Financial Group, Inc. | 723 | 6,702 | |
Seacoast Banking Corp., Florida (a) | 5,352 | 67,863 | |
ServisFirst Bancshares, Inc. | 4,677 | 147,793 | |
Shore Bancshares, Inc. (a) | 2,265 | 21,382 | |
Sierra Bancorp | 4,627 | 73,430 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Signature Bank (a) | 8,459 | $ 1,025,823 | |
Simmons First National Corp. Class A | 2,959 | 119,751 | |
South State Corp. | 4,015 | 248,649 | |
Southcoast Financial Corp. (a) | 776 | 5,285 | |
Southern National Bancorp of Virginia, Inc. | 3,827 | 44,852 | |
Southside Bancshares, Inc. | 2,758 | 89,166 | |
Southwest Bancorp, Inc., Oklahoma | 4,044 | 68,344 | |
Square 1 Financial, Inc. Class A | 5,383 | 115,089 | |
State Bank Financial Corp. | 5,152 | 95,827 | |
Stock Yards Bancorp, Inc. | 4,743 | 148,408 | |
Stonegate Bank | 1,526 | 41,980 | |
Suffolk Bancorp | 2,059 | 42,601 | |
Summit Financial Group, Inc. (a) | 583 | 6,693 | |
Sun Bancorp, Inc. (a) | 2,866 | 53,164 | |
Susquehanna Bancshares, Inc. | 33,214 | 437,428 | |
SVB Financial Group (a) | 8,546 | 898,612 | |
Talmer Bancorp, Inc. Class A | 12,849 | 178,730 | |
Texas Capital Bancshares, Inc. (a)(c) | 7,497 | 413,310 | |
The First Bancorp, Inc. | 2,696 | 47,099 | |
TowneBank (c) | 6,561 | 94,544 | |
Trico Bancshares | 4,130 | 102,465 | |
TriState Capital Holdings, Inc. (a) | 3,693 | 37,299 | |
Trustmark Corp. | 12,212 | 285,028 | |
UMB Financial Corp. | 8,443 | 468,502 | |
Umpqua Holdings Corp. (c) | 38,335 | 651,312 | |
Union Bankshares Corp. | 6,839 | 157,571 | |
Union Bankshares, Inc. | 744 | 17,856 | |
United Bankshares, Inc., West Virginia | 12,926 | 451,117 | |
United Community Bank, Inc. | 9,917 | 174,539 | |
United Security Bancshares, Inc. | 450 | 3,848 | |
United Security Bancshares, California | 1,125 | 5,996 | |
Univest Corp. of Pennsylvania | 3,659 | 70,985 | |
ViewPoint Financial Group (c) | 6,499 | 154,936 | |
Washington Trust Bancorp, Inc. | 2,990 | 108,208 | |
WesBanco, Inc. | 5,265 | 174,851 | |
West Bancorp., Inc. | 4,197 | 65,557 | |
Westamerica Bancorp. | 5,699 | 276,971 | |
Wilshire Bancorp, Inc. | 14,136 | 135,423 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Wintrust Financial Corp. | 8,547 | $ 381,965 | |
Zions Bancorporation | 34,285 | 962,037 | |
| 34,424,961 | ||
Capital Markets - 0.9% | |||
American Capital Senior Floating Ltd. | 2,372 | 31,761 | |
BGC Partners, Inc. Class A | 32,351 | 281,777 | |
Calamos Asset Management, Inc. Class A | 3,915 | 52,813 | |
Capital Southwest Corp. | 3,072 | 114,401 | |
Capitala Finance Corp. (c) | 3,221 | 60,845 | |
Carlyle Group LP | 11,398 | 326,325 | |
CIFI Corp. | 6,065 | 53,615 | |
CM Finance, Inc. (c) | 3,792 | 48,120 | |
Cowen Group, Inc. Class A (a) | 17,537 | 74,357 | |
Diamond Hill Investment Group, Inc. | 751 | 101,896 | |
E*TRADE Financial Corp. (a) | 48,576 | 1,108,019 | |
FBR & Co. (a) | 1,419 | 35,390 | |
Financial Engines, Inc. | 8,876 | 290,068 | |
Harris & Harris Group, Inc. (a) | 3,415 | 9,938 | |
Hennessy Advisors, Inc. | 676 | 13,223 | |
Horizon Technology Finance Corp. (c) | 1,983 | 27,861 | |
INTL FCStone, Inc. (a) | 2,645 | 46,684 | |
LPL Financial (c) | 17,071 | 728,420 | |
Northern Trust Corp. | 40,008 | 2,709,742 | |
SEI Investments Co. | 28,568 | 1,132,150 | |
Siebert Financial Corp. (a) | 2,067 | 4,775 | |
Silvercrest Asset Management Group Class A | 1,643 | 23,577 | |
T. Rowe Price Group, Inc. | 44,680 | 3,729,440 | |
U.S. Global Investments, Inc. Class A | 870 | 2,671 | |
Virtus Investment Partners, Inc. | 1,537 | 236,698 | |
WisdomTree Investments, Inc. (c) | 25,219 | 383,077 | |
| 11,627,643 | ||
Consumer Finance - 0.3% | |||
Asta Funding, Inc. (a) | 3,624 | 30,985 | |
Atlanticus Holdings Corp. (a) | 2,291 | 5,498 | |
Consumer Portfolio Services, Inc. (a) | 3,332 | 24,390 | |
Credit Acceptance Corp. (a)(c) | 3,663 | 548,534 | |
Encore Capital Group, Inc. (a)(c) | 3,944 | 169,237 | |
EZCORP, Inc. (non-vtg.) Class A (a)(c) | 8,918 | 97,117 | |
First Cash Financial Services, Inc. (a)(c) | 5,159 | 298,087 | |
Navient Corp. | 71,454 | 1,497,676 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Consumer Finance - continued | |||
Nicholas Financial, Inc. (a) | 1,433 | $ 17,798 | |
PRA Group, Inc. (a)(c) | 8,852 | 518,019 | |
QC Holdings, Inc. | 1,821 | 3,296 | |
SLM Corp. | 73,697 | 713,387 | |
World Acceptance Corp. (a)(c) | 1,392 | 106,251 | |
| 4,030,275 | ||
Diversified Financial Services - 0.7% | |||
A-Mark Precious Metals, Inc. (a) | 878 | 8,341 | |
California First National Bancorp | 4,589 | 65,026 | |
CBOE Holdings, Inc. | 14,766 | 884,631 | |
China Commercial Credit, Inc. (a)(c) | 1,526 | 4,547 | |
CME Group, Inc. | 57,172 | 4,839,038 | |
Global Defense & National Security Systems (a) | 4,491 | 46,078 | |
Interactive Brokers Group, Inc. | 11,039 | 301,585 | |
Life Partners Holdings, Inc. (c) | 1,553 | 2,205 | |
MarketAxess Holdings, Inc. (c) | 6,434 | 421,877 | |
Marlin Business Services Corp. | 2,572 | 47,942 | |
MicroFinancial, Inc. | 3,311 | 28,739 | |
NewStar Financial, Inc. (a) | 7,221 | 81,164 | |
PICO Holdings, Inc. (a) | 3,817 | 69,927 | |
Resource America, Inc. Class A | 3,667 | 32,526 | |
The NASDAQ OMX Group, Inc. | 28,455 | 1,277,914 | |
Tiptree Financial, Inc. (a)(c) | 3,278 | 23,929 | |
Viewtran Group, Inc. (a)(c) | 3,330 | 5,028 | |
| 8,140,497 | ||
Insurance - 0.7% | |||
AMBAC Financial Group, Inc. (a) | 8,186 | 201,048 | |
American Independence Corp. (a) | 848 | 9,141 | |
American National Insurance Co. | 4,790 | 549,796 | |
Amerisafe, Inc. | 3,148 | 131,240 | |
Amtrust Financial Services, Inc. (c) | 12,575 | 645,349 | |
Arch Capital Group Ltd. (a) | 23,005 | 1,318,647 | |
Argo Group International Holdings, Ltd. | 4,216 | 237,951 | |
Atlas Financial Holdings, Inc. (a) | 1,462 | 21,462 | |
Baldwin & Lyons, Inc. Class B | 4,807 | 122,819 | |
Cincinnati Financial Corp. | 28,097 | 1,431,542 | |
CNinsure, Inc. ADR (a) | 4,611 | 28,773 | |
Donegal Group, Inc. Class A | 5,256 | 82,362 | |
eHealth, Inc. (a)(c) | 2,634 | 68,142 | |
EMC Insurance Group | 2,904 | 86,452 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - continued | |||
Enstar Group Ltd. (a) | 2,749 | $ 401,217 | |
Erie Indemnity Co. Class A (c) | 8,051 | 702,289 | |
Federated National Holding Co. | 2,457 | 62,064 | |
Global Indemnity PLC (a) | 1,582 | 42,572 | |
Greenlight Capital Re, Ltd. (a) | 5,004 | 157,726 | |
Hallmark Financial Services, Inc. (a) | 4,775 | 56,297 | |
Health Insurance Innovations, Inc. (a) | 755 | 5,549 | |
Infinity Property & Casualty Corp. | 2,068 | 150,261 | |
Investors Title Co. | 621 | 44,960 | |
Kansas City Life Insurance Co. | 1,996 | 95,030 | |
Maiden Holdings Ltd. | 13,951 | 182,200 | |
National General Holdings Corp. (c) | 16,356 | 306,675 | |
National Interstate Corp. | 3,965 | 113,518 | |
National Western Life Insurance Co. Class A | 563 | 144,607 | |
Navigators Group, Inc. (a) | 2,301 | 168,088 | |
Oxbridge Re Holdings Ltd. | 1,344 | 8,723 | |
Safety Insurance Group, Inc. | 2,680 | 159,514 | |
Selective Insurance Group, Inc. | 9,509 | 254,556 | |
State Auto Financial Corp. | 6,552 | 128,943 | |
Unico American Corp. (a) | 912 | 10,415 | |
United Fire Group, Inc. | 4,525 | 126,112 | |
United Insurance Holdings Corp. | 3,357 | 62,944 | |
| 8,318,984 | ||
Real Estate Investment Trusts - 0.5% | |||
American Capital Agency Corp. | 61,001 | 1,407,598 | |
American Capital Mortgage Investment Corp. | 7,350 | 147,515 | |
American Realty Capital Heathcare Trust, Inc. | 28,693 | 325,092 | |
American Realty Capital Properties, Inc. | 155,724 | 1,463,806 | |
CareTrust (REIT), Inc. | 3,613 | 58,422 | |
CIM Commercial Trust Corp. (c) | 16,862 | 308,406 | |
CyrusOne, Inc. | 6,380 | 175,131 | |
Gaming & Leisure Properties | 19,140 | 610,566 | |
Gladstone Commercial Corp. | 3,081 | 54,472 | |
New York Mortgage Trust, Inc. (c) | 14,411 | 115,864 | |
Potlatch Corp. | 7,284 | 302,650 | |
Retail Opportunity Investments Corp. | 16,102 | 265,039 | |
Sabra Health Care REIT, Inc. | 8,954 | 253,488 | |
Trade Street Residential, Inc. (c) | 8,807 | 66,581 | |
United Development Funding IV | 5,895 | 114,245 | |
| 5,668,875 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Real Estate Management & Development - 0.1% | |||
Altisource Portfolio Solutions SA (a)(c) | 3,534 | $ 184,758 | |
AV Homes, Inc. (a) | 3,139 | 46,991 | |
China HGS Real Estate, Inc. (a)(c) | 6,536 | 24,902 | |
China Housing & Land Development, Inc. (a)(c) | 4,266 | 3,498 | |
Cresud S.A.C.I.F. y A. sponsored ADR (c) | 9,790 | 115,424 | |
Elbit Imaging Ltd. (a) | 109 | 218 | |
FirstService Corp. (sub. vtg.) | 5,480 | 292,666 | |
Griffin Land & Nurseries, Inc. | 1,362 | 36,175 | |
Stratus Properties, Inc. (a) | 1,162 | 15,513 | |
| 720,145 | ||
Thrifts & Mortgage Finance - 0.5% | |||
America First Tax Exempt Investors LP | 11,408 | 63,657 | |
ASB Bancorp, Inc. (a) | 402 | 8,522 | |
Bank Mutual Corp. | 10,031 | 64,800 | |
BankFinancial Corp. | 3,749 | 42,701 | |
Bear State Financial, Inc. | 7,531 | 78,850 | |
Beneficial Mutual Bancorp, Inc. (a) | 12,620 | 171,632 | |
BofI Holding, Inc. (a)(c) | 2,256 | 178,044 | |
Brookline Bancorp, Inc., Delaware | 17,959 | 170,790 | |
Cape Bancorp, Inc. | 2,034 | 18,937 | |
Capitol Federal Financial, Inc. | 23,522 | 294,495 | |
Carver Bancorp, Inc. (a) | 695 | 5,213 | |
Charter Financial Corp. | 3,802 | 42,582 | |
Cheviot Financial Corp. (c) | 2,477 | 30,839 | |
Chicopee Bancorp, Inc. | 1,629 | 25,250 | |
Clifton Bancorp, Inc. | 6,633 | 83,841 | |
Dime Community Bancshares, Inc. | 6,547 | 99,187 | |
ESB Financial Corp. | 3,795 | 68,158 | |
ESSA Bancorp, Inc. | 2,734 | 30,894 | |
First Clover Leaf Financial Corp. | 1,082 | 9,825 | |
First Defiance Financial Corp. | 2,062 | 62,004 | |
First Financial Northwest, Inc. | 4,958 | 58,257 | |
Fox Chase Bancorp, Inc. | 2,361 | 39,075 | |
Franklin Financial Corp./VA (a) | 3,187 | 63,326 | |
Heritage Financial Group, Inc. | 1,347 | 28,327 | |
HF Financial Corp. | 1,845 | 25,092 | |
Hingham Institution for Savings | 405 | 33,732 | |
HMN Financial, Inc. (a) | 448 | 5,645 | |
Home Bancorp, Inc. (c) | 1,639 | 37,697 | |
Home Loan Servicing Solutions Ltd. (c) | 12,147 | 237,352 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Thrifts & Mortgage Finance - continued | |||
HomeStreet, Inc. | 3,628 | $ 59,173 | |
HopFed Bancorp, Inc. | 1,199 | 14,028 | |
Hudson City Bancorp, Inc. | 87,699 | 858,573 | |
Kearny Financial Corp. (a) | 11,566 | 163,659 | |
Lake Shore Bancorp, Inc. | 812 | 10,678 | |
Meridian Bancorp, Inc. (a) | 8,178 | 89,631 | |
Meta Financial Group, Inc. | 1,051 | 36,995 | |
New Hampshire Thrift Bancshares, Inc. | 999 | 15,465 | |
NMI Holdings, Inc. (a)(c) | 9,193 | 80,071 | |
Northeast Community Bancorp, Inc. | 696 | 4,872 | |
Northfield Bancorp, Inc. | 7,560 | 106,520 | |
Northwest Bancshares, Inc. (c) | 19,504 | 245,555 | |
Ocean Shore Holding Co. | 2,171 | 30,329 | |
OceanFirst Financial Corp. | 4,053 | 65,294 | |
Oneida Financial Corp. | 1,115 | 14,395 | |
Oritani Financial Corp. | 9,625 | 140,044 | |
People's United Financial, Inc. (c) | 53,169 | 785,838 | |
Peoples Federal Bancshares, Inc. | 811 | 17,364 | |
Provident Financial Holdings, Inc. | 1,514 | 22,407 | |
Prudential Bancorp, Inc. | 1,106 | 13,493 | |
Pulaski Financial Corp. | 1,793 | 21,050 | |
River Valley Bancorp | 460 | 9,706 | |
Riverview Bancorp, Inc. (a) | 4,177 | 17,585 | |
Severn Bancorp, Inc. (a) | 677 | 3,087 | |
SI Financial Group, Inc. | 4,494 | 49,479 | |
Simplicity Bancorp, Inc. | 1,220 | 20,240 | |
Southern Missouri Bancorp, Inc. | 1,388 | 52,466 | |
Territorial Bancorp, Inc. | 974 | 20,279 | |
TFS Financial Corp. | 52,686 | 799,247 | |
Tree.com, Inc. (a)(c) | 2,115 | 95,725 | |
Trustco Bank Corp., New York | 15,328 | 104,384 | |
United Community Financial Corp. | 8,612 | 44,093 | |
United Financial Bancorp, Inc. New | 8,736 | 120,382 | |
Washington Federal, Inc. | 17,788 | 384,932 | |
Waterstone Financial, Inc. | 5,412 | 66,892 | |
Westfield Financial, Inc. | 7,949 | 58,266 | |
WSFS Financial Corp. | 1,525 | 114,528 | |
| 6,835,449 | ||
TOTAL FINANCIALS | 79,766,829 | ||
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - 16.1% | |||
Biotechnology - 10.4% | |||
ACADIA Pharmaceuticals, Inc. (a)(c) | 17,652 | $ 527,265 | |
Acceleron Pharma, Inc. (a)(c) | 5,225 | 202,417 | |
Achillion Pharmaceuticals, Inc. (a)(c) | 17,871 | 230,000 | |
Acorda Therapeutics, Inc. (a)(c) | 7,101 | 258,831 | |
Adamas Pharmaceuticals, Inc. | 2,852 | 41,896 | |
Advaxis, Inc. (a) | 1,946 | 6,091 | |
Aegerion Pharmaceuticals, Inc. (a)(c) | 4,860 | 102,400 | |
AEterna Zentaris, Inc. (sub. vtg.) (a) | 9,702 | 5,031 | |
Agenus, Inc. (a) | 12,650 | 37,444 | |
Agios Pharmaceuticals, Inc. (a)(c) | 5,860 | 590,747 | |
Akebia Therapeutics, Inc. (a) | 3,156 | 38,124 | |
Alder Biopharmaceuticals, Inc. | 5,218 | 85,158 | |
Alexion Pharmaceuticals, Inc. (a)(c) | 33,930 | 6,612,957 | |
Alkermes PLC (a)(c) | 24,771 | 1,362,900 | |
Alnylam Pharmaceuticals, Inc. (a)(c) | 12,936 | 1,300,715 | |
AMAG Pharmaceuticals, Inc. (a)(c) | 4,214 | 156,761 | |
Amarin Corp. PLC ADR (a)(c) | 20,997 | 27,086 | |
Amgen, Inc. | 129,820 | 21,460,544 | |
Amicus Therapeutics, Inc. (a) | 12,504 | 99,157 | |
Anacor Pharmaceuticals, Inc. (a)(c) | 7,507 | 258,841 | |
Anthera Pharmaceuticals, Inc. (a) | 1,025 | 2,101 | |
Applied Genetic Technologies Corp. (c) | 3,279 | 66,203 | |
Aquinox Pharmaceuticals, Inc. (c) | 2,522 | 18,436 | |
Ardelyx, Inc. | 2,975 | 79,641 | |
Arena Pharmaceuticals, Inc. (a)(c) | 36,538 | 153,094 | |
Argos Therapeutics, Inc. (a) | 3,091 | 25,964 | |
ARIAD Pharmaceuticals, Inc. (a)(c) | 33,668 | 239,379 | |
ArQule, Inc. (a) | 5,654 | 7,463 | |
Array BioPharma, Inc. (a)(c) | 19,792 | 79,762 | |
Arrowhead Research Corp. (a)(c) | 8,143 | 47,392 | |
Atara Biotherapeutics, Inc. | 3,500 | 94,500 | |
Athersys, Inc. (a)(c) | 8,108 | 11,594 | |
Auspex Pharmaceuticals, Inc. | 4,607 | 111,628 | |
Avalanche Biotechnologies, Inc. (a)(c) | 4,267 | 168,504 | |
AVEO Pharmaceuticals, Inc. (a) | 4,054 | 3,628 | |
BIND Therapeutics, Inc. (a) | 2,750 | 17,875 | |
BioCryst Pharmaceuticals, Inc. (a)(c) | 11,835 | 127,936 | |
Biogen Idec, Inc. (a) | 40,440 | 12,442,984 | |
BioMarin Pharmaceutical, Inc. (a) | 25,356 | 2,274,940 | |
Biospecifics Technologies Corp. (a) | 1,123 | 42,584 | |
Biota Pharmaceuticals, Inc. (a) | 4,051 | 8,953 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Bluebird Bio, Inc. (a) | 5,159 | $ 212,706 | |
Calithera Biosciences, Inc. | 2,500 | 26,675 | |
Cancer Genetics, Inc. (a) | 1,461 | 8,196 | |
Cara Therapeutics, Inc. | 3,021 | 27,914 | |
CASI Pharmaceuticals, Inc. (a) | 899 | 1,492 | |
Catalyst Pharmaceutical Partners, Inc. (a)(c) | 19,359 | 51,301 | |
Celator Pharmaceuticals, Inc. (a) | 2,950 | 5,015 | |
Celgene Corp. (a)(c) | 136,837 | 15,556,999 | |
Celladon Corp. (a) | 3,838 | 47,131 | |
Celldex Therapeutics, Inc. (a)(c) | 15,231 | 308,885 | |
Cellular Biomedicine Group, Inc. (a)(c) | 1,458 | 23,036 | |
Cellular Dynamics International, Inc. (a)(c) | 2,617 | 17,272 | |
Celsion Corp. (a)(c) | 753 | 2,011 | |
Cepheid, Inc. (a)(c) | 12,254 | 674,950 | |
Cerulean Pharma, Inc. | 4,980 | 25,149 | |
ChemoCentryx, Inc. (a) | 8,257 | 38,065 | |
Chimerix, Inc. (a)(c) | 7,036 | 247,949 | |
China Biologic Products, Inc. (a) | 3,990 | 273,235 | |
Cleveland Biolabs, Inc. (a) | 3,204 | 1,121 | |
Clovis Oncology, Inc. (a)(c) | 6,175 | 293,807 | |
Coherus BioSciences, Inc. | 5,555 | 76,270 | |
Conatus Pharmaceuticals, Inc. (a)(c) | 2,232 | 18,994 | |
Concert Pharmaceuticals, Inc. | 3,033 | 38,216 | |
Coronado Biosciences, Inc. (a) | 3,308 | 7,708 | |
CTI BioPharma Corp. (a)(c) | 27,126 | 59,406 | |
Cubist Pharmaceuticals, Inc. (a)(c) | 12,734 | 965,365 | |
Cubist Pharmaceuticals, Inc. rights (a) | 5,544 | 0 | |
Curis, Inc. (a) | 9,586 | 14,187 | |
Cyclacel Pharmaceuticals, Inc. (a)(c) | 5,706 | 16,890 | |
Cytokinetics, Inc. (a)(c) | 6,072 | 28,356 | |
Cytori Therapeutics, Inc. (a)(c) | 7,415 | 3,188 | |
CytRx Corp. (a)(c) | 8,245 | 20,695 | |
Dicerna Pharmaceuticals, Inc. | 2,677 | 31,642 | |
Discovery Laboratories, Inc. (a)(c) | 23,215 | 36,448 | |
Dyax Corp. (a) | 24,223 | 340,091 | |
Dynavax Technologies Corp. (a) | 6,201 | 92,147 | |
Eagle Pharmaceuticals, Inc. | 2,942 | 37,099 | |
Eleven Biotherapeutics, Inc. | 2,924 | 33,275 | |
Enanta Pharmaceuticals, Inc. (a)(c) | 2,882 | 135,281 | |
Enzon Pharmaceuticals, Inc. | 3,917 | 4,270 | |
Enzymotec Ltd. (a) | 2,963 | 24,267 | |
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Epirus Biopharmaceuticals, Inc. (a)(c) | 2,976 | $ 15,118 | |
Epizyme, Inc. (a) | 6,496 | 148,499 | |
Esperion Therapeutics, Inc. (a)(c) | 3,539 | 111,939 | |
Exact Sciences Corp. (a)(c) | 14,673 | 364,184 | |
Exelixis, Inc. (a)(c) | 40,240 | 66,798 | |
Fate Therapeutics, Inc. (a) | 3,530 | 13,238 | |
FibroGen, Inc. | 8,825 | 199,886 | |
Five Prime Therapeutics, Inc. (a) | 4,874 | 100,209 | |
Flexion Therapeutics, Inc. | 3,357 | 57,573 | |
Forward Pharma A/S sponsored ADR | 2,119 | 42,253 | |
Foundation Medicine, Inc. (a)(c) | 4,860 | 114,793 | |
Galectin Therapeutics, Inc. (a)(c) | 2,387 | 9,476 | |
Galena Biopharma, Inc. (a)(c) | 15,864 | 28,238 | |
Galmed Pharmaceuticals Ltd. (a)(c) | 2,224 | 13,122 | |
Genocea Biosciences, Inc. (c) | 2,352 | 21,333 | |
Genomic Health, Inc. (a)(c) | 6,147 | 204,449 | |
GenVec, Inc. (a) | 764 | 1,711 | |
Geron Corp. (a)(c) | 29,701 | 109,300 | |
Gilead Sciences, Inc. (a) | 258,655 | 25,948,270 | |
GlycoMimetics, Inc. | 2,640 | 25,555 | |
Grifols SA ADR | 14,895 | 554,690 | |
GTx, Inc. (a) | 5,496 | 3,517 | |
Halozyme Therapeutics, Inc. (a)(c) | 24,079 | 211,414 | |
Harvard Apparatus (a) | 528 | 1,785 | |
Heron Therapeutics, Inc. (a)(c) | 4,946 | 38,134 | |
Hyperion Therapeutics, Inc. (a) | 3,733 | 76,489 | |
Idera Pharmaceuticals, Inc. (a)(c) | 11,591 | 36,048 | |
Ignyta, Inc. (a) | 3,795 | 25,844 | |
Immune Design Corp. (a)(c) | 2,718 | 86,460 | |
ImmunoGen, Inc. (a)(c) | 14,951 | 153,846 | |
Immunomedics, Inc. (a)(c) | 22,337 | 92,252 | |
Incyte Corp. (a)(c) | 28,925 | 2,185,284 | |
Infinity Pharmaceuticals, Inc. (a) | 8,364 | 125,544 | |
Inovio Pharmaceuticals, Inc. (a)(c) | 9,329 | 90,305 | |
Insmed, Inc. (a) | 7,917 | 111,709 | |
Insys Therapeutics, Inc. (a) | 5,568 | 215,649 | |
Intercept Pharmaceuticals, Inc. (a)(c) | 3,697 | 531,370 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(c) | 19,648 | 271,928 | |
Isis Pharmaceuticals, Inc. (a)(c) | 20,393 | 1,056,153 | |
KaloBios Pharmaceuticals, Inc. (a)(c) | 4,721 | 8,498 | |
Kamada (a) | 5,285 | 16,859 | |
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Biotechnology - continued | |||
Karyopharm Therapeutics, Inc. (c) | 5,759 | $ 241,187 | |
Keryx Biopharmaceuticals, Inc. (a)(c) | 15,145 | 240,806 | |
Kindred Biosciences, Inc. (c) | 3,012 | 28,975 | |
Kite Pharma, Inc. (c) | 6,569 | 275,767 | |
KYTHERA Biopharmaceuticals, Inc. (a)(c) | 4,003 | 153,115 | |
La Jolla Pharmaceutical Co. (a) | 2,277 | 25,343 | |
Lexicon Pharmaceuticals, Inc. (a)(c) | 82,734 | 84,389 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(c) | 3,689 | 198,653 | |
General CVR (a) | 1,518 | 80 | |
Glucagon CVR (a) | 1,518 | 197 | |
MRK CVR rights (a) | 1,639 | 0 | |
rights (a) | 1,518 | 11 | |
TR Beta CVR (a) | 1,518 | 17 | |
Loxo Oncology, Inc. (c) | 3,295 | 33,939 | |
Macrogenics, Inc. (a)(c) | 4,760 | 134,518 | |
MannKind Corp. (a)(c) | 68,704 | 422,530 | |
Medivation, Inc. (a)(c) | 13,212 | 1,531,139 | |
MEI Pharma, Inc. (a)(c) | 3,244 | 20,729 | |
Merrimack Pharmaceuticals, Inc. (a)(c) | 16,976 | 155,500 | |
MiMedx Group, Inc. (a)(c) | 18,076 | 199,921 | |
Minerva Neurosciences, Inc. (c) | 3,949 | 18,402 | |
Mirati Therapeutics, Inc. (a)(c) | 2,464 | 36,516 | |
Momenta Pharmaceuticals, Inc. (a) | 8,267 | 96,972 | |
Myriad Genetics, Inc. (a)(c) | 12,529 | 420,097 | |
Nanosphere, Inc. (a) | 6,121 | 2,325 | |
Neurocrine Biosciences, Inc. (a)(c) | 13,202 | 263,116 | |
NewLink Genetics Corp. (a)(c) | 5,207 | 203,385 | |
Northwest Biotherapeutics, Inc. (a)(c) | 9,624 | 51,585 | |
Novavax, Inc. (a)(c) | 42,859 | 228,867 | |
NPS Pharmaceuticals, Inc. (a) | 18,601 | 617,181 | |
Nymox Pharmaceutical Corp. (a)(c) | 5,184 | 2,852 | |
Ohr Pharmaceutical, Inc. (a)(c) | 3,461 | 26,304 | |
OncoGenex Pharmaceuticals, Inc. (a) | 1,302 | 2,747 | |
Oncolytics Biotech, Inc. (a) | 8,292 | 5,729 | |
OncoMed Pharmaceuticals, Inc. (a)(c) | 5,834 | 128,523 | |
Onconova Therapeutics, Inc. (a)(c) | 2,820 | 13,395 | |
Oncothyreon, Inc. (a) | 15,192 | 26,586 | |
Ophthotech Corp. (a) | 5,911 | 255,060 | |
Orexigen Therapeutics, Inc. (a)(c) | 19,112 | 110,658 | |
Osiris Therapeutics, Inc. (a)(c) | 5,432 | 71,431 | |
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Otonomy, Inc. | 4,308 | $ 103,435 | |
OvaScience, Inc. (a)(c) | 4,791 | 121,021 | |
OXiGENE, Inc. (a)(c) | 4,000 | 7,440 | |
Paratek Pharmaceuticals, Inc. (a) | 2,630 | 48,076 | |
PDL BioPharma, Inc. (c) | 28,270 | 233,510 | |
Peregrine Pharmaceuticals, Inc. (a)(c) | 27,016 | 39,984 | |
Pharmacyclics, Inc. (a)(c) | 12,945 | 1,804,404 | |
Pluristem Therapeutics, Inc. (a)(c) | 16,421 | 41,709 | |
Portola Pharmaceuticals, Inc. (a)(c) | 7,887 | 221,782 | |
Prana Biotechnology Ltd. ADR (a)(c) | 3,293 | 5,302 | |
Progenics Pharmaceuticals, Inc. (a)(c) | 10,094 | 70,254 | |
ProQR Therapeutics BV (a)(c) | 4,298 | 65,201 | |
Prosensa Holding BV (a)(c) | 7,237 | 143,075 | |
Prothena Corp. PLC (a) | 4,386 | 106,317 | |
PTC Therapeutics, Inc. (a) | 5,517 | 246,886 | |
QLT, Inc. (a) | 7,881 | 31,288 | |
Radius Health, Inc. (a)(c) | 6,054 | 149,534 | |
Raptor Pharmaceutical Corp. (a)(c) | 9,806 | 94,334 | |
Receptos, Inc. (a)(c) | 4,711 | 637,398 | |
Regado Biosciences, Inc. (a)(c) | 5,425 | 4,484 | |
Regeneron Pharmaceuticals, Inc. (a)(c) | 16,966 | 7,059,722 | |
Regulus Therapeutics, Inc. (a)(c) | 8,700 | 163,038 | |
Repligen Corp. (a)(c) | 5,475 | 125,213 | |
Retrophin, Inc. (a) | 6,379 | 64,428 | |
Rigel Pharmaceuticals, Inc. (a) | 11,796 | 25,243 | |
Sage Therapeutics, Inc. (a)(c) | 4,316 | 170,655 | |
Sangamo Biosciences, Inc. (a)(c) | 10,935 | 132,095 | |
Sarepta Therapeutics, Inc. (a)(c) | 6,814 | 115,429 | |
Seattle Genetics, Inc. (a)(c) | 21,734 | 791,987 | |
Sinovac Biotech Ltd. (a)(c) | 12,914 | 64,312 | |
Sorrento Therapeutics, Inc. (a) | 3,832 | 14,753 | |
Spectrum Pharmaceuticals, Inc. (a)(c) | 15,608 | 112,534 | |
StemCells, Inc. (a)(c) | 15,802 | 18,014 | |
Stemline Therapeutics, Inc. (a)(c) | 2,720 | 40,474 | |
Sunesis Pharmaceuticals, Inc. (a)(c) | 8,850 | 20,709 | |
Synageva BioPharma Corp. (a)(c) | 5,809 | 471,691 | |
Synergy Pharmaceuticals, Inc. (a)(c) | 17,111 | 50,991 | |
Synta Pharmaceuticals Corp. (a)(c) | 15,354 | 48,672 | |
T2 Biosystems, Inc. (c) | 3,238 | 58,025 | |
Targacept, Inc. (a) | 7,926 | 19,260 | |
Tekmira Pharmaceuticals Corp. (a)(c) | 5,132 | 77,904 | |
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Tenax Therapeutics, Inc. (a) | 4,974 | $ 18,553 | |
TESARO, Inc. (a)(c) | 6,721 | 231,942 | |
TetraLogic Pharmaceuticals Corp. | 3,288 | 15,914 | |
TG Therapeutics, Inc. (a) | 7,440 | 111,005 | |
Threshold Pharmaceuticals, Inc. (a) | 11,502 | 33,356 | |
Tokai Pharmaceuticals, Inc. (c) | 3,863 | 56,670 | |
TONIX Pharmaceuticals Holding (a) | 1,700 | 11,934 | |
Transition Therapeutics, Inc. (a) | 5,775 | 36,902 | |
Trevena, Inc. | 6,835 | 35,679 | |
Trovagene, Inc. (a) | 2,998 | 13,761 | |
Ultragenyx Pharmaceutical, Inc. (c) | 5,504 | 239,919 | |
uniQure B.V. | 2,995 | 45,075 | |
United Therapeutics Corp. (a) | 8,030 | 1,064,537 | |
Vanda Pharmaceuticals, Inc. (a) | 7,772 | 101,269 | |
Verastem, Inc. (a)(c) | 3,584 | 33,331 | |
Versartis, Inc. (a)(c) | 3,875 | 69,828 | |
Vertex Pharmaceuticals, Inc. (a)(c) | 40,819 | 4,811,744 | |
Vical, Inc. (a) | 13,452 | 14,663 | |
Vitae Pharmaceuticals, Inc. | 3,000 | 61,050 | |
Vital Therapies, Inc. | 3,412 | 70,663 | |
Xencor, Inc. | 4,946 | 55,445 | |
XOMA Corp. (a)(c) | 23,322 | 132,702 | |
Zafgen, Inc. (c) | 3,547 | 83,745 | |
ZIOPHARM Oncology, Inc. (a)(c) | 21,465 | 90,368 | |
| 130,334,537 | ||
Health Care Equipment & Supplies - 1.4% | |||
Abaxis, Inc. | 3,614 | 207,444 | |
Abiomed, Inc. (a)(c) | 6,534 | 232,088 | |
Accuray, Inc. (a)(c) | 16,865 | 116,200 | |
Align Technology, Inc. (a) | 14,114 | 803,087 | |
Alliqua, Inc. (a) | 2,954 | 14,475 | |
Alphatec Holdings, Inc. (a) | 18,402 | 23,555 | |
Analogic Corp. | 2,034 | 148,157 | |
Angiodynamics, Inc. (a)(c) | 5,632 | 98,560 | |
Anika Therapeutics, Inc. (a)(c) | 2,241 | 91,634 | |
Antares Pharma, Inc. (a)(c) | 20,019 | 46,044 | |
Atossa Genetics, Inc. (a)(c) | 4,348 | 3,913 | |
Atricure, Inc. (a) | 4,262 | 79,827 | |
Atrion Corp. | 379 | 123,179 | |
AxoGen, Inc. (a) | 2,273 | 6,410 | |
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Health Care Equipment & Supplies - continued | |||
BioLase Technology, Inc. (c) | 7,732 | $ 19,871 | |
Cardica, Inc. (a) | 26,919 | 16,219 | |
Cardiovascular Systems, Inc. (a) | 4,922 | 150,909 | |
Cerus Corp. (a)(c) | 15,975 | 72,367 | |
Cesca Therapeutics, Inc. (a) | 1,101 | 1,189 | |
CONMED Corp. | 5,036 | 213,677 | |
Cutera, Inc. (a) | 4,323 | 43,835 | |
Cyberonics, Inc. (a) | 5,320 | 283,290 | |
Cynosure, Inc. Class A (a) | 3,729 | 102,809 | |
Dehaier Medical Systems Ltd. (a)(c) | 837 | 3,306 | |
Delcath Systems, Inc. (a) | 357 | 443 | |
DENTSPLY International, Inc. (c) | 23,743 | 1,305,390 | |
Derma Sciences, Inc. (a)(c) | 4,390 | 36,042 | |
DexCom, Inc. (a)(c) | 12,676 | 652,307 | |
Digirad Corp. | 2,688 | 9,919 | |
EDAP TMS SA sponsored ADR (a)(c) | 1,813 | 4,659 | |
Endologix, Inc. (a)(c) | 10,844 | 139,129 | |
EnteroMedics, Inc. (a)(c) | 11,433 | 15,892 | |
Exactech, Inc. (a) | 3,264 | 72,396 | |
Fonar Corp. (a) | 906 | 10,736 | |
Genmark Diagnostics, Inc. (a) | 9,393 | 106,704 | |
Hansen Medical, Inc. (a)(c) | 27,427 | 22,926 | |
HeartWare International, Inc. (a)(c) | 2,737 | 201,252 | |
Hologic, Inc. (a)(c) | 48,105 | 1,289,214 | |
ICU Medical, Inc. (a) | 2,577 | 215,669 | |
IDEXX Laboratories, Inc. (a)(c) | 8,571 | 1,280,079 | |
Imris, Inc. (a) | 7,102 | 1,776 | |
Inogen, Inc. | 3,218 | 78,165 | |
Insulet Corp. (a)(c) | 9,490 | 442,139 | |
Integra LifeSciences Holdings Corp. (a)(c) | 5,569 | 274,218 | |
Intuitive Surgical, Inc. (a) | 6,146 | 3,182,214 | |
Iridex Corp. (a) | 1,193 | 10,081 | |
K2M Group Holdings, Inc. (c) | 6,525 | 123,388 | |
Ldr Holding Corp. (a)(c) | 4,807 | 156,852 | |
LeMaitre Vascular, Inc. | 3,902 | 28,875 | |
Lombard Medical, Inc. (a) | 1,819 | 13,643 | |
Lumenis Ltd. Class B | 5,920 | 60,088 | |
Masimo Corp. (a) | 9,916 | 260,295 | |
Mazor Robotics Ltd. sponsored ADR (a) | 1,310 | 14,017 | |
MELA Sciences, Inc. (a)(c) | 309 | 497 | |
Meridian Bioscience, Inc. | 7,253 | 119,312 | |
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HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Merit Medical Systems, Inc. (a) | 7,015 | $ 103,822 | |
Natus Medical, Inc. (a) | 5,959 | 203,977 | |
Neogen Corp. (a)(c) | 6,300 | 279,153 | |
Neovasc, Inc. (a) | 8,265 | 52,257 | |
Novadaq Technologies, Inc. (a) | 9,893 | 141,965 | |
NuVasive, Inc. (a) | 8,113 | 356,404 | |
NxStage Medical, Inc. (a)(c) | 10,311 | 178,174 | |
Ocular Therapeutix, Inc. | 3,698 | 62,570 | |
OraSure Technologies, Inc. (a) | 11,280 | 101,633 | |
Orthofix International NV (a) | 3,302 | 92,192 | |
Oxford Immunotec Global PLC (a)(c) | 3,787 | 49,534 | |
PhotoMedex, Inc. (a)(c) | 1,894 | 3,258 | |
Quidel Corp. (a) | 6,278 | 174,905 | |
Quotient Ltd. (a) | 1,779 | 21,312 | |
ReWalk Robotics Ltd. (a)(c) | 2,042 | 53,868 | |
Rockwell Medical Technologies, Inc. (a)(c) | 6,085 | 54,461 | |
Roka Bioscience, Inc. (a)(c) | 2,827 | 11,195 | |
RTI Biologics, Inc. (a) | 9,915 | 48,584 | |
Second Sight Medical Products, Inc. | 6,000 | 91,920 | |
Sirona Dental Systems, Inc. (a) | 9,867 | 852,410 | |
Span-America Medical System, Inc. | 503 | 9,653 | |
Staar Surgical Co. (a)(c) | 8,758 | 80,661 | |
Stereotaxis, Inc. (a) | 2,480 | 3,943 | |
Sunshine Heart, Inc. (a)(c) | 2,294 | 10,438 | |
SurModics, Inc. (a) | 3,649 | 76,665 | |
Synergetics U.S.A., Inc. (a) | 7,788 | 27,102 | |
Syneron Medical Ltd. (a) | 8,751 | 89,960 | |
Tandem Diabetes Care, Inc. (c) | 4,950 | 69,944 | |
TearLab Corp. (a)(c) | 4,425 | 12,324 | |
The Spectranetics Corp. (a)(c) | 7,082 | 232,502 | |
Thoratec Corp. (a) | 9,572 | 298,551 | |
Tornier NV (a) | 7,904 | 210,958 | |
Trinity Biotech PLC sponsored ADR | 5,035 | 86,401 | |
TriVascular Technologies, Inc. (c) | 3,334 | 44,909 | |
Unilife Corp. (a)(c) | 16,805 | 52,600 | |
Uroplasty, Inc. (a) | 2,392 | 5,693 | |
Utah Medical Products, Inc. | 748 | 43,436 | |
Vascular Solutions, Inc. (a) | 2,532 | 65,123 | |
Veracyte, Inc. (a)(c) | 3,107 | 20,258 | |
Vision Sciences, Inc. (a) | 2,813 | 2,954 | |
Volcano Corp. (a) | 8,756 | 96,841 | |
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HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Wright Medical Group, Inc. (a)(c) | 9,867 | $ 289,004 | |
Zeltiq Aesthetics, Inc. (a)(c) | 6,647 | 181,928 | |
| 17,975,804 | ||
Health Care Providers & Services - 1.6% | |||
Acadia Healthcare Co., Inc. (a)(c) | 10,245 | 635,292 | |
Addus HomeCare Corp. (a) | 2,506 | 57,838 | |
Air Methods Corp. (a)(c) | 7,008 | 311,015 | |
Alliance Healthcare Services, Inc. (a) | 1,731 | 38,982 | |
Almost Family, Inc. (a) | 1,288 | 35,562 | |
Amedisys, Inc. (a) | 6,301 | 160,171 | |
AmSurg Corp. (a)(c) | 8,048 | 415,035 | |
Bio-Reference Laboratories, Inc. (a) | 4,602 | 130,237 | |
BioScrip, Inc. (a)(c) | 10,985 | 71,183 | |
BioTelemetry, Inc. (a) | 3,253 | 32,107 | |
Catamaran Corp. (a)(c) | 35,612 | 1,815,324 | |
Corvel Corp. (a) | 3,377 | 117,047 | |
Cross Country Healthcare, Inc. (a) | 4,259 | 45,444 | |
Express Scripts Holding Co. (a) | 127,044 | 10,563,709 | |
Gentiva Health Services, Inc. (a) | 6,352 | 123,292 | |
HealthEquity, Inc. (a)(c) | 9,730 | 241,596 | |
Healthways, Inc. (a)(c) | 6,081 | 94,742 | |
Henry Schein, Inc. (a)(c) | 14,476 | 1,986,107 | |
iKang Healthcare Group, Inc. sponsored ADR | 2,177 | 41,080 | |
IPC The Hospitalist Co., Inc. (a) | 2,879 | 126,906 | |
LHC Group, Inc. (a) | 3,163 | 74,362 | |
LifePoint Hospitals, Inc. (a) | 7,628 | 527,781 | |
Magellan Health Services, Inc. (a) | 5,136 | 314,272 | |
MWI Veterinary Supply, Inc. (a)(c) | 2,199 | 359,361 | |
National Research Corp.: | |||
Class A (a) | 4,624 | 65,476 | |
Class B (a)(c) | 369 | 12,232 | |
NeoStem, Inc. (a)(c) | 4,836 | 19,054 | |
Patterson Companies, Inc. (c) | 17,649 | 850,329 | |
PDI, Inc. (a) | 1,717 | 3,297 | |
Premier, Inc. (a) | 6,171 | 209,937 | |
Providence Service Corp. (a) | 2,390 | 93,521 | |
Psychemedics Corp. | 716 | 10,797 | |
RadNet, Inc. (a) | 6,190 | 52,120 | |
Sharps Compliance Corp. (a) | 2,640 | 11,510 | |
Surgical Care Affiliates, Inc. (a) | 6,441 | 204,824 | |
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Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
The Ensign Group, Inc. | 3,697 | $ 145,736 | |
USMD Holdings, Inc. (a) | 1,157 | 9,603 | |
VCA, Inc. (a)(c) | 14,620 | 691,965 | |
| 20,698,846 | ||
Health Care Technology - 0.5% | |||
Allscripts Healthcare Solutions, Inc. (a) | 30,038 | 361,057 | |
athenahealth, Inc. (a)(c) | 6,387 | 749,195 | |
Authentidate Holding Corp. (a) | 1,782 | 1,907 | |
Cerner Corp. (a) | 58,063 | 3,739,257 | |
Computer Programs & Systems, Inc. | 1,779 | 104,498 | |
HealthStream, Inc. (a)(c) | 4,961 | 142,133 | |
HMS Holdings Corp. (a)(c) | 15,376 | 320,743 | |
iCAD, Inc. (a) | 2,034 | 20,401 | |
MedAssets, Inc. (a) | 10,564 | 204,308 | |
Medidata Solutions, Inc. (a)(c) | 9,106 | 388,917 | |
Merge Healthcare, Inc. (a) | 13,065 | 41,024 | |
Omnicell, Inc. (a) | 6,019 | 193,812 | |
Quality Systems, Inc. | 9,703 | 142,925 | |
Simulations Plus, Inc. | 3,656 | 23,252 | |
Streamline Health Solutions, Inc. (a) | 5,177 | 21,122 | |
| 6,454,551 | ||
Life Sciences Tools & Services - 0.8% | |||
Accelerate Diagnostics, Inc. (a) | 7,288 | 147,363 | |
Affymetrix, Inc. (a)(c) | 12,343 | 112,692 | |
Albany Molecular Research, Inc. (a)(c) | 5,013 | 81,562 | |
Apricus Biosciences, Inc. (a)(c) | 2,588 | 3,054 | |
BG Medicine, Inc. (a) | 1,419 | 664 | |
Bio-Techne Corp. | 6,534 | 598,580 | |
Bruker BioSciences Corp. (a) | 29,541 | 566,596 | |
Compugen Ltd. (a)(c) | 6,088 | 42,433 | |
Fluidigm Corp. (a)(c) | 5,146 | 158,651 | |
Furiex Pharmaceuticals, Inc. rights (a) | 1,322 | 12,916 | |
Harvard Bioscience, Inc. (a) | 4,275 | 21,033 | |
ICON PLC (a) | 10,303 | 572,229 | |
Illumina, Inc. (a) | 23,873 | 4,557,117 | |
INC Research Holdings, Inc. Class A | 9,262 | 225,900 | |
Luminex Corp. (a) | 7,155 | 132,368 | |
Nanostring Technologies, Inc. (a)(c) | 4,162 | 62,055 | |
NeoGenomics, Inc. (a) | 9,462 | 40,119 | |
Pacific Biosciences of California, Inc. (a) | 13,934 | 94,194 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - continued | |||
PAREXEL International Corp. (a) | 9,574 | $ 560,175 | |
PRA Health Sciences, Inc. | 10,000 | 218,400 | |
pSivida Corp. (a) | 3,298 | 14,214 | |
QIAGEN NV (a)(c) | 40,535 | 970,003 | |
Response Genetics, Inc. (a) | 6,802 | 3,605 | |
Sequenom, Inc. (a)(c) | 18,962 | 56,886 | |
VWR Corp. (c) | 22,723 | 609,204 | |
| 9,862,013 | ||
Pharmaceuticals - 1.4% | |||
Acasti Pharma, Inc. (a) | 18,131 | 7,524 | |
AcelRx Pharmaceuticals, Inc. (a)(c) | 6,090 | 40,559 | |
Achaogen, Inc. (a) | 2,564 | 23,640 | |
Acura Pharmaceuticals, Inc. (a)(c) | 4,909 | 2,553 | |
Aerie Pharmaceuticals, Inc. (a)(c) | 3,691 | 97,332 | |
Agile Therapeutics, Inc. (a)(c) | 3,497 | 20,947 | |
Akorn, Inc. (a)(c) | 17,775 | 712,244 | |
Alcobra Pharma Ltd. (a)(c) | 1,817 | 6,632 | |
Alexza Pharmaceuticals, Inc. (a)(c) | 2,516 | 3,573 | |
Alimera Sciences, Inc. (a)(c) | 6,301 | 36,987 | |
Amphastar Pharmaceuticals, Inc. (a) | 6,643 | 69,286 | |
ANI Pharmaceuticals, Inc. (a) | 1,776 | 96,099 | |
Aratana Therapeutics, Inc. (a) | 7,033 | 93,187 | |
Assembly Biosciences, Inc. (a) | 1,510 | 12,533 | |
AstraZeneca PLC rights (a) | 3,011 | 0 | |
Auxilium Pharmaceuticals, Inc. (a)(c) | 8,829 | 305,130 | |
Avanir Pharmaceuticals, Inc. Class A (a) | 32,997 | 492,315 | |
Bio Path Holdings, Inc. (a)(c) | 13,685 | 33,665 | |
Biodelivery Sciences International, Inc. (a) | 7,622 | 116,998 | |
Cardiome Pharma Corp. (a) | 2,219 | 18,440 | |
Cempra, Inc. (a)(c) | 5,300 | 76,267 | |
Columbia Laboratories, Inc. (a) | 2,768 | 16,442 | |
Corcept Therapeutics, Inc. (a)(c) | 14,622 | 44,305 | |
Cumberland Pharmaceuticals, Inc. (a) | 4,718 | 24,392 | |
CymaBay Therapeutics, Inc. | 3,086 | 22,096 | |
DepoMed, Inc. (a) | 10,971 | 169,941 | |
Dermira, Inc. | 4,085 | 70,466 | |
Dipexium Pharmaceuticals, Inc. | 1,054 | 11,004 | |
Durect Corp. (a) | 26,846 | 25,504 | |
Egalet Corp. (c) | 2,833 | 17,055 | |
Endo Health Solutions, Inc. (a)(c) | 26,003 | 1,902,640 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Endocyte, Inc. (a) | 7,252 | $ 47,065 | |
Flamel Technologies SA sponsored ADR (a)(c) | 3,374 | 48,214 | |
Foamix Pharmaceuticals Ltd. (a) | 5,735 | 30,510 | |
GW Pharmaceuticals PLC ADR (a)(c) | 2,188 | 169,417 | |
Heska Corp. (a) | 893 | 13,922 | |
Horizon Pharma PLC (a)(c) | 21,194 | 270,859 | |
Impax Laboratories, Inc. (a)(c) | 12,422 | 396,883 | |
Imprimis Pharmaceuticals, Inc. (a)(c) | 2,451 | 20,147 | |
IntelliPharmaCeutics International Corp. (a) | 4,988 | 14,465 | |
Intersect ENT, Inc. | 3,735 | 64,616 | |
Intra-Cellular Therapies, Inc. (a)(c) | 6,163 | 88,562 | |
Jazz Pharmaceuticals PLC (a)(c) | 10,406 | 1,842,799 | |
Lipocine, Inc. (a) | 1,538 | 7,721 | |
MediWound Ltd. (a) | 3,114 | 18,404 | |
Mylan, Inc. (a)(c) | 64,111 | 3,757,546 | |
Nektar Therapeutics (a)(c) | 22,148 | 369,207 | |
NeuroBioPharm, Inc.: | |||
Class A (a)(c) | 213 | 19 | |
warrants (a)(c) | 427 | 0 | |
Ocera Therapeutics, Inc. (a) | 2,372 | 18,834 | |
Omeros Corp. (a)(c) | 5,397 | 120,515 | |
Oramed Pharmaceuticals, Inc. (a) | 1,051 | 6,274 | |
Pacira Pharmaceuticals, Inc. (a)(c) | 6,254 | 587,438 | |
Pain Therapeutics, Inc. (a) | 8,191 | 14,826 | |
Parnell Pharmaceuticals Holdings Ltd. | 1,667 | 7,168 | |
Pernix Therapeutics Holdings, Inc. (a)(c) | 6,405 | 66,420 | |
Phibro Animal Health Corp. Class A | 2,929 | 89,510 | |
Pozen, Inc. | 4,577 | 40,690 | |
ProPhase Labs, Inc. (a) | 1,566 | 2,239 | |
Relypsa, Inc. (c) | 6,444 | 160,391 | |
Repros Therapeutics, Inc. (a)(c) | 3,312 | 28,351 | |
Revance Therapeutics, Inc. (c) | 3,335 | 54,827 | |
Sagent Pharmaceuticals, Inc. (a)(c) | 5,234 | 150,896 | |
Salix Pharmaceuticals Ltd. (a)(c) | 10,729 | 1,101,761 | |
SciClone Pharmaceuticals, Inc. (a)(c) | 8,681 | 73,702 | |
Shire PLC sponsored ADR | 8,857 | 1,891,855 | |
Skystar Bio-Pharmaceutical Co. Ltd. (a) | 1,359 | 5,857 | |
Sucampo Pharmaceuticals, Inc. Class A (a)(c) | 6,917 | 81,067 | |
Supernus Pharmaceuticals, Inc. (a)(c) | 6,812 | 60,354 | |
Tetraphase Pharmaceuticals, Inc. (a) | 5,507 | 145,385 | |
The Medicines Company (a) | 11,645 | 312,202 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Theravance Biopharma, Inc. (a)(c) | 5,048 | $ 79,859 | |
Theravance, Inc. (c) | 24,943 | 377,388 | |
VIVUS, Inc. (a)(c) | 15,549 | 52,089 | |
XenoPort, Inc. (a) | 9,481 | 84,381 | |
Zogenix, Inc. (a)(c) | 17,047 | 19,434 | |
ZS Pharma, Inc. (c) | 3,881 | 166,728 | |
| 17,530,553 | ||
TOTAL HEALTH CARE | 202,856,304 | ||
INDUSTRIALS - 4.5% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a)(c) | 3,853 | 106,767 | |
American Science & Engineering, Inc. | 1,272 | 62,175 | |
API Technologies Corp. (a) | 14,000 | 29,470 | |
Arotech Corp. (a) | 3,058 | 6,911 | |
Astronics Corp. (a)(c) | 3,753 | 183,972 | |
Astrotech Corp. (a)(c) | 3,584 | 9,928 | |
BE Aerospace, Inc. (a) | 17,817 | 1,387,410 | |
Elbit Systems Ltd. (c) | 7,320 | 424,487 | |
Erickson Air-Crane, Inc. (a)(c) | 2,141 | 22,609 | |
Innovative Solutions & Support, Inc. (a) | 1,668 | 4,904 | |
KEYW Holding Corp. (a)(c) | 5,202 | 56,234 | |
Kratos Defense & Security Solutions, Inc. (a)(c) | 11,511 | 59,167 | |
LMI Aerospace, Inc. (a)(c) | 2,161 | 30,340 | |
Taser International, Inc. (a)(c) | 8,295 | 178,177 | |
TAT Technologies Ltd. | 863 | 5,868 | |
| 2,568,419 | ||
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. (a) | 10,286 | 81,774 | |
Atlas Air Worldwide Holdings, Inc. (a)(c) | 4,358 | 198,943 | |
C.H. Robinson Worldwide, Inc. (c) | 24,914 | 1,837,158 | |
Echo Global Logistics, Inc. (a)(c) | 4,103 | 115,089 | |
Expeditors International of Washington, Inc. | 33,459 | 1,566,550 | |
Forward Air Corp. (c) | 6,162 | 301,692 | |
Hub Group, Inc. Class A (a) | 6,347 | 238,774 | |
Park-Ohio Holdings Corp. | 2,393 | 134,415 | |
UTi Worldwide, Inc. (a)(c) | 18,713 | 220,813 | |
| 4,695,208 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Airlines - 0.8% | |||
Allegiant Travel Co. (c) | 3,038 | $ 426,110 | |
American Airlines Group, Inc. | 123,082 | 5,973,169 | |
Hawaiian Holdings, Inc. (a)(c) | 9,370 | 190,117 | |
JetBlue Airways Corp. (a)(c) | 48,846 | 714,617 | |
Republic Airways Holdings, Inc. (a) | 7,734 | 102,708 | |
Ryanair Holdings PLC sponsored ADR (a)(c) | 19,487 | 1,225,537 | |
SkyWest, Inc. | 9,819 | 122,738 | |
Spirit Airlines, Inc. (a) | 12,537 | 1,036,685 | |
Virgin America, Inc. | 7,667 | 288,893 | |
| 10,080,574 | ||
Building Products - 0.1% | |||
AAON, Inc. | 8,586 | 177,902 | |
American Woodmark Corp. (a) | 2,603 | 103,677 | |
Apogee Enterprises, Inc. | 4,912 | 222,170 | |
Builders FirstSource, Inc. (a)(c) | 17,858 | 110,005 | |
China Ceramics Co. Ltd. | 1,500 | 1,200 | |
Gibraltar Industries, Inc. (a) | 5,515 | 79,140 | |
Insteel Industries, Inc. | 2,765 | 60,360 | |
Nortek, Inc. (a) | 2,770 | 220,852 | |
Patrick Industries, Inc. (a) | 1,602 | 71,433 | |
PGT, Inc. (a) | 9,909 | 93,244 | |
Tecogen, Inc. New (a)(c) | 3,759 | 21,426 | |
Universal Forest Products, Inc. | 3,549 | 169,429 | |
| 1,330,838 | ||
Commercial Services & Supplies - 0.7% | |||
Blue Earth, Inc. (a)(c) | 10,000 | 11,000 | |
Casella Waste Systems, Inc. Class A (a) | 4,143 | 16,323 | |
CECO Environmental Corp. (c) | 5,819 | 82,397 | |
China Recycling Energy Corp. (a)(c) | 8,068 | 9,359 | |
Cintas Corp. (c) | 19,883 | 1,454,441 | |
Copart, Inc. (a) | 21,669 | 787,451 | |
Courier Corp. | 2,416 | 33,317 | |
Fuel Tech, Inc. (a) | 2,055 | 8,672 | |
G&K Services, Inc. Class A | 3,065 | 199,532 | |
Healthcare Services Group, Inc. | 12,849 | 387,526 | |
Heritage-Crystal Clean, Inc. (a) | 3,299 | 54,434 | |
Herman Miller, Inc. | 9,869 | 299,919 | |
Hudson Technologies, Inc. (a) | 2,825 | 9,549 | |
Industrial Services of America, Inc. (a) | 694 | 3,394 | |
InnerWorkings, Inc. (a) | 7,905 | 59,129 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Commercial Services & Supplies - continued | |||
Interface, Inc. | 11,039 | $ 166,910 | |
Intersections, Inc. (c) | 1,282 | 5,154 | |
Kimball International, Inc. Class B | 4,484 | 42,105 | |
MagneGas Corp. (a)(c) | 7,634 | 6,107 | |
Matthews International Corp. Class A | 5,914 | 272,458 | |
McGrath RentCorp. | 4,256 | 150,067 | |
Mobile Mini, Inc. | 7,729 | 320,676 | |
Multi-Color Corp. | 2,812 | 154,210 | |
Performant Financial Corp. (a) | 7,862 | 53,462 | |
Perma-Fix Environmental Services, Inc. (a) | 973 | 4,281 | |
Pointer Telocation Ltd. (a) | 1,202 | 10,085 | |
Quest Resource Holding Corp. (a)(c) | 13,559 | 18,711 | |
R.R. Donnelley & Sons Co. (c) | 35,252 | 593,644 | |
SP Plus Corp. (a)(c) | 4,508 | 93,676 | |
Stericycle, Inc. (a) | 14,443 | 1,861,992 | |
Swisher Hygiene, Inc. (a) | 1,825 | 4,033 | |
Tetra Tech, Inc. | 10,920 | 296,806 | |
U.S. Ecology, Inc. (c) | 4,225 | 168,240 | |
United Stationers, Inc. | 7,240 | 297,274 | |
Virco Manufacturing Co. (a) | 1,086 | 2,889 | |
West Corp. (c) | 14,876 | 464,726 | |
| 8,403,949 | ||
Construction & Engineering - 0.1% | |||
Abengoa SA sponsored ADR Class B | 2,488 | 31,598 | |
Aegion Corp. (a)(c) | 6,266 | 119,367 | |
Foster Wheeler AG | 791 | 22,544 | |
Great Lakes Dredge & Dock Corp. (a)(c) | 11,521 | 87,329 | |
Integrated Electrical Services, Inc. (a) | 2,420 | 18,537 | |
Layne Christensen Co. (a)(c) | 2,286 | 16,231 | |
MYR Group, Inc. (a) | 3,835 | 99,518 | |
Northwest Pipe Co. (a) | 2,404 | 79,428 | |
Primoris Services Corp. | 8,939 | 233,755 | |
Sterling Construction Co., Inc. (a) | 3,450 | 23,081 | |
| 731,388 | ||
Electrical Equipment - 0.2% | |||
Active Power, Inc. (a) | 1,672 | 3,143 | |
Allied Motion Technologies, Inc. | 1,647 | 35,872 | |
American Superconductor Corp. (a)(c) | 14,941 | 14,717 | |
Ballard Power Systems, Inc. (a)(c) | 20,720 | 47,293 | |
Broadwind Energy, Inc. (a) | 1,948 | 13,558 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Capstone Turbine Corp. (a)(c) | 68,135 | $ 57,233 | |
Encore Wire Corp. | 3,677 | 134,836 | |
Enphase Energy, Inc. (a)(c) | 7,294 | 76,660 | |
Franklin Electric Co., Inc. (c) | 8,007 | 300,743 | |
FuelCell Energy, Inc. (a)(c) | 52,574 | 87,799 | |
Highpower International, Inc. (a) | 2,296 | 12,628 | |
Hydrogenics Corp. (a)(c) | 1,558 | 21,905 | |
Ideal Power, Inc. (a) | 1,350 | 10,044 | |
Jinpan International Ltd. | 1,698 | 12,616 | |
LSI Industries, Inc. | 2,044 | 13,777 | |
MagneTek, Inc. (a) | 403 | 16,841 | |
Ocean Power Technologies, Inc. (a) | 1,435 | 1,492 | |
Pioneer Power Solutions, Inc. (a) | 1,000 | 9,190 | |
Plug Power, Inc. (a)(c) | 28,685 | 109,577 | |
Powell Industries, Inc. | 1,908 | 81,185 | |
Power Solutions International, Inc. (a)(c) | 1,790 | 117,514 | |
Preformed Line Products Co. | 1,548 | 73,035 | |
Real Goods Solar, Inc. Class A (a)(c) | 5,918 | 4,675 | |
Revolution Lighting Technologies, Inc. (a)(c) | 12,720 | 15,518 | |
SolarCity Corp. (a)(c) | 16,096 | 885,280 | |
Ultralife Corp. (a) | 1,473 | 4,257 | |
Vicor Corp. (a) | 4,263 | 52,009 | |
| 2,213,397 | ||
Industrial Conglomerates - 0.0% | |||
Raven Industries, Inc. | 6,157 | 138,533 | |
Machinery - 0.8% | |||
Adept Technology, Inc. (a)(c) | 1,739 | 14,990 | |
Altra Industrial Motion Corp. (c) | 4,627 | 141,725 | |
American Railcar Industries, Inc. | 3,514 | 207,256 | |
ARC Group Worldwide, Inc. (a)(c) | 2,040 | 24,378 | |
Astec Industries, Inc. | 3,907 | 153,428 | |
Chart Industries, Inc. (a)(c) | 5,147 | 204,387 | |
Cleantech Solutions International, Inc. (a)(c) | 197 | 823 | |
Columbus McKinnon Corp. (NY Shares) | 3,909 | 104,409 | |
Commercial Vehicle Group, Inc. (a) | 7,129 | 46,695 | |
Dynamic Materials Corp. | 2,673 | 42,875 | |
Eastern Co. | 2,159 | 36,314 | |
Energy Recovery, Inc. (a)(c) | 12,403 | 58,914 | |
ExOne Co. (a)(c) | 2,112 | 49,294 | |
FreightCar America, Inc. | 1,844 | 53,347 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Gencor Industries, Inc. (a) | 519 | $ 5,180 | |
Hardinge, Inc. | 2,221 | 27,207 | |
Hurco Companies, Inc. | 1,444 | 50,136 | |
Key Technology, Inc. (a) | 313 | 3,834 | |
L.B. Foster Co. Class A | 2,166 | 100,394 | |
Lincoln Electric Holdings, Inc. | 13,390 | 964,616 | |
Manitex International, Inc. (a)(c) | 2,422 | 26,666 | |
MFRI, Inc. (a) | 997 | 8,395 | |
Middleby Corp. (a) | 9,944 | 951,044 | |
NN, Inc. | 2,753 | 58,281 | |
Nordson Corp. (c) | 10,559 | 825,186 | |
Omega Flex, Inc. | 1,368 | 40,890 | |
PACCAR, Inc. (c) | 60,202 | 4,034,738 | |
PMFG, Inc. (a) | 2,024 | 13,196 | |
RBC Bearings, Inc. (c) | 3,889 | 247,263 | |
Sun Hydraulics Corp. | 4,337 | 174,651 | |
Tecumseh Products Co. (a) | 1,527 | 4,886 | |
TriMas Corp. (a)(c) | 7,780 | 242,191 | |
Twin Disc, Inc. | 1,895 | 43,358 | |
Westport Innovations, Inc. (a)(c) | 9,232 | 43,575 | |
Woodward, Inc. (c) | 11,410 | 589,669 | |
| 9,594,191 | ||
Marine - 0.0% | |||
Diana Containerships, Inc. | 12,243 | 27,302 | |
DryShips, Inc. (c) | 122,082 | 159,927 | |
Euroseas Ltd. (a) | 2,727 | 2,536 | |
Knightsbridge Shipping Ltd. (c) | 3,986 | 22,760 | |
Paragon Shipping, Inc. Class A (a) | 5,459 | 17,687 | |
Rand Logistics, Inc. (a)(c) | 1,744 | 7,552 | |
Seanergy Martime Holdings Corp. (a) | 799 | 999 | |
Star Bulk Carriers Corp. (a)(c) | 20,152 | 167,463 | |
Ultrapetrol (Bahamas) Ltd. (a)(c) | 25,032 | 58,825 | |
| 465,051 | ||
Professional Services - 0.3% | |||
51job, Inc. sponsored ADR (a)(c) | 3,873 | 142,333 | |
Acacia Research Corp. (c) | 9,056 | 172,245 | |
Advisory Board Co. (a)(c) | 6,192 | 263,779 | |
Barrett Business Services, Inc. | 1,095 | 23,893 | |
Corp. Resources Services, Inc. (a)(c) | 25,367 | 30,440 | |
CRA International, Inc. (a) | 1,883 | 56,019 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Professional Services - continued | |||
Exponent, Inc. | 3,243 | $ 246,663 | |
Heidrick & Struggles International, Inc. | 3,452 | 69,109 | |
Hudson Global, Inc. (a) | 2,817 | 7,902 | |
Huron Consulting Group, Inc. (a) | 4,152 | 287,152 | |
ICF International, Inc. (a) | 3,858 | 149,613 | |
Kelly Services, Inc. Class A (non-vtg.) | 6,585 | 101,672 | |
Kforce, Inc. | 6,175 | 144,125 | |
Lightbridge Corp. (a) | 2,205 | 4,520 | |
Odyssey Marine Exploration, Inc. (a)(c) | 6,577 | 7,761 | |
Paylocity Holding Corp. (a)(c) | 8,499 | 247,236 | |
Pendrell Corp. (a) | 43,183 | 60,888 | |
RCM Technologies, Inc. (a) | 2,327 | 18,779 | |
Resources Connection, Inc. | 6,337 | 96,132 | |
RPX Corp. (a) | 8,499 | 111,507 | |
Verisk Analytics, Inc. (a) | 28,530 | 1,768,289 | |
VSE Corp. | 787 | 42,356 | |
| 4,052,413 | ||
Road & Rail - 0.6% | |||
AMERCO | 3,367 | 936,699 | |
ArcBest Corp. | 4,853 | 210,717 | |
Avis Budget Group, Inc. (a) | 18,223 | 1,096,113 | |
Covenant Transport Group, Inc. Class A (a) | 1,650 | 43,362 | |
Heartland Express, Inc. | 14,474 | 383,995 | |
J.B. Hunt Transport Services, Inc. (c) | 19,823 | 1,635,992 | |
Landstar System, Inc. (c) | 7,789 | 626,080 | |
Marten Transport Ltd. | 4,918 | 105,737 | |
Old Dominion Freight Lines, Inc. (a) | 14,864 | 1,204,579 | |
P.A.M. Transportation Services, Inc. (a) | 1,209 | 54,937 | |
Patriot Transportation Holding, Inc. (a) | 1,979 | 74,569 | |
Providence & Worcester Railroad Co. | 595 | 11,198 | |
Quality Distribution, Inc. (a) | 6,505 | 78,515 | |
Saia, Inc. (a)(c) | 4,286 | 237,744 | |
Student Transportation, Inc. | 13,725 | 87,379 | |
U.S.A. Truck, Inc. (a) | 1,701 | 34,003 | |
Universal Truckload Services, Inc. | 4,947 | 135,845 | |
Werner Enterprises, Inc. (c) | 11,822 | 366,718 | |
YRC Worldwide, Inc. (a)(c) | 5,925 | 142,259 | |
| 7,466,441 | ||
Trading Companies & Distributors - 0.3% | |||
Aceto Corp. | 4,463 | 93,723 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - continued | |||
Beacon Roofing Supply, Inc. (a)(c) | 8,994 | $ 243,558 | |
DXP Enterprises, Inc. (a) | 2,685 | 157,771 | |
Essex Rental Corp. (a) | 2,219 | 2,796 | |
Fastenal Co. (c) | 50,669 | 2,290,239 | |
General Finance Corp. (a)(c) | 6,826 | 62,117 | |
H&E Equipment Services, Inc. | 5,796 | 202,860 | |
HD Supply Holdings, Inc. (a) | 32,815 | 954,260 | |
Houston Wire & Cable Co. | 3,327 | 42,652 | |
Lawson Products, Inc. (a) | 1,231 | 28,042 | |
Rush Enterprises, Inc.: | |||
Class A (a)(c) | 6,253 | 219,355 | |
Class B (a) | 1,472 | 44,528 | |
Stock Building Supply Holdings, Inc. (a) | 4,713 | 75,455 | |
Titan Machinery, Inc. (a)(c) | 3,266 | 41,903 | |
Willis Lease Finance Corp. (a) | 1,056 | 23,010 | |
| 4,482,269 | ||
Transportation Infrastructure - 0.0% | |||
Grupo Aeroportuario Norte S.A.B. de CV ADR | 1,313 | 48,016 | |
TOTAL INDUSTRIALS | 56,270,687 | ||
INFORMATION TECHNOLOGY - 47.9% | |||
Communications Equipment - 4.5% | |||
ADTRAN, Inc. (c) | 8,441 | 176,332 | |
Alliance Fiber Optic Products, Inc. (c) | 2,981 | 37,799 | |
Applied Optoelectronics, Inc. (a)(c) | 2,449 | 26,572 | |
Arris Group, Inc. (a) | 25,338 | 754,312 | |
Aruba Networks, Inc. (a)(c) | 17,734 | 331,803 | |
AudioCodes Ltd. (a)(c) | 5,503 | 26,359 | |
Aviat Networks, Inc. (a) | 16,549 | 24,989 | |
Bel Fuse, Inc.: | |||
Class A | 300 | 7,065 | |
Class B (non-vtg.) | 2,100 | 55,608 | |
Black Box Corp. | 2,605 | 60,384 | |
Brocade Communications Systems, Inc. | 73,940 | 836,261 | |
CalAmp Corp. (a)(c) | 5,975 | 111,673 | |
Ceragon Networks Ltd. (a)(c) | 5,140 | 5,551 | |
Cisco Systems, Inc. | 876,964 | 24,239,285 | |
Clearfield, Inc. (a)(c) | 1,913 | 25,060 | |
ClearOne, Inc. | 2,453 | 22,985 | |
CommScope Holding Co., Inc. (a) | 31,730 | 704,406 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
Communications Systems, Inc. | 2,071 | $ 23,775 | |
Comtech Telecommunications Corp. | 2,432 | 96,526 | |
Digi International, Inc. (a) | 4,245 | 30,309 | |
DragonWave, Inc. (a)(c) | 15,246 | 15,999 | |
EchoStar Holding Corp. Class A (a) | 7,672 | 413,367 | |
EMCORE Corp. (a) | 3,920 | 20,384 | |
Energous Corp. (c) | 2,121 | 19,131 | |
EXFO, Inc. (sub. vtg.) (a) | 2,252 | 7,641 | |
Extreme Networks, Inc. (a) | 15,115 | 54,716 | |
F5 Networks, Inc. (a)(c) | 12,749 | 1,647,043 | |
Finisar Corp. (a)(c) | 17,418 | 296,977 | |
Gilat Satellite Networks Ltd. (a)(c) | 8,347 | 40,566 | |
Harmonic, Inc. (a)(c) | 20,278 | 141,946 | |
Infinera Corp. (a)(c) | 20,617 | 281,010 | |
InterDigital, Inc. (c) | 6,613 | 329,856 | |
Ituran Location & Control Ltd. (c) | 4,219 | 91,257 | |
Ixia (a) | 12,637 | 131,046 | |
JDS Uniphase Corp. (a)(c) | 39,442 | 526,156 | |
KVH Industries, Inc. (a) | 2,995 | 36,599 | |
Meru Networks, Inc. (a)(c) | 4,364 | 16,147 | |
Mitel Networks Corp. (a)(c) | 16,464 | 174,848 | |
MRV Communications, Inc. (a) | 1,761 | 16,835 | |
NETGEAR, Inc. (a)(c) | 7,418 | 257,553 | |
Novatel Wireless, Inc. (a) | 5,815 | 18,143 | |
NumereX Corp. Class A (a)(c) | 2,247 | 24,672 | |
Oclaro, Inc. (a)(c) | 14,231 | 25,616 | |
Oplink Communications, Inc. | 3,685 | 89,066 | |
Parkervision, Inc. (a)(c) | 10,867 | 11,193 | |
PC-Tel, Inc. | 2,538 | 20,888 | |
Polycom, Inc. (a) | 23,995 | 316,014 | |
Procera Networks, Inc. (a)(c) | 2,618 | 17,959 | |
QUALCOMM, Inc. | 286,700 | 20,900,430 | |
Radware Ltd. (a)(c) | 8,138 | 164,876 | |
Riverbed Technology, Inc. (a) | 27,337 | 565,192 | |
ShoreTel, Inc. (a) | 11,954 | 89,416 | |
Sierra Wireless, Inc. (a)(c) | 5,611 | 207,413 | |
Silicom Ltd. | 1,049 | 37,764 | |
Sonus Networks, Inc. (a) | 40,365 | 149,351 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c) | 36,594 | 460,718 | |
Tessco Technologies, Inc. | 1,777 | 49,614 | |
Ubiquiti Networks, Inc. (c) | 15,146 | 437,719 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
UTStarcom Holdings Corp. (a) | 4,655 | $ 12,615 | |
ViaSat, Inc. (a)(c) | 7,886 | 522,842 | |
Westell Technologies, Inc. Class A (a) | 3,694 | 4,839 | |
Wi-Lan, Inc. | 18,442 | 58,382 | |
xG Technology, Inc. (a) | 4,785 | 6,412 | |
Zhone Technologies, Inc. (a)(c) | 5,132 | 11,136 | |
| 56,318,401 | ||
Electronic Equipment & Components - 1.0% | |||
Acorn Energy, Inc. (a) | 1,217 | 1,217 | |
Agilysys, Inc. (a) | 3,902 | 47,917 | |
CDW Corp. | 29,459 | 1,033,422 | |
China BAK Battery, Inc. (a) | 782 | 2,205 | |
Chyronhego Corp. (a) | 3,587 | 10,044 | |
ClearSign Combustion Corp. (a)(c) | 1,890 | 14,837 | |
Cognex Corp. (a)(c) | 15,271 | 621,682 | |
Coherent, Inc. (a) | 4,841 | 267,998 | |
Control4 Corp. (a) | 4,133 | 62,326 | |
CUI Global, Inc. (a) | 5,386 | 39,910 | |
Daktronics, Inc. | 7,649 | 91,253 | |
Deswell Industries, Inc. | 1,530 | 3,381 | |
Digital Ally, Inc. (a) | 179 | 2,391 | |
DTS, Inc. (a) | 2,719 | 87,688 | |
Echelon Corp. (a) | 3,399 | 6,152 | |
Elecsys Corp. (a) | 772 | 13,417 | |
Electro Rent Corp. | 3,871 | 54,000 | |
Electro Scientific Industries, Inc. | 4,034 | 28,924 | |
FARO Technologies, Inc. (a) | 2,683 | 147,377 | |
FEI Co. | 7,026 | 601,707 | |
Flextronics International Ltd. (a) | 101,120 | 1,121,421 | |
FLIR Systems, Inc. | 24,085 | 764,217 | |
Frequency Electronics, Inc. (a) | 801 | 8,531 | |
GSI Group, Inc. (a) | 6,612 | 83,840 | |
Hollysys Automation Technologies Ltd. (a)(c) | 10,860 | 277,039 | |
I. D. Systems Inc. (a) | 2,220 | 14,186 | |
Identiv, Inc. (a) | 1,086 | 12,543 | |
II-VI, Inc. (a) | 12,345 | 163,818 | |
Insight Enterprises, Inc. (a) | 6,691 | 156,770 | |
IPG Photonics Corp. (a)(c) | 8,838 | 637,131 | |
Itron, Inc. (a)(c) | 7,084 | 286,194 | |
KEY Tronic Corp. (a) | 2,433 | 19,999 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Components - continued | |||
Kimball Electronics, Inc. (a) | 6,375 | $ 70,125 | |
Littelfuse, Inc. | 3,888 | 373,753 | |
LoJack Corp. (a) | 1,208 | 3,286 | |
LRAD Corp. (a) | 5,254 | 14,449 | |
Magal Security Systems Ltd. (a) | 1,252 | 6,736 | |
Maxwell Technologies, Inc. (a)(c) | 4,281 | 44,051 | |
Mercury Systems, Inc. (a) | 5,438 | 70,259 | |
Mesa Laboratories, Inc. | 474 | 34,939 | |
MicroVision, Inc. (a)(c) | 15,058 | 27,180 | |
MOCON, Inc. | 740 | 12,617 | |
MTS Systems Corp. | 2,961 | 196,403 | |
Multi-Fineline Electronix, Inc. (a) | 4,768 | 48,252 | |
Napco Security Technolgies, Inc. (a) | 2,823 | 12,873 | |
National Instruments Corp. | 22,514 | 724,726 | |
Neonode, Inc. (a)(c) | 3,560 | 8,722 | |
NetList, Inc. (a) | 1,689 | 1,351 | |
Newport Corp. (a) | 7,350 | 129,434 | |
Orbotech Ltd. (a) | 6,992 | 103,552 | |
OSI Systems, Inc. (a) | 3,200 | 225,824 | |
PC Connection, Inc. | 4,360 | 97,533 | |
PC Mall, Inc. (a) | 1,383 | 13,346 | |
Perceptron, Inc. | 784 | 7,879 | |
Planar Systems, Inc. (a) | 3,615 | 27,004 | |
Plexus Corp. (a) | 7,105 | 277,166 | |
RadiSys Corp. (a) | 1,899 | 4,558 | |
Research Frontiers, Inc. (a)(c) | 3,992 | 20,239 | |
Richardson Electronics Ltd. | 1,588 | 16,071 | |
RMG Networks Holding Corp. (a) | 2,029 | 2,739 | |
Rofin-Sinar Technologies, Inc. (a) | 5,148 | 138,584 | |
Sanmina Corp. (a) | 14,200 | 349,320 | |
ScanSource, Inc. (a) | 4,897 | 190,297 | |
Speed Commerce, Inc. (a)(c) | 10,191 | 30,267 | |
Supercom Ltd. (a) | 1,796 | 21,372 | |
Tech Data Corp. (a)(c) | 6,814 | 424,717 | |
Trimble Navigation Ltd. (a) | 43,928 | 1,235,475 | |
TTM Technologies, Inc. (a)(c) | 15,075 | 101,907 | |
Uni-Pixel, Inc. (a) | 1,194 | 7,558 | |
Universal Display Corp. (a)(c) | 8,124 | 225,360 | |
Viasystems Group, Inc. (a) | 3,914 | 61,176 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Components - continued | |||
Wayside Technology Group, Inc. | 667 | $ 11,846 | |
Zebra Technologies Corp. Class A (a) | 8,773 | 641,745 | |
| 12,698,228 | ||
Internet Software & Services - 11.2% | |||
21Vianet Group, Inc. ADR (a) | 8,557 | 161,043 | |
Actua Corp. (a)(c) | 7,863 | 132,570 | |
Akamai Technologies, Inc. (a) | 30,661 | 1,981,007 | |
Angie's List, Inc. (a)(c) | 11,010 | 65,399 | |
Autobytel, Inc. (a) | 1,168 | 12,416 | |
Baidu.com, Inc. sponsored ADR (a) | 47,369 | 11,610,616 | |
Bazaarvoice, Inc. (a)(c) | 11,799 | 86,841 | |
Benefitfocus, Inc. (a)(c) | 4,201 | 113,805 | |
Blucora, Inc. (a)(c) | 7,345 | 104,372 | |
Borderfree, Inc. (a)(c) | 4,776 | 47,808 | |
Brightcove, Inc. (a) | 5,896 | 36,142 | |
BroadVision, Inc. (a) | 599 | 4,073 | |
Carbonite, Inc. (a) | 4,674 | 54,639 | |
China Finance Online Co. Ltd. ADR (a)(c) | 2,033 | 14,699 | |
ChinaCache International Holdings Ltd. sponsored ADR (a) | 2,073 | 21,020 | |
Cimpress NV (a)(c) | 5,586 | 374,765 | |
comScore, Inc. (a) | 5,535 | 243,374 | |
Constant Contact, Inc. (a)(c) | 5,188 | 169,544 | |
Conversant, Inc. (a)(c) | 10,852 | 380,037 | |
Cornerstone OnDemand, Inc. (a)(c) | 9,257 | 294,095 | |
CoStar Group, Inc. (a)(c) | 5,534 | 942,219 | |
Criteo SA sponsored ADR (c) | 7,360 | 297,197 | |
Cyren Ltd. (a)(c) | 3,908 | 6,018 | |
DealerTrack Holdings, Inc. (a)(c) | 8,965 | 422,789 | |
Digital River, Inc. (a) | 5,906 | 149,953 | |
E2open, Inc. (a)(c) | 4,553 | 30,642 | |
EarthLink Holdings Corp. | 16,402 | 72,005 | |
eBay, Inc. (a)(c) | 212,329 | 11,652,616 | |
eGain Communications Corp. (a)(c) | 3,510 | 18,041 | |
Endurance International Group Holdings, Inc. (a)(c) | 21,718 | 360,953 | |
Equinix, Inc. | 9,279 | 2,107,910 | |
Facebook, Inc. Class A (a) | 382,824 | 29,745,425 | |
Five9, Inc. (c) | 7,472 | 32,952 | |
GigaMedia Ltd. (a) | 5,039 | 5,089 | |
Global Eagle Entertainment, Inc. (a)(c) | 13,192 | 174,926 | |
Gogo, Inc. (a)(c) | 15,030 | 237,775 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Google, Inc.: | |||
Class A (a) | 49,455 | $ 27,154,751 | |
Class C (a) | 56,854 | 30,805,203 | |
HomeAway, Inc. (a)(c) | 16,562 | 519,384 | |
IAC/InterActiveCorp | 13,089 | 854,450 | |
Internap Network Services Corp. (a) | 8,720 | 69,150 | |
iPass, Inc. (a) | 4,991 | 6,888 | |
j2 Global, Inc. (c) | 8,125 | 459,388 | |
Jiayuan.com International Ltd. sponsored ADR | 1,386 | 6,694 | |
Ku6 Media Co. Ltd. sponsored ADR (a)(c) | 2,051 | 2,318 | |
Limelight Networks, Inc. (a) | 18,128 | 49,489 | |
Liquidity Services, Inc. (a) | 4,312 | 45,319 | |
LiveDeal, Inc. (a) | 1,819 | 5,548 | |
LivePerson, Inc. (a) | 9,184 | 118,841 | |
LogMeIn, Inc. (a)(c) | 3,858 | 195,099 | |
Marchex, Inc. Class B | 4,496 | 16,320 | |
Marketo, Inc. (a)(c) | 7,273 | 232,445 | |
MeetMe, Inc. (a) | 4,787 | 8,305 | |
MercadoLibre, Inc. (c) | 7,576 | 1,067,761 | |
Net Element International, Inc. (a)(c) | 9,087 | 14,448 | |
NetEase, Inc. sponsored ADR (c) | 12,763 | 1,348,666 | |
NIC, Inc. | 10,920 | 196,778 | |
Perficient, Inc. (a) | 5,589 | 96,746 | |
Perion Network Ltd. (a)(c) | 10,749 | 55,895 | |
Points International Ltd. (a) | 3,204 | 42,549 | |
QuinStreet, Inc. (a) | 11,402 | 51,651 | |
RealNetworks, Inc. (a) | 10,744 | 75,315 | |
Reis, Inc. | 2,133 | 53,666 | |
Remark Media, Inc. (a) | 1,698 | 8,269 | |
Rightside Group Ltd. (a) | 4,742 | 38,458 | |
Rocket Fuel, Inc. (a)(c) | 5,511 | 90,105 | |
SciQuest, Inc. (a)(c) | 4,338 | 64,680 | |
Selectica, Inc. (a) | 245 | 1,360 | |
Sify Technologies Ltd. sponsored ADR | 1,965 | 3,124 | |
SINA Corp. (a) | 11,202 | 425,116 | |
Sohu.com, Inc. (a) | 6,619 | 334,988 | |
SPS Commerce, Inc. (a) | 2,584 | 150,596 | |
Stamps.com, Inc. (a) | 3,036 | 143,451 | |
Support.com, Inc. (a) | 10,212 | 21,037 | |
Synacor, Inc. (a)(c) | 2,654 | 4,326 | |
TechTarget, Inc. (a) | 6,480 | 65,578 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
TheStreet.com, Inc. | 8,907 | $ 19,774 | |
Travelzoo, Inc. (a) | 2,792 | 36,659 | |
TrueCar, Inc. (c) | 12,632 | 242,029 | |
Tucows, Inc. (a) | 1,777 | 31,524 | |
United Online, Inc. | 2,343 | 30,600 | |
Unwired Planet, Inc. (a) | 19,751 | 27,059 | |
VeriSign, Inc. (a)(c) | 21,598 | 1,298,040 | |
Viggle, Inc. (a)(c) | 2,471 | 8,599 | |
Web.com Group, Inc. (a)(c) | 9,147 | 155,225 | |
WebMD Health Corp. (a)(c) | 6,744 | 246,426 | |
Weibo Corp. sponsored ADR (c) | 2,816 | 50,547 | |
Wix.com Ltd. (a)(c) | 6,886 | 147,429 | |
Xoom Corp. (a)(c) | 6,300 | 88,263 | |
Xunlei Ltd. sponsored ADR | 788 | 6,832 | |
Yahoo!, Inc. (a) | 170,140 | 8,803,044 | |
Yandex NV (a) | 43,351 | 1,080,307 | |
YY, Inc. ADR (a)(c) | 5,495 | 420,093 | |
Zillow, Inc. (a)(c) | 5,904 | 698,797 | |
Zix Corp. (a) | 11,279 | 35,642 | |
| 140,495,819 | ||
IT Services - 2.1% | |||
Acxiom Corp. (a) | 13,473 | 256,391 | |
Amdocs Ltd. | 26,355 | 1,284,674 | |
Automatic Data Processing, Inc. | 81,842 | 7,008,949 | |
Blackhawk Network Holdings, Inc. (a) | 3,953 | 141,083 | |
Blackhawk Network Holdings, Inc. (a)(c) | 4,655 | 169,070 | |
Cardtronics, Inc. (a)(c) | 7,491 | 293,348 | |
Cass Information Systems, Inc. | 2,621 | 119,334 | |
China Information Technology, Inc. (a)(c) | 4,390 | 18,833 | |
Cognizant Technology Solutions Corp. Class A (a) | 103,815 | 5,604,972 | |
Computer Task Group, Inc. | 3,669 | 34,195 | |
CSG Systems International, Inc. | 5,739 | 144,164 | |
Datalink Corp. (a) | 3,140 | 38,371 | |
Edgewater Technology, Inc. (a) | 1,090 | 8,339 | |
Euronet Worldwide, Inc. (a) | 8,830 | 512,758 | |
ExlService Holdings, Inc. (a) | 5,228 | 146,541 | |
Fiserv, Inc. (a) | 41,978 | 3,001,007 | |
Forrester Research, Inc. | 3,548 | 140,891 | |
Hackett Group, Inc. | 6,888 | 61,234 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
iGATE Corp. (a)(c) | 10,127 | $ 374,193 | |
Information Services Group, Inc. | 4,653 | 18,426 | |
Innodata, Inc. (a) | 1,720 | 4,954 | |
InterCloud Systems, Inc. (a) | 1,008 | 3,659 | |
Jack Henry & Associates, Inc. | 13,815 | 849,070 | |
JetPay Corp. (a) | 3,116 | 6,263 | |
Lionbridge Technologies, Inc. (a) | 13,506 | 68,475 | |
ManTech International Corp. Class A | 3,605 | 108,583 | |
Mattersight Corp. (a)(c) | 6,325 | 37,507 | |
ModusLink Global Solutions, Inc. (a)(c) | 7,178 | 23,759 | |
MoneyGram International, Inc. (a) | 7,935 | 68,400 | |
NCI, Inc. Class A (a) | 868 | 10,407 | |
Newtek Business Services Corp. (a) | 1,502 | 21,449 | |
Paychex, Inc. (c) | 62,475 | 2,961,940 | |
PFSweb, Inc. (a) | 1,898 | 20,726 | |
Planet Payment, Inc. (a) | 8,683 | 14,066 | |
PRG-Schultz International, Inc. (a) | 9,669 | 50,279 | |
QIWI PLC Class B sponsored ADR | 6,624 | 184,412 | |
Sabre Corp. (c) | 45,230 | 847,610 | |
Sapient Corp. (a)(c) | 23,918 | 590,775 | |
ServiceSource International, Inc. (a)(c) | 13,774 | 56,060 | |
Sykes Enterprises, Inc. (a) | 7,729 | 179,081 | |
Syntel, Inc. (a) | 14,329 | 637,641 | |
Sysorex Global Holdings Corp. (a) | 2,625 | 3,150 | |
Teletech Holdings, Inc. (a) | 8,301 | 193,994 | |
Virtusa Corp. (a) | 4,778 | 191,454 | |
| 26,510,487 | ||
Semiconductors & Semiconductor Equipment - 8.3% | |||
Actions Semiconductor Co. Ltd. ADR (a) | 5,005 | 8,759 | |
Advanced Energy Industries, Inc. (a) | 7,520 | 153,634 | |
Aixtron AG sponsored ADR (a) | 770 | 9,055 | |
Alpha & Omega Semiconductor Ltd. (a) | 4,993 | 42,840 | |
Altera Corp. | 51,959 | 1,954,698 | |
Ambarella, Inc. (a)(c) | 4,838 | 266,090 | |
Amkor Technology, Inc. (a) | 42,148 | 281,970 | |
Amtech Systems, Inc. (a) | 1,735 | 15,389 | |
ANADIGICS, Inc. (a)(c) | 5,180 | 4,152 | |
Analog Devices, Inc. | 53,187 | 2,906,138 | |
Applied Materials, Inc. | 207,857 | 4,998,961 | |
Applied Micro Circuits Corp. (a)(c) | 15,381 | 90,902 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
ARM Holdings PLC sponsored ADR (c) | 21,801 | $ 933,955 | |
Ascent Solar Technologies, Inc. (a) | 198 | 333 | |
ASM International NV (depositary receipt) | 565 | 23,561 | |
ASML Holding NV | 13,966 | 1,475,927 | |
Atmel Corp. (a) | 72,665 | 574,780 | |
Audience, Inc. (a)(c) | 4,097 | 14,258 | |
Avago Technologies Ltd. | 43,037 | 4,019,656 | |
Axcelis Technologies, Inc. (a) | 15,551 | 33,435 | |
AXT, Inc. (a) | 2,879 | 7,399 | |
Broadcom Corp. Class A | 92,188 | 3,976,068 | |
Brooks Automation, Inc. | 11,534 | 135,063 | |
BTU International, Inc. (a) | 667 | 1,954 | |
Cabot Microelectronics Corp. (a) | 3,961 | 187,355 | |
Camtek Ltd. (a) | 4,082 | 12,613 | |
Canadian Solar, Inc. (a)(c) | 9,006 | 218,756 | |
Cascade Microtech, Inc. (a) | 2,096 | 29,030 | |
Cavium, Inc. (a)(c) | 9,187 | 519,984 | |
Ceva, Inc. (a) | 2,635 | 45,348 | |
China Sunergy Co. Ltd. ADR (a) | 811 | 1,298 | |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 4,551 | 94,843 | |
Cirrus Logic, Inc. (a)(c) | 9,918 | 181,400 | |
Cohu, Inc. | 4,144 | 47,449 | |
Cree, Inc. (a)(c) | 20,169 | 732,941 | |
CVD Equipment Corp. (a) | 958 | 13,719 | |
Cypress Semiconductor Corp. (c) | 24,522 | 259,933 | |
Diodes, Inc. (a) | 7,769 | 206,578 | |
DSP Group, Inc. (a) | 2,840 | 30,729 | |
Entegris, Inc. (a) | 25,080 | 337,828 | |
Entropic Communications, Inc. (a) | 15,161 | 36,083 | |
EZchip Semiconductor Ltd. (a)(c) | 5,391 | 103,938 | |
Fairchild Semiconductor International, Inc. (a)(c) | 21,397 | 345,134 | |
First Solar, Inc. (a)(c) | 17,572 | 857,514 | |
FormFactor, Inc. (a) | 10,975 | 88,239 | |
GSI Technology, Inc. (a) | 3,580 | 18,652 | |
Hanwha Solarone Co. Ltd. ADR (a)(c) | 12,262 | 20,723 | |
Himax Technologies, Inc. sponsored ADR | 19,583 | 133,556 | |
Ikanos Communications, Inc. (a) | 7,650 | 2,586 | |
Ikanos Communications, Inc. rights (a) | 7,650 | 0 | |
Integrated Device Technology, Inc. (a)(c) | 25,251 | 471,184 | |
Integrated Silicon Solution, Inc. | 5,273 | 76,300 | |
Intel Corp. (c) | 846,256 | 31,523,036 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Intermolecular, Inc. (a)(c) | 4,427 | $ 9,562 | |
Intersil Corp. Class A | 23,040 | 302,054 | |
IXYS Corp. | 6,023 | 68,843 | |
JA Solar Holdings Co. Ltd. ADR (a)(c) | 5,866 | 50,917 | |
KLA-Tencor Corp. | 28,146 | 1,954,458 | |
Kopin Corp. (a) | 11,693 | 39,873 | |
Kulicke & Soffa Industries, Inc. (a) | 15,712 | 219,654 | |
Lam Research Corp. | 27,622 | 2,282,682 | |
Lattice Semiconductor Corp. (a) | 18,310 | 119,931 | |
Linear Technology Corp. (c) | 40,205 | 1,850,636 | |
M/A-COM Technology Solutions Holdings, Inc. (a) | 8,856 | 219,894 | |
Marvell Technology Group Ltd. | 87,915 | 1,258,943 | |
Mattson Technology, Inc. (a) | 14,743 | 38,627 | |
Maxim Integrated Products, Inc. | 49,051 | 1,450,438 | |
Mellanox Technologies Ltd. (a)(c) | 7,736 | 329,940 | |
Micrel, Inc. | 9,220 | 120,321 | |
Microchip Technology, Inc. (c) | 34,687 | 1,566,118 | |
Micron Technology, Inc. (a)(c) | 183,354 | 6,591,576 | |
Microsemi Corp. (a)(c) | 16,931 | 460,523 | |
MKS Instruments, Inc. | 9,786 | 356,602 | |
Monolithic Power Systems, Inc. | 6,853 | 329,835 | |
MoSys, Inc. (a)(c) | 4,925 | 9,111 | |
Nanometrics, Inc. (a) | 7,546 | 111,983 | |
Nova Measuring Instruments Ltd. (a) | 5,479 | 58,132 | |
NVE Corp. (a) | 989 | 69,804 | |
NVIDIA Corp. | 92,277 | 1,935,049 | |
NXP Semiconductors NV (a)(c) | 40,844 | 3,178,072 | |
O2Micro International Ltd. sponsored ADR (a) | 3,450 | 7,935 | |
Omnivision Technologies, Inc. (a) | 9,449 | 273,171 | |
ON Semiconductor Corp. (a) | 77,667 | 701,333 | |
PDF Solutions, Inc. (a) | 6,279 | 83,197 | |
Peregrine Semiconductor Corp. (a) | 6,935 | 86,341 | |
Pericom Semiconductor Corp. (a) | 4,423 | 56,216 | |
Photronics, Inc. (a)(c) | 8,213 | 74,081 | |
Pixelworks, Inc. (a)(c) | 3,092 | 14,903 | |
PMC-Sierra, Inc. (a) | 35,986 | 293,286 | |
Power Integrations, Inc. | 5,605 | 281,147 | |
QuickLogic Corp. (a)(c) | 8,825 | 26,652 | |
Rambus, Inc. (a)(c) | 20,162 | 238,920 | |
RF Micro Devices, Inc. (a)(c) | 49,328 | 720,682 | |
Rubicon Technology, Inc. (a) | 3,052 | 15,687 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
SemiLEDs Corp. (a) | 2,000 | $ 1,010 | |
Semtech Corp. (a) | 12,182 | 310,154 | |
Sigma Designs, Inc. (a) | 5,402 | 24,633 | |
Silicon Image, Inc. (a) | 16,470 | 91,079 | |
Silicon Laboratories, Inc. (a) | 7,216 | 327,246 | |
Silicon Motion Technology Corp. sponsored ADR | 6,369 | 148,780 | |
Siliconware Precision Industries Co. Ltd. sponsored ADR (c) | 8,286 | 61,399 | |
Skyworks Solutions, Inc. | 32,402 | 2,186,163 | |
SunEdison Semiconductor Ltd. (c) | 8,063 | 151,584 | |
SunPower Corp. (a)(c) | 22,749 | 640,612 | |
Synaptics, Inc. (a)(c) | 6,309 | 397,404 | |
Tessera Technologies, Inc. | 8,998 | 307,552 | |
Texas Instruments, Inc. (c) | 182,499 | 9,931,596 | |
Tower Semiconductor Ltd. (a)(c) | 2,737 | 35,198 | |
TriQuint Semiconductor, Inc. (a) | 30,720 | 748,646 | |
Ultra Clean Holdings, Inc. (a) | 4,578 | 39,783 | |
Ultratech, Inc. (a)(c) | 4,891 | 95,228 | |
Veeco Instruments, Inc. (a)(c) | 6,884 | 257,530 | |
Vimicro International Corp. sponsored ADR (a)(c) | 3,988 | 29,990 | |
Vitesse Semiconductor Corp. (a) | 10,824 | 35,936 | |
Xcerra Corp. (a) | 11,454 | 91,747 | |
Xilinx, Inc. | 46,101 | 2,094,829 | |
| 104,390,954 | ||
Software - 9.7% | |||
ACI Worldwide, Inc. (a)(c) | 19,948 | 387,989 | |
Activision Blizzard, Inc. | 123,046 | 2,663,946 | |
Actuate Corp. (a) | 9,005 | 32,418 | |
Adobe Systems, Inc. (a) | 85,224 | 6,279,304 | |
Advent Software, Inc. | 9,266 | 292,157 | |
Allot Communications Ltd. (a)(c) | 6,941 | 65,592 | |
American Software, Inc. Class A | 7,028 | 63,744 | |
ANSYS, Inc. (a) | 15,695 | 1,310,846 | |
Aspen Technology, Inc. (a) | 15,441 | 582,743 | |
Attunity Ltd. (a) | 1,304 | 12,375 | |
Autodesk, Inc. (a) | 39,005 | 2,418,310 | |
Aware, Inc. | 5,225 | 23,042 | |
Blackbaud, Inc. | 8,049 | 341,600 | |
BluePhoenix Solutions Ltd. (a) | 284 | 988 | |
Bottomline Technologies, Inc. (a)(c) | 6,847 | 167,888 | |
BroadSoft, Inc. (a) | 5,137 | 138,545 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
CA Technologies, Inc. | 76,174 | $ 2,372,820 | |
Cadence Design Systems, Inc. (a)(c) | 50,022 | 943,915 | |
Callidus Software, Inc. (a) | 9,124 | 145,710 | |
CDK Global, Inc. | 26,995 | 1,027,700 | |
Changyou.com Ltd. (A Shares) ADR (a) | 2,014 | 46,725 | |
Check Point Software Technologies Ltd. (a)(c) | 32,395 | 2,504,457 | |
China Mobile Games & Entertainment Group Ltd. ADR (a)(c) | 2,307 | 59,013 | |
Cimatron Ltd. (a) | 2,212 | 19,178 | |
Citrix Systems, Inc. (a)(c) | 28,124 | 1,864,902 | |
ClickSoftware Technologies Ltd. (a) | 5,421 | 41,145 | |
CommVault Systems, Inc. (a) | 7,746 | 366,386 | |
Compuware Corp. | 37,492 | 386,917 | |
Comverse, Inc. (a) | 4,907 | 98,385 | |
Concur Technologies, Inc. (a)(c) | 9,757 | 1,256,799 | |
CounterPath Corp. (a) | 9,524 | 7,714 | |
Covisint Corp. (a)(c) | 9,689 | 22,285 | |
CyberArk Software Ltd. (a)(c) | 5,000 | 206,600 | |
Datawatch Corp. (a)(c) | 1,145 | 10,431 | |
Descartes Systems Group, Inc. (a) | 12,408 | 186,635 | |
Digimarc Corp. (c) | 1,317 | 31,832 | |
Ebix, Inc. (c) | 6,153 | 99,740 | |
Electronic Arts, Inc. (a) | 53,435 | 2,347,400 | |
EnerNOC, Inc. (a)(c) | 4,551 | 66,399 | |
Envivio, Inc. (a)(c) | 4,709 | 7,534 | |
EPIQ Systems, Inc. | 5,614 | 86,119 | |
ePlus, Inc. (a) | 1,288 | 88,666 | |
Evolving Systems, Inc. | 1,208 | 11,790 | |
FalconStor Software, Inc. (a) | 4,107 | 4,271 | |
FireEye, Inc. (a)(c) | 24,991 | 756,977 | |
Fortinet, Inc. (a) | 28,553 | 786,921 | |
Glu Mobile, Inc. (a)(c) | 16,421 | 60,019 | |
Guidance Software, Inc. (a)(c) | 5,863 | 34,181 | |
Idreamsky Technology Ltd. ADR | 1,917 | 40,717 | |
Informatica Corp. (a) | 19,217 | 699,114 | |
Interactive Intelligence Group, Inc. (a)(c) | 3,754 | 169,793 | |
Intuit, Inc. | 48,346 | 4,538,239 | |
Jive Software, Inc. (a) | 10,905 | 64,340 | |
Kofax Ltd. (a)(c) | 15,314 | 102,604 | |
KongZhong Corp. sponsored ADR | 5,761 | 37,677 | |
Liquid Holdings Group, Inc. (a) | 5,292 | 6,139 | |
Magic Software Enterprises Ltd. | 6,571 | 47,048 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Majesco Entertainment Co. (a) | 484 | $ 310 | |
Mandalay Digital Group, Inc. (a)(c) | 8,273 | 25,315 | |
Manhattan Associates, Inc. (a) | 12,832 | 507,634 | |
Materialise NV ADR (a) | 1,990 | 20,258 | |
Mentor Graphics Corp. | 19,715 | 437,870 | |
Microsoft Corp. | 1,409,164 | 67,372,131 | |
MicroStrategy, Inc. Class A (a) | 1,600 | 274,784 | |
Mitek Systems, Inc. (a)(c) | 2,622 | 9,072 | |
MobileIron, Inc. (c) | 11,774 | 109,145 | |
Monotype Imaging Holdings, Inc. | 6,672 | 184,414 | |
Net 1 UEPS Technologies, Inc. (a) | 9,695 | 118,861 | |
NetScout Systems, Inc. (a)(c) | 7,264 | 277,122 | |
NetSol Technologies, Inc. (a)(c) | 525 | 2,221 | |
NICE Systems Ltd. sponsored ADR | 6,729 | 317,811 | |
Nuance Communications, Inc. (a)(c) | 53,703 | 812,526 | |
Open Text Corp. | 21,066 | 1,246,827 | |
Parametric Technology Corp. (a) | 19,980 | 780,619 | |
Park City Group, Inc. (a)(c) | 3,147 | 28,827 | |
Pegasystems, Inc. | 13,943 | 291,688 | |
Perfect World Co. Ltd. sponsored ADR Class B (c) | 7,083 | 129,265 | |
Progress Software Corp. (a) | 9,452 | 243,767 | |
Proofpoint, Inc. (a)(c) | 7,086 | 307,674 | |
QAD, Inc. Class A | 2,149 | 42,163 | |
Qlik Technologies, Inc. (a) | 15,268 | 470,712 | |
Qualys, Inc. (a)(c) | 5,601 | 198,779 | |
RealPage, Inc. (a) | 13,730 | 282,289 | |
Rovi Corp. (a) | 16,485 | 367,286 | |
Sapiens International Corp. NV (a)(c) | 8,028 | 59,568 | |
SeaChange International, Inc. (a) | 5,960 | 39,992 | |
Shanda Games Ltd. sponsored ADR (a) | 13,838 | 90,639 | |
Sky-mobi Ltd. ADR (a) | 1,678 | 8,692 | |
Smith Micro Software, Inc. (a) | 2,943 | 2,972 | |
Sonic Foundry, Inc. (a) | 478 | 3,967 | |
Sphere 3D Corp. (a) | 5,365 | 41,991 | |
Splunk, Inc. (a) | 20,530 | 1,377,563 | |
SS&C Technologies Holdings, Inc. | 14,024 | 708,913 | |
Sungy Mobile Ltd. ADR (c) | 1,283 | 7,454 | |
Symantec Corp. | 117,783 | 3,072,958 | |
Synchronoss Technologies, Inc. (a)(c) | 7,033 | 301,223 | |
Synopsys, Inc. (a) | 26,272 | 1,139,942 | |
Take-Two Interactive Software, Inc. (a)(c) | 13,800 | 381,708 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Tangoe, Inc. (a)(c) | 6,435 | $ 83,687 | |
TeleCommunication Systems, Inc. Class A (a) | 10,752 | 33,009 | |
TeleNav, Inc. (a) | 6,999 | 48,503 | |
The9 Ltd. sponsored ADR (a) | 1,168 | 2,429 | |
TIBCO Software, Inc. (a) | 28,196 | 677,550 | |
TigerLogic Corp. (a) | 4,013 | 3,251 | |
TiVo, Inc. (a) | 21,705 | 264,367 | |
Top Image Systems Ltd. (a) | 2,532 | 8,533 | |
Tubemogul, Inc. (a)(c) | 4,472 | 71,373 | |
Ultimate Software Group, Inc. (a)(c) | 5,016 | 738,556 | |
Varonis Systems, Inc. (c) | 3,817 | 90,845 | |
Vasco Data Security International, Inc. (a) | 6,963 | 207,497 | |
Verint Systems, Inc. (a) | 10,360 | 623,568 | |
Voltari Corp. (a) | 320 | 387 | |
Vringo, Inc. (a) | 14,917 | 14,496 | |
Wave Systems Corp. Class A (a) | 8,768 | 9,031 | |
Yodlee, inc. | 5,354 | 63,338 | |
Zynga, Inc. (a) | 135,268 | 351,697 | |
| 121,825,793 | ||
Technology Hardware, Storage & Peripherals - 11.1% | |||
Apple, Inc. | 1,023,931 | 121,776,084 | |
Astro-Med, Inc. | 800 | 11,560 | |
BlackBerry Ltd. (a)(c) | 88,401 | 918,487 | |
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a) | 1,783 | 2,264 | |
Concurrent Computer Corp. | 867 | 6,260 | |
Cray, Inc. (a)(c) | 7,154 | 240,231 | |
Dot Hill Systems Corp. (a) | 8,837 | 41,180 | |
Electronics for Imaging, Inc. (a)(c) | 9,137 | 406,140 | |
Hutchinson Technology, Inc. (a) | 4,355 | 15,417 | |
Immersion Corp. (a) | 4,526 | 39,240 | |
Intevac, Inc. (a) | 3,335 | 23,679 | |
Logitech International SA (c) | 28,966 | 431,014 | |
NetApp, Inc. (c) | 54,489 | 2,318,507 | |
On Track Innovations Ltd. (a)(c) | 5,512 | 9,701 | |
Overland Storage, Inc. (c) | 4,478 | 16,793 | |
QLogic Corp. (a) | 15,747 | 181,720 | |
Qumu Corp. (a) | 1,799 | 22,757 | |
SanDisk Corp. (c) | 38,350 | 3,967,691 | |
Seagate Technology LLC (c) | 55,885 | 3,694,557 | |
Silicon Graphics International Corp. (a)(c) | 8,041 | 77,274 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Technology Hardware, Storage & Peripherals - continued | |||
Smart Technologies, Inc. Class A (a)(c) | 3,897 | $ 5,612 | |
Stratasys Ltd. (a)(c) | 8,571 | 873,985 | |
Super Micro Computer, Inc. (a) | 7,645 | 254,426 | |
Transact Technologies, Inc. | 1,837 | 9,938 | |
U.S.A. Technologies, Inc. (a)(c) | 9,132 | 14,429 | |
Western Digital Corp. | 39,918 | 4,122,332 | |
| 139,481,278 | ||
TOTAL INFORMATION TECHNOLOGY | 601,720,960 | ||
MATERIALS - 0.8% | |||
Chemicals - 0.4% | |||
A. Schulman, Inc. | 5,359 | 205,035 | |
Advanced Emissions Solutions, Inc. (a) | 3,149 | 62,980 | |
Balchem Corp. (c) | 5,420 | 352,300 | |
Burcon NutraScience Corp. (a) | 2,165 | 4,885 | |
Codexis, Inc. (a) | 11,313 | 25,454 | |
ForceField Energy, Inc. (a)(c) | 2,236 | 14,266 | |
Fuwei Films Holdings Co. Ltd. (a) | 926 | 880 | |
Gulf Resources, Inc. (a) | 3,255 | 3,906 | |
Hawkins, Inc. | 2,297 | 90,594 | |
Innophos Holdings, Inc. | 3,568 | 192,957 | |
Innospec, Inc. | 3,951 | 169,340 | |
Landec Corp. (a) | 4,963 | 65,214 | |
Marrone Bio Innovations, Inc. (a)(c) | 3,015 | 7,266 | |
Metabolix, Inc. (a)(c) | 2,402 | 1,321 | |
Methanex Corp. | 16,489 | 852,641 | |
Northern Technologies International Corp. (a) | 492 | 11,705 | |
Penford Corp. (a) | 2,357 | 44,642 | |
Rentech, Inc. (a) | 54,673 | 70,528 | |
Senomyx, Inc. (a)(c) | 5,739 | 33,401 | |
Sigma Aldrich Corp. | 20,186 | 2,757,408 | |
| 4,966,723 | ||
Construction Materials - 0.0% | |||
Caesarstone Sdot-Yam Ltd. | 6,122 | 379,564 | |
China Advanced Construction Materials Group, Inc. (a) | 135 | 757 | |
U.S. Concrete, Inc. (a)(c) | 2,986 | 84,265 | |
United States Lime & Minerals, Inc. | 1,018 | 69,428 | |
| 534,014 | ||
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Containers & Packaging - 0.1% | |||
AEP Industries, Inc. (a) | 833 | $ 37,260 | |
Silgan Holdings, Inc. | 10,483 | 528,972 | |
UFP Technologies, Inc. (a) | 1,423 | 31,078 | |
| 597,310 | ||
Metals & Mining - 0.3% | |||
Century Aluminum Co. (a) | 15,163 | 419,257 | |
China Gerui Adv Mat Group Ltd. (a) | 582 | 1,286 | |
China Natural Resources, Inc. (a) | 3,570 | 11,424 | |
Globe Specialty Metals, Inc. | 13,566 | 235,099 | |
Handy & Harman Ltd. (a) | 2,127 | 79,316 | |
Haynes International, Inc. | 2,125 | 95,391 | |
Horsehead Holding Corp. (a)(c) | 8,375 | 130,818 | |
Kaiser Aluminum Corp. | 3,432 | 249,781 | |
Olympic Steel, Inc. | 2,602 | 42,309 | |
Pan American Silver Corp. (c) | 24,529 | 229,591 | |
Randgold Resources Ltd. sponsored ADR (c) | 8,012 | 518,216 | |
Royal Gold, Inc. (c) | 11,165 | 710,987 | |
Schnitzer Steel Industries, Inc. Class A | 5,065 | 115,482 | |
Silver Standard Resources, Inc. (a) | 11,779 | 61,133 | |
Steel Dynamics, Inc. | 41,479 | 934,937 | |
Sutor Technology Group Ltd. (a) | 5,943 | 4,041 | |
Synalloy Corp. | 766 | 13,137 | |
Universal Stainless & Alloy Products, Inc. (a) | 1,309 | 31,913 | |
| 3,884,118 | ||
Paper & Forest Products - 0.0% | |||
Mercer International, Inc. (SBI) (a)(c) | 11,247 | 149,473 | |
Pope Resources, Inc. LP | 578 | 37,749 | |
| 187,222 | ||
TOTAL MATERIALS | 10,169,387 | ||
TELECOMMUNICATION SERVICES - 0.9% | |||
Diversified Telecommunication Services - 0.3% | |||
8x8, Inc. (a) | 15,138 | 117,774 | |
Alaska Communication Systems Group, Inc. (a) | 3,895 | 4,986 | |
Atlantic Tele-Network, Inc. | 2,582 | 175,524 | |
B Communications Ltd. (c) | 6,305 | 120,552 | |
Cogent Communications Group, Inc. (c) | 8,062 | 285,556 | |
Consolidated Communications Holdings, Inc. (c) | 8,886 | 243,565 | |
FairPoint Communications, Inc. (a) | 4,969 | 74,783 | |
Common Stocks - continued | |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
Frontier Communications Corp. | 172,956 | $ 1,219,340 | |
General Communications, Inc. Class A (a) | 7,547 | 91,696 | |
Hawaiian Telcom Holdco, Inc. (a)(c) | 2,197 | 57,122 | |
inContact, Inc. (a)(c) | 9,328 | 77,049 | |
Inteliquent, Inc. | 5,914 | 108,936 | |
Internet Gold Golden Lines Ltd. (a) | 2,697 | 22,925 | |
Iridium Communications, Inc. (a)(c) | 17,323 | 165,435 | |
Lumos Networks Corp. | 4,321 | 71,469 | |
magicJack VocalTec Ltd. (a)(c) | 2,203 | 17,910 | |
ORBCOMM, Inc. (a) | 11,659 | 75,550 | |
Towerstream Corp. (a)(c) | 16,138 | 25,821 | |
Windstream Holdings, Inc. (c) | 103,778 | 1,049,196 | |
| 4,005,189 | ||
Wireless Telecommunication Services - 0.6% | |||
America Movil S.A.B. de CV Series A sponsored ADR | 1,398 | 33,007 | |
Boingo Wireless, Inc. (a)(c) | 5,424 | 43,175 | |
Leap Wireless International, Inc. rights | 9,737 | 24,537 | |
NTELOS Holdings Corp. | 2,909 | 24,436 | |
Partner Communications Co. Ltd. ADR (a) | 1,446 | 8,821 | |
SBA Communications Corp. Class A (a) | 21,901 | 2,664,695 | |
Shenandoah Telecommunications Co. | 4,151 | 122,994 | |
Spok Holdings, Inc. | 4,104 | 65,089 | |
VimpelCom Ltd. sponsored ADR | 285,950 | 1,501,238 | |
Vodafone Group PLC sponsored ADR (c) | 85,505 | 3,125,208 | |
| 7,613,200 | ||
TOTAL TELECOMMUNICATION SERVICES | 11,618,389 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.0% | |||
MGE Energy, Inc. | 5,603 | 246,588 | |
Otter Tail Corp. | 6,571 | 189,113 | |
| 435,701 | ||
Gas Utilities - 0.0% | |||
Delta Natural Gas Co., Inc. | 1,210 | 25,955 | |
RGC Resources, Inc. | 598 | 12,881 | |
| 38,836 | ||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Abengoa Yield PLC (c) | 13,434 | 378,839 | |
Common Stocks - continued | |||
Shares | Value | ||
UTILITIES - continued | |||
Independent Power and Renewable Electricity Producers - continued | |||
Pattern Energy Group, Inc. | 8,351 | $ 221,552 | |
Terraform Power, Inc. (a) | 5,739 | 190,248 | |
| 790,639 | ||
Water Utilities - 0.0% | |||
Artesian Resources Corp. Class A | 575 | 12,351 | |
Cadiz, Inc. (a)(c) | 2,286 | 25,923 | |
Connecticut Water Service, Inc. | 2,590 | 90,262 | |
Consolidated Water Co., Inc. (c) | 2,427 | 29,755 | |
Middlesex Water Co. | 3,525 | 77,691 | |
Pure Cycle Corp. (a)(c) | 3,377 | 17,898 | |
York Water Co. | 1,805 | 36,461 | |
| 290,341 | ||
TOTAL UTILITIES | 1,555,517 | ||
TOTAL COMMON STOCKS (Cost $823,311,337) |
|
U.S. Treasury Obligations - 0.1% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.05% 3/5/15 (d) | $ 1,000,000 |
|
Money Market Funds - 20.4% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 30,137,410 | 30,137,410 | |
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(e) | 226,199,456 | 226,199,456 | |
TOTAL MONEY MARKET FUNDS (Cost $256,336,866) |
| ||
TOTAL INVESTMENT PORTFOLIO - 119.2% (Cost $1,080,648,065) | 1,498,991,595 | ||
NET OTHER ASSETS (LIABILITIES) - (19.2)% | (241,288,647) | ||
NET ASSETS - 100% | $ 1,257,702,948 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
175 CME E-mini NASDAQ 100 Index Contracts (United States) | Dec. 2014 | $ 15,183,875 | $ 706,237 |
|
The face value of futures purchased as a percentage of net assets is 1.2% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Security or a portion of the security is on loan at period end. |
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $535,979. |
(e) Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 12,527 |
Fidelity Securities Lending Cash Central Fund | 928,578 |
Total | $ 941,105 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 217,950,760 | $ 217,923,232 | $ - | $ 27,528 |
Consumer Staples | 48,316,900 | 48,316,900 | - | - |
Energy | 11,429,035 | 11,429,035 | - | - |
Financials | 79,766,829 | 79,762,282 | - | 4,547 |
Health Care | 202,856,304 | 202,843,369 | - | 12,935 |
Industrials | 56,270,687 | 56,270,687 | - | - |
Information Technology | 601,720,960 | 601,720,960 | - | - |
Materials | 10,169,387 | 10,169,387 | - | - |
Telecommunication Services | 11,618,389 | 11,593,852 | - | 24,537 |
Utilities | 1,555,517 | 1,555,517 | - | - |
U.S. Government and Government Agency Obligations | 999,961 | - | 999,961 | - |
Money Market Funds | 256,336,866 | 256,336,866 | - | - |
Total Investments in Securities: | $ 1,498,991,595 | $ 1,497,922,087 | $ 999,961 | $ 69,547 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 706,237 | $ 706,237 | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 706,237 | $ - |
Total Value of Derivatives | $ 706,237 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2014 | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $220,028,167) - See accompanying schedule: Unaffiliated issuers (cost $824,311,199) | $ 1,242,654,729 |
|
Fidelity Central Funds (cost $256,336,866) | 256,336,866 |
|
Total Investments (cost $1,080,648,065) |
| $ 1,498,991,595 |
Cash |
| 58,700 |
Foreign currency held at value (cost $6,289) | 6,284 | |
Receivable for investments sold | 258,515 | |
Receivable for fund shares sold | 5,945,229 | |
Dividends receivable | 1,813,473 | |
Distributions receivable from Fidelity Central Funds | 123,497 | |
Receivable for daily variation margin for derivative instruments | 56,648 | |
Prepaid expenses | 2,465 | |
Receivable from investment adviser for expense reductions | 262,014 | |
Other receivables | 152,175 | |
Total assets | 1,507,670,595 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 22,503,952 | |
Payable for fund shares redeemed | 501,063 | |
Accrued management fee | 237,324 | |
Distribution and service plan fees payable | 161,293 | |
Other affiliated payables | 150,187 | |
Other payables and accrued expenses | 214,372 | |
Collateral on securities loaned, at value | 226,199,456 | |
Total liabilities | 249,967,647 | |
|
|
|
Net Assets | $ 1,257,702,948 | |
Net Assets consist of: |
| |
Paid in capital | $ 824,734,721 | |
Undistributed net investment income | 10,467,470 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 3,451,068 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 419,049,689 | |
Net Assets, for 19,702,108 shares outstanding | $ 1,257,702,948 | |
Net Asset Value, offering price and redemption price per share ($1,257,702,948 ÷ 19,702,108 shares) | $ 63.84 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
| Year ended November 30, 2014 | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 10,988,207 |
Special dividends |
| 2,097,970 |
Interest |
| 463 |
Income from Fidelity Central Funds (including $928,578 from security lending) |
| 941,105 |
Total income |
| 14,027,745 |
|
|
|
Expenses | ||
Management fee | $ 2,106,605 | |
Transfer agent fees | 1,218,345 | |
Distribution and service plan fees | 526,458 | |
Licensing fees | 526,458 | |
Accounting and security lending fees | 285,804 | |
Custodian fees and expenses | 30,408 | |
Independent trustees' compensation | 3,412 | |
Registration fees | 90,241 | |
Audit | 55,687 | |
Legal | 2,071 | |
Miscellaneous | 5,260 | |
Total expenses before reductions | 4,850,749 | |
Expense reductions | (2,310,702) | 2,540,047 |
Net investment income (loss) | 11,487,698 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 3,374,243 | |
Foreign currency transactions | (2,108) | |
Futures contracts | 1,965,775 | |
Total net realized gain (loss) |
| 5,337,910 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 149,650,056 | |
Assets and liabilities in foreign currencies | (77) | |
Futures contracts | 309,351 | |
Total change in net unrealized appreciation (depreciation) |
| 149,959,330 |
Net gain (loss) | 155,297,240 | |
Net increase (decrease) in net assets resulting from operations | $ 166,784,938 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,487,698 | $ 6,759,950 |
Net realized gain (loss) | 5,337,910 | 10,216,744 |
Change in net unrealized appreciation (depreciation) | 149,959,330 | 156,235,901 |
Net increase (decrease) in net assets resulting | 166,784,938 | 173,212,595 |
Distributions to shareholders from net investment income | (5,072,373) | (5,666,240) |
Distributions to shareholders from net realized gain | (6,602,574) | - |
Total distributions | (11,674,947) | (5,666,240) |
Share transactions | 612,517,757 | 197,506,753 |
Reinvestment of distributions | 11,227,000 | 5,480,595 |
Cost of shares redeemed | (210,286,372) | (163,016,889) |
Net increase (decrease) in net assets resulting from share transactions | 413,458,385 | 39,970,459 |
Redemption fees | 218,973 | 79,074 |
Total increase (decrease) in net assets | 568,787,349 | 207,595,888 |
|
|
|
Net Assets | ||
Beginning of period | 688,915,599 | 481,319,711 |
End of period (including undistributed net investment income of $10,467,470 and undistributed net investment income of $4,574,468, respectively) | $ 1,257,702,948 | $ 688,915,599 |
Other Information Shares | ||
Sold | 10,551,644 | 4,256,272 |
Issued in reinvestment of distributions | 212,454 | 138,877 |
Redeemed | (3,712,980) | (3,655,270) |
Net increase (decrease) | 7,051,118 | 739,879 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended November 30, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 54.46 | $ 40.41 | $ 35.04 | $ 33.35 | $ 28.54 |
Income from Investment Operations |
|
|
|
| |
Net investment income (loss) B | .75E | .57 | .44 | .28 | .22 |
Net realized and unrealized gain (loss) | 9.54 | 13.95 | 5.19 | 1.63 | 4.73 |
Total from investment operations | 10.29 | 14.52 | 5.63 | 1.91 | 4.95 |
Distributions from net investment income | (.40) | (.48) | (.27) | (.23) | (.15) |
Distributions from net realized gain | (.52) | - | - | - | - |
Total distributions | (.92) | (.48) | (.27) | (.23) | (.15) |
Redemption fees added to paid in capital B | .01 | .01 | .01 | .01 | .01 |
Net asset value, end of period | $ 63.84 | $ 54.46 | $ 40.41 | $ 35.04 | $ 33.35 |
Total ReturnA | 19.25% | 36.39% | 16.24% | 5.74% | 17.45% |
Ratios to Average Net AssetsC, F |
|
|
|
|
|
Expenses before reductions | .55% | .56% | .58% | .58% | .58% |
Expenses net of fee waivers, if any | .29% | .33% | .35% | .35% | .35% |
Expenses net of all reductions | .29% | .33% | .35% | .35% | .35% |
Net investment income (loss) | 1.31% E | 1.23% | 1.13% | .80% | .73% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,257,703 | $ 688,916 | $ 481,320 | $ 311,128 | $ 280,150 |
Portfolio turnover rateD | 5% | 14% | 10% | 12% | 8% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
E Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended November 30, 2014
1. Organization.
Fidelity Nasdaq Composite Index Fund (the Fund) is a fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or
Annual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of November 30, 2014 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are
Annual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 455,467,342 |
Gross unrealized depreciation | (38,349,504) |
Net unrealized appreciation (depreciation) on securities | $ 417,117,838 |
|
|
Tax Cost | $ 1,081,873,757 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $ 12,031,761 |
Undistributed long-term capital gain | $ 3,829,249 |
Net unrealized appreciation (depreciation) on securities and other investments | $ 417,117,760 |
The tax character of distributions paid was as follows:
| November 30, 2014 | November 30, 2013 |
Ordinary Income | $ 5,072,373 | $ 5,666,240 |
Long-term Capital Gains | 6,602,574 | - |
Total | $ 11,674,947 | $ 5,666,240 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to .75% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after
Annual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncement - continued
December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risks:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Annual Report
Notes to Financial Statements - continued
4. Derivative Instruments - continued
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $1,965,775 and a change in net unrealized appreciation (depreciation) of $309,351 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $454,485,136 and $44,422,593, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a Distribution and Service Plan. The Fund pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a distribution fee based on
Annual Report
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
.06% of the Fund's average net assets. FDC pays these fees to NASDAQ OMX Group for marketing services provided to the Fund. The Fund does not pay a service fee.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .14% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Licensing Fees. Under the terms of a license agreement, the investment adviser pays NASDAQ OMX Group an annual licensing fee for the use of the NASDAQ Composite Index. The investment adviser has entered into a sub-license agreement with the Fund whereby the Fund pays the investment adviser the amount of the license fee at the rate of up to .06% of the Fund's average net assets.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,269 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the
Annual Report
Notes to Financial Statements - continued
8. Security Lending - continued
Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
9. Expense Reductions.
The investment adviser contractually agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .29% of average net assets. This waiver will remain in place through January 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $2,308,756.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,889.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $57.
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity Nasdaq Composite Index Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Nasdaq Composite Index Fund (the Fund), a fund of Fidelity Commonwealth Trust, including the schedule of investments, as of November 30, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits 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 and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Nasdaq Composite Index Fund as of November 30, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 20, 2015
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 174 funds. Mr. Curvey oversees 407 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Annual Report
Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."
Annual Report
Trustees and Officers - continued
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
James C. Curvey (1935) | |
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees | |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014). |
Charles S. Morrison (1960) | |
Year of Election or Appointment: 2014 Trustee | |
| Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Annual Report
Trustees and Officers - continued
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
Dennis J. Dirks (1948) | |
Year of Election or Appointment: 2005 Trustee | |
| Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present). |
Alan J. Lacy (1953) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014). |
Ned C. Lautenbach (1944) | |
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees | |
| Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). |
Joseph Mauriello (1944) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012). |
Robert W. Selander (1950) | |
Year of Election or Appointment: 2011 Trustee | |
| Mr. Selander also serves as Trustee of other Fidelity funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc. |
Cornelia M. Small (1944) | |
Year of Election or Appointment: 2005 Trustee | |
| Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments. |
William S. Stavropoulos (1939) | |
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees | |
| Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012). |
David M. Thomas (1949) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Advisory Board Member and Officers:
Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation | |
Peter S. Lynch (1944) | |
Year of Election or Appointment: 2003 Member of the Advisory Board | |
| Mr. Lynch also serves as Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006). |
Elizabeth Paige Baumann (1968) | |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer | |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
William C. Coffey (1969) | |
Year of Election or Appointment: 2009 Assistant Secretary | |
| Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009). |
Jonathan Davis (1968) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) | |
Year of Election or Appointment: 2008 Deputy Treasurer | |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Howard J. Galligan III (1966) | |
Year of Election or Appointment: 2014 Chief Financial Officer | |
| Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011). |
Scott C. Goebel (1968) | |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) | |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Brian B. Hogan (1964) | |
Year of Election or Appointment: 2009 Vice President | |
| Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager. |
Chris Maher (1972) | |
Year of Election or Appointment: 2013 Assistant Treasurer | |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Melissa M. Reilly (1971) | |
Year of Election or Appointment: 2014 Vice President of certain Equity Funds | |
| Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present). |
Kenneth B. Robins (1969) | |
Year of Election or Appointment: 2008 President and Treasurer | |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) | |
Year of Election or Appointment: 2012 Deputy Treasurer | |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Linda J. Wondrack (1964) | |
Year of Election or Appointment: 2014 Chief Compliance Officer | |
| Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010). |
Joseph F. Zambello (1957) | |
Year of Election or Appointment: 2011 Deputy Treasurer | |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
Distributions (Unaudited)
The Board of Trustees of Fidelity NASDAQ Composite Index Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains |
12/15/14 | 12/12/14 | $0.496 | $0.253 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2014, $4,346,329, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its July 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Annual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group comparison is not shown below.
Fidelity Nasdaq Composite Index Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Annual Report
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.
Fidelity Nasdaq Composite Index Fund
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and equal to the median of its ASPG for 2013.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked above its competitive median for 2013. The Board considered that, in general, various factors can affect total expense ratios.
The Board further considered that FMR contractually agreed to waive the fund's expenses to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed 0.29% through January 31, 2015.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable, although above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
Annual Report
On an annual basis, Fidelity presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
EIF-UANN-0115 1.795563.111
Fidelity®
Nasdaq Composite Index® Tracking Stock
Annual Report
November 30, 2014
(Fidelity Cover Art)
Contents
Performance | How the fund has done over time. | |
Management's Discussion of Fund Performance | The Portfolio Manager's review of fund performance and strategy. | |
Premium/Discount Analysis | Information regarding the fund's NAV and market price. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
| |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq Composite®, and The Nasdaq Stock Market®, Inc. are registered trademarks of The NASDAQ OMX Group, Inc. (which with its Affiliates are the Corporations) and are licensed for use by Fidelity. The product has not been passed on by the Corporations as to its legality or suitability. The product is not issued, endorsed or sold by the Corporations. The Corporations make no warranties and bear no liability with respect to shares of the product.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Performance: The Bottom Line
The fund's net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing mutual fund shares as of the close of regular trading hours on The Nasdaq Stock Market, normally 4:00 p.m. Eastern time (or NYSE if NASDAQ is closed). The fund's market price performance is based on the daily closing price of the shares of the fund on The Nasdaq Stock Market.
Cumulative total returns reflect performance over the period shown generally by adding one year's return - positive or negative - to the next year's return. NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any), at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Cumulative Total Returns
Periods ended November 30, 2014 | Past 1 | Past 5 | Past 10 |
Fidelity® Nasdaq Composite Index® Tracking Stock - | 19.23% | 134.30% | 147.16% |
Fidelity® Nasdaq Composite Index® Tracking Stock - | 19.37% | 135.53% | 147.27% |
Nasdaq Composite Index® | 19.43% | 136.57% | 151.83% |
Average Annual Total Returns
Periods ended November 30, 2014 | Past 1 | Past 5 | Past 10 |
Fidelity Nasdaq Composite Index Tracking Stock - | 19.23% | 18.56% | 9.47% |
Fidelity Nasdaq Composite Index Tracking Stock - | 19.37% | 18.69% | 9.48% |
Annual Report
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Nasdaq Composite Index Tracking Stock - NAV on November 30, 2004. The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.
Annual Report
Management's Discussion of Fund Performance
Market Recap: The U.S. stock market closed near an all-time high for the 12 months ending November 30, 2014, supported by low interest rates and strong corporate profits. The large-cap S&P 500® Index gained 16.86%, clawing back from a late-period sell-off fueled by fears of a new global economic slump. Growth stocks in the index outperformed value-oriented names. The tech-heavy Nasdaq Composite Index® advanced 19.43%, while the small-cap Russell 2000® Index returned a relatively lackluster 3.99% amid growth and valuation worries. Health care (+28%) was the top sector in the S&P 500®, spurred by the strong performance of the pharmaceuticals, biotechnology & life sciences industry. Information technology (+27%) and consumer staples (+18%) also contributed strongly to the index's advance. Conversely, energy (-5%) was the biggest laggard, reflecting a sharp drop in crude prices beginning in June, attributed to weaker demand and a U.S. supply boom driven by shale drilling. Volatility was tame for much of the period, although it spiked to a three-year high in October amid growth concerns, Ebola fears and unrest in Syria, Iraq and Ukraine. Yet stocks proved resilient and gained in mid-October, bolstered by the relative economic strength of the U.S., which marked a six-year low in its unemployment rate.
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team for Fidelity® Nasdaq Composite Index® Tracking Stock: For the year, the exchange-traded fund's (ETF) net asset value added 19.23%, roughly in line with the benchmark, while the ETF's market price rose 19.37% over the same time frame. Many of the fund's top contributors were information technology stocks, led by Apple, the largest weighting in the index. This maker of mobile devices and personal computers saw its shares return 53% for the 12-month period. Various other technology stocks also lifted results, such as semiconductor manufacturer Intel, social-media giant Facebook and software maker Microsoft. In health care, biotechnology firms Amgen and Gilead Sciences further added value. In contrast, consumer discretionary stocks lagged the benchmark, with an especially poor showing from online retailer Amazon.com, which struggled on weaker-than-expected earnings. VimpelCom, a Netherlands-based and Bermuda-listed telecommunication services company that is Russia's third-largest mobile communications provider, encountered a variety of business challenges. Internet search leader Google was also a meaningful detractor; the stock fell only modestly, but the performance impact was large because the stock was the third-largest weighting in the index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Premium/Discount Analysis (Unaudited)
Shares of Fidelity® Nasdaq Composite Index® Tracking Stock (the fund) are listed on The Nasdaq Stock Market® and can be bought and sold on the secondary market at market prices. Although the market price is expected to approximate the fund's NAV, it is possible that the market price and NAV will vary significantly. The closing market price is the daily closing price as reported on The Nasdaq Stock Market.
Premiums or discounts are the differences (expressed as a basis point differential with 1 basis point equaling 1/100 of 1%) between the fund's NAV and closing market price. A premium indicates that the closing market price is trading above the NAV. A discount indicates that the closing market price is trading below the NAV. A discrepancy may exist with respect to the timing of when the NAV is calculated and the determination of the closing market price.
The chart below presents information about the differences between the fund's daily closing market price and the fund's NAV.
Periods Ended November 30, 2014
From December 1, 2009 | Closing Price | Closing Price Above | ||
Basis Point Differential | Number of | % of Total | Number of | % of Total |
0 - <25 | 474 | 37.68% | 502 | 39.90% |
25 - <50 | 97 | 7.71% | 85 | 6.76% |
50 - <75 | 33 | 2.62% | 20 | 1.59% |
75 - <100 | 18 | 1.44% | 7 | 0.56% |
100 or above | 12 | 0.95% | 10 | 0.79% |
Total | 634 | 50.40% | 624 | 49.60% |
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2014 to November 30, 2014).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .21% | $ 1,000.00 | $ 1,135.80 | $ 1.12 |
Hypothetical A |
| $ 1,000.00 | $ 1,024.02 | $ 1.07 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Ten Stocks as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 9.8 | 8.8 |
Microsoft Corp. | 5.4 | 5.3 |
Intel Corp. | 2.6 | 2.1 |
Google, Inc. Class C | 2.5 | 2.5 |
Facebook, Inc. Class A | 2.4 | 2.0 |
Google, Inc. Class A | 2.2 | 2.5 |
Amazon.com, Inc. | 2.2 | 2.3 |
Gilead Sciences, Inc. | 2.1 | 2.0 |
Cisco Systems, Inc. | 2.0 | 2.0 |
Amgen, Inc. | 1.8 | 1.4 |
| 33.0 | |
Market Sectors as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Information Technology | 48.4 | 47.3 |
Consumer Discretionary | 17.5 | 18.7 |
Health Care | 16.3 | 14.9 |
Financials | 6.4 | 6.9 |
Industrials | 4.5 | 4.9 |
Consumer Staples | 3.9 | 3.9 |
Telecommunication Services | 1.0 | 1.1 |
Energy | 0.9 | 1.3 |
Materials | 0.8 | 0.8 |
Utilities | 0.1 | 0.1 |
Asset Allocation (% of fund's net assets) | ||
To match the Nasdaq Composite Index, Fidelity Nasdaq Composite Index Tracking Stock seeks I00% investment exposure to stocks at all times. |
Annual Report
Investments November 30, 2014
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 17.5% | |||
Auto Components - 0.3% | |||
China Automotive Systems, Inc. | 1,626 | $ 12,683 | |
China XD Plastics Co. Ltd. (a) | 2,500 | 14,200 | |
Dorman Products, Inc. (a)(d) | 2,481 | 117,426 | |
Federal-Mogul Corp. Class A (a) | 9,929 | 154,098 | |
Fox Factory Holding Corp. (a) | 2,289 | 31,382 | |
Fuel Systems Solutions, Inc. (a) | 1,308 | 12,910 | |
Gentex Corp. | 9,226 | 328,077 | |
Gentherm, Inc. (a) | 2,290 | 86,310 | |
Motorcar Parts of America, Inc. (a) | 815 | 27,506 | |
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(d) | 1,535 | 5,019 | |
Remy International, Inc. (d) | 2,576 | 47,398 | |
Shiloh Industries, Inc. (a) | 1,325 | 21,465 | |
SORL Auto Parts, Inc. (a) | 1,176 | 4,833 | |
Spartan Motors, Inc. | 2,687 | 13,462 | |
Strattec Security Corp. | 241 | 25,006 | |
Sypris Solutions, Inc. | 1,631 | 4,404 | |
The Goodyear Tire & Rubber Co. | 17,754 | 486,637 | |
| 1,392,816 | ||
Automobiles - 0.4% | |||
Kandi Technolgies, Inc. (a)(d) | 2,713 | 38,335 | |
Tesla Motors, Inc. (a)(d) | 8,091 | 1,978,411 | |
| 2,016,746 | ||
Distributors - 0.2% | |||
Core-Mark Holding Co., Inc. | 1,560 | 93,772 | |
LKQ Corp. (a) | 19,776 | 574,493 | |
Pool Corp. | 2,737 | 162,605 | |
VOXX International Corp. (a) | 1,555 | 13,078 | |
Weyco Group, Inc. | 1,000 | 27,510 | |
| 871,458 | ||
Diversified Consumer Services - 0.2% | |||
2U, Inc. (d) | 2,339 | 42,289 | |
American Public Education, Inc. (a) | 1,306 | 43,882 | |
Apollo Education Group, Inc. Class A (non-vtg.) (a) | 7,280 | 227,282 | |
Ascent Capital Group, Inc. (a) | 830 | 44,671 | |
Cambium Learning Group, Inc. (a) | 2,362 | 4,015 | |
Capella Education Co. | 902 | 61,498 | |
Career Education Corp. (a) | 5,533 | 32,423 | |
Collectors Universe, Inc. | 842 | 18,532 | |
Corinthian Colleges, Inc. (a)(d) | 5,556 | 600 | |
Grand Canyon Education, Inc. (a) | 2,925 | 133,585 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Diversified Consumer Services - continued | |||
Houghton Mifflin Harcourt Co. | 8,934 | $ 171,711 | |
Learning Tree International, Inc. (a) | 1,631 | 4,078 | |
Liberty Tax, Inc. (a) | 1,111 | 42,335 | |
Lincoln Educational Services Corp. | 1,760 | 5,685 | |
National American University Holdings, Inc. | 1,234 | 3,788 | |
Steiner Leisure Ltd. (a) | 1,050 | 46,484 | |
Strayer Education, Inc. (a) | 759 | 57,449 | |
| 940,307 | ||
Hotels, Restaurants & Leisure - 2.6% | |||
Ambassadors Group, Inc. (a) | 1,636 | 3,648 | |
BJ's Restaurants, Inc. (a)(d) | 2,000 | 98,320 | |
Bloomin' Brands, Inc. (a) | 7,906 | 180,020 | |
Bob Evans Farms, Inc. | 1,610 | 87,520 | |
Bravo Brio Restaurant Group, Inc. (a) | 830 | 10,898 | |
Buffalo Wild Wings, Inc. (a)(d) | 1,209 | 205,784 | |
Caesars Acquisition Co. (a)(d) | 8,331 | 87,309 | |
Caesars Entertainment Corp. (a)(d) | 8,907 | 151,063 | |
Carrols Restaurant Group, Inc. (a) | 4,122 | 30,956 | |
Century Casinos, Inc. (a) | 1,751 | 9,088 | |
China Lodging Group Ltd. ADR (a) | 1,500 | 37,485 | |
Churchill Downs, Inc. | 1,161 | 111,793 | |
Chuy's Holdings, Inc. (a)(d) | 1,034 | 22,138 | |
Cosi, Inc. (a) | 1,184 | 1,954 | |
Cosi, Inc. rights 12/9/14 (a) | 1,137 | 91 | |
Cracker Barrel Old Country Store, Inc. (d) | 1,481 | 189,583 | |
Dave & Buster's Entertainment, Inc. | 2,390 | 54,779 | |
Del Frisco's Restaurant Group, Inc. (a) | 1,337 | 29,708 | |
Denny's Corp. (a) | 4,628 | 44,845 | |
Diversified Restaurant Holdings, Inc. (a) | 3,013 | 15,637 | |
Dunkin' Brands Group, Inc. | 6,833 | 330,376 | |
El Pollo Loco Holdings, Inc. (a) | 2,260 | 61,969 | |
Eldorado Resorts, Inc. (a) | 2,056 | 8,512 | |
Empire Resorts, Inc. (a)(d) | 1,201 | 8,179 | |
Famous Dave's of America, Inc. (a) | 528 | 13,464 | |
Fiesta Restaurant Group, Inc. (a)(d) | 1,782 | 99,899 | |
Gaming Partners International Corp. (a) | 1,352 | 11,154 | |
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d) | 2,202 | 67,954 | |
Iao Kun Group Hldng Co. Ltd. | 3,750 | 7,388 | |
Icahn Enterprises LP | 7,827 | 844,768 | |
Ignite Restaurant Group, Inc. (a)(d) | 1,510 | 11,401 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Hotels, Restaurants & Leisure - continued | |||
International Speedway Corp. Class A | 1,789 | $ 55,960 | |
Interval Leisure Group, Inc. | 4,150 | 90,221 | |
Isle of Capri Casinos, Inc. (a) | 2,181 | 15,790 | |
Jack in the Box, Inc. | 2,682 | 199,809 | |
Jamba, Inc. (a) | 876 | 10,854 | |
Kona Grill, Inc. (a) | 680 | 17,231 | |
Lakes Entertainment, Inc. (a) | 1,062 | 7,041 | |
Marriott International, Inc. Class A | 18,802 | 1,481,410 | |
Melco Crown Entertainment Ltd. sponsored ADR | 12,067 | 312,294 | |
Monarch Casino & Resort, Inc. (a) | 1,350 | 22,356 | |
Morgans Hotel Group Co. (a) | 2,376 | 19,246 | |
Multimedia Games Holding Co., Inc. (a) | 1,851 | 67,173 | |
Nathan's Famous, Inc. (a) | 179 | 13,457 | |
Noodles & Co. (a) | 1,956 | 47,883 | |
Norwegian Cruise Line Holdings Ltd. (a) | 13,330 | 585,054 | |
Panera Bread Co. Class A (a) | 1,740 | 291,276 | |
Papa John's International, Inc. | 2,562 | 135,222 | |
Penn National Gaming, Inc. (a) | 5,381 | 76,410 | |
Popeyes Louisiana Kitchen, Inc. (a) | 1,726 | 95,344 | |
Potbelly Corp. (a) | 1,760 | 23,197 | |
Premier Exhibitions, Inc. (a)(d) | 2,551 | 1,760 | |
RCI Hospitality Holdings, Inc. (a) | 906 | 8,770 | |
Red Robin Gourmet Burgers, Inc. (a) | 930 | 62,636 | |
Ruth's Hospitality Group, Inc. | 2,883 | 37,883 | |
Scientific Games Corp. Class A (a)(d) | 5,780 | 87,509 | |
Sonic Corp. | 3,825 | 104,002 | |
Starbucks Corp. | 48,719 | 3,956,470 | |
Texas Roadhouse, Inc. Class A | 4,411 | 145,828 | |
The Cheesecake Factory, Inc. (d) | 2,964 | 143,547 | |
Town Sports International Holdings, Inc. | 1,926 | 13,020 | |
Wendy's Co. | 23,931 | 208,678 | |
Wynn Resorts Ltd. | 6,587 | 1,176,504 | |
| 12,351,518 | ||
Household Durables - 0.3% | |||
Bassett Furniture Industries, Inc. | 1,104 | 21,638 | |
Cavco Industries, Inc. (a) | 588 | 43,588 | |
Dixie Group, Inc. (a) | 851 | 6,519 | |
EveryWare Global, Inc. (a)(d) | 2,075 | 2,034 | |
Flexsteel Industries, Inc. | 534 | 16,938 | |
Garmin Ltd. (d) | 12,485 | 715,391 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Household Durables - continued | |||
GoPro, Inc. Class A (d) | 1,510 | $ 117,735 | |
Helen of Troy Ltd. (a) | 1,807 | 116,841 | |
Hooker Furniture Corp. | 204 | 3,140 | |
iRobot Corp. (a) | 1,778 | 64,755 | |
LGI Homes, Inc. (d) | 1,357 | 21,685 | |
Lifetime Brands, Inc. | 900 | 13,446 | |
Nova LifeStyle, Inc. (a) | 1,540 | 6,129 | |
Skullcandy, Inc. (a) | 1,404 | 13,310 | |
SodaStream International Ltd. (a) | 1,352 | 29,717 | |
Stanley Furniture Co., Inc. (a) | 1,981 | 5,547 | |
Turtle Beach Corp. (a)(d) | 2,500 | 9,550 | |
Universal Electronics, Inc. (a) | 1,111 | 67,227 | |
Zagg, Inc. (a) | 2,381 | 13,572 | |
| 1,288,762 | ||
Internet & Catalog Retail - 4.3% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 3,000 | 25,650 | |
Amazon.com, Inc. (a) | 29,960 | 10,145,654 | |
Blue Nile, Inc. (a)(d) | 682 | 23,624 | |
CafePress, Inc. (a) | 1,039 | 2,172 | |
Cnova NV (a) | 27,083 | 198,789 | |
Ctrip.com International Ltd. sponsored ADR (a) | 9,917 | 536,311 | |
dELiA*s, Inc. (a) | 2,051 | 243 | |
eLong, Inc. sponsored ADR (a) | 1,152 | 20,621 | |
EVINE Live, Inc. (a) | 2,676 | 16,431 | |
Expedia, Inc. | 7,386 | 643,394 | |
FTD Companies, Inc. (a)(d) | 1,079 | 37,398 | |
Gaiam, Inc. Class A (a) | 1,376 | 10,114 | |
Geeknet, Inc. (a) | 532 | 4,628 | |
Groupon, Inc. Class A (a)(d) | 43,507 | 327,608 | |
HSN, Inc. | 3,584 | 261,381 | |
JD.com, Inc. sponsored ADR (d) | 5,852 | 137,639 | |
Lands' End, Inc. (a) | 2,101 | 99,966 | |
Liberty Interactive Corp.: | |||
(Venture Group) Series A (a) | 8,443 | 309,352 | |
Series A (a) | 28,009 | 816,462 | |
Liberty TripAdvisor Holdings, Inc. (a) | 4,462 | 116,949 | |
MakeMyTrip Ltd. (a)(d) | 3,035 | 89,199 | |
Netflix, Inc. (a) | 3,901 | 1,352,048 | |
NutriSystem, Inc. | 2,275 | 43,157 | |
Overstock.com, Inc. (a) | 1,611 | 40,049 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
PetMed Express, Inc. (d) | 1,377 | $ 18,590 | |
priceline.com, Inc. (a) | 3,386 | 3,928,403 | |
Qunar Cayman Islands Ltd. sponsored ADR (d) | 2,659 | 69,347 | |
RetailMeNot, Inc. (a)(d) | 3,425 | 50,433 | |
Shutterfly, Inc. (a)(d) | 2,458 | 105,104 | |
TripAdvisor, Inc. (a) | 8,450 | 622,343 | |
U.S. Auto Parts Network, Inc. (a) | 2,026 | 5,106 | |
zulily, Inc. Class A (d) | 3,780 | 108,599 | |
| 20,166,764 | ||
Leisure Products - 0.3% | |||
Arctic Cat, Inc. | 1,003 | 33,149 | |
Black Diamond, Inc. (a)(d) | 1,350 | 12,272 | |
Escalade, Inc. | 1,381 | 18,367 | |
Hasbro, Inc. | 8,021 | 474,843 | |
JAKKS Pacific, Inc. (a)(d) | 1,489 | 10,959 | |
Johnson Outdoors, Inc. Class A | 1,052 | 31,897 | |
Malibu Boats, Inc. Class A (a) | 850 | 15,912 | |
Mattel, Inc. | 21,640 | 682,742 | |
Smith & Wesson Holding Corp. (a)(d) | 3,639 | 36,281 | |
Summer Infant, Inc. (a) | 1,560 | 4,352 | |
| 1,320,774 | ||
Media - 6.6% | |||
AirMedia Group, Inc. ADR (a) | 3,478 | 10,851 | |
AMC Networks, Inc. Class A (a)(d) | 4,004 | 259,699 | |
Bona Film Group Ltd. sponsored ADR (a) | 2,412 | 16,305 | |
Carmike Cinemas, Inc. (a) | 1,651 | 48,936 | |
Central European Media Enterprises Ltd. Class A (a)(d) | 10,034 | 28,396 | |
Charter Communications, Inc. Class A (a) | 7,092 | 1,203,512 | |
Cinedigm Corp. (a) | 5,909 | 10,518 | |
Comcast Corp.: | |||
Class A | 140,515 | 8,014,976 | |
Class A (special) (non-vtg.) (d) | 26,547 | 1,508,135 | |
Crown Media Holdings, Inc. Class A (a) | 21,775 | 73,600 | |
CTC Media, Inc. | 10,025 | 59,749 | |
Cumulus Media, Inc. Class A (a)(d) | 15,552 | 62,052 | |
Daily Journal Corp. (a) | 60 | 13,128 | |
Dex Media, Inc. (a)(d) | 881 | 7,541 | |
DIRECTV (a) | 32,531 | 2,853,294 | |
Discovery Communications, Inc.: | |||
Class A (a) | 9,539 | 332,911 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - continued | |||
Discovery Communications, Inc.: - continued | |||
Class B (a) | 334 | $ 12,859 | |
Class C (non-vtg.) (a)(d) | 9,469 | 322,041 | |
DISH Network Corp. Class A (a) | 14,276 | 1,133,657 | |
DreamWorks Animation SKG, Inc. Class A (a)(d) | 4,911 | 117,078 | |
Emmis Communications Corp. Class A (a) | 4,353 | 9,054 | |
Global Sources Ltd. (a)(d) | 2,427 | 15,703 | |
Hemisphere Media Group, Inc. (a)(d) | 1,059 | 13,354 | |
Lamar Advertising Co. Class A | 5,106 | 272,099 | |
Liberty Broadband Corp.: | |||
Class A (a) | 1,869 | 102,496 | |
Class C (a) | 3,740 | 203,456 | |
Liberty Global PLC: | |||
Class A (a) | 15,030 | 781,410 | |
Class B (a) | 601 | 29,623 | |
Class C | 35,062 | 1,750,295 | |
Liberty Media Corp.: | |||
Class A (a) | 7,482 | 275,113 | |
Class C (a) | 14,964 | 546,635 | |
Loral Space & Communications Ltd. (a) | 1,363 | 106,982 | |
Markit Ltd. | 11,960 | 304,143 | |
MDC Partners, Inc. Class A (sub. vtg.) | 3,152 | 69,565 | |
Morningstar, Inc. | 3,045 | 203,223 | |
National CineMedia, Inc. | 3,500 | 49,560 | |
News Corp.: | |||
Class A (a) | 19,478 | 302,299 | |
Class B (a) | 18,083 | 272,149 | |
Nexstar Broadcasting Group, Inc. Class A | 1,980 | 101,594 | |
Radio One, Inc. Class D (non-vtg.) (a)(d) | 3,717 | 6,282 | |
ReachLocal, Inc. (a)(d) | 1,712 | 5,564 | |
Reading International, Inc. Class A (a) | 3,164 | 37,620 | |
Rentrak Corp. (a)(d) | 806 | 67,785 | |
RRSat Global Communications Network Ltd. | 1,506 | 11,867 | |
Salem Communications Corp. Class A | 1,162 | 9,133 | |
Scholastic Corp. | 2,202 | 78,171 | |
SFX Entertainment, Inc. (a)(d) | 5,028 | 21,872 | |
Sinclair Broadcast Group, Inc. Class A | 4,684 | 136,585 | |
Sirius XM Holdings, Inc. (a) | 369,271 | 1,340,454 | |
Sizmek, Inc. (a) | 1,827 | 10,469 | |
Starz Series A (a) | 6,607 | 217,965 | |
The Madison Square Garden Co. Class A (a) | 4,009 | 292,817 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - continued | |||
Twenty-First Century Fox, Inc.: | |||
Class A | 87,911 | $ 3,235,125 | |
Class B | 54,179 | 1,915,769 | |
Value Line, Inc. | 750 | 11,483 | |
Viacom, Inc.: | |||
Class A | 3,336 | 252,302 | |
Class B (non-vtg.) | 24,258 | 1,834,633 | |
VisionChina Media, Inc. ADR (a) | 256 | 2,637 | |
WPP PLC ADR | 690 | 72,174 | |
| 31,058,698 | ||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 13,291 | 908,573 | |
Fred's, Inc. Class A | 2,588 | 40,114 | |
Gordmans Stores, Inc. (a)(d) | 1,361 | 4,287 | |
Sears Canada, Inc. (d) | 4,902 | 46,212 | |
Sears Holdings Corp. (a)(d) | 6,991 | 252,375 | |
The Bon-Ton Stores, Inc. | 851 | 7,165 | |
Tuesday Morning Corp. (a)(d) | 2,731 | 58,170 | |
| 1,316,896 | ||
Specialty Retail - 1.7% | |||
America's Car Mart, Inc. (a) | 400 | 20,540 | |
Ascena Retail Group, Inc. (a) | 10,300 | 137,917 | |
bebe stores, Inc. | 5,835 | 17,622 | |
Bed Bath & Beyond, Inc. (a) | 13,069 | 958,873 | |
Big 5 Sporting Goods Corp. | 1,731 | 22,711 | |
Books-A-Million, Inc. (a) | 1,281 | 2,408 | |
Cache, Inc. (a) | 1,151 | 311 | |
Citi Trends, Inc. (a) | 1,025 | 24,252 | |
Conn's, Inc. (a)(d) | 2,467 | 84,618 | |
Destination Maternity Corp. | 786 | 12,600 | |
Destination XL Group, Inc. (a) | 3,759 | 19,434 | |
Finish Line, Inc. Class A | 3,126 | 89,216 | |
Five Below, Inc. (a)(d) | 3,509 | 163,730 | |
Francesca's Holdings Corp. (a)(d) | 2,856 | 36,214 | |
Hibbett Sports, Inc. (a)(d) | 1,659 | 83,232 | |
Kirkland's, Inc. (a) | 1,551 | 33,688 | |
Mattress Firm Holding Corp. (a) | 2,080 | 147,742 | |
Michaels Companies, Inc. | 13,653 | 328,491 | |
Monro Muffler Brake, Inc. | 1,957 | 107,224 | |
O'Reilly Automotive, Inc. (a) | 6,661 | 1,217,231 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Office Depot, Inc. (a) | 33,152 | $ 219,798 | |
Outerwall, Inc. (a) | 1,334 | 93,754 | |
Pacific Sunwear of California, Inc. (a) | 4,650 | 7,812 | |
Perfumania Holdings, Inc. (a) | 375 | 2,303 | |
PetSmart, Inc. | 6,325 | 498,157 | |
Rent-A-Center, Inc. | 3,729 | 128,651 | |
Ross Stores, Inc. | 13,721 | 1,255,197 | |
Sears Hometown & Outlet Stores, Inc. (a) | 1,511 | 19,839 | |
Select Comfort Corp. (a) | 3,563 | 93,849 | |
Shoe Carnival, Inc. | 1,185 | 24,008 | |
Sportsman's Warehouse Holdings, Inc. | 4,281 | 30,181 | |
Staples, Inc. (d) | 41,156 | 578,653 | |
Stein Mart, Inc. | 2,950 | 41,890 | |
The Children's Place Retail Stores, Inc. (d) | 1,453 | 81,455 | |
Tile Shop Holdings, Inc. (a)(d) | 3,379 | 33,722 | |
Tractor Supply Co. | 8,858 | 681,446 | |
Trans World Entertainment Corp. | 4,155 | 13,421 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 4,183 | 529,108 | |
Urban Outfitters, Inc. (a) | 9,133 | 295,179 | |
West Marine, Inc. (a) | 1,526 | 16,679 | |
Wet Seal, Inc. Class A (a)(d) | 6,732 | 2,154 | |
Winmark Corp. | 401 | 32,389 | |
Zumiez, Inc. (a)(d) | 1,956 | 69,966 | |
| 8,257,665 | ||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Cherokee, Inc. | 675 | 12,116 | |
Columbia Sportswear Co. | 4,562 | 205,518 | |
Crocs, Inc. (a) | 6,080 | 80,742 | |
Exceed Co. Ltd. (a) | 1,908 | 3,053 | |
Fossil Group, Inc. (a) | 3,352 | 374,485 | |
G-III Apparel Group Ltd. (a) | 1,546 | 136,806 | |
Iconix Brand Group, Inc. (a)(d) | 3,133 | 126,605 | |
Joe's Jeans, Inc. (a) | 4,237 | 2,542 | |
Kingold Jewelry, Inc. | 3,301 | 3,268 | |
lululemon athletica, Inc. (a)(d) | 7,400 | 356,606 | |
Perry Ellis International, Inc. (a) | 1,226 | 32,354 | |
Sequential Brands Group, Inc. (a)(d) | 2,509 | 30,911 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - continued | |||
Steven Madden Ltd. (a) | 4,550 | $ 155,155 | |
Vera Bradley, Inc. (a)(d) | 2,660 | 61,153 | |
| 1,581,314 | ||
TOTAL CONSUMER DISCRETIONARY | 82,563,718 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 0.3% | |||
Coca-Cola Bottling Co. Consolidated | 525 | 49,644 | |
Craft Brew Alliance, Inc. (a) | 1,182 | 16,004 | |
MGP Ingredients, Inc. | 1,186 | 17,648 | |
Monster Beverage Corp. (a) | 10,888 | 1,221,089 | |
National Beverage Corp. (a) | 2,460 | 61,844 | |
| 1,366,229 | ||
Food & Staples Retailing - 1.4% | |||
Andersons, Inc. | 1,781 | 96,245 | |
Casey's General Stores, Inc. | 2,450 | 205,114 | |
Chefs' Warehouse Holdings (a)(d) | 1,314 | 22,627 | |
Costco Wholesale Corp. | 28,377 | 4,032,939 | |
Fairway Group Holdings Corp. (a)(d) | 1,660 | 6,159 | |
Fresh Market, Inc. (a)(d) | 3,132 | 128,287 | |
Ingles Markets, Inc. Class A | 1,017 | 27,601 | |
Pantry, Inc. (a) | 1,461 | 38,790 | |
PriceSmart, Inc. | 2,025 | 196,344 | |
SpartanNash Co. | 2,525 | 58,908 | |
Sprouts Farmers Market LLC (a)(d) | 9,660 | 307,091 | |
United Natural Foods, Inc. (a) | 3,157 | 237,375 | |
Village Super Market, Inc. Class A | 455 | 10,925 | |
Whole Foods Market, Inc. (d) | 23,310 | 1,142,889 | |
| 6,511,294 | ||
Food Products - 2.2% | |||
Alico, Inc. | 678 | 24,239 | |
Boulder Brands, Inc. (a)(d) | 4,251 | 45,911 | |
Bridgford Foods Corp. (a) | 1,458 | 10,658 | |
Cal-Maine Foods, Inc. (d) | 2,956 | 123,797 | |
Calavo Growers, Inc. | 1,231 | 52,859 | |
Diamond Foods, Inc. (a)(d) | 1,937 | 57,703 | |
Farmer Brothers Co. (a) | 1,250 | 35,650 | |
Freshpet, Inc. (d) | 2,083 | 34,807 | |
Inventure Foods, Inc. (a) | 1,260 | 17,401 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Food Products - continued | |||
J&J Snack Foods Corp. | 1,282 | $ 134,674 | |
John B. Sanfilippo & Son, Inc. | 602 | 25,176 | |
Keurig Green Mountain, Inc. | 10,560 | 1,500,998 | |
Kraft Foods Group, Inc. | 38,384 | 2,309,565 | |
Lancaster Colony Corp. | 1,805 | 169,490 | |
Le Gaga Holdings Ltd. ADR (a) | 830 | 3,303 | |
Lifeway Foods, Inc. (a) | 1,306 | 24,187 | |
Limoneira Co. | 815 | 20,905 | |
Mondelez International, Inc. | 108,832 | 4,266,214 | |
Origin Agritech Ltd. (a)(d) | 1,660 | 2,556 | |
Pilgrims Pride Corp. (a)(d) | 17,016 | 549,617 | |
Pingtan Marine Enterprise Ltd. (d) | 7,654 | 9,185 | |
Sanderson Farms, Inc. (d) | 1,408 | 122,228 | |
Seneca Foods Corp. Class A (a) | 801 | 21,667 | |
SkyPeople Fruit Juice, Inc. (a) | 1,504 | 1,639 | |
Snyders-Lance, Inc. | 4,589 | 138,955 | |
SunOpta, Inc. (a) | 4,401 | 52,504 | |
The Hain Celestial Group, Inc. (a) | 3,230 | 365,701 | |
| 10,121,589 | ||
Household Products - 0.0% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 3,452 | 28,479 | |
WD-40 Co. | 1,081 | 82,264 | |
| 110,743 | ||
Personal Products - 0.0% | |||
Elizabeth Arden, Inc. (a)(d) | 2,033 | 35,334 | |
Inter Parfums, Inc. | 2,275 | 58,354 | |
LifeVantage Corp. (a) | 6,660 | 8,991 | |
Mannatech, Inc. (a) | 185 | 4,671 | |
Nature's Sunshine Products, Inc. | 1,335 | 19,918 | |
Neptune Technologies & Bioressources, Inc. (a)(d) | 3,801 | 7,512 | |
Nutraceutical International Corp. (a) | 910 | 19,274 | |
Reliv International, Inc. | 1,001 | 1,231 | |
Rock Creek Pharmaceuticals, Inc. (a) | 8,102 | 1,278 | |
Synutra International, Inc. (a) | 4,900 | 26,068 | |
The Female Health Co. | 1,489 | 6,343 | |
| 188,974 | ||
TOTAL CONSUMER STAPLES | 18,298,829 | ||
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - 0.9% | |||
Energy Equipment & Services - 0.1% | |||
Dawson Geophysical Co. | 750 | $ 10,148 | |
ENGlobal Corp. (a) | 1,750 | 4,043 | |
Exterran Partners LP | 4,052 | 100,165 | |
Forbes Energy Services Ltd. (a) | 2,581 | 5,136 | |
Geospace Technologies Corp. (a) | 808 | 21,299 | |
Glori Energy, Inc. (a) | 1,482 | 5,928 | |
Gulf Island Fabrication, Inc. | 1,081 | 21,090 | |
Hercules Offshore, Inc. (a)(d) | 9,911 | 12,290 | |
Matrix Service Co. (a) | 1,731 | 36,559 | |
Mitcham Industries, Inc. (a) | 556 | 4,237 | |
Ocean Rig UDW, Inc. (United States) (d) | 8,458 | 101,411 | |
Patterson-UTI Energy, Inc. | 10,154 | 179,624 | |
PHI, Inc. (non-vtg.) (a) | 1,293 | 53,672 | |
Profire Energy, Inc. (a)(d) | 4,895 | 16,349 | |
RigNet, Inc. (a) | 1,060 | 43,407 | |
Synthesis Energy Systems, Inc. (a) | 2,605 | 2,397 | |
Tesco Corp. | 2,862 | 40,326 | |
TGC Industries, Inc. (a) | 1,656 | 4,430 | |
| 662,511 | ||
Oil, Gas & Consumable Fuels - 0.8% | |||
Abraxas Petroleum Corp. (a) | 6,612 | 21,985 | |
Aemetis, Inc. (a) | 2,536 | 14,176 | |
Alliance Holdings GP, LP | 3,956 | 265,171 | |
Alliance Resource Partners LP | 4,808 | 221,456 | |
Amyris, Inc. (a)(d) | 8,544 | 23,581 | |
APCO Oil and Gas International, Inc. (a) | 588 | 8,185 | |
Approach Resources, Inc. (a)(d) | 2,726 | 26,497 | |
Blueknight Energy Partners LP | 2,711 | 19,465 | |
BreitBurn Energy Partners LP | 6,354 | 83,936 | |
Calumet Specialty Products Partners LP | 4,405 | 115,411 | |
Capital Product Partners LP | 6,252 | 48,891 | |
Carrizo Oil & Gas, Inc. (a) | 2,976 | 117,433 | |
Ceres, Inc. (a) | 1,414 | 396 | |
Clean Energy Fuels Corp. (a)(d) | 5,527 | 31,725 | |
Diamondback Energy, Inc. (a) | 3,709 | 209,188 | |
Dorchester Minerals LP | 2,154 | 55,638 | |
Dynagas LNG Partners LP | 1,052 | 18,841 | |
Eagle Rock Energy Partners LP | 11,287 | 32,281 | |
Energy XXI (Bermuda) Ltd. | 6,017 | 24,128 | |
Escalera Resources Co. (a) | 675 | 763 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
EV Energy Partners LP | 2,955 | $ 83,715 | |
FX Energy, Inc. (a)(d) | 2,900 | 7,540 | |
Gevo, Inc. (a) | 1,558 | 686 | |
Golar LNG Ltd. (d) | 6,040 | 250,781 | |
Golar LNG Partners LP | 3,133 | 103,076 | |
Green Plains, Inc. | 2,725 | 81,777 | |
Gulf Coast Ultra Deep Royalty Trust (a) | 18,970 | 27,886 | |
Gulfport Energy Corp. (a) | 5,607 | 267,622 | |
Hallador Energy Co. | 1,781 | 19,413 | |
Isramco, Inc. (a) | 160 | 21,763 | |
Ivanhoe Energy, Inc. (a) | 1,063 | 1,004 | |
Legacy Reserves LP | 4,159 | 74,155 | |
LINN Energy LLC/LINN Energy Finance Corp. | 15,366 | 280,430 | |
LinnCo LLC (d) | 8,537 | 140,092 | |
Marlin Midstream Partners LP | 1,205 | 21,702 | |
Martin Midstream Partners LP | 2,527 | 88,521 | |
Memorial Production Partners LP | 4,910 | 67,562 | |
Memorial Resource Development Corp. | 12,616 | 272,506 | |
Mid-Con Energy Partners LP | 1,488 | 17,469 | |
Pacific Ethanol, Inc. (a)(d) | 1,188 | 13,816 | |
PDC Energy, Inc. (a) | 2,378 | 70,175 | |
PrimeEnergy Corp. (a) | 275 | 18,769 | |
Renewable Energy Group, Inc. (a)(d) | 2,608 | 24,828 | |
Rex Energy Corp. (a)(d) | 3,975 | 27,905 | |
Rosetta Resources, Inc. (a) | 3,889 | 114,414 | |
SinoCoking Coal and Coke Chemical Industries, Inc. (a)(d) | 1,250 | 4,363 | |
Solazyme, Inc. (a)(d) | 5,852 | 13,460 | |
StealthGas, Inc. (a) | 1,856 | 13,475 | |
TransGlobe Energy Corp. | 4,332 | 14,093 | |
U.S. Energy Corp. (a) | 1,788 | 2,968 | |
Uranium Resources, Inc. (a)(d) | 1,455 | 2,968 | |
Vanguard Natural Resources LLC | 4,160 | 96,595 | |
Vertex Energy, Inc. (a)(d) | 2,360 | 8,638 | |
Viper Energy Partners LP | 4,760 | 85,537 | |
Warren Resources, Inc. (a) | 4,281 | 8,776 | |
Westmoreland Coal Co. (a) | 1,060 | 39,792 | |
ZaZa Energy Corp. (a)(d) | 621 | 1,397 | |
| 3,728,816 | ||
TOTAL ENERGY | 4,391,327 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - 6.4% | |||
Banks - 2.7% | |||
1st Source Corp. | 1,836 | $ 56,035 | |
Access National Corp. | 388 | 6,782 | |
American National Bankshares, Inc. | 1,229 | 28,943 | |
American River Bankshares (a) | 826 | 7,731 | |
Ameris Bancorp | 1,840 | 46,276 | |
Ames National Corp. | 561 | 13,245 | |
Arrow Financial Corp. | 767 | 19,842 | |
Associated Banc-Corp. | 9,836 | 181,769 | |
BancFirst Corp. | 1,000 | 64,010 | |
Bancorp, Inc., Delaware (a) | 2,185 | 19,578 | |
Bank of Kentucky Financial Corp. | 353 | 16,453 | |
Bank of Marin Bancorp | 717 | 36,424 | |
Bank of the Ozarks, Inc. | 5,003 | 181,109 | |
Banner Bank | 1,389 | 57,213 | |
BBCN Bancorp, Inc. | 5,506 | 76,644 | |
BCB Bancorp, Inc. | 1,106 | 13,670 | |
Blue Hills Bancorp, Inc. (a) | 1,041 | 13,762 | |
BNC Bancorp | 1,989 | 33,753 | |
BOK Financial Corp. | 4,711 | 303,624 | |
Boston Private Financial Holdings, Inc. | 5,660 | 72,222 | |
Bridge Bancorp, Inc. | 830 | 21,157 | |
Bridge Capital Holdings (a) | 1,809 | 41,679 | |
Bryn Mawr Bank Corp. | 950 | 27,959 | |
BSB Bancorp, Inc. (a) | 1,354 | 25,591 | |
Camden National Corp. | 714 | 25,804 | |
Capital Bank Financial Corp.: | |||
rights (a) | 631 | 0 | |
Series A (a) | 2,528 | 64,085 | |
Capital City Bank Group, Inc. | 1,456 | 21,054 | |
Cardinal Financial Corp. | 2,106 | 38,477 | |
Cascade Bancorp (a) | 5,235 | 25,547 | |
Cathay General Bancorp | 5,160 | 130,961 | |
Centerstate Banks of Florida, Inc. | 4,408 | 49,281 | |
Central Valley Community Bancorp | 1,459 | 15,320 | |
Century Bancorp, Inc. Class A (non-vtg.) | 264 | 10,275 | |
Chemical Financial Corp. | 2,378 | 68,891 | |
Citizens & Northern Corp. | 1,733 | 33,742 | |
City Holding Co. (d) | 1,137 | 49,721 | |
CNB Financial Corp., Pennsylvania | 1,131 | 19,973 | |
CoBiz, Inc. | 1,986 | 22,799 | |
Colony Bankcorp, Inc. (a) | 700 | 5,481 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Columbia Banking Systems, Inc. | 3,310 | $ 90,926 | |
Commerce Bancshares, Inc. (d) | 5,389 | 230,757 | |
Community Trust Bancorp, Inc. | 1,344 | 48,626 | |
CommunityOne Bancorp (a) | 1,236 | 12,879 | |
ConnectOne Bancorp, Inc. | 1,784 | 32,968 | |
CU Bancorp (a) | 730 | 14,308 | |
Customers Bancorp, Inc. (d) | 1,926 | 34,668 | |
CVB Financial Corp. (d) | 6,288 | 95,389 | |
Eagle Bancorp, Inc. (a) | 1,788 | 61,364 | |
East West Bancorp, Inc. | 9,160 | 336,813 | |
Eastern Virginia Bankshares, Inc. (a) | 528 | 3,416 | |
Enterprise Bancorp, Inc. | 558 | 13,046 | |
Enterprise Financial Services Corp. | 1,400 | 26,600 | |
Farmers Capital Bank Corp. (a) | 876 | 19,964 | |
Farmers National Banc Corp. | 1,859 | 15,690 | |
Fidelity Southern Corp. | 1,379 | 21,071 | |
Fifth Third Bancorp | 53,464 | 1,075,696 | |
Financial Institutions, Inc. | 1,385 | 32,838 | |
First Bancorp, North Carolina | 1,783 | 30,454 | |
First Busey Corp. | 8,366 | 54,797 | |
First Business Finance Services, Inc. | 339 | 14,655 | |
First Citizen Bancshares, Inc. | 561 | 142,270 | |
First Community Bancshares, Inc. | 1,704 | 26,344 | |
First Connecticut Bancorp, Inc. | 1,079 | 16,142 | |
First Financial Bancorp, Ohio | 4,462 | 79,022 | |
First Financial Bankshares, Inc. (d) | 4,266 | 128,705 | |
First Financial Corp., Indiana | 900 | 30,123 | |
First Interstate Bancsystem, Inc. | 1,106 | 31,101 | |
First Merchants Corp. | 3,016 | 64,693 | |
First Midwest Bancorp, Inc., Delaware | 4,756 | 79,568 | |
First NBC Bank Holding Co. (a) | 1,050 | 38,220 | |
First Niagara Financial Group, Inc. | 22,075 | 180,353 | |
First of Long Island Corp. | 911 | 23,030 | |
First Security Group, Inc. (a) | 7,262 | 14,524 | |
First South Bancorp, Inc., Virginia | 750 | 6,008 | |
FirstMerit Corp. | 10,688 | 191,208 | |
Flushing Financial Corp. | 2,150 | 41,323 | |
Fulton Financial Corp. | 11,004 | 131,388 | |
German American Bancorp, Inc. | 1,026 | 28,995 | |
Glacier Bancorp, Inc. | 4,732 | 129,562 | |
Great Southern Bancorp, Inc. | 1,129 | 42,089 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Green Bancorp, Inc. | 1,825 | $ 28,999 | |
Grupo Financiero Galicia SA sponsored ADR (d) | 2,582 | 41,338 | |
Guaranty Bancorp | 1,191 | 17,651 | |
Hampton Roads Bankshares, Inc. (a) | 17,153 | 27,616 | |
Hancock Holding Co. | 4,853 | 158,742 | |
Hanmi Financial Corp. | 2,211 | 44,441 | |
Heartland Financial U.S.A., Inc. | 1,200 | 30,084 | |
Heritage Commerce Corp. | 2,269 | 18,697 | |
Heritage Financial Corp., Washington | 2,241 | 37,940 | |
Heritage Oaks Bancorp | 2,560 | 18,611 | |
Home Bancshares, Inc. | 4,259 | 134,883 | |
HomeTrust Bancshares, Inc. (a) | 2,550 | 39,908 | |
Horizon Bancorp Industries | 832 | 20,276 | |
Huntington Bancshares, Inc. | 50,532 | 510,879 | |
IBERIABANK Corp. | 1,955 | 127,701 | |
Independent Bank Corp. | 1,437 | 17,460 | |
Independent Bank Corp., Massachusetts | 1,410 | 55,878 | |
Independent Bank Group, Inc. | 1,268 | 54,397 | |
International Bancshares Corp. | 4,225 | 107,822 | |
Intervest Bancshares Corp. Class A | 1,713 | 16,942 | |
Investors Bancorp, Inc. | 22,407 | 242,220 | |
Lakeland Bancorp, Inc. | 2,311 | 25,490 | |
Lakeland Financial Corp. | 1,375 | 54,436 | |
LCNB Corp. | 1,714 | 24,767 | |
Macatawa Bank Corp. | 5,697 | 28,827 | |
MainSource Financial Group, Inc. | 835 | 14,880 | |
MB Financial, Inc. | 4,605 | 145,058 | |
MBT Financial Corp. (a) | 1,837 | 9,001 | |
Mercantile Bank Corp. | 1,568 | 30,059 | |
Merchants Bancshares, Inc. | 408 | 11,632 | |
Metro Bancorp, Inc. (a) | 650 | 16,283 | |
Middleburg Financial Corp. | 1,258 | 23,147 | |
MidWestOne Financial Group, Inc. | 908 | 24,979 | |
MutualFirst Financial, Inc. | 576 | 12,298 | |
National Bankshares, Inc. | 558 | 16,757 | |
National Penn Bancshares, Inc. | 9,836 | 100,327 | |
NBT Bancorp, Inc. | 2,808 | 68,262 | |
NewBridge Bancorp (a) | 2,276 | 18,390 | |
Northrim Bancorp, Inc. | 636 | 17,401 | |
Old Line Bancshares, Inc. | 1,195 | 18,367 | |
Old National Bancorp, Indiana | 8,610 | 122,262 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Old Second Bancorp, Inc. (a) | 4,464 | $ 21,070 | |
OmniAmerican Bancorp, Inc. | 706 | 18,970 | |
Opus Bank (d) | 1,704 | 45,821 | |
Orrstown Financial Services, Inc. (a) | 1,358 | 22,774 | |
Pacific Continental Corp. | 750 | 10,395 | |
Pacific Mercantile Bancorp (a) | 2,710 | 18,428 | |
Pacific Premier Bancorp, Inc. (a) | 1,853 | 29,481 | |
PacWest Bancorp (d) | 6,625 | 308,063 | |
Palmetto Bancshares, Inc. | 1,328 | 20,850 | |
Park Sterling Corp. | 3,332 | 23,790 | |
Peapack-Gladstone Financial Corp. | 1,063 | 18,858 | |
Penns Woods Bancorp, Inc. | 742 | 32,945 | |
Peoples Bancorp, Inc. | 676 | 16,366 | |
Peoples Financial Services Corp. | 440 | 21,019 | |
Pinnacle Financial Partners, Inc. | 2,513 | 94,665 | |
Popular, Inc. (a) | 6,625 | 216,240 | |
Preferred Bank, Los Angeles | 835 | 21,309 | |
Premier Financial Bancorp, Inc. | 1,011 | 15,964 | |
PrivateBancorp, Inc. | 4,830 | 151,904 | |
Renasant Corp. | 1,858 | 52,358 | |
Republic Bancorp, Inc., Kentucky Class A | 1,436 | 32,612 | |
Republic First Bancorp, Inc. (a) | 1,845 | 6,993 | |
Royal Bancshares of Pennsylvania, Inc. Class A (a) | 2,507 | 4,262 | |
S&T Bancorp, Inc. | 1,855 | 50,975 | |
Sandy Spring Bancorp, Inc. | 1,682 | 39,981 | |
Seacoast Banking Corp., Florida (a) | 2,625 | 33,285 | |
ServisFirst Bancshares, Inc. | 1,937 | 61,209 | |
Shore Bancshares, Inc. (a) | 500 | 4,720 | |
Sierra Bancorp | 800 | 12,696 | |
Signature Bank (a) | 3,237 | 392,551 | |
Simmons First National Corp. Class A | 1,156 | 46,783 | |
South State Corp. | 1,583 | 98,035 | |
Southern National Bancorp of Virginia, Inc. | 1,427 | 16,724 | |
Southside Bancshares, Inc. | 1,516 | 49,012 | |
Southwest Bancorp, Inc., Oklahoma | 1,611 | 27,226 | |
Square 1 Financial, Inc. Class A | 2,583 | 55,225 | |
State Bank Financial Corp. | 3,007 | 55,930 | |
Stock Yards Bancorp, Inc. | 1,559 | 48,781 | |
Stonegate Bank | 1,107 | 30,454 | |
Suffolk Bancorp | 932 | 19,283 | |
Summit Financial Group, Inc. (a) | 675 | 7,749 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Sun Bancorp, Inc. (a) | 958 | $ 17,771 | |
Susquehanna Bancshares, Inc. | 11,404 | 150,191 | |
SVB Financial Group (a) | 3,225 | 339,109 | |
Talmer Bancorp, Inc. Class A | 4,315 | 60,022 | |
Texas Capital Bancshares, Inc. (a) | 2,735 | 150,781 | |
The First Bancorp, Inc. | 1,031 | 18,012 | |
TowneBank (d) | 2,103 | 30,304 | |
Trico Bancshares | 1,740 | 43,169 | |
TriState Capital Holdings, Inc. (a) | 2,540 | 25,654 | |
Trustmark Corp. | 4,401 | 102,719 | |
UMB Financial Corp. | 2,979 | 165,305 | |
Umpqua Holdings Corp. (d) | 13,905 | 236,246 | |
Union Bankshares Corp. | 3,061 | 70,525 | |
United Bankshares, Inc., West Virginia | 4,716 | 164,588 | |
United Community Bank, Inc. | 3,762 | 66,211 | |
United Security Bancshares, Inc. | 775 | 6,626 | |
United Security Bancshares, California | 1,833 | 9,770 | |
Univest Corp. of Pennsylvania | 1,181 | 22,911 | |
ViewPoint Financial Group | 2,500 | 59,600 | |
Washington Trust Bancorp, Inc. | 1,326 | 47,988 | |
WesBanco, Inc. | 1,915 | 63,597 | |
West Bancorp., Inc. | 1,125 | 17,573 | |
Westamerica Bancorp. | 1,763 | 85,682 | |
Wilshire Bancorp, Inc. | 7,141 | 68,411 | |
Wintrust Financial Corp. | 3,061 | 136,796 | |
Zions Bancorporation | 12,742 | 357,541 | |
| 12,946,441 | ||
Capital Markets - 0.9% | |||
BGC Partners, Inc. Class A | 12,900 | 112,359 | |
Calamos Asset Management, Inc. Class A | 1,561 | 21,058 | |
Capital Southwest Corp. | 1,328 | 49,455 | |
Capitala Finance Corp. | 1,135 | 21,440 | |
Carlyle Group LP | 4,375 | 125,256 | |
CIFI Corp. | 1,657 | 14,648 | |
CM Finance, Inc. | 764 | 9,695 | |
Cowen Group, Inc. Class A (a) | 7,500 | 31,800 | |
Diamond Hill Investment Group, Inc. | 281 | 38,126 | |
E*TRADE Financial Corp. (a) | 18,315 | 417,765 | |
FBR & Co. (a) | 1,052 | 26,237 | |
Financial Engines, Inc. (d) | 3,260 | 106,537 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Capital Markets - continued | |||
Harris & Harris Group, Inc. (a) | 2,075 | $ 6,038 | |
Horizon Technology Finance Corp. (d) | 2,025 | 28,451 | |
INTL FCStone, Inc. (a) | 1,264 | 22,310 | |
LPL Financial | 6,490 | 276,928 | |
Northern Trust Corp. | 15,405 | 1,043,381 | |
SEI Investments Co. | 10,954 | 434,107 | |
T. Rowe Price Group, Inc. | 17,225 | 1,437,771 | |
U.S. Global Investments, Inc. Class A | 1,788 | 5,489 | |
Virtus Investment Partners, Inc. | 589 | 90,706 | |
WisdomTree Investments, Inc. | 8,725 | 132,533 | |
| 4,452,090 | ||
Consumer Finance - 0.3% | |||
Asta Funding, Inc. (a) | 856 | 7,319 | |
Atlanticus Holdings Corp. (a) | 1,777 | 4,265 | |
Consumer Portfolio Services, Inc. (a) | 1,675 | 12,261 | |
Credit Acceptance Corp. (a)(d) | 1,329 | 199,018 | |
Encore Capital Group, Inc. (a) | 1,531 | 65,695 | |
EZCORP, Inc. (non-vtg.) Class A (a)(d) | 3,080 | 33,541 | |
First Cash Financial Services, Inc. (a) | 1,832 | 105,853 | |
Navient Corp. | 27,394 | 574,178 | |
Nicholas Financial, Inc. (a) | 889 | 11,041 | |
PRA Group, Inc. (a)(d) | 3,259 | 190,717 | |
QC Holdings, Inc. | 1,376 | 2,491 | |
SLM Corp. | 27,537 | 266,558 | |
World Acceptance Corp. (a)(d) | 539 | 41,142 | |
| 1,514,079 | ||
Diversified Financial Services - 0.7% | |||
California First National Bancorp | 775 | 10,982 | |
CBOE Holdings, Inc. | 5,776 | 346,040 | |
CME Group, Inc. | 21,767 | 1,842,359 | |
Interactive Brokers Group, Inc. | 4,129 | 112,804 | |
Life Partners Holdings, Inc. | 1,128 | 1,602 | |
MarketAxess Holdings, Inc. | 2,406 | 157,761 | |
Marlin Business Services Corp. | 1,191 | 22,200 | |
NewStar Financial, Inc. (a) | 3,406 | 38,283 | |
PICO Holdings, Inc. (a) | 1,511 | 27,682 | |
Resource America, Inc. Class A | 1,125 | 9,979 | |
The NASDAQ OMX Group, Inc. | 11,180 | 502,094 | |
Viewtran Group, Inc. (a)(d) | 2,575 | 3,888 | |
| 3,075,674 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - 0.7% | |||
AMBAC Financial Group, Inc. (a) | 2,861 | $ 70,266 | |
American National Insurance Co. | 1,864 | 213,950 | |
Amerisafe, Inc. | 1,156 | 48,194 | |
Amtrust Financial Services, Inc. (d) | 4,777 | 245,156 | |
Arch Capital Group Ltd. (a) | 8,585 | 492,092 | |
Argo Group International Holdings, Ltd. | 1,556 | 87,821 | |
Atlas Financial Holdings, Inc. (a) | 1,487 | 21,829 | |
Baldwin & Lyons, Inc. Class B | 936 | 23,915 | |
Cincinnati Financial Corp. | 10,413 | 530,542 | |
CNinsure, Inc. ADR (a) | 2,337 | 14,583 | |
Donegal Group, Inc. Class A | 2,497 | 39,128 | |
eHealth, Inc. (a) | 1,362 | 35,235 | |
EMC Insurance Group | 1,053 | 31,348 | |
Enstar Group Ltd. (a) | 1,088 | 158,794 | |
Erie Indemnity Co. Class A | 3,182 | 277,566 | |
Federated National Holding Co. | 878 | 22,178 | |
Global Indemnity PLC (a) | 900 | 24,219 | |
Greenlight Capital Re, Ltd. (a) | 2,471 | 77,886 | |
Hallmark Financial Services, Inc. (a) | 1,327 | 15,645 | |
Infinity Property & Casualty Corp. | 801 | 58,201 | |
Investors Title Co. | 143 | 10,353 | |
Kansas City Life Insurance Co. | 850 | 40,469 | |
Maiden Holdings Ltd. | 5,375 | 70,198 | |
National General Holdings Corp. | 6,917 | 129,694 | |
National Interstate Corp. | 1,608 | 46,037 | |
National Western Life Insurance Co. Class A | 275 | 70,634 | |
Navigators Group, Inc. (a) | 789 | 57,636 | |
Safety Insurance Group, Inc. | 1,033 | 61,484 | |
Selective Insurance Group, Inc. | 3,581 | 95,863 | |
State Auto Financial Corp. | 2,631 | 51,778 | |
United Fire Group, Inc. | 1,830 | 51,002 | |
United Insurance Holdings Corp. | 1,988 | 37,275 | |
| 3,210,971 | ||
Real Estate Investment Trusts - 0.5% | |||
American Capital Agency Corp. | 22,313 | 514,872 | |
American Capital Mortgage Investment Corp. | 2,641 | 53,005 | |
American Realty Capital Heathcare Trust, Inc. | 10,545 | 119,475 | |
American Realty Capital Properties, Inc. | 59,268 | 557,119 | |
CareTrust (REIT), Inc. | 1,335 | 21,587 | |
CIM Commercial Trust Corp. (d) | 6,359 | 116,306 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
CyrusOne, Inc. | 2,662 | $ 73,072 | |
Gaming & Leisure Properties | 7,250 | 231,275 | |
Gladstone Commercial Corp. | 880 | 15,558 | |
New York Mortgage Trust, Inc. (d) | 5,558 | 44,686 | |
Potlatch Corp. | 2,577 | 107,074 | |
Retail Opportunity Investments Corp. | 6,829 | 112,405 | |
Sabra Health Care REIT, Inc. | 3,547 | 100,416 | |
Trade Street Residential, Inc. (d) | 2,500 | 18,900 | |
United Development Funding IV | 1,716 | 33,256 | |
| 2,119,006 | ||
Real Estate Management & Development - 0.1% | |||
Altisource Portfolio Solutions SA (a)(d) | 1,485 | 77,636 | |
AV Homes, Inc. (a) | 2,433 | 36,422 | |
China HGS Real Estate, Inc. (a)(d) | 3,500 | 13,335 | |
China Housing & Land Development, Inc. (a)(d) | 2,882 | 2,363 | |
Cresud S.A.C.I.F. y A. sponsored ADR | 3,208 | 37,822 | |
Elbit Imaging Ltd. (a) | 111 | 222 | |
FirstService Corp. (sub. vtg.) | 2,105 | 112,420 | |
Griffin Land & Nurseries, Inc. | 193 | 5,126 | |
Stratus Properties, Inc. (a) | 436 | 5,821 | |
| 291,167 | ||
Thrifts & Mortgage Finance - 0.5% | |||
America First Tax Exempt Investors LP | 5,604 | 31,270 | |
ASB Bancorp, Inc. (a) | 554 | 11,745 | |
Bank Mutual Corp. | 3,380 | 21,835 | |
BankFinancial Corp. | 1,981 | 22,564 | |
Bear State Financial, Inc. | 1,899 | 19,883 | |
Beneficial Mutual Bancorp, Inc. (a) | 5,735 | 77,996 | |
BofI Holding, Inc. (a)(d) | 1,000 | 78,920 | |
Brookline Bancorp, Inc., Delaware | 4,735 | 45,030 | |
Capitol Federal Financial, Inc. | 9,614 | 120,367 | |
Charter Financial Corp. | 1,759 | 19,701 | |
Clifton Bancorp, Inc. | 2,227 | 28,149 | |
Dime Community Bancshares, Inc. | 2,013 | 30,497 | |
ESB Financial Corp. | 1,434 | 25,755 | |
ESSA Bancorp, Inc. | 1,033 | 11,673 | |
First Defiance Financial Corp. | 551 | 16,569 | |
First Financial Northwest, Inc. | 1,335 | 15,686 | |
Fox Chase Bancorp, Inc. | 1,133 | 18,751 | |
Franklin Financial Corp./VA (a) | 1,125 | 22,354 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Thrifts & Mortgage Finance - continued | |||
Heritage Financial Group, Inc. | 1,405 | $ 29,547 | |
Hingham Institution for Savings | 76 | 6,330 | |
HMN Financial, Inc. (a) | 356 | 4,486 | |
Home Bancorp, Inc. | 711 | 16,353 | |
Home Loan Servicing Solutions Ltd. | 4,864 | 95,043 | |
HomeStreet, Inc. | 1,158 | 18,887 | |
Hudson City Bancorp, Inc. | 34,228 | 335,092 | |
Kearny Financial Corp. (a) | 4,257 | 60,237 | |
Meridian Bancorp, Inc. (a) | 5,133 | 56,258 | |
Meta Financial Group, Inc. | 380 | 13,376 | |
NMI Holdings, Inc. (a)(d) | 3,816 | 33,237 | |
Northfield Bancorp, Inc. | 3,663 | 51,612 | |
Northwest Bancshares, Inc. | 5,813 | 73,186 | |
OceanFirst Financial Corp. | 2,304 | 37,117 | |
Oconee Federal Financial Corp. (d) | 526 | 9,941 | |
Oritani Financial Corp. | 2,825 | 41,104 | |
People's United Financial, Inc. | 19,223 | 284,116 | |
Provident Financial Holdings, Inc. | 711 | 10,523 | |
Pulaski Financial Corp. | 1,051 | 12,339 | |
Riverview Bancorp, Inc. (a) | 2,200 | 9,262 | |
Severn Bancorp, Inc. (a) | 1,331 | 6,069 | |
SI Financial Group, Inc. | 1,784 | 19,642 | |
Territorial Bancorp, Inc. | 1,000 | 20,820 | |
TFS Financial Corp. | 19,858 | 301,246 | |
Tree.com, Inc. (a) | 781 | 35,348 | |
Trustco Bank Corp., New York | 7,358 | 50,108 | |
United Community Financial Corp. | 2,482 | 12,708 | |
United Financial Bancorp, Inc. New | 3,095 | 42,649 | |
Washington Federal, Inc. | 6,990 | 151,264 | |
Waterstone Financial, Inc. | 2,840 | 35,102 | |
Westfield Financial, Inc. | 3,490 | 25,582 | |
WSFS Financial Corp. | 763 | 57,301 | |
| 2,574,630 | ||
TOTAL FINANCIALS | 30,184,058 | ||
HEALTH CARE - 16.3% | |||
Biotechnology - 10.5% | |||
ACADIA Pharmaceuticals, Inc. (a)(d) | 6,900 | 206,103 | |
Acceleron Pharma, Inc. (a) | 2,057 | 79,688 | |
Achillion Pharmaceuticals, Inc. (a)(d) | 5,513 | 70,952 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Acorda Therapeutics, Inc. (a) | 2,475 | $ 90,214 | |
Adamas Pharmaceuticals, Inc. | 1,844 | 27,088 | |
Aegerion Pharmaceuticals, Inc. (a) | 1,931 | 40,686 | |
AEterna Zentaris, Inc. (sub. vtg.) (a) | 1,688 | 875 | |
Agenus, Inc. (a) | 7,205 | 21,327 | |
Agios Pharmaceuticals, Inc. (a) | 2,283 | 230,149 | |
Akebia Therapeutics, Inc. (a) | 1,731 | 20,910 | |
Alder Biopharmaceuticals, Inc. | 2,435 | 39,739 | |
Alexion Pharmaceuticals, Inc. (a) | 12,918 | 2,517,718 | |
Alkermes PLC (a)(d) | 9,544 | 525,111 | |
Alnylam Pharmaceuticals, Inc. (a) | 4,919 | 494,605 | |
AMAG Pharmaceuticals, Inc. (a)(d) | 1,355 | 50,406 | |
Amarin Corp. PLC ADR (a)(d) | 8,954 | 11,551 | |
Amgen, Inc. | 49,278 | 8,146,146 | |
Amicus Therapeutics, Inc. (a) | 6,765 | 53,646 | |
Anacor Pharmaceuticals, Inc. (a)(d) | 2,636 | 90,889 | |
Applied Genetic Technologies Corp. (d) | 1,291 | 26,065 | |
Ardelyx, Inc. | 1,188 | 31,803 | |
Arena Pharmaceuticals, Inc. (a)(d) | 14,130 | 59,205 | |
Argos Therapeutics, Inc. (a) | 1,535 | 12,894 | |
ARIAD Pharmaceuticals, Inc. (a)(d) | 11,658 | 82,888 | |
ArQule, Inc. (a) | 4,811 | 6,351 | |
Array BioPharma, Inc. (a)(d) | 6,901 | 27,811 | |
Arrowhead Research Corp. (a)(d) | 3,005 | 17,489 | |
Atara Biotherapeutics, Inc. | 1,562 | 42,174 | |
Athersys, Inc. (a)(d) | 4,095 | 5,856 | |
Auspex Pharmaceuticals, Inc. (d) | 1,538 | 37,266 | |
Avalanche Biotechnologies, Inc. (a)(d) | 1,188 | 46,914 | |
AVEO Pharmaceuticals, Inc. (a) | 2,605 | 2,331 | |
BIND Therapeutics, Inc. (a) | 1,028 | 6,682 | |
BioCryst Pharmaceuticals, Inc. (a)(d) | 5,716 | 61,790 | |
Biogen Idec, Inc. (a) | 15,289 | 4,704,272 | |
BioMarin Pharmaceutical, Inc. (a) | 9,489 | 851,353 | |
Biospecifics Technologies Corp. (a) | 410 | 15,547 | |
Biota Pharmaceuticals, Inc. (a) | 3,266 | 7,218 | |
Bluebird Bio, Inc. (a) | 1,861 | 76,729 | |
Cancer Genetics, Inc. (a) | 782 | 4,387 | |
Cara Therapeutics, Inc. | 1,594 | 14,729 | |
Celgene Corp. (a) | 51,908 | 5,901,421 | |
Celladon Corp. (a) | 1,275 | 15,657 | |
Celldex Therapeutics, Inc. (a)(d) | 5,967 | 121,011 | |
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Cellular Dynamics International, Inc. (a) | 1,387 | $ 9,154 | |
Celsion Corp. (a)(d) | 641 | 1,711 | |
Cepheid, Inc. (a)(d) | 4,538 | 249,953 | |
ChemoCentryx, Inc. (a) | 2,626 | 12,106 | |
Chimerix, Inc. (a)(d) | 3,058 | 107,764 | |
China Biologic Products, Inc. (a) | 1,660 | 113,677 | |
Clovis Oncology, Inc. (a)(d) | 2,250 | 107,055 | |
Coherus BioSciences, Inc. | 2,604 | 35,753 | |
Conatus Pharmaceuticals, Inc. (a)(d) | 1,359 | 11,565 | |
Concert Pharmaceuticals, Inc. (d) | 1,740 | 21,924 | |
Coronado Biosciences, Inc. (a) | 2,334 | 5,438 | |
CTI BioPharma Corp. (a) | 8,502 | 18,619 | |
Cubist Pharmaceuticals, Inc. (a) | 4,883 | 370,180 | |
Cubist Pharmaceuticals, Inc. rights (a) | 1,695 | 0 | |
Curis, Inc. (a) | 4,231 | 6,262 | |
Cyclacel Pharmaceuticals, Inc. (a) | 537 | 1,590 | |
Cytokinetics, Inc. (a) | 1,928 | 9,004 | |
Cytori Therapeutics, Inc. (a) | 3,000 | 1,290 | |
CytRx Corp. (a)(d) | 1,428 | 3,584 | |
Dicerna Pharmaceuticals, Inc. | 1,000 | 11,820 | |
Discovery Laboratories, Inc. (a)(d) | 8,526 | 13,386 | |
Dyax Corp. (a) | 8,234 | 115,605 | |
Dynavax Technologies Corp. (a) | 1,972 | 29,304 | |
Eagle Pharmaceuticals, Inc. | 1,303 | 16,431 | |
Eleven Biotherapeutics, Inc. | 1,251 | 14,236 | |
Enanta Pharmaceuticals, Inc. (a)(d) | 1,435 | 67,359 | |
Enzymotec Ltd. (a) | 1,500 | 12,285 | |
Epizyme, Inc. (a)(d) | 2,666 | 60,945 | |
Esperion Therapeutics, Inc. (a) | 1,351 | 42,732 | |
Exact Sciences Corp. (a)(d) | 5,028 | 124,795 | |
Exelixis, Inc. (a)(d) | 12,962 | 21,517 | |
Fate Therapeutics, Inc. (a) | 1,611 | 6,041 | |
FibroGen, Inc. | 3,453 | 78,210 | |
Five Prime Therapeutics, Inc. (a) | 1,028 | 21,136 | |
Flexion Therapeutics, Inc. | 1,244 | 21,335 | |
Foundation Medicine, Inc. (a)(d) | 1,686 | 39,823 | |
Galectin Therapeutics, Inc. (a)(d) | 1,365 | 5,419 | |
Galena Biopharma, Inc. (a)(d) | 4,810 | 8,562 | |
Galmed Pharmaceuticals Ltd. (a) | 1,166 | 6,879 | |
Genocea Biosciences, Inc. (d) | 1,291 | 11,709 | |
Genomic Health, Inc. (a)(d) | 1,925 | 64,026 | |
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GenVec, Inc. (a) | 653 | $ 1,463 | |
Geron Corp. (a)(d) | 8,625 | 31,740 | |
Gilead Sciences, Inc. (a) | 98,076 | 9,838,984 | |
GlycoMimetics, Inc. | 1,438 | 13,920 | |
Grifols SA ADR | 5,196 | 193,499 | |
GTx, Inc. (a)(d) | 4,802 | 3,073 | |
Halozyme Therapeutics, Inc. (a)(d) | 7,607 | 66,789 | |
Harvard Apparatus (a) | 826 | 2,792 | |
Heron Therapeutics, Inc. (a)(d) | 1,845 | 14,225 | |
Hyperion Therapeutics, Inc. (a) | 1,483 | 30,387 | |
Idera Pharmaceuticals, Inc. (a)(d) | 3,383 | 10,521 | |
Ignyta, Inc. (a) | 2,093 | 14,253 | |
Immune Design Corp. (a) | 1,630 | 51,850 | |
ImmunoGen, Inc. (a)(d) | 6,230 | 64,107 | |
Immunomedics, Inc. (a)(d) | 6,206 | 25,631 | |
Incyte Corp. (a)(d) | 10,818 | 817,300 | |
Infinity Pharmaceuticals, Inc. (a) | 2,936 | 44,069 | |
Inovio Pharmaceuticals, Inc. (a)(d) | 3,694 | 35,758 | |
Insmed, Inc. (a) | 2,786 | 39,310 | |
Insys Therapeutics, Inc. (a) | 2,155 | 83,463 | |
Intercept Pharmaceuticals, Inc. (a)(d) | 1,381 | 198,491 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(d) | 8,311 | 115,024 | |
Isis Pharmaceuticals, Inc. (a)(d) | 7,500 | 388,425 | |
Kamada (a) | 2,811 | 8,967 | |
Karyopharm Therapeutics, Inc. (d) | 2,317 | 97,036 | |
Keryx Biopharmaceuticals, Inc. (a)(d) | 6,767 | 107,595 | |
Kindred Biosciences, Inc. | 1,885 | 18,134 | |
Kite Pharma, Inc. (d) | 2,415 | 101,382 | |
KYTHERA Biopharmaceuticals, Inc. (a)(d) | 1,405 | 53,741 | |
Lexicon Pharmaceuticals, Inc. (a)(d) | 31,083 | 31,705 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(d) | 1,460 | 78,621 | |
General CVR (a) | 1,530 | 81 | |
Glucagon CVR (a) | 1,530 | 199 | |
rights (a) | 1,530 | 11 | |
TR Beta CVR (a) | 1,530 | 17 | |
Lpath, Inc. (a)(d) | 2,391 | 6,145 | |
Macrogenics, Inc. (a) | 1,881 | 53,157 | |
MannKind Corp. (a)(d) | 25,755 | 158,393 | |
Medivation, Inc. (a) | 5,037 | 583,738 | |
MEI Pharma, Inc. (a) | 1,504 | 9,611 | |
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Merrimack Pharmaceuticals, Inc. (a)(d) | 8,670 | $ 79,417 | |
MiMedx Group, Inc. (a)(d) | 5,830 | 64,480 | |
Mirati Therapeutics, Inc. (a) | 1,726 | 25,579 | |
Momenta Pharmaceuticals, Inc. (a) | 3,885 | 45,571 | |
Myriad Genetics, Inc. (a)(d) | 4,977 | 166,879 | |
Nanosphere, Inc. (a) | 2,631 | 1,000 | |
Neurocrine Biosciences, Inc. (a) | 6,137 | 122,310 | |
NewLink Genetics Corp. (a)(d) | 1,676 | 65,465 | |
Northwest Biotherapeutics, Inc. (a)(d) | 2,534 | 13,582 | |
Novavax, Inc. (a)(d) | 14,206 | 75,860 | |
NPS Pharmaceuticals, Inc. (a) | 7,311 | 242,579 | |
Nymox Pharmaceutical Corp. (a) | 1,950 | 1,073 | |
Ohr Pharmaceutical, Inc. (a)(d) | 1,433 | 10,891 | |
OncoGenex Pharmaceuticals, Inc. (a) | 475 | 1,002 | |
Oncolytics Biotech, Inc. (a) | 3,460 | 2,390 | |
OncoMed Pharmaceuticals, Inc. (a) | 2,039 | 44,919 | |
Onconova Therapeutics, Inc. (a)(d) | 1,680 | 7,980 | |
Oncothyreon, Inc. (a) | 4,009 | 7,016 | |
Ophthotech Corp. (a) | 2,056 | 88,716 | |
Orexigen Therapeutics, Inc. (a)(d) | 10,327 | 59,793 | |
Osiris Therapeutics, Inc. (a)(d) | 2,525 | 33,204 | |
Otonomy, Inc. | 1,428 | 34,286 | |
OvaScience, Inc. (a)(d) | 1,436 | 36,273 | |
PDL BioPharma, Inc. (d) | 10,000 | 82,600 | |
Peregrine Pharmaceuticals, Inc. (a)(d) | 12,843 | 19,008 | |
Pharmacyclics, Inc. (a)(d) | 4,925 | 686,496 | |
Pluristem Therapeutics, Inc. (a) | 4,201 | 10,671 | |
Portola Pharmaceuticals, Inc. (a) | 3,076 | 86,497 | |
Prana Biotechnology Ltd. ADR (a)(d) | 1,451 | 2,336 | |
Progenics Pharmaceuticals, Inc. (a)(d) | 3,586 | 24,959 | |
ProQR Therapeutics BV (a) | 2,172 | 32,949 | |
Prosensa Holding BV (a)(d) | 2,775 | 54,862 | |
Prothena Corp. PLC (a) | 1,481 | 35,899 | |
PTC Therapeutics, Inc. (a) | 2,133 | 95,452 | |
QLT, Inc. (a) | 3,903 | 15,495 | |
Radius Health, Inc. (a) | 2,144 | 52,957 | |
Raptor Pharmaceutical Corp. (a)(d) | 3,491 | 33,583 | |
Receptos, Inc. (a) | 1,843 | 249,358 | |
Regado Biosciences, Inc. (a)(d) | 1,886 | 1,559 | |
Regeneron Pharmaceuticals, Inc. (a)(d) | 6,459 | 2,687,654 | |
Regulus Therapeutics, Inc. (a)(d) | 3,406 | 63,828 | |
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HEALTH CARE - continued | |||
Biotechnology - continued | |||
Repligen Corp. (a)(d) | 2,326 | $ 53,196 | |
Retrophin, Inc. (a) | 1,157 | 11,686 | |
Rigel Pharmaceuticals, Inc. (a) | 4,356 | 9,322 | |
Sage Therapeutics, Inc. (a)(d) | 1,486 | 58,756 | |
Sangamo Biosciences, Inc. (a)(d) | 4,242 | 51,243 | |
Sarepta Therapeutics, Inc. (a)(d) | 3,140 | 53,192 | |
Seattle Genetics, Inc. (a)(d) | 8,179 | 298,043 | |
SIGA Technologies, Inc. (a) | 5,059 | 8,600 | |
Sinovac Biotech Ltd. (a)(d) | 3,953 | 19,686 | |
Sorrento Therapeutics, Inc. (a) | 1,632 | 6,283 | |
Spectrum Pharmaceuticals, Inc. (a) | 3,981 | 28,703 | |
Stemline Therapeutics, Inc. (a) | 1,002 | 14,910 | |
Sunesis Pharmaceuticals, Inc. (a)(d) | 4,137 | 9,681 | |
Synageva BioPharma Corp. (a)(d) | 2,350 | 190,820 | |
Synergy Pharmaceuticals, Inc. (a)(d) | 5,482 | 16,336 | |
Synta Pharmaceuticals Corp. (a)(d) | 9,627 | 30,518 | |
T2 Biosystems, Inc. | 1,428 | 25,590 | |
Targacept, Inc. (a) | 1,776 | 4,316 | |
Tekmira Pharmaceuticals Corp. (a)(d) | 1,312 | 19,916 | |
TESARO, Inc. (a)(d) | 2,854 | 98,492 | |
TetraLogic Pharmaceuticals Corp. | 2,142 | 10,367 | |
TG Therapeutics, Inc. (a) | 2,675 | 39,911 | |
Threshold Pharmaceuticals, Inc. (a) | 3,903 | 11,319 | |
Tokai Pharmaceuticals, Inc. | 1,630 | 23,912 | |
Transition Therapeutics, Inc. (a) | 2,784 | 17,790 | |
Trevena, Inc. | 2,214 | 11,557 | |
Ultragenyx Pharmaceutical, Inc. | 2,136 | 93,108 | |
uniQure B.V. | 1,742 | 26,217 | |
United Therapeutics Corp. (a) | 3,031 | 401,820 | |
Vanda Pharmaceuticals, Inc. (a) | 2,308 | 30,073 | |
Verastem, Inc. (a)(d) | 1,184 | 11,011 | |
Versartis, Inc. (a) | 1,995 | 35,950 | |
Vertex Pharmaceuticals, Inc. (a) | 15,410 | 1,816,531 | |
Vical, Inc. (a) | 3,425 | 3,733 | |
Vital Therapies, Inc. | 1,567 | 32,453 | |
Xencor, Inc. | 1,566 | 17,555 | |
XOMA Corp. (a)(d) | 5,564 | 31,659 | |
Zafgen, Inc. (d) | 1,233 | 29,111 | |
ZIOPHARM Oncology, Inc. (a)(d) | 7,214 | 30,371 | |
| 49,321,602 | ||
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Health Care Equipment & Supplies - 1.4% | |||
Abaxis, Inc. | 1,330 | $ 76,342 | |
Abiomed, Inc. (a)(d) | 2,650 | 94,128 | |
Accuray, Inc. (a)(d) | 4,107 | 28,297 | |
Align Technology, Inc. (a) | 5,086 | 289,393 | |
Alphatec Holdings, Inc. (a) | 7,008 | 8,970 | |
Analogic Corp. | 850 | 61,914 | |
Angiodynamics, Inc. (a) | 2,577 | 45,098 | |
Anika Therapeutics, Inc. (a) | 962 | 39,336 | |
Antares Pharma, Inc. (a)(d) | 9,187 | 21,130 | |
Atricure, Inc. (a) | 1,945 | 36,430 | |
Atrion Corp. | 135 | 43,876 | |
BioLase Technology, Inc. | 1,913 | 4,916 | |
Cardica, Inc. (a) | 5,286 | 3,185 | |
Cardiovascular Systems, Inc. (a) | 2,464 | 75,546 | |
Cerus Corp. (a)(d) | 5,357 | 24,267 | |
CONMED Corp. | 1,914 | 81,211 | |
Cutera, Inc. (a) | 701 | 7,108 | |
Cyberonics, Inc. (a) | 1,779 | 94,732 | |
Cynosure, Inc. Class A (a) | 1,657 | 45,683 | |
DENTSPLY International, Inc. | 9,341 | 513,568 | |
Derma Sciences, Inc. (a) | 2,208 | 18,128 | |
DexCom, Inc. (a) | 4,732 | 243,509 | |
Endologix, Inc. (a)(d) | 3,900 | 50,037 | |
EnteroMedics, Inc. (a)(d) | 3,702 | 5,146 | |
Exactech, Inc. (a) | 1,261 | 27,969 | |
Fonar Corp. (a) | 506 | 5,996 | |
Genmark Diagnostics, Inc. (a)(d) | 2,578 | 29,286 | |
Hansen Medical, Inc. (a)(d) | 5,560 | 4,648 | |
HeartWare International, Inc. (a)(d) | 1,163 | 85,515 | |
Hologic, Inc. (a)(d) | 18,686 | 500,785 | |
ICU Medical, Inc. (a) | 1,204 | 100,763 | |
IDEXX Laboratories, Inc. (a) | 3,228 | 482,102 | |
Imris, Inc. (a) | 4,380 | 1,095 | |
Inogen, Inc. | 1,764 | 42,848 | |
Insulet Corp. (a)(d) | 3,618 | 168,563 | |
Integra LifeSciences Holdings Corp. (a) | 2,379 | 117,142 | |
Intuitive Surgical, Inc. (a) | 2,334 | 1,208,475 | |
K2M Group Holdings, Inc. | 2,288 | 43,266 | |
Ldr Holding Corp. (a)(d) | 1,734 | 56,580 | |
LeMaitre Vascular, Inc. | 2,582 | 19,107 | |
Lumenis Ltd. Class B | 1,528 | 15,509 | |
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HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Masimo Corp. (a)(d) | 3,657 | $ 95,996 | |
Mazor Robotics Ltd. sponsored ADR (a) | 570 | 6,099 | |
Meridian Bioscience, Inc. | 2,756 | 45,336 | |
Merit Medical Systems, Inc. (a) | 2,507 | 37,104 | |
Natus Medical, Inc. (a) | 1,786 | 61,135 | |
Neogen Corp. (a) | 2,237 | 99,121 | |
Neovasc, Inc. (a) | 3,392 | 21,447 | |
Novadaq Technologies, Inc. (a) | 3,814 | 54,731 | |
NuVasive, Inc. (a) | 2,930 | 128,715 | |
NxStage Medical, Inc. (a) | 3,881 | 67,064 | |
Ocular Therapeutix, Inc. | 952 | 16,108 | |
OraSure Technologies, Inc. (a) | 2,975 | 26,805 | |
Orthofix International NV (a) | 1,084 | 30,265 | |
Oxford Immunotec Global PLC (a)(d) | 1,332 | 17,423 | |
PhotoMedex, Inc. (a)(d) | 1,585 | 2,726 | |
Quidel Corp. (a) | 2,536 | 70,653 | |
ReWalk Robotics Ltd. (a) | 868 | 22,898 | |
Rockwell Medical Technologies, Inc. (a)(d) | 2,739 | 24,514 | |
RTI Biologics, Inc. (a) | 4,481 | 21,957 | |
Sirona Dental Systems, Inc. (a) | 3,682 | 318,088 | |
Staar Surgical Co. (a)(d) | 2,308 | 21,257 | |
Stereotaxis, Inc. (a) | 363 | 577 | |
SurModics, Inc. (a) | 1,150 | 24,162 | |
Synergetics U.S.A., Inc. (a) | 2,500 | 8,700 | |
Syneron Medical Ltd. (a) | 2,179 | 22,400 | |
Tandem Diabetes Care, Inc. | 1,211 | 17,111 | |
TearLab Corp. (a)(d) | 1,658 | 4,618 | |
The Spectranetics Corp. (a)(d) | 2,403 | 78,890 | |
Thoratec Corp. (a) | 3,750 | 116,963 | |
Tornier NV (a) | 3,500 | 93,415 | |
Trinity Biotech PLC sponsored ADR | 1,610 | 27,628 | |
TriVascular Technologies, Inc. | 2,181 | 29,378 | |
Unilife Corp. (a)(d) | 6,306 | 19,738 | |
Utah Medical Products, Inc. | 330 | 19,163 | |
Vascular Solutions, Inc. (a) | 888 | 22,839 | |
Veracyte, Inc. (a) | 1,316 | 8,580 | |
Vermillion, Inc. (a)(d) | 938 | 1,482 | |
Volcano Corp. (a) | 3,386 | 37,449 | |
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Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Wright Medical Group, Inc. (a) | 3,469 | $ 101,607 | |
Zeltiq Aesthetics, Inc. (a) | 2,908 | 79,592 | |
| 6,725,333 | ||
Health Care Providers & Services - 1.7% | |||
Acadia Healthcare Co., Inc. (a)(d) | 4,011 | 248,722 | |
Addus HomeCare Corp. (a) | 854 | 19,710 | |
Air Methods Corp. (a)(d) | 2,475 | 109,841 | |
Alliance Healthcare Services, Inc. (a) | 753 | 16,958 | |
Almost Family, Inc. (a) | 531 | 14,661 | |
Amedisys, Inc. (a) | 2,776 | 70,566 | |
AmSurg Corp. (a) | 3,208 | 165,437 | |
Bio-Reference Laboratories, Inc. (a) | 2,107 | 59,628 | |
BioScrip, Inc. (a)(d) | 4,802 | 31,117 | |
BioTelemetry, Inc. (a) | 1,936 | 19,108 | |
Catamaran Corp. (a) | 13,526 | 689,489 | |
Corvel Corp. (a) | 1,457 | 50,500 | |
Cross Country Healthcare, Inc. (a) | 1,756 | 18,737 | |
Express Scripts Holding Co. (a) | 48,342 | 4,019,637 | |
Gentiva Health Services, Inc. (a) | 3,033 | 58,871 | |
HealthEquity, Inc. (a) | 3,092 | 76,774 | |
Healthways, Inc. (a) | 2,481 | 38,654 | |
Henry Schein, Inc. (a) | 5,460 | 749,112 | |
iKang Healthcare Group, Inc. sponsored ADR | 1,007 | 19,002 | |
IPC The Hospitalist Co., Inc. (a) | 1,054 | 46,460 | |
LHC Group, Inc. (a) | 1,300 | 30,563 | |
LifePoint Hospitals, Inc. (a) | 2,943 | 203,626 | |
Magellan Health Services, Inc. (a) | 1,830 | 111,978 | |
MWI Veterinary Supply, Inc. (a)(d) | 830 | 135,639 | |
National Research Corp. Class A (a) | 1,806 | 25,573 | |
NeoStem, Inc. (a) | 2,564 | 10,102 | |
Patterson Companies, Inc. | 6,989 | 336,730 | |
PDI, Inc. (a) | 1,025 | 1,968 | |
Premier, Inc. (a) | 2,286 | 77,770 | |
Providence Service Corp. (a) | 1,052 | 41,165 | |
RadNet, Inc. (a) | 3,335 | 28,081 | |
Sharps Compliance Corp. (a) | 1,481 | 6,457 | |
Surgical Care Affiliates, Inc. (a) | 2,426 | 77,147 | |
The Ensign Group, Inc. | 1,335 | 52,626 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
USMD Holdings, Inc. (a) | 727 | $ 6,034 | |
VCA, Inc. (a) | 5,846 | 276,691 | |
| 7,945,134 | ||
Health Care Technology - 0.5% | |||
Allscripts Healthcare Solutions, Inc. (a) | 11,933 | 143,435 | |
athenahealth, Inc. (a)(d) | 2,441 | 286,329 | |
Cerner Corp. (a) | 22,010 | 1,417,444 | |
Computer Programs & Systems, Inc. | 711 | 41,764 | |
HealthStream, Inc. (a) | 1,778 | 50,940 | |
HMS Holdings Corp. (a)(d) | 5,811 | 121,217 | |
MedAssets, Inc. (a) | 4,162 | 80,493 | |
Medidata Solutions, Inc. (a) | 3,552 | 151,706 | |
Merge Healthcare, Inc. (a) | 5,654 | 17,754 | |
Omnicell, Inc. (a) | 2,331 | 75,058 | |
Quality Systems, Inc. | 3,804 | 56,033 | |
| 2,442,173 | ||
Life Sciences Tools & Services - 0.8% | |||
Accelerate Diagnostics, Inc. (a) | 2,926 | 59,164 | |
Affymetrix, Inc. (a)(d) | 5,606 | 51,183 | |
Albany Molecular Research, Inc. (a)(d) | 2,281 | 37,112 | |
Apricus Biosciences, Inc. (a)(d) | 2,284 | 2,695 | |
Bio-Techne Corp. | 2,361 | 216,291 | |
Bruker BioSciences Corp. (a) | 10,933 | 209,695 | |
Compugen Ltd. (a) | 2,455 | 17,111 | |
Fluidigm Corp. (a)(d) | 1,707 | 52,627 | |
Furiex Pharmaceuticals, Inc. rights (a) | 599 | 5,852 | |
Harvard Bioscience, Inc. (a) | 3,304 | 16,256 | |
ICON PLC (a) | 4,034 | 224,048 | |
Illumina, Inc. (a) | 8,995 | 1,717,056 | |
INC Research Holdings, Inc. Class A | 3,125 | 76,219 | |
Luminex Corp. (a) | 2,880 | 53,280 | |
Nanostring Technologies, Inc. (a) | 950 | 14,165 | |
NeoGenomics, Inc. (a) | 4,463 | 18,923 | |
Pacific Biosciences of California, Inc. (a) | 4,130 | 27,919 | |
PAREXEL International Corp. (a) | 3,613 | 211,397 | |
PRA Health Sciences, Inc. | 3,645 | 79,607 | |
QIAGEN NV (a) | 15,026 | 359,572 | |
Sequenom, Inc. (a)(d) | 8,700 | 26,100 | |
VWR Corp. | 8,659 | 232,148 | |
| 3,708,420 | ||
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - 1.4% | |||
AcelRx Pharmaceuticals, Inc. (a)(d) | 2,839 | $ 18,908 | |
Achaogen, Inc. (a) | 1,365 | 12,585 | |
Acura Pharmaceuticals, Inc. (a) | 2,683 | 1,395 | |
Aerie Pharmaceuticals, Inc. (a)(d) | 1,316 | 34,703 | |
Akorn, Inc. (a)(d) | 7,062 | 282,974 | |
Alcobra Pharma Ltd. (a) | 956 | 3,489 | |
Alexza Pharmaceuticals, Inc. (a) | 605 | 859 | |
Alimera Sciences, Inc. (a) | 3,088 | 18,127 | |
Amphastar Pharmaceuticals, Inc. (a) | 3,568 | 37,214 | |
ANI Pharmaceuticals, Inc. (a) | 678 | 36,687 | |
Aratana Therapeutics, Inc. (a) | 1,641 | 21,743 | |
Assembly Biosciences, Inc. (a) | 243 | 2,017 | |
AstraZeneca PLC rights (a) | 1,845 | 0 | |
Auxilium Pharmaceuticals, Inc. (a)(d) | 3,419 | 118,161 | |
Avanir Pharmaceuticals, Inc. Class A (a)(d) | 12,709 | 189,618 | |
Bio Path Holdings, Inc. (a)(d) | 11,969 | 29,444 | |
Biodelivery Sciences International, Inc. (a)(d) | 2,747 | 42,166 | |
Cardiome Pharma Corp. (a) | 854 | 7,097 | |
Cempra, Inc. (a)(d) | 2,257 | 32,478 | |
Corcept Therapeutics, Inc. (a) | 5,787 | 17,535 | |
Cumberland Pharmaceuticals, Inc. (a) | 1,981 | 10,242 | |
DepoMed, Inc. (a) | 3,853 | 59,683 | |
Dermira, Inc. | 1,086 | 18,734 | |
Durect Corp. (a) | 6,531 | 6,204 | |
Egalet Corp. (d) | 1,189 | 7,158 | |
Endo Health Solutions, Inc. (a)(d) | 9,916 | 725,554 | |
Endocyte, Inc. (a) | 2,133 | 13,843 | |
Flamel Technologies SA sponsored ADR (a) | 1,725 | 24,650 | |
GW Pharmaceuticals PLC ADR (a)(d) | 878 | 67,984 | |
Horizon Pharma PLC (a)(d) | 6,406 | 81,869 | |
Impax Laboratories, Inc. (a) | 4,761 | 152,114 | |
Imprimis Pharmaceuticals, Inc. (a)(d) | 1,187 | 9,757 | |
Intersect ENT, Inc. | 1,428 | 24,704 | |
Intra-Cellular Therapies, Inc. (a)(d) | 1,875 | 26,944 | |
Jazz Pharmaceuticals PLC (a) | 3,945 | 698,620 | |
MediWound Ltd. (a) | 2,752 | 16,264 | |
Mylan, Inc. (a) | 24,283 | 1,423,227 | |
Nektar Therapeutics (a) | 8,752 | 145,896 | |
NeuroBioPharm, Inc.: | |||
Class A (a)(d) | 76 | 7 | |
warrants (a)(d) | 153 | 0 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Ocera Therapeutics, Inc. (a) | 981 | $ 7,789 | |
Oculus Innovative Sciences, Inc. (a) | 962 | 1,443 | |
Omeros Corp. (a)(d) | 2,009 | 44,861 | |
Pacira Pharmaceuticals, Inc. (a)(d) | 2,228 | 209,276 | |
Pain Therapeutics, Inc. (a) | 3,626 | 6,563 | |
Pernix Therapeutics Holdings, Inc. (a)(d) | 3,056 | 31,691 | |
Phibro Animal Health Corp. Class A | 1,119 | 34,197 | |
Pozen, Inc. | 1,981 | 17,611 | |
Relypsa, Inc. (d) | 1,967 | 48,959 | |
Repros Therapeutics, Inc. (a) | 1,462 | 12,515 | |
Revance Therapeutics, Inc. (d) | 2,108 | 34,656 | |
Sagent Pharmaceuticals, Inc. (a)(d) | 2,351 | 67,779 | |
Salix Pharmaceuticals Ltd. (a)(d) | 4,114 | 422,467 | |
SciClone Pharmaceuticals, Inc. (a) | 3,176 | 26,964 | |
Shire PLC sponsored ADR | 3,397 | 725,599 | |
Sucampo Pharmaceuticals, Inc. Class A (a)(d) | 2,831 | 33,179 | |
Supernus Pharmaceuticals, Inc. (a)(d) | 4,360 | 38,630 | |
Tetraphase Pharmaceuticals, Inc. (a) | 1,934 | 51,058 | |
The Medicines Company (a) | 4,276 | 114,640 | |
Theravance Biopharma, Inc. (a) | 2,188 | 34,614 | |
Theravance, Inc. (d) | 7,667 | 116,002 | |
VIVUS, Inc. (a)(d) | 6,381 | 21,376 | |
XenoPort, Inc. (a) | 6,543 | 58,233 | |
Zogenix, Inc. (a)(d) | 11,417 | 13,015 | |
ZS Pharma, Inc. | 1,188 | 51,036 | |
| 6,644,807 | ||
TOTAL HEALTH CARE | 76,787,469 | ||
INDUSTRIALS - 4.5% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a)(d) | 1,582 | 43,837 | |
American Science & Engineering, Inc. | 413 | 20,187 | |
API Technologies Corp. (a) | 4,764 | 10,028 | |
Astronics Corp. (a) | 1,242 | 60,883 | |
BE Aerospace, Inc. (a) | 6,856 | 533,877 | |
Elbit Systems Ltd. | 2,753 | 159,646 | |
Erickson Air-Crane, Inc. (a) | 651 | 6,875 | |
Innovative Solutions & Support, Inc. (a) | 1,426 | 4,192 | |
KEYW Holding Corp. (a) | 2,406 | 26,009 | |
Kratos Defense & Security Solutions, Inc. (a) | 4,581 | 23,546 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Aerospace & Defense - continued | |||
LMI Aerospace, Inc. (a) | 761 | $ 10,684 | |
Taser International, Inc. (a)(d) | 3,254 | 69,896 | |
| 969,660 | ||
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. (a) | 5,508 | 43,789 | |
Atlas Air Worldwide Holdings, Inc. (a)(d) | 1,712 | 78,153 | |
C.H. Robinson Worldwide, Inc. | 9,530 | 702,742 | |
Echo Global Logistics, Inc. (a)(d) | 1,657 | 46,479 | |
Expeditors International of Washington, Inc. | 12,508 | 585,625 | |
Forward Air Corp. | 2,000 | 97,920 | |
Hub Group, Inc. Class A (a) | 2,305 | 86,714 | |
Park-Ohio Holdings Corp. | 839 | 47,127 | |
UTi Worldwide, Inc. (a)(d) | 6,656 | 78,541 | |
| 1,767,090 | ||
Airlines - 0.8% | |||
Allegiant Travel Co. | 1,186 | 166,348 | |
American Airlines Group, Inc. | 46,308 | 2,247,327 | |
Hawaiian Holdings, Inc. (a) | 3,985 | 80,856 | |
JetBlue Airways Corp. (a)(d) | 18,657 | 272,952 | |
Republic Airways Holdings, Inc. (a) | 2,806 | 37,264 | |
Ryanair Holdings PLC sponsored ADR (a)(d) | 7,443 | 468,090 | |
SkyWest, Inc. | 3,779 | 47,238 | |
Spirit Airlines, Inc. (a) | 4,689 | 387,733 | |
Virgin America, Inc. | 2,682 | 101,058 | |
| 3,808,866 | ||
Building Products - 0.1% | |||
AAON, Inc. | 3,915 | 81,119 | |
American Woodmark Corp. (a) | 1,061 | 42,260 | |
Apogee Enterprises, Inc. | 2,006 | 90,731 | |
Builders FirstSource, Inc. (a)(d) | 6,910 | 42,566 | |
China Ceramics Co. Ltd. | 1,391 | 1,113 | |
Gibraltar Industries, Inc. (a) | 1,881 | 26,992 | |
Insteel Industries, Inc. | 1,526 | 33,313 | |
Nortek, Inc. (a) | 935 | 74,548 | |
Patrick Industries, Inc. (a) | 751 | 33,487 | |
PGT, Inc. (a) | 3,808 | 35,833 | |
Universal Forest Products, Inc. | 1,325 | 63,256 | |
| 525,218 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Commercial Services & Supplies - 0.7% | |||
Casella Waste Systems, Inc. Class A (a) | 5,878 | $ 23,159 | |
CECO Environmental Corp. (d) | 1,662 | 23,534 | |
China Recycling Energy Corp. (a) | 2,650 | 3,074 | |
Cintas Corp. (d) | 7,593 | 555,428 | |
Copart, Inc. (a) | 8,188 | 297,552 | |
Courier Corp. | 725 | 9,998 | |
Fuel Tech, Inc. (a) | 1,611 | 6,798 | |
G&K Services, Inc. Class A | 1,161 | 75,581 | |
Healthcare Services Group, Inc. | 4,753 | 143,350 | |
Heritage-Crystal Clean, Inc. (a) | 1,582 | 26,103 | |
Herman Miller, Inc. | 3,660 | 111,227 | |
Industrial Services of America, Inc. (a) | 759 | 3,712 | |
InnerWorkings, Inc. (a)(d) | 4,105 | 30,705 | |
Interface, Inc. | 4,905 | 74,164 | |
Intersections, Inc. (d) | 1,101 | 4,426 | |
Kimball International, Inc. Class B | 2,202 | 20,677 | |
Matthews International Corp. Class A | 2,380 | 109,647 | |
McGrath RentCorp. | 1,625 | 57,298 | |
Mobile Mini, Inc. | 3,156 | 130,942 | |
Multi-Color Corp. | 929 | 50,946 | |
Performant Financial Corp. (a) | 2,775 | 18,870 | |
Perma-Fix Environmental Services, Inc. (a) | 925 | 4,070 | |
Quest Resource Holding Corp. (a)(d) | 5,864 | 8,092 | |
R.R. Donnelley & Sons Co. | 13,080 | 220,267 | |
SP Plus Corp. (a) | 1,894 | 39,357 | |
Stericycle, Inc. (a) | 5,350 | 689,722 | |
Swisher Hygiene, Inc. (a) | 1,001 | 2,212 | |
Tetra Tech, Inc. | 4,212 | 114,482 | |
U.S. Ecology, Inc. (d) | 1,386 | 55,191 | |
United Stationers, Inc. | 2,763 | 113,449 | |
West Corp. | 5,927 | 185,159 | |
| 3,209,192 | ||
Construction & Engineering - 0.1% | |||
Abengoa SA sponsored ADR Class B | 583 | 7,404 | |
Aegion Corp. (a) | 2,655 | 50,578 | |
Foster Wheeler AG | 268 | 7,638 | |
Great Lakes Dredge & Dock Corp. (a) | 4,204 | 31,866 | |
Integrated Electrical Services, Inc. (a) | 1,469 | 11,253 | |
Layne Christensen Co. (a)(d) | 1,486 | 10,551 | |
MYR Group, Inc. (a) | 1,425 | 36,979 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Construction & Engineering - continued | |||
Northwest Pipe Co. (a) | 800 | $ 26,432 | |
Primoris Services Corp. | 3,615 | 94,532 | |
Sterling Construction Co., Inc. (a) | 2,344 | 15,681 | |
| 292,914 | ||
Electrical Equipment - 0.2% | |||
Active Power, Inc. (a) | 1,538 | 2,891 | |
American Superconductor Corp. (a)(d) | 3,258 | 3,209 | |
Ballard Power Systems, Inc. (a)(d) | 8,181 | 18,673 | |
Broadwind Energy, Inc. (a) | 602 | 4,190 | |
Capstone Turbine Corp. (a)(d) | 20,912 | 17,566 | |
Encore Wire Corp. | 1,181 | 43,307 | |
Enphase Energy, Inc. (a)(d) | 2,337 | 24,562 | |
Franklin Electric Co., Inc. | 3,062 | 115,009 | |
FuelCell Energy, Inc. (a)(d) | 15,802 | 26,389 | |
Highpower International, Inc. (a) | 780 | 4,290 | |
Hydrogenics Corp. (a) | 429 | 6,032 | |
Jinpan International Ltd. | 1,187 | 8,819 | |
LSI Industries, Inc. | 1,156 | 7,791 | |
Ocean Power Technologies, Inc. (a) | 975 | 1,014 | |
Plug Power, Inc. (a)(d) | 13,326 | 50,905 | |
Powell Industries, Inc. | 969 | 41,231 | |
Power Solutions International, Inc. (a)(d) | 715 | 46,940 | |
Preformed Line Products Co. | 690 | 32,554 | |
Real Goods Solar, Inc. Class A (a)(d) | 1,857 | 1,467 | |
Revolution Lighting Technologies, Inc. (a)(d) | 4,812 | 5,871 | |
SolarCity Corp. (a)(d) | 5,968 | 328,240 | |
Ultralife Corp. (a) | 1,501 | 4,338 | |
Vicor Corp. (a) | 2,581 | 31,488 | |
| 826,776 | ||
Industrial Conglomerates - 0.0% | |||
Raven Industries, Inc. | 2,464 | 55,440 | |
Machinery - 0.8% | |||
Adept Technology, Inc. (a)(d) | 733 | 6,318 | |
Altra Industrial Motion Corp. (d) | 1,931 | 59,147 | |
American Railcar Industries, Inc. | 1,408 | 83,044 | |
ARC Group Worldwide, Inc. (a)(d) | 1,028 | 12,285 | |
Astec Industries, Inc. | 1,511 | 59,337 | |
Chart Industries, Inc. (a) | 2,041 | 81,048 | |
Columbus McKinnon Corp. (NY Shares) | 1,475 | 39,397 | |
Commercial Vehicle Group, Inc. (a) | 2,260 | 14,803 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Dynamic Materials Corp. | 750 | $ 12,030 | |
Energy Recovery, Inc. (a)(d) | 2,956 | 14,041 | |
ExOne Co. (a)(d) | 830 | 19,372 | |
FreightCar America, Inc. | 761 | 22,016 | |
Hardinge, Inc. | 1,407 | 17,236 | |
Hurco Companies, Inc. | 375 | 13,020 | |
L.B. Foster Co. Class A | 564 | 26,141 | |
Lincoln Electric Holdings, Inc. | 5,054 | 364,090 | |
Manitex International, Inc. (a) | 913 | 10,052 | |
Middleby Corp. (a) | 3,737 | 357,407 | |
NN, Inc. | 1,464 | 30,993 | |
Nordson Corp. | 3,951 | 308,771 | |
Omega Flex, Inc. | 600 | 17,934 | |
PACCAR, Inc. | 22,889 | 1,534,021 | |
PMFG, Inc. (a) | 925 | 6,031 | |
RBC Bearings, Inc. | 1,508 | 95,879 | |
Sun Hydraulics Corp. | 1,750 | 70,473 | |
Tecumseh Products Co. (a) | 1,792 | 5,734 | |
TriMas Corp. (a) | 3,175 | 98,838 | |
Twin Disc, Inc. | 575 | 13,156 | |
Westport Innovations, Inc. (a)(d) | 3,603 | 17,006 | |
Woodward, Inc. | 4,030 | 208,270 | |
| 3,617,890 | ||
Marine - 0.0% | |||
Diana Containerships, Inc. | 2,501 | 5,577 | |
DryShips, Inc. | 47,590 | 62,343 | |
Euroseas Ltd. (a) | 2,275 | 2,115 | |
Knightsbridge Shipping Ltd. (d) | 1,561 | 8,913 | |
Paragon Shipping, Inc. Class A (a) | 2,193 | 7,105 | |
Rand Logistics, Inc. (a) | 1,760 | 7,621 | |
Star Bulk Carriers Corp. (a)(d) | 4,988 | 41,450 | |
Ultrapetrol (Bahamas) Ltd. (a) | 9,711 | 22,821 | |
| 157,945 | ||
Professional Services - 0.3% | |||
51job, Inc. sponsored ADR (a)(d) | 1,692 | 62,181 | |
Acacia Research Corp. | 2,984 | 56,756 | |
Advisory Board Co. (a) | 2,404 | 102,410 | |
Barrett Business Services, Inc. | 456 | 9,950 | |
Corp. Resources Services, Inc. (a)(d) | 8,380 | 10,056 | |
CRA International, Inc. (a) | 800 | 23,800 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Professional Services - continued | |||
Exponent, Inc. | 1,015 | $ 77,201 | |
Heidrick & Struggles International, Inc. | 1,256 | 25,145 | |
Hudson Global, Inc. (a) | 1,626 | 4,561 | |
Huron Consulting Group, Inc. (a) | 1,386 | 95,856 | |
ICF International, Inc. (a) | 1,327 | 51,461 | |
Kelly Services, Inc. Class A (non-vtg.) | 2,114 | 32,640 | |
Kforce, Inc. | 2,640 | 61,618 | |
Lightbridge Corp. (a) | 1,189 | 2,437 | |
Odyssey Marine Exploration, Inc. (a)(d) | 6,529 | 7,704 | |
Paylocity Holding Corp. (a)(d) | 3,178 | 92,448 | |
Pendrell Corp. (a) | 13,377 | 18,862 | |
Resources Connection, Inc. | 2,811 | 42,643 | |
RPX Corp. (a) | 3,883 | 50,945 | |
Verisk Analytics, Inc. (a) | 10,593 | 656,554 | |
VSE Corp. | 331 | 17,814 | |
| 1,503,042 | ||
Road & Rail - 0.6% | |||
AMERCO | 1,268 | 352,758 | |
ArcBest Corp. | 1,681 | 72,989 | |
Avis Budget Group, Inc. (a) | 6,702 | 403,125 | |
Covenant Transport Group, Inc. Class A (a) | 1,426 | 37,475 | |
Heartland Express, Inc. | 5,808 | 154,086 | |
J.B. Hunt Transport Services, Inc. | 7,359 | 607,338 | |
Landstar System, Inc. | 2,909 | 233,825 | |
Marten Transport Ltd. | 1,959 | 42,119 | |
Old Dominion Freight Lines, Inc. (a) | 5,606 | 454,310 | |
P.A.M. Transportation Services, Inc. (a) | 777 | 35,307 | |
Patriot Transportation Holding, Inc. (a) | 726 | 27,356 | |
Quality Distribution, Inc. (a) | 1,406 | 16,970 | |
Saia, Inc. (a) | 1,585 | 87,920 | |
Student Transportation, Inc. | 6,717 | 42,763 | |
U.S.A. Truck, Inc. (a) | 700 | 13,993 | |
Universal Truckload Services, Inc. | 2,134 | 58,600 | |
Werner Enterprises, Inc. | 4,478 | 138,908 | |
YRC Worldwide, Inc. (a)(d) | 2,106 | 50,565 | |
| 2,830,407 | ||
Trading Companies & Distributors - 0.3% | |||
Aceto Corp. | 1,606 | 33,726 | |
Beacon Roofing Supply, Inc. (a) | 3,261 | 88,308 | |
DXP Enterprises, Inc. (a) | 977 | 57,409 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - continued | |||
Fastenal Co. | 19,244 | $ 869,829 | |
General Finance Corp. (a)(d) | 2,255 | 20,521 | |
H&E Equipment Services, Inc. | 2,150 | 75,250 | |
HD Supply Holdings, Inc. (a) | 12,584 | 365,943 | |
Houston Wire & Cable Co. | 1,286 | 16,487 | |
Lawson Products, Inc. (a) | 1,000 | 22,780 | |
Rush Enterprises, Inc.: | |||
Class A (a) | 1,733 | 60,794 | |
Class B (a) | 1,035 | 31,309 | |
Stock Building Supply Holdings, Inc. (a) | 1,464 | 23,439 | |
Titan Machinery, Inc. (a)(d) | 1,386 | 17,782 | |
Willis Lease Finance Corp. (a) | 953 | 20,766 | |
| 1,704,343 | ||
Transportation Infrastructure - 0.0% | |||
Grupo Aeroportuario Norte S.A.B. de CV ADR | 330 | 12,068 | |
TOTAL INDUSTRIALS | 21,280,851 | ||
INFORMATION TECHNOLOGY - 48.4% | |||
Communications Equipment - 4.5% | |||
ADTRAN, Inc. | 4,058 | 84,772 | |
Alliance Fiber Optic Products, Inc. | 1,366 | 17,321 | |
Applied Optoelectronics, Inc. (a)(d) | 900 | 9,765 | |
Arris Group, Inc. (a) | 9,664 | 287,697 | |
Aruba Networks, Inc. (a) | 6,909 | 129,267 | |
AudioCodes Ltd. (a) | 3,300 | 15,807 | |
Aviat Networks, Inc. (a) | 5,035 | 7,603 | |
Bel Fuse, Inc. Class B (non-vtg.) | 611 | 16,179 | |
Black Box Corp. | 1,300 | 30,134 | |
Brocade Communications Systems, Inc. | 28,487 | 322,188 | |
CalAmp Corp. (a)(d) | 2,059 | 38,483 | |
Ceragon Networks Ltd. (a) | 2,226 | 2,404 | |
Cisco Systems, Inc. | 332,066 | 9,178,304 | |
Clearfield, Inc. (a)(d) | 1,090 | 14,279 | |
CommScope Holding Co., Inc. (a) | 12,307 | 273,215 | |
Communications Systems, Inc. | 1,457 | 16,726 | |
Comtech Telecommunications Corp. | 1,029 | 40,841 | |
Digi International, Inc. (a) | 2,237 | 15,972 | |
DragonWave, Inc. (a)(d) | 2,330 | 2,445 | |
EchoStar Holding Corp. Class A (a) | 2,954 | 159,162 | |
EMCORE Corp. (a) | 4,270 | 22,204 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
EXFO, Inc. (sub. vtg.) (a) | 1,507 | $ 5,113 | |
Extreme Networks, Inc. (a) | 5,862 | 21,220 | |
F5 Networks, Inc. (a) | 4,771 | 616,365 | |
Finisar Corp. (a)(d) | 6,416 | 109,393 | |
Gilat Satellite Networks Ltd. (a) | 4,036 | 19,615 | |
Harmonic, Inc. (a)(d) | 6,586 | 46,102 | |
Infinera Corp. (a)(d) | 8,232 | 112,202 | |
InterDigital, Inc. (d) | 2,485 | 123,952 | |
Ituran Location & Control Ltd. | 1,446 | 31,277 | |
Ixia (a) | 5,000 | 51,850 | |
JDS Uniphase Corp. (a) | 15,475 | 206,437 | |
KVH Industries, Inc. (a) | 851 | 10,399 | |
Meru Networks, Inc. (a)(d) | 3,157 | 11,681 | |
Mitel Networks Corp. (a)(d) | 6,261 | 66,492 | |
NETGEAR, Inc. (a) | 2,435 | 84,543 | |
Novatel Wireless, Inc. (a) | 3,327 | 10,380 | |
NumereX Corp. Class A (a) | 1,384 | 15,196 | |
Oclaro, Inc. (a) | 4,784 | 8,611 | |
Oplink Communications, Inc. | 1,137 | 27,481 | |
Parkervision, Inc. (a)(d) | 6,807 | 7,011 | |
PC-Tel, Inc. | 1,856 | 15,275 | |
Polycom, Inc. (a) | 9,618 | 126,669 | |
Procera Networks, Inc. (a) | 900 | 6,174 | |
QUALCOMM, Inc. | 108,636 | 7,919,564 | |
Radware Ltd. (a) | 2,488 | 50,407 | |
Riverbed Technology, Inc. (a) | 10,675 | 220,706 | |
ShoreTel, Inc. (a) | 4,506 | 33,705 | |
Sierra Wireless, Inc. (a)(d) | 2,188 | 80,880 | |
Silicom Ltd. | 575 | 20,700 | |
Sonus Networks, Inc. (a) | 18,775 | 69,468 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) | 13,994 | 176,184 | |
Tessco Technologies, Inc. | 577 | 16,110 | |
Ubiquiti Networks, Inc. (d) | 5,830 | 168,487 | |
UTStarcom Holdings Corp. (a) | 2,307 | 6,252 | |
ViaSat, Inc. (a)(d) | 3,051 | 202,281 | |
Westell Technologies, Inc. Class A (a) | 4,628 | 6,063 | |
Wi-Lan, Inc. | 7,952 | 25,174 | |
| 21,414,187 | ||
Electronic Equipment & Components - 1.0% | |||
Agilysys, Inc. (a) | 1,750 | 21,490 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Components - continued | |||
CDW Corp. | 11,382 | $ 399,281 | |
Cognex Corp. (a)(d) | 5,758 | 234,408 | |
Coherent, Inc. (a) | 1,855 | 102,693 | |
Control4 Corp. (a) | 1,464 | 22,077 | |
CUI Global, Inc. (a) | 1,742 | 12,908 | |
Daktronics, Inc. | 2,931 | 34,967 | |
Deswell Industries, Inc. | 1,431 | 3,163 | |
DTS, Inc. (a) | 1,006 | 32,444 | |
Echelon Corp. (a) | 3,050 | 5,521 | |
Electro Rent Corp. | 1,800 | 25,110 | |
Electro Scientific Industries, Inc. | 2,225 | 15,953 | |
FARO Technologies, Inc. (a) | 1,150 | 63,170 | |
FEI Co. | 2,741 | 234,739 | |
Flextronics International Ltd. (a) | 37,689 | 417,971 | |
FLIR Systems, Inc. | 9,303 | 295,184 | |
GSI Group, Inc. (a) | 2,500 | 31,700 | |
Hollysys Automation Technologies Ltd. (a)(d) | 4,310 | 109,948 | |
I. D. Systems Inc. (a) | 1,001 | 6,396 | |
Identiv, Inc. (a) | 513 | 5,925 | |
II-VI, Inc. (a) | 3,962 | 52,576 | |
Insight Enterprises, Inc. (a) | 2,713 | 63,566 | |
IPG Photonics Corp. (a) | 3,453 | 248,927 | |
Itron, Inc. (a) | 2,563 | 103,545 | |
Kimball Electronics, Inc. (a) | 1,651 | 18,161 | |
Littelfuse, Inc. | 1,585 | 152,366 | |
LoJack Corp. (a) | 1,751 | 4,763 | |
Maxwell Technologies, Inc. (a) | 1,825 | 18,779 | |
Mercury Systems, Inc. (a) | 2,661 | 34,380 | |
Mesa Laboratories, Inc. | 227 | 16,732 | |
MTS Systems Corp. | 958 | 63,544 | |
Multi-Fineline Electronix, Inc. (a) | 1,856 | 18,783 | |
National Instruments Corp. | 8,304 | 267,306 | |
Neonode, Inc. (a) | 2,313 | 5,667 | |
NetList, Inc. (a) | 3,786 | 3,029 | |
Newport Corp. (a) | 2,934 | 51,668 | |
Orbotech Ltd. (a) | 2,350 | 34,804 | |
OSI Systems, Inc. (a) | 1,186 | 83,696 | |
PC Connection, Inc. | 2,083 | 46,597 | |
PC Mall, Inc. (a) | 1,618 | 15,614 | |
Plexus Corp. (a) | 2,330 | 90,893 | |
RadiSys Corp. (a) | 1,556 | 3,734 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Components - continued | |||
Richardson Electronics Ltd. | 802 | $ 8,116 | |
Rofin-Sinar Technologies, Inc. (a) | 1,861 | 50,098 | |
Sanmina Corp. (a) | 5,132 | 126,247 | |
ScanSource, Inc. (a) | 2,006 | 77,953 | |
Speed Commerce, Inc. (a) | 2,426 | 7,205 | |
Tech Data Corp. (a) | 2,425 | 151,150 | |
Trimble Navigation Ltd. (a) | 17,014 | 478,519 | |
TTM Technologies, Inc. (a)(d) | 4,838 | 32,705 | |
Uni-Pixel, Inc. (a) | 726 | 4,596 | |
Universal Display Corp. (a)(d) | 3,077 | 85,356 | |
Viasystems Group, Inc. (a) | 1,178 | 18,412 | |
Zebra Technologies Corp. Class A (a) | 3,300 | 241,395 | |
| 4,755,930 | ||
Internet Software & Services - 11.3% | |||
21Vianet Group, Inc. ADR (a) | 2,875 | 54,108 | |
Actua Corp. (a) | 2,425 | 40,886 | |
Akamai Technologies, Inc. (a) | 11,671 | 754,063 | |
Angie's List, Inc. (a)(d) | 4,302 | 25,554 | |
Autobytel, Inc. (a) | 581 | 6,176 | |
Baidu.com, Inc. sponsored ADR (a) | 17,951 | 4,399,970 | |
Bazaarvoice, Inc. (a)(d) | 4,575 | 33,672 | |
Benefitfocus, Inc. (a) | 1,652 | 44,753 | |
Blucora, Inc. (a) | 3,417 | 48,556 | |
Borderfree, Inc. (a)(d) | 1,477 | 14,785 | |
Brightcove, Inc. (a) | 2,400 | 14,712 | |
Carbonite, Inc. (a) | 1,712 | 20,013 | |
China Finance Online Co. Ltd. ADR (a)(d) | 1,525 | 11,026 | |
ChinaCache International Holdings Ltd. sponsored ADR (a) | 982 | 9,957 | |
Cimpress NV (a)(d) | 2,137 | 143,371 | |
comScore, Inc. (a) | 2,418 | 106,319 | |
Constant Contact, Inc. (a)(d) | 2,000 | 65,360 | |
Conversant, Inc. (a) | 3,929 | 137,594 | |
Cornerstone OnDemand, Inc. (a) | 3,536 | 112,339 | |
CoStar Group, Inc. (a) | 2,139 | 364,186 | |
Criteo SA sponsored ADR | 2,800 | 113,064 | |
DealerTrack Holdings, Inc. (a)(d) | 3,481 | 164,164 | |
Digital River, Inc. (a) | 2,531 | 64,262 | |
E2open, Inc. (a)(d) | 1,510 | 10,162 | |
EarthLink Holdings Corp. | 7,425 | 32,596 | |
eBay, Inc. (a) | 80,637 | 4,425,359 | |
eGain Communications Corp. (a) | 1,550 | 7,967 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Endurance International Group Holdings, Inc. (a) | 8,084 | $ 134,356 | |
Equinix, Inc. | 3,526 | 801,001 | |
Facebook, Inc. Class A (a) | 145,286 | 11,288,722 | |
Five9, Inc. | 4,682 | 20,648 | |
GigaMedia Ltd. (a) | 3,551 | 3,587 | |
Global Eagle Entertainment, Inc. (a)(d) | 5,138 | 68,130 | |
Gogo, Inc. (a)(d) | 5,330 | 84,321 | |
Google, Inc.: | |||
Class A (a) | 18,564 | 10,193,121 | |
Class C (a) | 21,675 | 11,744,165 | |
HomeAway, Inc. (a) | 5,828 | 182,766 | |
IAC/InterActiveCorp | 5,054 | 329,925 | |
Internap Network Services Corp. (a) | 3,807 | 30,190 | |
iPass, Inc. (a) | 6,282 | 8,669 | |
j2 Global, Inc. | 3,304 | 186,808 | |
Limelight Networks, Inc. (a) | 7,625 | 20,816 | |
Liquidity Services, Inc. (a) | 1,981 | 20,820 | |
LiveDeal, Inc. (a) | 1,107 | 3,376 | |
LivePerson, Inc. (a) | 3,825 | 49,496 | |
LogMeIn, Inc. (a) | 1,752 | 88,599 | |
Marchex, Inc. Class B | 2,267 | 8,229 | |
Marketo, Inc. (a)(d) | 2,633 | 84,151 | |
MercadoLibre, Inc. | 2,856 | 402,525 | |
Net Element International, Inc. (a)(d) | 1,614 | 2,566 | |
NetEase, Inc. sponsored ADR (d) | 4,906 | 518,417 | |
NIC, Inc. | 4,683 | 84,388 | |
Perficient, Inc. (a) | 2,526 | 43,725 | |
Perion Network Ltd. (a)(d) | 4,338 | 22,558 | |
Points International Ltd. (a) | 1,329 | 17,649 | |
QuinStreet, Inc. (a) | 2,913 | 13,196 | |
RealNetworks, Inc. (a) | 2,305 | 16,158 | |
Rediff.com India Ltd. sponsored ADR (a)(d) | 1,000 | 1,970 | |
Reis, Inc. | 625 | 15,725 | |
Rocket Fuel, Inc. (a) | 2,303 | 37,654 | |
SciQuest, Inc. (a) | 1,330 | 19,830 | |
Sify Technologies Ltd. sponsored ADR | 2,900 | 4,611 | |
SINA Corp. (a) | 4,264 | 161,819 | |
Sohu.com, Inc. (a) | 2,458 | 124,399 | |
SPS Commerce, Inc. (a) | 1,144 | 66,672 | |
Stamps.com, Inc. (a) | 1,125 | 53,156 | |
Support.com, Inc. (a) | 4,575 | 9,425 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Synacor, Inc. (a) | 7,059 | $ 11,506 | |
TechTarget, Inc. (a) | 2,500 | 25,300 | |
TheStreet.com, Inc. | 4,462 | 9,906 | |
Travelzoo, Inc. (a) | 1,251 | 16,426 | |
TrueCar, Inc. (d) | 4,543 | 87,044 | |
Tucows, Inc. (a) | 966 | 17,137 | |
United Online, Inc. | 765 | 9,991 | |
Unwired Planet, Inc. (a) | 6,327 | 8,668 | |
VeriSign, Inc. (a)(d) | 7,977 | 479,418 | |
Web.com Group, Inc. (a)(d) | 3,412 | 57,902 | |
WebMD Health Corp. (a)(d) | 2,633 | 96,210 | |
Weibo Corp. sponsored ADR (d) | 819 | 14,701 | |
Wix.com Ltd. (a) | 2,352 | 50,356 | |
Xoom Corp. (a)(d) | 2,678 | 37,519 | |
Yahoo!, Inc. (a) | 64,526 | 3,338,575 | |
Yandex NV (a) | 15,739 | 392,216 | |
YY, Inc. ADR (a)(d) | 1,969 | 150,530 | |
Zillow, Inc. (a)(d) | 2,139 | 253,172 | |
Zix Corp. (a) | 3,704 | 11,705 | |
| 53,261,595 | ||
IT Services - 2.2% | |||
Acxiom Corp. (a) | 4,841 | 92,124 | |
Amdocs Ltd. | 10,428 | 508,313 | |
Automatic Data Processing, Inc. | 31,154 | 2,668,029 | |
Blackhawk Network Holdings, Inc. (a) | 3,557 | 126,949 | |
Blackhawk Network Holdings, Inc. (a)(d) | 1,410 | 51,211 | |
Cardtronics, Inc. (a)(d) | 2,981 | 116,736 | |
Cass Information Systems, Inc. | 775 | 35,286 | |
China Information Technology, Inc. (a) | 1,580 | 6,778 | |
Cognizant Technology Solutions Corp. Class A (a) | 39,191 | 2,115,922 | |
Computer Task Group, Inc. | 1,187 | 11,063 | |
CSG Systems International, Inc. | 2,256 | 56,671 | |
Datalink Corp. (a) | 1,506 | 18,403 | |
Euronet Worldwide, Inc. (a) | 3,306 | 191,979 | |
ExlService Holdings, Inc. (a) | 2,409 | 67,524 | |
Fiserv, Inc. (a) | 15,990 | 1,143,125 | |
Forrester Research, Inc. | 1,059 | 42,053 | |
Hackett Group, Inc. | 2,825 | 25,114 | |
iGATE Corp. (a) | 3,960 | 146,322 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
Information Services Group, Inc. | 2,076 | $ 8,221 | |
Innodata, Inc. (a) | 2,101 | 6,051 | |
Jack Henry & Associates, Inc. | 5,275 | 324,202 | |
Lionbridge Technologies, Inc. (a) | 3,576 | 18,130 | |
ManTech International Corp. Class A | 1,330 | 40,060 | |
Mattersight Corp. (a) | 1,753 | 10,395 | |
ModusLink Global Solutions, Inc. (a)(d) | 2,775 | 9,185 | |
MoneyGram International, Inc. (a) | 3,500 | 30,170 | |
NCI, Inc. Class A (a) | 811 | 9,724 | |
Paychex, Inc. | 23,340 | 1,106,549 | |
PFSweb, Inc. (a) | 676 | 7,382 | |
Planet Payment, Inc. (a) | 5,143 | 8,332 | |
PRG-Schultz International, Inc. (a) | 2,881 | 14,981 | |
QIWI PLC Class B sponsored ADR | 2,138 | 59,522 | |
Sabre Corp. (d) | 17,612 | 330,049 | |
Sapient Corp. (a) | 9,214 | 227,586 | |
ServiceSource International, Inc. (a)(d) | 4,330 | 17,623 | |
Sykes Enterprises, Inc. (a) | 2,850 | 66,035 | |
Syntel, Inc. (a) | 5,410 | 240,745 | |
Teletech Holdings, Inc. (a) | 3,686 | 86,142 | |
Virtusa Corp. (a) | 1,739 | 69,682 | |
| 10,114,368 | ||
Semiconductors & Semiconductor Equipment - 8.4% | |||
Advanced Energy Industries, Inc. (a) | 2,500 | 51,075 | |
Aixtron AG sponsored ADR (a) | 308 | 3,622 | |
Alpha & Omega Semiconductor Ltd. (a) | 1,914 | 16,422 | |
Altera Corp. | 20,495 | 771,022 | |
Ambarella, Inc. (a)(d) | 1,856 | 102,080 | |
Amkor Technology, Inc. (a) | 15,343 | 102,645 | |
Amtech Systems, Inc. (a) | 661 | 5,863 | |
ANADIGICS, Inc. (a) | 5,025 | 4,028 | |
Analog Devices, Inc. | 20,487 | 1,119,410 | |
Applied Materials, Inc. | 78,812 | 1,895,429 | |
Applied Micro Circuits Corp. (a) | 4,030 | 23,817 | |
ARM Holdings PLC sponsored ADR (d) | 8,477 | 363,155 | |
ASM International NV (depositary receipt) | 351 | 14,637 | |
ASML Holding NV | 5,292 | 559,259 | |
Atmel Corp. (a) | 27,280 | 215,785 | |
Audience, Inc. (a) | 1,582 | 5,505 | |
Avago Technologies Ltd. | 16,275 | 1,520,085 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Axcelis Technologies, Inc. (a) | 7,601 | $ 16,342 | |
AXT, Inc. (a) | 3,309 | 8,504 | |
Broadcom Corp. Class A | 35,052 | 1,511,793 | |
Brooks Automation, Inc. | 4,709 | 55,142 | |
Cabot Microelectronics Corp. (a) | 1,631 | 77,146 | |
Camtek Ltd. (a) | 2,476 | 7,651 | |
Canadian Solar, Inc. (a)(d) | 3,311 | 80,424 | |
Cascade Microtech, Inc. (a) | 1,337 | 18,517 | |
Cavium, Inc. (a)(d) | 3,612 | 204,439 | |
Ceva, Inc. (a) | 1,750 | 30,118 | |
China Sunergy Co. Ltd. ADR (a) | 730 | 1,168 | |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 1,791 | 37,324 | |
Cirrus Logic, Inc. (a)(d) | 4,029 | 73,690 | |
Cohu, Inc. | 1,475 | 16,889 | |
Cree, Inc. (a)(d) | 8,013 | 291,192 | |
Cypress Semiconductor Corp. (d) | 10,650 | 112,890 | |
Diodes, Inc. (a) | 2,706 | 71,953 | |
DSP Group, Inc. (a) | 2,175 | 23,534 | |
Entegris, Inc. (a) | 8,700 | 117,189 | |
Entropic Communications, Inc. (a) | 5,409 | 12,873 | |
EZchip Semiconductor Ltd. (a)(d) | 1,700 | 32,776 | |
Fairchild Semiconductor International, Inc. (a) | 7,936 | 128,008 | |
First Solar, Inc. (a)(d) | 6,428 | 313,686 | |
FormFactor, Inc. (a) | 3,086 | 24,811 | |
GSI Technology, Inc. (a) | 1,288 | 6,710 | |
Hanwha Solarone Co. Ltd. ADR (a) | 2,981 | 5,038 | |
Himax Technologies, Inc. sponsored ADR | 6,732 | 45,912 | |
Ikanos Communications, Inc. (a) | 3,100 | 1,048 | |
Ikanos Communications, Inc. rights (a) | 2,852 | 0 | |
Integrated Device Technology, Inc. (a) | 10,104 | 188,541 | |
Integrated Silicon Solution, Inc. | 1,681 | 24,324 | |
Intel Corp. | 320,507 | 11,938,886 | |
Intermolecular, Inc. (a) | 2,500 | 5,400 | |
Intersil Corp. Class A | 8,231 | 107,908 | |
IXYS Corp. | 2,706 | 30,930 | |
JA Solar Holdings Co. Ltd. ADR (a)(d) | 3,834 | 33,279 | |
KLA-Tencor Corp. | 10,778 | 748,424 | |
Kopin Corp. (a) | 5,506 | 18,775 | |
Kulicke & Soffa Industries, Inc. (a) | 5,665 | 79,197 | |
Lam Research Corp. | 10,577 | 874,083 | |
Lattice Semiconductor Corp. (a) | 8,151 | 53,389 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Linear Technology Corp. | 15,445 | $ 710,933 | |
M/A-COM Technology Solutions Holdings, Inc. (a) | 2,808 | 69,723 | |
Marvell Technology Group Ltd. | 33,872 | 485,047 | |
Mattson Technology, Inc. (a) | 3,626 | 9,500 | |
Maxim Integrated Products, Inc. | 18,760 | 554,733 | |
Mellanox Technologies Ltd. (a)(d) | 2,827 | 120,572 | |
Micrel, Inc. | 3,984 | 51,991 | |
Microchip Technology, Inc. (d) | 12,907 | 582,751 | |
Micron Technology, Inc. (a)(d) | 69,179 | 2,486,985 | |
Microsemi Corp. (a) | 6,208 | 168,858 | |
MKS Instruments, Inc. | 3,261 | 118,831 | |
Monolithic Power Systems, Inc. | 2,814 | 135,438 | |
MoSys, Inc. (a)(d) | 2,550 | 4,718 | |
Nanometrics, Inc. (a) | 1,331 | 19,752 | |
Nova Measuring Instruments Ltd. (a) | 1,826 | 19,374 | |
NVE Corp. (a) | 375 | 26,468 | |
NVIDIA Corp. | 34,921 | 732,293 | |
NXP Semiconductors NV (a) | 15,401 | 1,198,352 | |
O2Micro International Ltd. sponsored ADR (a) | 2,706 | 6,224 | |
Omnivision Technologies, Inc. (a) | 3,501 | 101,214 | |
ON Semiconductor Corp. (a) | 29,682 | 268,028 | |
PDF Solutions, Inc. (a) | 2,250 | 29,813 | |
Peregrine Semiconductor Corp. (a) | 1,875 | 23,344 | |
Pericom Semiconductor Corp. (a) | 2,256 | 28,674 | |
Photronics, Inc. (a) | 3,726 | 33,609 | |
Pixelworks, Inc. (a)(d) | 988 | 4,762 | |
PMC-Sierra, Inc. (a) | 11,780 | 96,007 | |
Power Integrations, Inc. | 2,107 | 105,687 | |
QuickLogic Corp. (a)(d) | 2,576 | 7,780 | |
Rambus, Inc. (a)(d) | 7,428 | 88,022 | |
RF Micro Devices, Inc. (a)(d) | 18,581 | 271,468 | |
Rubicon Technology, Inc. (a) | 1,581 | 8,126 | |
SemiLEDs Corp. (a) | 1,830 | 924 | |
Semtech Corp. (a) | 4,331 | 110,267 | |
Sigma Designs, Inc. (a) | 1,906 | 8,691 | |
Silicon Image, Inc. (a) | 5,431 | 30,033 | |
Silicon Laboratories, Inc. (a) | 2,714 | 123,080 | |
Silicon Motion Technology Corp. sponsored ADR | 2,051 | 47,911 | |
Siliconware Precision Industries Co. Ltd. sponsored ADR (d) | 3,517 | 26,061 | |
Skyworks Solutions, Inc. | 12,367 | 834,401 | |
SunEdison Semiconductor Ltd. (d) | 2,612 | 49,106 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
SunPower Corp. (a)(d) | 8,614 | $ 242,570 | |
Synaptics, Inc. (a) | 2,250 | 141,728 | |
Tessera Technologies, Inc. | 3,834 | 131,046 | |
Texas Instruments, Inc. | 68,905 | 3,749,810 | |
Tower Semiconductor Ltd. (a)(d) | 1,107 | 14,236 | |
TriQuint Semiconductor, Inc. (a) | 11,742 | 286,153 | |
Ultra Clean Holdings, Inc. (a) | 1,776 | 15,433 | |
Ultratech, Inc. (a) | 1,655 | 32,223 | |
Veeco Instruments, Inc. (a)(d) | 2,502 | 93,600 | |
Vitesse Semiconductor Corp. (a) | 3,408 | 11,315 | |
Xcerra Corp. (a) | 3,379 | 27,066 | |
Xilinx, Inc. | 17,425 | 791,792 | |
| 39,540,265 | ||
Software - 9.8% | |||
ACI Worldwide, Inc. (a) | 7,875 | 153,169 | |
Activision Blizzard, Inc. | 46,605 | 1,008,998 | |
Actuate Corp. (a) | 2,900 | 10,440 | |
Adobe Systems, Inc. (a) | 32,206 | 2,372,938 | |
Advent Software, Inc. | 3,500 | 110,355 | |
Allot Communications Ltd. (a) | 2,770 | 26,177 | |
American Software, Inc. Class A | 652 | 5,914 | |
ANSYS, Inc. (a) | 5,981 | 499,533 | |
Aspen Technology, Inc. (a) | 5,936 | 224,025 | |
Autodesk, Inc. (a) | 14,841 | 920,142 | |
Blackbaud, Inc. | 2,835 | 120,317 | |
BluePhoenix Solutions Ltd. (a) | 525 | 1,827 | |
Bottomline Technologies, Inc. (a)(d) | 2,587 | 63,433 | |
BroadSoft, Inc. (a) | 1,760 | 47,467 | |
CA Technologies, Inc. | 28,728 | 894,877 | |
Cadence Design Systems, Inc. (a) | 18,602 | 351,020 | |
Callidus Software, Inc. (a) | 2,708 | 43,247 | |
CDK Global, Inc. | 10,384 | 395,319 | |
Changyou.com Ltd. (A Shares) ADR (a) | 614 | 14,245 | |
Check Point Software Technologies Ltd. (a)(d) | 12,461 | 963,360 | |
China Mobile Games & Entertainment Group Ltd. ADR (a)(d) | 510 | 13,046 | |
Citrix Systems, Inc. (a) | 10,677 | 707,992 | |
ClickSoftware Technologies Ltd. (a) | 1,833 | 13,912 | |
CommVault Systems, Inc. (a) | 2,787 | 131,825 | |
Compuware Corp. | 13,460 | 138,907 | |
Comverse, Inc. (a) | 1,330 | 26,667 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Concur Technologies, Inc. (a)(d) | 3,766 | $ 485,098 | |
Covisint Corp. (a) | 4,238 | 9,747 | |
CyberArk Software Ltd. (a)(d) | 1,902 | 78,591 | |
Datawatch Corp. (a)(d) | 855 | 7,789 | |
Descartes Systems Group, Inc. (a) | 5,847 | 87,948 | |
Digimarc Corp. | 650 | 15,711 | |
Ebix, Inc. (d) | 2,137 | 34,641 | |
Electronic Arts, Inc. (a) | 20,228 | 888,616 | |
EnerNOC, Inc. (a)(d) | 2,261 | 32,988 | |
Envivio, Inc. (a) | 2,510 | 4,016 | |
EPIQ Systems, Inc. | 2,500 | 38,350 | |
ePlus, Inc. (a) | 477 | 32,837 | |
FalconStor Software, Inc. (a) | 4,226 | 4,395 | |
FireEye, Inc. (a)(d) | 9,678 | 293,147 | |
Fortinet, Inc. (a) | 10,890 | 300,128 | |
Glu Mobile, Inc. (a)(d) | 8,834 | 32,288 | |
Guidance Software, Inc. (a) | 2,152 | 12,546 | |
Informatica Corp. (a) | 7,469 | 271,722 | |
Interactive Intelligence Group, Inc. (a)(d) | 1,227 | 55,497 | |
Intuit, Inc. | 18,369 | 1,724,298 | |
Jive Software, Inc. (a) | 4,153 | 24,503 | |
Kofax Ltd. (a) | 6,989 | 46,826 | |
KongZhong Corp. sponsored ADR | 1,660 | 10,856 | |
Magic Software Enterprises Ltd. | 3,126 | 22,382 | |
Majesco Entertainment Co. (a) | 576 | 369 | |
Manhattan Associates, Inc. (a) | 5,045 | 199,580 | |
Mentor Graphics Corp. | 7,691 | 170,817 | |
Microsoft Corp. | 533,476 | 25,505,488 | |
MicroStrategy, Inc. Class A (a) | 575 | 98,751 | |
Mitek Systems, Inc. (a)(d) | 1,558 | 5,391 | |
MobileIron, Inc. | 4,640 | 43,013 | |
Monotype Imaging Holdings, Inc. | 2,581 | 71,339 | |
Net 1 UEPS Technologies, Inc. (a) | 3,330 | 40,826 | |
NetScout Systems, Inc. (a) | 2,830 | 107,965 | |
NICE Systems Ltd. sponsored ADR | 2,631 | 124,262 | |
Nuance Communications, Inc. (a) | 20,635 | 312,208 | |
Open Text Corp. | 8,066 | 477,400 | |
Parametric Technology Corp. (a) | 7,808 | 305,059 | |
Park City Group, Inc. (a)(d) | 1,505 | 13,786 | |
Pegasystems, Inc. | 5,615 | 117,466 | |
Perfect World Co. Ltd. sponsored ADR Class B | 2,625 | 47,906 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Progress Software Corp. (a) | 3,628 | $ 93,566 | |
Proofpoint, Inc. (a)(d) | 2,717 | 117,972 | |
QAD, Inc. Class B | 275 | 4,934 | |
Qlik Technologies, Inc. (a) | 5,912 | 182,267 | |
Qualys, Inc. (a) | 2,377 | 84,360 | |
RealPage, Inc. (a) | 5,254 | 108,022 | |
Rovi Corp. (a) | 5,755 | 128,221 | |
Sapiens International Corp. NV (a)(d) | 3,858 | 28,626 | |
SeaChange International, Inc. (a) | 2,181 | 14,635 | |
Shanda Games Ltd. sponsored ADR (a) | 4,316 | 28,270 | |
Smith Micro Software, Inc. (a) | 2,226 | 2,248 | |
Splunk, Inc. (a) | 7,815 | 524,387 | |
SS&C Technologies Holdings, Inc. | 5,517 | 278,884 | |
Sungy Mobile Ltd. ADR | 626 | 3,637 | |
Symantec Corp. | 44,439 | 1,159,414 | |
Synchronoss Technologies, Inc. (a)(d) | 2,768 | 118,553 | |
Synopsys, Inc. (a) | 10,103 | 438,369 | |
Take-Two Interactive Software, Inc. (a)(d) | 5,483 | 151,660 | |
Tangoe, Inc. (a)(d) | 2,188 | 28,455 | |
TeleCommunication Systems, Inc. Class A (a) | 2,500 | 7,675 | |
TeleNav, Inc. (a) | 2,936 | 20,346 | |
The9 Ltd. sponsored ADR (a) | 1,306 | 2,716 | |
TIBCO Software, Inc. (a) | 10,990 | 264,090 | |
TigerLogic Corp. (a) | 1,637 | 1,326 | |
TiVo, Inc. (a) | 7,583 | 92,361 | |
Ultimate Software Group, Inc. (a)(d) | 1,850 | 272,394 | |
Varonis Systems, Inc. (d) | 1,704 | 40,555 | |
Vasco Data Security International, Inc. (a) | 3,069 | 91,456 | |
Verint Systems, Inc. (a) | 3,602 | 216,804 | |
Vringo, Inc. (a) | 6,186 | 6,012 | |
Yodlee, inc. | 2,291 | 27,103 | |
Zynga, Inc. (a) | 47,979 | 124,745 | |
| 46,079,761 | ||
Technology Hardware, Storage & Peripherals - 11.2% | |||
Apple, Inc. | 387,942 | 46,137,904 | |
Astro-Med, Inc. | 945 | 13,655 | |
BlackBerry Ltd. (a)(d) | 34,477 | 358,216 | |
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a) | 1,975 | 2,508 | |
Concurrent Computer Corp. | 600 | 4,332 | |
Cray, Inc. (a)(d) | 2,483 | 83,379 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Technology Hardware, Storage & Peripherals - continued | |||
Dot Hill Systems Corp. (a) | 5,681 | $ 26,473 | |
Electronics for Imaging, Inc. (a) | 3,213 | 142,818 | |
Hutchinson Technology, Inc. (a) | 1,756 | 6,216 | |
Immersion Corp. (a) | 2,225 | 19,291 | |
Intevac, Inc. (a) | 1,511 | 10,728 | |
Logitech International SA | 10,838 | 161,269 | |
NetApp, Inc. | 20,693 | 880,487 | |
QLogic Corp. (a) | 6,539 | 75,460 | |
Qumu Corp. (a) | 660 | 8,349 | |
SanDisk Corp. (d) | 14,504 | 1,500,584 | |
Seagate Technology LLC | 21,088 | 1,394,128 | |
Silicon Graphics International Corp. (a) | 1,681 | 16,154 | |
Smart Technologies, Inc. Class A (a)(d) | 2,577 | 3,711 | |
Stratasys Ltd. (a)(d) | 3,177 | 323,959 | |
Super Micro Computer, Inc. (a) | 3,327 | 110,723 | |
Western Digital Corp. | 15,130 | 1,562,475 | |
| 52,842,819 | ||
TOTAL INFORMATION TECHNOLOGY | 228,008,925 | ||
MATERIALS - 0.8% | |||
Chemicals - 0.4% | |||
A. Schulman, Inc. | 2,160 | 82,642 | |
Advanced Emissions Solutions, Inc. (a) | 1,014 | 20,280 | |
Balchem Corp. | 2,000 | 130,000 | |
Burcon NutraScience Corp. (a) | 1,880 | 4,242 | |
Codexis, Inc. (a) | 4,933 | 11,099 | |
Gulf Resources, Inc. (a) | 1,950 | 2,340 | |
Hawkins, Inc. | 503 | 19,838 | |
Innophos Holdings, Inc. | 1,350 | 73,008 | |
Innospec, Inc. | 1,700 | 72,862 | |
Landec Corp. (a) | 1,781 | 23,402 | |
Marrone Bio Innovations, Inc. (a)(d) | 1,529 | 3,685 | |
Metabolix, Inc. (a)(d) | 1,701 | 936 | |
Methanex Corp. | 6,251 | 323,237 | |
Penford Corp. (a) | 786 | 14,887 | |
Rentech, Inc. (a) | 14,704 | 18,968 | |
Senomyx, Inc. (a) | 2,501 | 14,556 | |
Sigma Aldrich Corp. | 7,851 | 1,072,447 | |
| 1,888,429 | ||
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Construction Materials - 0.0% | |||
Caesarstone Sdot-Yam Ltd. | 2,207 | $ 136,834 | |
U.S. Concrete, Inc. (a)(d) | 1,204 | 33,977 | |
United States Lime & Minerals, Inc. | 226 | 15,413 | |
| 186,224 | ||
Containers & Packaging - 0.1% | |||
AEP Industries, Inc. (a) | 500 | 22,365 | |
Silgan Holdings, Inc. | 3,944 | 199,014 | |
UFP Technologies, Inc. (a) | 802 | 17,516 | |
| 238,895 | ||
Metals & Mining - 0.3% | |||
Century Aluminum Co. (a) | 5,776 | 159,706 | |
China Gerui Adv Mat Group Ltd. (a) | 260 | 575 | |
China Natural Resources, Inc. (a) | 1,356 | 4,339 | |
Globe Specialty Metals, Inc. | 4,589 | 79,527 | |
Handy & Harman Ltd. (a) | 1,203 | 44,860 | |
Haynes International, Inc. | 725 | 32,545 | |
Horsehead Holding Corp. (a)(d) | 3,585 | 55,998 | |
Kaiser Aluminum Corp. | 1,235 | 89,883 | |
Olympic Steel, Inc. | 800 | 13,008 | |
Pan American Silver Corp. (d) | 9,978 | 93,394 | |
Randgold Resources Ltd. sponsored ADR (d) | 3,250 | 210,210 | |
Royal Gold, Inc. (d) | 4,134 | 263,253 | |
Schnitzer Steel Industries, Inc. Class A | 1,633 | 37,232 | |
Silver Standard Resources, Inc. (a) | 5,526 | 28,680 | |
Steel Dynamics, Inc. | 14,432 | 325,297 | |
Sutor Technology Group Ltd. (a) | 3,287 | 2,235 | |
Universal Stainless & Alloy Products, Inc. (a) | 435 | 10,605 | |
| 1,451,347 | ||
Paper & Forest Products - 0.0% | |||
Mercer International, Inc. (SBI) (a) | 3,761 | 49,984 | |
Pope Resources, Inc. LP | 491 | 32,067 | |
| 82,051 | ||
TOTAL MATERIALS | 3,846,946 | ||
TELECOMMUNICATION SERVICES - 1.0% | |||
Diversified Telecommunication Services - 0.4% | |||
8x8, Inc. (a) | 5,453 | 42,424 | |
Alaska Communication Systems Group, Inc. (a) | 3,412 | 4,367 | |
Common Stocks - continued | |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
Atlantic Tele-Network, Inc. | 1,300 | $ 88,374 | |
B Communications Ltd. | 1,752 | 33,498 | |
Cogent Communications Group, Inc. | 2,950 | 104,489 | |
Consolidated Communications Holdings, Inc. | 3,363 | 92,180 | |
FairPoint Communications, Inc. (a) | 1,558 | 23,448 | |
Frontier Communications Corp. | 65,000 | 458,250 | |
General Communications, Inc. Class A (a) | 2,451 | 29,780 | |
Hawaiian Telcom Holdco, Inc. (a)(d) | 580 | 15,080 | |
inContact, Inc. (a)(d) | 4,181 | 34,535 | |
Inteliquent, Inc. | 2,152 | 39,640 | |
Internet Gold Golden Lines Ltd. (a) | 1,200 | 10,200 | |
Iridium Communications, Inc. (a) | 7,340 | 70,097 | |
Lumos Networks Corp. | 1,505 | 24,893 | |
magicJack VocalTec Ltd. (a)(d) | 1,159 | 9,423 | |
ORBCOMM, Inc. (a) | 4,506 | 29,199 | |
Towerstream Corp. (a)(d) | 2,637 | 4,219 | |
Windstream Holdings, Inc. | 38,243 | 386,637 | |
| 1,500,733 | ||
Wireless Telecommunication Services - 0.6% | |||
America Movil S.A.B. de CV Series A sponsored ADR | 982 | 23,185 | |
Boingo Wireless, Inc. (a) | 2,075 | 16,517 | |
Leap Wireless International, Inc. rights | 4,142 | 10,438 | |
NTELOS Holdings Corp. | 1,505 | 12,642 | |
Partner Communications Co. Ltd. ADR (a) | 956 | 5,832 | |
SBA Communications Corp. Class A (a) | 8,301 | 1,009,983 | |
Shenandoah Telecommunications Co. | 1,481 | 43,882 | |
Spok Holdings, Inc. | 1,500 | 23,790 | |
VimpelCom Ltd. sponsored ADR | 108,146 | 567,767 | |
Vodafone Group PLC sponsored ADR | 32,351 | 1,182,429 | |
| 2,896,465 | ||
TOTAL TELECOMMUNICATION SERVICES | 4,397,198 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.0% | |||
MGE Energy, Inc. | 2,029 | 89,296 | |
Otter Tail Corp. | 2,376 | 68,381 | |
| 157,677 | ||
Gas Utilities - 0.0% | |||
Delta Natural Gas Co., Inc. | 803 | 17,224 | |
Common Stocks - continued | |||
Shares | Value | ||
UTILITIES - continued | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Abengoa Yield PLC | 5,236 | $ 147,655 | |
Pattern Energy Group, Inc. | 3,111 | 82,535 | |
Terraform Power, Inc. (a) | 1,784 | 59,140 | |
| 289,330 | ||
Water Utilities - 0.0% | |||
Artesian Resources Corp. Class A | 625 | 13,425 | |
Cadiz, Inc. (a)(d) | 1,959 | 22,215 | |
Connecticut Water Service, Inc. | 775 | 27,009 | |
Consolidated Water Co., Inc. | 1,175 | 14,406 | |
Middlesex Water Co. | 1,559 | 34,360 | |
Pure Cycle Corp. (a) | 2,425 | 12,853 | |
York Water Co. | 706 | 14,261 | |
| 138,529 | ||
TOTAL UTILITIES | 602,760 | ||
TOTAL COMMON STOCKS (Cost $358,536,691) |
| ||
Money Market Funds - 8.2% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) | 101,948 | 101,948 | |
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) | 38,370,436 | 38,370,436 | |
TOTAL MONEY MARKET FUNDS (Cost $38,472,384) |
| ||
TOTAL INVESTMENT PORTFOLIO - 108.0% (Cost $397,009,075) | 508,834,465 | ||
NET OTHER ASSETS (LIABILITIES) - (8.0)% | (37,721,870) | ||
NET ASSETS - 100% | $ 471,112,595 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 421 |
Fidelity Securities Lending Cash Central Fund | 317,992 |
Total | $ 318,413 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 82,563,718 | $ 82,550,768 | $ 91 | $ 12,859 |
Consumer Staples | 18,298,829 | 18,298,829 | - | - |
Energy | 4,391,327 | 4,391,327 | - | - |
Financials | 30,184,058 | 30,184,058 | - | - |
Health Care | 76,787,469 | 76,781,610 | - | 5,859 |
Industrials | 21,280,851 | 21,280,851 | - | - |
Information Technology | 228,008,925 | 228,008,925 | - | - |
Materials | 3,846,946 | 3,846,946 | - | - |
Telecommunication Services | 4,397,198 | 4,386,760 | - | 10,438 |
Utilities | 602,760 | 602,760 | - | - |
Money Market Funds | 38,472,384 | 38,472,384 | - | - |
Total Investments in Securities: | $ 508,834,465 | $ 508,805,218 | $ 91 | $ 29,156 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2014 | |
Assets | ||
Investment in securities, at value (including securities loaned of $37,085,302) - See accompanying schedule: Unaffiliated issuers (cost $358,536,691) | $ 470,362,081 |
|
Fidelity Central Funds (cost $38,472,384) | 38,472,384 |
|
Total Investments (cost $397,009,075) |
| $ 508,834,465 |
Cash |
| 55,728 |
Foreign currency held at value (cost $(3,845)) | 3,981 | |
Receivable for investments sold | 104,825 | |
Dividends receivable | 684,666 | |
Distributions receivable from Fidelity Central Funds | 40,475 | |
Prepaid expenses | 1,012 | |
Receivable from investment adviser for expense reductions | 101,099 | |
Other receivables | 51,709 | |
Total assets | 509,877,960 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 40,604 | |
Accrued management fee | 88,943 | |
Distribution and service plan fees payable | 94,057 | |
Other affiliated payables | 14,416 | |
Other payables and accrued expenses | 156,909 | |
Collateral on securities loaned, at value | 38,370,436 | |
Total liabilities | 38,765,365 | |
|
|
|
Net Assets | $ 471,112,595 | |
Net Assets consist of: |
| |
Paid in capital | $ 359,867,428 | |
Undistributed net investment income | 969,942 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (1,550,272) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 111,825,497 | |
Net Assets, for 2,500,000 shares outstanding | $ 471,112,595 | |
Net Asset Value, offering price and redemption price per share ($471,112,595 ÷ 2,500,000 shares) | $ 188.45 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
| Year ended November 30, 2014 | |
Investment Income |
|
|
Dividends |
| $ 4,573,046 |
Special dividends |
| 987,174 |
Income from Fidelity Central Funds (including $317,992 from security lending) |
| 318,413 |
Total income |
| 5,878,633 |
|
|
|
Expenses | ||
Management fee | $ 878,999 | |
Distribution and service plan fees | 329,546 | |
Licensing fees | 226,698 | |
Accounting and security lending fees | 144,640 | |
Transfer agent and custody fees | 94,871 | |
Independent trustees' compensation | 1,443 | |
Audit | 79,474 | |
Legal | 995 | |
Miscellaneous | 1,575 | |
Total expenses before reductions | 1,758,241 | |
Expense reductions | (990,320) | 767,921 |
Net investment income (loss) | 5,110,712 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 8,928,501 | |
Foreign currency transactions | 40 | |
Total net realized gain (loss) |
| 8,928,541 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 52,101,821 | |
Assets and liabilities in foreign currencies | 108 | |
Total change in net unrealized appreciation (depreciation) |
| 52,101,929 |
Net gain (loss) | 61,030,470 | |
Net increase (decrease) in net assets resulting from operations | $ 66,141,182 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 5,110,712 | $ 2,868,241 |
Net realized gain (loss) | 8,928,541 | 42,143,805 |
Change in net unrealized appreciation (depreciation) | 52,101,929 | 23,614,910 |
Net increase (decrease) in net assets resulting | 66,141,182 | 68,626,956 |
Distributions to shareholders from net investment income | (4,489,000) | (2,596,000) |
Share transactions | 138,314,248 | 127,178,516 |
Cost of shares redeemed | (16,983,481) | (83,472,013) |
Net increase (decrease) in net assets resulting from share transactions | 121,330,767 | 43,706,503 |
Total increase (decrease) in net assets | 182,982,949 | 109,737,459 |
|
|
|
Net Assets | ||
Beginning of period | 288,129,646 | 178,392,187 |
End of period (including undistributed net investment income of $969,942 and undistributed net investment income of $576,447, respectively) | $ 471,112,595 | $ 288,129,646 |
Other Information Shares | ||
Sold | 800,000 | 900,000 |
Redeemed | (100,000) | (600,000) |
Net increase (decrease) | 700,000 | 300,000 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended November 30, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 160.07 | $ 118.93 | $ 103.48 | $ 98.68 | $ 84.65 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) B | 2.37 E | 1.75 | 1.35 | .93 | .71 |
Net realized and unrealized gain (loss) | 28.15 | 41.06 | 15.29 | 4.74 | 13.92 |
Total from investment operations | 30.52 | 42.81 | 16.64 | 5.67 | 14.63 |
Distributions from net investment income | (2.14) | (1.67) | (1.19) | (.87) | (.60) |
Net asset value, end of period | $ 188.45 | $ 160.07 | $ 118.93 | $ 103.48 | $ 98.68 |
Total Return A | 19.23% | 36.35% | 16.13% | 5.75% | 17.35% |
Ratios to Average Net Assets C, F |
|
|
|
|
|
Expenses before reductions | .48% | .51% | .52% | .53% | .58% |
Expenses net of fee waivers, if any | .21% | .26% | .30% | .30% | .30% |
Expenses net of all reductions | .21% | .26% | .30% | .30% | .30% |
Net investment income (loss) | 1.40% E | 1.28% | 1.16% | .88% | .78% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 471,113 | $ 288,130 | $ 178,392 | $ 155,223 | $ 148,024 |
Portfolio turnover rate D, G | 7% | 10% | 10% | 6% | 6% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
E Investment income per share reflects a large, non-recurring dividend which amounted to $.46 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.13%.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended November 30, 2014
1. Organization.
Fidelity Nasdaq Composite Index Tracking Stock (the Fund) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Annual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of November 30, 2014 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
Annual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 131,985,977 |
Gross unrealized depreciation | (20,085,270) |
Net unrealized appreciation (depreciation) on securities | $ 111,900,707 |
|
|
Tax Cost | $ 396,933,758 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $ 1,177,044 |
Capital loss carryforward | (1,581,553) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 111,900,814 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (8,909) |
2017 | (1,453,838) |
2018 | (118,806) |
Total capital loss carryforward | $ (1,581,553) |
The Fund intends to elect to defer to its next fiscal year $44,036 of capital losses recognized during the period November 1, 2014 to November 30, 2014.
The tax character of distributions paid was as follows:
| November 30, 2014 | November 30, 2013 |
Ordinary Income | $ 4,489,000 | $ 2,596,000 |
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
New Accounting Pronouncement - continued
December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $27,453,173 and $25,360,936, respectively.
Securities received and delivered in-kind through subscriptions and redemptions totaled $137,995,686 and $16,939,619, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a Distribution and Service Plan. The Fund pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a distribution fee based on .09% of the Fund's average net assets. FDC pays these fees to NASDAQ OMX Group for marketing services provided to the Fund. The Fund does not pay a service fee.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Licensing Fees. Under the terms of a license agreement, the investment adviser pays NASDAQ OMX Group an annual licensing fee for the use of the NASDAQ Composite Index. The investment adviser has entered into a sub-license agreement with the Fund whereby the Fund pays the investment adviser the amount of the license fee at the rate of up to .06% of the Fund's average net assets.
Annual Report
6. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
7. Expense Reductions.
The investment adviser contractually agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .21% of average net assets. This waiver will remain in place through January 31, 2016. Some expenses, for example interest expense, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $990,295.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $25.
8. Share Transactions.
The Fund issues and redeems shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to the Fund and redemption proceeds are paid with a basket of securities from the Fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. The Fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay
Annual Report
Notes to Financial Statements - continued
8. Share Transactions - continued
a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Commonwealth Trust and the Shareholders of Fidelity Nasdaq Composite Index Tracking Stock:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, 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 Fidelity Nasdaq Composite Index Tracking Stock (a fund of Fidelity Commonwealth Trust) at November 30, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, 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 Fidelity Nasdaq Composite Index Tracking Stock's management. Our responsibility is to express an opinion 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 November 30, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 21, 2015
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 174 funds. Mr. Curvey oversees 407 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Annual Report
Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."
Annual Report
Trustees and Officers - continued
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
James C. Curvey (1935) | |
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees | |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014). |
Charles S. Morrison (1960) | |
Year of Election or Appointment: 2014 Trustee | |
| Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Annual Report
Trustees and Officers - continued
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
Dennis J. Dirks (1948) | |
Year of Election or Appointment: 2005 Trustee | |
| Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present). |
Alan J. Lacy (1953) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014). |
Ned C. Lautenbach (1944) | |
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees | |
| Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on ForeignRelations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). |
Joseph Mauriello (1944) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012). |
Robert W. Selander (1950) | |
Year of Election or Appointment: 2011 Trustee | |
| Mr. Selander also serves as Trustee of other Fidelity funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc. |
Cornelia M. Small (1944) | |
Year of Election or Appointment: 2005 Trustee | |
| Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments. |
William S. Stavropoulos (1939) | |
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees | |
| Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012). |
David M. Thomas (1949) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Advisory Board Member and Officers:
Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation | |
Peter S. Lynch (1944) | |
Year of Election or Appointment: 2003 Member of the Advisory Board | |
| Mr. Lynch also serves as Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006). |
Elizabeth Paige Baumann (1968) | |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer | |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
William C. Coffey (1969) | |
Year of Election or Appointment: 2009 Assistant Secretary | |
| Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009). |
Jonathan Davis (1968) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) | |
Year of Election or Appointment: 2008 Deputy Treasurer | |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Howard J. Galligan III (1966) | |
Year of Election or Appointment: 2014 Chief Financial Officer | |
| Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011). |
Scott C. Goebel (1968) | |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) | |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Brian B. Hogan (1964) | |
Year of Election or Appointment: 2009 Vice President | |
| Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager. |
Chris Maher (1972) | |
Year of Election or Appointment: 2013 Assistant Treasurer | |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Melissa M. Reilly (1971) | |
Year of Election or Appointment: 2014 Vice President of certain Equity Funds | |
| Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present). |
Kenneth B. Robins (1969) | |
Year of Election or Appointment: 2008 President and Treasurer | |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) | |
Year of Election or Appointment: 2012 Deputy Treasurer | |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Linda J. Wondrack (1964) | |
Year of Election or Appointment: 2014 Chief Compliance Officer | |
| Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010). |
Joseph F. Zambello (1957) | |
Year of Election or Appointment: 2011 Deputy Treasurer | |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
Distributions (Unaudited)
The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index Tracking Stock
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its July 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally transfer agents, custodians, and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.
Annual Report
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group comparison is not shown below.
Fidelity Nasdaq Composite Index Tracking Stock
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.
Annual Report
Fidelity Nasdaq Composite Index Tracking Stock
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below its competitive median for 2013.
The Board further considered that FMR contractually agreed to waive the fund's expenses to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed 0.21% through January 31, 2015.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
Annual Report
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
JPMorgan Chase Bank
New York, NY
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
The Fidelity Telephone Connection
1-800-FIDELITY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
ETF-UANN-0115 1.795568.111
Fidelity® Series
100 Index
Fund
Fidelity Series 100 Index Fund
Class F
Annual Report
November 30, 2014
(Fidelity Cover Art)
Contents
Performance | How the fund has done over time. | |
Management's Discussion of Fund Performance | The Portfolio Manager's review of fund performance and strategy. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
| |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity Series 100 Index Fund or 1-800-835-5092 for Class F of the fund to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended November 30, 2014 | Past 1 | Past 5 | Life of |
Fidelity® Series 100 Index Fund | 16.14% | 14.82% | 6.93% |
Class FB | 16.23% | 14.84% | 6.94% |
A From March 29, 2007.
B The initial offering of Class F shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity Series 100 Index Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series 100 Index Fund, a class of the fund, on March 29, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 100® Index performed over the same period.
Annual Report
Management's Discussion of Fund Performance
Market Recap: The U.S. stock market closed near an all-time high for the 12 months ending November 30, 2014, supported by low interest rates and strong corporate profits. The large-cap S&P 500® Index gained 16.86%, clawing back from a late-period sell-off fueled by fears of a new global economic slump. Growth stocks in the index outperformed value-oriented names. The tech-heavy Nasdaq Composite Index® advanced 19.43%, while the small-cap Russell 2000® Index returned a relatively lackluster 3.99% amid growth and valuation worries. Health care (+28%) was the top sector in the S&P 500®, spurred by the strong performance of the pharmaceuticals, biotechnology & life sciences industry. Information technology (+27%) and consumer staples (+18%) also contributed strongly to the index's advance. Conversely, energy (-5%) was the biggest laggard, reflecting a sharp drop in crude prices beginning in June, attributed to weaker demand and a U.S. supply boom driven by shale drilling. Volatility was tame for much of the period, although it spiked to a three-year high in October amid growth concerns, Ebola fears and unrest in Syria, Iraq and Ukraine. Yet stocks proved resilient and gained in mid-October, bolstered by the relative economic strength of the U.S., which marked a six-year low in its unemployment rate.
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team for Fidelity® Series 100 Index Fund: For the year, the fund's Series 100 Index and Class F shares added 16.14% and 16.23%, respectively, while the benchmark S&P 100® Index gained 16.18%. Information technology stocks did particularly well, led by Apple, the largest weighting in the index and its top individual contributor by a huge margin. This maker of mobile devices continued to generate financial results well beyond analysts' expectations. Semiconductor manufacturer Intel benefited from increased optimism about the prospects for chipmakers. A strong earnings picture boosted the shares of social-media giant Facebook, while software maker Microsoft also contributed. In health care, pharmaceutical and medical devices company Johnson & Johnson and biotechnology firms Gilead Sciences and Amgen further added value. Litigation income received during the period also added to the fund's return. In contrast, various energy stocks were meaningful detractors, hardly a surprise in light of the steep drop in the price of oil this year. Energy producers Chevron, Apache and Occidental Petroleum, as well as oil-field services company Halliburton, all encountered challenges. The leading individual detractor of the period was Amazon.com. Shares of the Internet retailer struggled to a -14% return.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2014 to November 30, 2014).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annual Report
| Annualized | Beginning | Ending | Expenses Paid |
Series 100 Index | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,086.60 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Class F | .05% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,087.40 | $ .26 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.82 | $ .25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Ten Stocks as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 6.2 | 5.3 |
Microsoft Corp. | 3.4 | 2.9 |
Exxon Mobil Corp. | 3.4 | 4.1 |
Johnson & Johnson | 2.7 | 2.7 |
Berkshire Hathaway, Inc. Class B | 2.4 | 2.2 |
General Electric Co. | 2.3 | 2.5 |
Wells Fargo & Co. | 2.2 | 2.3 |
Procter & Gamble Co. | 2.1 | 2.0 |
JPMorgan Chase & Co. | 2.0 | 2.0 |
Verizon Communications, Inc. | 1.8 | 1.9 |
| 28.5 | |
Market Sectors as of November 30, 2014 | ||
| % of fund's | % of fund's net assets |
Information Technology | 24.7 | 23.3 |
Financials | 14.9 | 14.6 |
Health Care | 13.8 | 13.1 |
Consumer Staples | 11.3 | 11.1 |
Consumer Discretionary | 9.9 | 9.7 |
Industrials | 9.9 | 10.1 |
Energy | 8.7 | 11.1 |
Telecommunication Services | 3.4 | 3.6 |
Materials | 1.8 | 2.1 |
Utilities | 0.7 | 0.7 |
Annual Report
Investments November 30, 2014
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 9.9% | |||
Automobiles - 0.9% | |||
Ford Motor Co. | 1,212,353 | $ 19,070,313 | |
General Motors Co. | 421,345 | 14,085,563 | |
| 33,155,876 | ||
Hotels, Restaurants & Leisure - 1.4% | |||
McDonald's Corp. | 306,938 | 29,714,668 | |
Starbucks Corp. | 234,815 | 19,069,326 | |
| 48,783,994 | ||
Internet & Catalog Retail - 1.1% | |||
Amazon.com, Inc. (a) | 118,429 | 40,104,797 | |
Media - 3.8% | |||
Comcast Corp. Class A | 809,006 | 46,145,702 | |
The Walt Disney Co. | 493,643 | 45,666,914 | |
Time Warner, Inc. | 267,210 | 22,744,915 | |
Twenty-First Century Fox, Inc. Class A | 588,740 | 21,665,632 | |
| 136,223,163 | ||
Multiline Retail - 0.4% | |||
Target Corp. | 198,091 | 14,658,734 | |
Specialty Retail - 1.7% | |||
Home Depot, Inc. | 420,717 | 41,819,270 | |
Lowe's Companies, Inc. | 308,557 | 19,695,193 | |
| 61,514,463 | ||
Textiles, Apparel & Luxury Goods - 0.6% | |||
NIKE, Inc. Class B | 219,848 | 21,828,708 | |
TOTAL CONSUMER DISCRETIONARY | 356,269,735 | ||
CONSUMER STAPLES - 11.3% | |||
Beverages - 2.9% | |||
PepsiCo, Inc. | 471,002 | 47,147,300 | |
The Coca-Cola Co. | 1,233,882 | 55,314,930 | |
| 102,462,230 | ||
Food & Staples Retailing - 3.2% | |||
Costco Wholesale Corp. | 137,005 | 19,471,151 | |
CVS Health Corp. | 362,014 | 33,073,599 | |
Wal-Mart Stores, Inc. | 493,584 | 43,208,343 | |
Walgreen Co. | 275,087 | 18,873,719 | |
| 114,626,812 | ||
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Food Products - 0.6% | |||
Mondelez International, Inc. | 526,986 | $ 20,657,851 | |
Household Products - 2.6% | |||
Colgate-Palmolive Co. | 268,359 | 18,675,103 | |
Procter & Gamble Co. | 846,375 | 76,537,691 | |
| 95,212,794 | ||
Tobacco - 2.0% | |||
Altria Group, Inc. | 619,999 | 31,161,150 | |
Philip Morris International, Inc. | 488,301 | 42,448,006 | |
| 73,609,156 | ||
TOTAL CONSUMER STAPLES | 406,568,843 | ||
ENERGY - 8.7% | |||
Energy Equipment & Services - 1.5% | |||
Halliburton Co. | 265,863 | 11,219,419 | |
National Oilwell Varco, Inc. | 134,487 | 9,016,008 | |
Schlumberger Ltd. | 405,248 | 34,831,066 | |
| 55,066,493 | ||
Oil, Gas & Consumable Fuels - 7.2% | |||
Anadarko Petroleum Corp. | 158,157 | 12,518,127 | |
Apache Corp. | 119,556 | 7,662,344 | |
Chevron Corp. | 593,580 | 64,623,055 | |
ConocoPhillips Co. | 384,346 | 25,393,740 | |
Devon Energy Corp. | 120,206 | 7,088,548 | |
Exxon Mobil Corp. | 1,333,085 | 120,697,516 | |
Occidental Petroleum Corp. | 243,701 | 19,440,029 | |
| 257,423,359 | ||
TOTAL ENERGY | 312,489,852 | ||
FINANCIALS - 14.9% | |||
Banks - 7.9% | |||
Bank of America Corp. | 3,287,116 | 56,012,457 | |
Citigroup, Inc. | 947,691 | 51,146,883 | |
JPMorgan Chase & Co. | 1,175,725 | 70,731,616 | |
U.S. Bancorp | 563,258 | 24,896,004 | |
Wells Fargo & Co. | 1,484,964 | 80,900,839 | |
| 283,687,799 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Capital Markets - 1.5% | |||
Bank of New York Mellon Corp. | 353,722 | $ 14,159,492 | |
Goldman Sachs Group, Inc. | 128,079 | 24,131,364 | |
Morgan Stanley | 478,700 | 16,840,666 | |
| 55,131,522 | ||
Consumer Finance - 1.1% | |||
American Express Co. | 281,343 | 26,001,720 | |
Capital One Financial Corp. | 175,461 | 14,598,355 | |
| 40,600,075 | ||
Diversified Financial Services - 2.4% | |||
Berkshire Hathaway, Inc. Class B (a) | 569,852 | 84,731,294 | |
Insurance - 1.5% | |||
Allstate Corp. | 135,475 | 9,232,621 | |
American International Group, Inc. | 446,025 | 24,442,170 | |
MetLife, Inc. | 351,574 | 19,551,030 | |
| 53,225,821 | ||
Real Estate Investment Trusts - 0.5% | |||
Simon Property Group, Inc. | 97,141 | 17,563,093 | |
TOTAL FINANCIALS | 534,939,604 | ||
HEALTH CARE - 13.8% | |||
Biotechnology - 3.1% | |||
Amgen, Inc. | 237,443 | 39,251,702 | |
Biogen Idec, Inc. (a) | 73,816 | 22,712,445 | |
Gilead Sciences, Inc. (a) | 472,527 | 47,403,909 | |
| 109,368,056 | ||
Health Care Equipment & Supplies - 1.6% | |||
Abbott Laboratories | 470,036 | 20,921,302 | |
Baxter International, Inc. | 169,320 | 12,360,360 | |
Medtronic, Inc. | 306,183 | 22,617,738 | |
| 55,899,400 | ||
Health Care Providers & Services - 0.8% | |||
UnitedHealth Group, Inc. | 303,717 | 29,955,608 | |
Pharmaceuticals - 8.3% | |||
AbbVie, Inc. | 497,543 | 34,429,976 | |
Bristol-Myers Squibb Co. | 518,239 | 30,602,013 | |
Eli Lilly & Co. | 307,345 | 20,936,341 | |
Johnson & Johnson | 881,583 | 95,431,360 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Merck & Co., Inc. | 901,697 | $ 54,462,499 | |
Pfizer, Inc. | 1,982,068 | 61,741,418 | |
| 297,603,607 | ||
TOTAL HEALTH CARE | 492,826,671 | ||
INDUSTRIALS - 9.9% | |||
Aerospace & Defense - 3.4% | |||
General Dynamics Corp. | 99,278 | 14,431,050 | |
Honeywell International, Inc. | 244,613 | 24,233,810 | |
Lockheed Martin Corp. | 84,329 | 16,154,063 | |
Raytheon Co. | 97,127 | 10,363,451 | |
The Boeing Co. | 209,486 | 28,146,539 | |
United Technologies Corp. | 265,940 | 29,274,675 | |
| 122,603,588 | ||
Air Freight & Logistics - 1.1% | |||
FedEx Corp. | 82,974 | 14,784,307 | |
United Parcel Service, Inc. Class B | 219,872 | 24,168,330 | |
| 38,952,637 | ||
Electrical Equipment - 0.4% | |||
Emerson Electric Co. | 218,159 | 13,907,636 | |
Industrial Conglomerates - 3.2% | |||
3M Co. | 202,546 | 32,425,589 | |
General Electric Co. | 3,136,462 | 83,084,878 | |
| 115,510,467 | ||
Machinery - 0.6% | |||
Caterpillar, Inc. | 196,256 | 19,743,354 | |
Road & Rail - 1.2% | |||
Norfolk Southern Corp. | 96,750 | 10,801,170 | |
Union Pacific Corp. | 280,524 | 32,756,787 | |
| 43,557,957 | ||
TOTAL INDUSTRIALS | 354,275,639 | ||
INFORMATION TECHNOLOGY - 24.7% | |||
Communications Equipment - 2.3% | |||
Cisco Systems, Inc. | 1,593,942 | 44,056,557 | |
QUALCOMM, Inc. | 523,902 | 38,192,456 | |
| 82,249,013 | ||
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - 4.7% | |||
eBay, Inc. (a) | 353,068 | $ 19,376,372 | |
Facebook, Inc. Class A (a) | 651,231 | 50,600,649 | |
Google, Inc.: | |||
Class A (a) | 88,805 | 48,761,049 | |
Class C (a) | 88,797 | 48,112,879 | |
| 166,850,949 | ||
IT Services - 3.6% | |||
Accenture PLC Class A | 197,318 | 17,034,463 | |
IBM Corp. | 290,005 | 47,030,111 | |
MasterCard, Inc. Class A | 307,671 | 26,856,602 | |
Visa, Inc. Class A | 153,880 | 39,730,277 | |
| 130,651,453 | ||
Semiconductors & Semiconductor Equipment - 2.1% | |||
Intel Corp. | 1,547,615 | 57,648,659 | |
Texas Instruments, Inc. | 333,703 | 18,160,117 | |
| 75,808,776 | ||
Software - 4.6% | |||
Microsoft Corp. | 2,575,665 | 123,142,544 | |
Oracle Corp. | 1,016,553 | 43,112,013 | |
| 166,254,557 | ||
Technology Hardware, Storage & Peripherals - 7.4% | |||
Apple, Inc. | 1,871,726 | 222,604,371 | |
EMC Corp. | 634,131 | 19,245,876 | |
Hewlett-Packard Co. | 583,372 | 22,786,510 | |
| 264,636,757 | ||
TOTAL INFORMATION TECHNOLOGY | 886,451,505 | ||
MATERIALS - 1.8% | |||
Chemicals - 1.6% | |||
E.I. du Pont de Nemours & Co. | 286,092 | 20,426,969 | |
Monsanto Co. | 151,316 | 18,144,302 | |
The Dow Chemical Co. | 350,862 | 17,076,454 | |
| 55,647,725 | ||
Metals & Mining - 0.2% | |||
Freeport-McMoRan, Inc. | 324,792 | 8,720,665 | |
TOTAL MATERIALS | 64,368,390 | ||
Common Stocks - continued | |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 3.4% | |||
Diversified Telecommunication Services - 3.4% | |||
AT&T, Inc. | 1,621,073 | $ 57,353,563 | |
Verizon Communications, Inc. | 1,295,743 | 65,551,638 | |
| 122,905,201 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.7% | |||
Exelon Corp. | 268,573 | 9,714,285 | |
Southern Co. | 279,983 | 13,279,594 | |
| 22,993,879 | ||
TOTAL COMMON STOCKS (Cost $3,133,300,728) |
|
U.S. Treasury Obligations - 0.1% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.05% 3/5/15 (c) | $ 2,000,000 |
|
Money Market Funds - 0.6% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 22,202,152 |
| |
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $3,157,502,603) | 3,578,291,393 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 6,714,294 | ||
NET ASSETS - 100% | $ 3,585,005,687 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/ | |||
Purchased | |||||
Equity Index Contracts | |||||
37 CME E-mini S&P 500 Index Contracts (United States) | Dec. 2014 | $ 3,822,655 | $ 70,948 | ||
52 CME S&P 500 Index Contracts (United States) | Dec. 2014 | 26,861,900 | 557,190 | ||
TOTAL EQUITY INDEX CONTRACTS | $ 30,684,555 | $ 628,138 |
|
The face value of futures purchased as a percentage of net assets is 0.9% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,510,941. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 15,282 |
Fidelity Securities Lending Cash Central Fund | 2,989 |
Total | $ 18,271 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 356,269,735 | $ 356,269,735 | $ - | $ - |
Consumer Staples | 406,568,843 | 406,568,843 | - | - |
Energy | 312,489,852 | 312,489,852 | - | - |
Financials | 534,939,604 | 534,939,604 | - | - |
Health Care | 492,826,671 | 492,826,671 | - | - |
Industrials | 354,275,639 | 354,275,639 | - | - |
Information Technology | 886,451,505 | 886,451,505 | - | - |
Materials | 64,368,390 | 64,368,390 | - | - |
Telecommunication Services | 122,905,201 | 122,905,201 | - | - |
Utilities | 22,993,879 | 22,993,879 | - | - |
U.S. Government and Government Agency Obligations | 1,999,922 | - | 1,999,922 | - |
Money Market Funds | 22,202,152 | 22,202,152 | - | - |
Total Investments in Securities: | $ 3,578,291,393 | $ 3,576,291,471 | $ 1,999,922 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 628,138 | $ 628,138 | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 628,138 | $ - |
Total Value of Derivatives | $ 628,138 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2014 | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,135,300,451) | $ 3,556,089,241 |
|
Fidelity Central Funds (cost $22,202,152) | 22,202,152 |
|
Total Investments (cost $3,157,502,603) |
| $ 3,578,291,393 |
Receivable for fund shares sold | 516,885 | |
Dividends receivable | 8,396,084 | |
Distributions receivable from Fidelity Central Funds | 1,651 | |
Total assets | 3,587,206,013 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 1,884,528 | |
Accrued management fee | 147,581 | |
Payable for daily variation margin for derivative instruments | 93,314 | |
Other affiliated payables | 74,903 | |
Total liabilities | 2,200,326 | |
|
|
|
Net Assets | $ 3,585,005,687 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,698,857,920 | |
Undistributed net investment income | 65,171,985 | |
Accumulated undistributed net realized gain (loss) on investments | (600,441,146) | |
Net unrealized appreciation (depreciation) on investments | 421,416,928 | |
Net Assets | $ 3,585,005,687 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| November 30, 2014 | |
|
|
|
Series 100 Index: | $ 13.67 | |
|
|
|
Class F: | $ 13.68 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
| Year ended November 30, 2014 | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 67,488,432 |
Interest |
| 796 |
Income from Fidelity Central Funds |
| 18,271 |
Total income |
| 67,507,499 |
|
|
|
Expenses | ||
Management fee | $ 1,514,358 | |
Transfer agent fees | 804,231 | |
Independent trustees' compensation | 12,150 | |
Interest | 190 | |
Miscellaneous | 4,599 | |
Total expenses before reductions | 2,335,528 | |
Expense reductions | (13) | 2,335,515 |
Net investment income (loss) | 65,171,984 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 66,825,345 | |
Futures contracts | 2,028,407 | |
Total net realized gain (loss) |
| 68,853,752 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 335,858,240 | |
Futures contracts | 468,051 | |
Total change in net unrealized appreciation (depreciation) |
| 336,326,291 |
Net gain (loss) | 405,180,043 | |
Net increase (decrease) in net assets resulting from operations | $ 470,352,027 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 65,171,984 | $ 55,469,554 |
Net realized gain (loss) | 68,853,752 | 622,362,073 |
Change in net unrealized appreciation (depreciation) | 336,326,291 | (130,836,494) |
Net increase (decrease) in net assets resulting from operations | 470,352,027 | 546,995,133 |
Distributions to shareholders from net investment income | - | (209,886,783) |
Share transactions - net increase (decrease) | 404,368,983 | (5,646,352,795) |
Total increase (decrease) in net assets | 874,721,010 | (5,309,244,445) |
|
|
|
Net Assets | ||
Beginning of period | 2,710,284,677 | 8,019,529,122 |
End of period (including undistributed net investment income of $65,171,985 and undistributed net investment income of $0, respectively) | $ 3,585,005,687 | $ 2,710,284,677 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Series 100 Index
Years ended November 30, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.77 | $ 10.19 | $ 8.85 | $ 8.33 | $ 8.05 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) B | .27 | .25 | .21 | .18 | .17 |
Net realized and unrealized gain (loss) | 1.63 | 2.35 | 1.31 | .51 | .29 |
Total from investment operations | 1.90 | 2.60 | 1.52 | .69 | .46 |
Distributions from net investment income | - | (1.02) | (.18) | (.17) | (.18) |
Net asset value, end of period | $ 13.67 | $ 11.77 | $ 10.19 | $ 8.85 | $ 8.33 |
Total ReturnA | 16.14% | 27.56% | 17.49% | 8.34% | 5.83% |
Ratios to Average Net Assets C, E |
|
|
|
|
|
Expenses before reductions | .10% | .18% | .20% | .20% | .20% |
Expenses net of fee waivers, if any | .10% | .17% | .20% | .20% | .20% |
Expenses net of all reductions | .10% | .17% | .20% | .20% | .20% |
Net investment income (loss) | 2.11% | 2.34% | 2.17% | 2.05% | 2.06% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,814,733 | $ 2,710,285 | $ 8,019,529 | $ 6,413,368 | $ 5,796,424 |
Portfolio turnover rateD | 8% | 19% | 10% | 6% | 6% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class F
Year ended November 30, | 2014 G |
Selected Per-Share Data |
|
Net asset value, beginning of period | $ 11.69 |
Income from Investment Operations |
|
Net investment income (loss) D | .27 |
Net realized and unrealized gain (loss) | 1.72 |
Total from investment operations | 1.99 |
Net asset value, end of period | $ 13.68 |
Total ReturnB, C | 17.02% |
Ratios to Average Net Assets E, H |
|
Expenses before reductions | .05%A |
Expenses net of fee waivers, if any | .05%A |
Expenses net of all reductions | .05%A |
Net investment income (loss) | 2.16%A |
Supplemental Data |
|
Net assets, end of period (000 omitted) | $ 1,770,273 |
Portfolio turnover rateF | 8% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period December 4, 2013 (commencement of sale of shares) to November 30, 2014.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended November 30, 2014
1. Organization.
Fidelity Series 100 Index Fund (the Fund) is a fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class F shares and the existing class was designated Series 100 Index on December 4, 2013. The Fund offers Series 100 Index and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Annual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of November 30, 2014, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to contribution in kind, futures contracts, market discount, capital loss carryforwards and losses deferred due to wash sales.
Annual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 756,720,217 |
Gross unrealized depreciation | (354,934,123) |
Net unrealized appreciation (depreciation) on securities | $ 401,786,094 |
|
|
Tax Cost | $ 3,176,505,299 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $ 65,171,981 |
Capital loss carryforward | $ (580,810,309) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 401,786,094 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2017 | $ (283,491,729) |
2018 | (297,318,580) |
Total capital loss carryforward | $ (580,810,309) |
The tax character of distributions paid was as follows:
| November 30, 2014 | November 30, 2013 |
Ordinary Income | $ - | $ 209,886,783 |
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
Annual Report
Notes to Financial Statements - continued
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on
Annual Report
4. Derivative Instruments - continued
Futures Contracts - continued
the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $2,028,407 and a change in net unrealized appreciation (depreciation) of $468,051 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $694,229,304 and $234,112,374, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .05% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as transfer agent and interest expense, including commitment fees. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
In addition, under the expense contract, the investment adviser pays class-level expenses for Series 100 Index so that the total expenses do not exceed .10%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense, including commitment fees.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Annual Report
Notes to Financial Statements - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives transfer agent fees at an annual rate of .075% of average net assets for Series 100 Index. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Series 100 Index. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Under the expense contract, Series 100 Index pays a portion of the transfer agent fees at an annual rate of .05% of average net assets.
For the period, transfer agent fees for each applicable class were as follows:
| Amount |
Series 100 Index | $ 804,231 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average Interest Rate | Interest Expense |
Borrower | $ 7,115,000 | .32% | $ 190 |
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,599 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Annual Report
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,989.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $13.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended November 30, | 2014 | 2013 |
From net investment income |
|
|
Series 100 Index | $ - | $ 209,886,783 |
Class F | $ - | $ - |
Total | $ - | $ 209,886,783 |
Annual Report
Notes to Financial Statements - continued
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Years ended | 2014 A | 2013 | 2014 A | 2013 |
Series 100 Index |
|
|
|
|
Shares sold | 36,645,496 | 59,244,955 | $ 454,477,901 | $ 660,899,049 |
Reinvestment of distributions | - | 21,167,619 | - | 209,886,783 |
Shares redeemed | (134,267,685) | (637,102,463) B | (1,585,941,743) | (6,517,138,627) B |
Net increase (decrease) | (97,622,189) | (556,689,889) | $ (1,131,463,842) | $ (5,646,352,795) |
Class F |
|
|
|
|
Shares sold | 146,734,305 | - | $ 1,751,474,454 | $ - |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (17,287,150) | - | (215,641,629) | - |
Net increase (decrease) | 129,447,155 | - | $ 1,535,832,825 | $ - |
A Share transactions for Class F are for the period December 4, 2013 (commencement of sale of shares) to November 30, 2014.
B Amount includes in-kind redemptions.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity Series 100 Index Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Series 100 Index Fund (the Fund), a fund of Fidelity Commonwealth Trust, including the schedule of investments, as of November 30, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits 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 and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2014, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Series 100 Index Fund as of November 30, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 21, 2015
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 174 funds. Mr. Curvey oversees 407 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Annual Report
Trustees and Officers - continued
Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."
Annual Report
The fund's Statements of Additional Information (SAIs) include more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 for Fidelity Series 100 Index Fund, or 1-800-835-5092 for Class F.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
James C. Curvey (1935) | |
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees | |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014). |
Charles S. Morrison (1960) | |
Year of Election or Appointment: 2014 Trustee | |
| Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Annual Report
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ | |
Dennis J. Dirks (1948) | |
Year of Election or Appointment: 2005 Trustee | |
| Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present). |
Alan J. Lacy (1953) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014). |
Ned C. Lautenbach (1944) | |
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees | |
| Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). |
Joseph Mauriello (1944) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012). |
Robert W. Selander (1950) | |
Year of Election or Appointment: 2011 Trustee | |
| Mr. Selander also serves as Trustee of other Fidelity funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc. |
Cornelia M. Small (1944) | |
Year of Election or Appointment: 2005 Trustee | |
| Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments. |
William S. Stavropoulos (1939) | |
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees | |
| Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012). |
David M. Thomas (1949) | |
Year of Election or Appointment: 2008 Trustee | |
| Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.
Advisory Board Member and Officers:
Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation | |
Peter S. Lynch (1944) | |
Year of Election or Appointment: 2003 Member of the Advisory Board | |
| Mr. Lynch also serves as Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006). |
Elizabeth Paige Baumann (1968) | |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer | |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
William C. Coffey (1969) | |
Year of Election or Appointment: 2009 Assistant Secretary | |
| Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009). |
Jonathan Davis (1968) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) | |
Year of Election or Appointment: 2008 Deputy Treasurer | |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) | |
Year of Election or Appointment: 2010 Assistant Treasurer | |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Howard J. Galligan III (1966) | |
Year of Election or Appointment: 2014 Chief Financial Officer | |
| Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011). |
Scott C. Goebel (1968) | |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) | |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Brian B. Hogan (1964) | |
Year of Election or Appointment: 2009 Vice President | |
| Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager. |
Chris Maher (1972) | |
Year of Election or Appointment: 2013 Assistant Treasurer | |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Melissa M. Reilly (1971) | |
Year of Election or Appointment: 2014 Vice President of certain Equity Funds | |
| Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present). |
Kenneth B. Robins (1969) | |
Year of Election or Appointment: 2008 President and Treasurer | |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) | |
Year of Election or Appointment: 2012 Deputy Treasurer | |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) | |
Year of Election or Appointment: 2013 Deputy Treasurer | |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Linda J. Wondrack (1964) | |
Year of Election or Appointment: 2014 Chief Compliance Officer | |
| Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010). |
Joseph F. Zambello (1957) | |
Year of Election or Appointment: 2011 Deputy Treasurer | |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
Distributions (Unaudited)
Series 100 Index designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Series 100 Index designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series 100 Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its July 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Annual Report
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualificationsand capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.
Annual Report
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group comparison is not shown below.
Fidelity Series 100 Index Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in "fund-level" non-management expenses, and that "fund-level" non-management expenses may exceed the fund's management fee and result in a negative net management fee. The Board noted, however, that FMR does not pay transfer agent fees or other "class-level" expenses under the fund's management contract.
Annual Report
Fidelity Series 100 Index Fund
The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013. Although the fund's hypothetical net management fee was negative, the Board noted that it is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and is not intended to suggest that Fidelity pays the fund to manage the fund's assets.
Furthermore, the Board considered that it had approved an amended and restated management contract for the fund (effective October 1, 2013) that lowered the fund's management fee from 0.20% to 0.05%. The Board considered that the chart reflects the fund's lower management fee for 2013, as if the lower fee were in effect for the entire year.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's gross management fee. The Board also considered other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that the total expense ratio of Class F ranked below its competitive median for 2013 and the total expense ratio of the retail class ranked equal to its competitive median for 2013.
The Board considered that the current contractual arrangement for the fund obliges FMR to pay all "class-level" expenses of the retail class of the fund to the extent necessary to limit total expenses, with certain exceptions, to 0.10%. This contractual arrangement may not be increased without the approval of the Board and the shareholders of the applicable class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
Annual Report
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
HUN-ANN-0115 1.842443.107
Item 2. Code of Ethics
As of the end of the period, November 30, 2014, Fidelity Commonwealth Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index Fund and Fidelity Series 100 Index Fund (the "Funds"):
Services Billed by Deloitte Entities
November 30, 2014 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Nasdaq Composite Index Fund | $43,000 | $- | $6,000 | $800 |
Fidelity Series 100 Index Fund | $56,000 | $- | $5,800 | $1,200 |
November 30, 2013 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Nasdaq Composite Index Fund | $44,000 | $- | $6,000 | $600 |
Fidelity Series 100 Index Fund | $53,000 | $- | $5,800 | $1,000 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index Tracking Stock (the "Fund"):
Services Billed by PwC
November 30, 2014 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Nasdaq Composite Index Tracking Stock | $66,000 | $- | $4,700 | $1,800 |
November 30, 2013 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Nasdaq Composite Index Tracking Stock | $66,000 | $- | $4,400 | $1,600 |
A Amounts may reflect rounding.
The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):
Services Billed by Deloitte Entities
| November 30, 2014A | November 30, 2013A |
Audit-Related Fees | $- | $795,000 |
Tax Fees | $- | $- |
All Other Fees | $640,000 | $795,000 |
A Amounts may reflect rounding.
Services Billed by PwC
| November 30, 2014A | November 30, 2013A |
Audit-Related Fees | $5,185,000 | $4,860,000 |
Tax Fees | $- | $- |
All Other Fees | $- | $50,000 |
A Amounts may reflect rounding.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | November 30, 2014 A | November 30, 2013 A |
PwC | $6,485,000 | $5,445,000 |
Deloitte Entities | $1,730,000 | $1,725,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5. Audit Committee of Listed Registrants
Fidelity Commonwealth Trust: Fidelity Nasdaq Composite Index Tracking Stock:
The Board of Trustees of Fidelity Commonwealth Trust: Fidelity Nasdaq Composite Index Tracking Stock has established a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of November 30, 2014, the members of the audit committee were Joseph Mauriello, Alan J. Lacy and Robert W. Selander.
Fidelity Commonwealth Trust: Fidelity Nasdaq Composite Index Fund:
Fidelity Commonwealth Trust: Fidelity Series 100 Index Fund:
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) 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. Purchase 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 trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) 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 trust's internal control 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. |
(a) | (3) | Not applicable. |
(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. |
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.
Fidelity Commonwealth Trust
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
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|
Date: | January 27, 2015 |
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/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | January 27, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | January 27, 2015 |