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

 

 

Date of reporting period:

May 31, 2013

Item 1. Reports to Stockholders

Fidelity ®

Nasdaq Composite Index ® Tracking Stock

Semiannual Report

May 31, 2013

(Fidelity Cover Art)


Contents

Premium/Discount Analysis

(Click Here)

Information regarding the fund's NAV and market price.

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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. © 2013 FMR LLC. All rights reserved.

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.

Semiannual 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 May 31, 2013

From June 1, 2008

 

 

 

to May 31, 2013

Closing Price
Below NAV

Closing Price Above
or Equal to NAV

Basis Point Differential

Number of
Days

% of Total
Days

Number of
Days

% of Total
Days

0 - <25

480

38.13%

367

29.15%

25 - <50

141

11.20%

104

8.26%

50 - <75

47

3.73%

35

2.78%

75 - <100

23

1.83%

13

1.03%

100 or above

25

1.98%

24

1.91%

Total

716

56.87%

543

43.13%

Semiannual 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 (December 1, 2012 to May 31, 2013).

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.

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2012

Ending
Account Value
May 31, 2013

Expenses Paid
During Period
*
December 1, 2012
to May 31, 2013

Actual

.30%

$ 1,000.00

$ 1,154.30

$ 1.61

Hypothetical A

 

$ 1,000.00

$ 1,023.44

$ 1.51

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 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

7.9

11.9

Microsoft Corp.

5.5

4.8

Google, Inc. Class A

4.4

4.0

Oracle Corp.

3.0

3.4

Cisco Systems, Inc.

2.4

2.2

Amazon.com, Inc.

2.3

2.5

Intel Corp.

2.3

2.1

QUALCOMM, Inc.

2.1

2.4

Comcast Corp. Class A

1.6

1.7

Gilead Sciences, Inc.

1.6

1.2

 

33.1

Market Sectors as of May 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

48.3

50.9

Consumer Discretionary

18.5

17.5

Health Care

14.1

12.9

Financials

6.9

6.7

Industrials

4.4

4.2

Consumer Staples

4.0

4.0

Energy

1.4

1.3

Telecommunication Services

1.2

1.2

Materials

0.9

1.0

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 100% investment exposure to stocks at all times.

Semiannual Report


Investments May 31, 2013

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value

CONSUMER DISCRETIONARY - 18.5%

Auto Components - 0.2%

Ballard Power Systems, Inc. (a)(d)

4,911

$ 8,290

China Automotive Systems, Inc. (a)

976

5,056

China XD Plastics Co. Ltd. (a)

1,500

6,390

Dorman Products, Inc. (d)

1,491

66,394

Exide Technologies (a)

2,941

1,329

Federal-Mogul Corp. Class A (a)

3,831

37,352

Fuel Systems Solutions, Inc. (a)

788

12,285

Gentex Corp.

5,425

124,070

Gentherm, Inc. (a)

1,126

20,741

Quantum Fuel Systems Technologies Worldwide, Inc. (a)

365

217

Remy International, Inc.

1,124

20,221

Shiloh Industries, Inc.

795

7,902

SORL Auto Parts, Inc. (a)

706

1,843

Spartan Motors, Inc.

1,617

9,783

The Goodyear Tire & Rubber Co. (a)

9,100

137,774

 

459,647

Automobiles - 0.2%

Kandi Technolgies, Inc. (a)

1,230

4,613

Tesla Motors, Inc. (a)

4,431

433,175

 

437,788

Distributors - 0.2%

Core-Mark Holding Co., Inc.

470

27,819

LKQ Corp. (a)

11,232

274,959

Pool Corp.

2,038

104,855

VOXX International Corp. (a)

935

10,397

Weyco Group, Inc.

600

14,430

 

432,460

Diversified Consumer Services - 0.3%

American Public Education, Inc. (a)

786

29,899

Apollo Group, Inc. Class A (non-vtg.) (a)(d)

4,083

81,619

Ascent Capital Group, Inc. (a)

500

36,255

Cambium Learning Group, Inc. (a)

1,422

2,019

Capella Education Co. (a)

595

25,918

Career Education Corp. (a)

3,323

9,903

Coinstar, Inc. (a)

1,125

65,520

Corinthian Colleges, Inc. (a)

3,336

8,674

Education Management Corp. (a)(d)

5,054

32,649

Grand Canyon Education, Inc. (a)

1,755

56,371

JTH Holding, Inc. Class A (a)

1,101

17,836

Learning Tree International, Inc. (a)

981

2,953

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Diversified Consumer Services - continued

Lincoln Educational Services Corp.

1,060

$ 7,303

Matthews International Corp. Class A

1,074

41,188

National American University Holdings, Inc.

744

2,812

Steiner Leisure Ltd. (a)

630

31,998

Stewart Enterprises, Inc. Class A

3,473

45,149

Strayer Education, Inc.

459

24,552

 

522,618

Hotels, Restaurants & Leisure - 2.5%

AFC Enterprises, Inc. (a)

1,036

37,773

Ambassadors Group, Inc.

986

3,500

Ameristar Casinos, Inc.

1,185

31,047

Asia Entertainment & Resources Ltd. (d)

1,500

6,375

BJ's Restaurants, Inc. (a)

1,200

45,048

Bloomin' Brands, Inc.

4,746

110,392

Bob Evans Farms, Inc.

970

44,775

Bravo Brio Restaurant Group, Inc. (a)

500

9,000

Buffalo Wild Wings, Inc. (a)

729

69,955

Caesars Entertainment Corp. (a)(d)

4,660

67,523

Carrols Restaurant Group, Inc. (a)

690

3,933

Century Casinos, Inc. (a)

1,051

3,573

China Lodging Group Ltd. ADR (a)

900

14,369

Churchill Downs, Inc.

801

67,236

Chuys Holdings, Inc.

624

21,746

Cosi, Inc. (a)

714

1,457

Cracker Barrel Old Country Store, Inc.

891

79,709

Del Frisco's Restaurant Group, Inc. (a)

807

15,002

Denny's Corp. (a)

4,424

26,677

Dunkin' Brands Group, Inc.

4,030

159,588

Einstein Noah Restaurant Group, Inc.

801

11,214

Empire Resorts, Inc. (a)

721

1,925

Fiesta Restaurant Group, Inc. (a)

690

24,543

Gaming Partners International Corp.

812

6,577

Home Inns & Hotels Management, Inc. sponsored ADR (a)

1,322

38,325

Icahn Enterprises LP

4,141

321,052

Ignite Restaurant Group, Inc. (a)

910

16,653

International Speedway Corp. Class A

1,079

37,398

Interval Leisure Group, Inc.

1,956

42,269

Isle of Capri Casinos, Inc. (a)

1,311

10,121

Jack in the Box, Inc. (a)

1,612

58,822

Jamba, Inc. (a)

2,631

7,867

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

Lakes Entertainment, Inc. (a)

1,276

$ 4,657

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

7,108

169,028

Monarch Casino & Resort, Inc. (a)

976

15,040

Morgans Hotel Group Co. (a)

930

6,240

MTR Gaming Group, Inc. (a)

1,590

6,026

Multimedia Games Holding Co., Inc. (a)

1,111

28,430

Nathan's Famous, Inc. (a)

109

5,573

Norwegian Cruise Line Holdings Ltd.

8,000

246,000

Panera Bread Co. Class A (a)

1,101

211,205

Papa John's International, Inc. (a)

941

60,629

Penn National Gaming, Inc. (a)

2,994

164,790

Premier Exhibitions, Inc. (a)

1,531

3,062

Red Robin Gourmet Burgers, Inc. (a)

688

36,127

Rick's Cabaret International, Inc. (a)

546

4,526

Ruth's Hospitality Group, Inc.

1,954

21,885

Scientific Games Corp. Class A (a)

2,739

29,828

SHFL Entertainment, Inc. (a)

2,161

37,277

Sonic Corp. (a)

2,295

30,133

Starbucks Corp.

28,549

1,800,585

Texas Roadhouse, Inc. Class A

2,651

62,696

The Cheesecake Factory, Inc.

2,092

83,513

Town Sports International Holdings, Inc.

1,156

12,739

Wendy's Co.

14,450

85,978

Wynn Resorts Ltd.

3,892

528,884

 

5,050,295

Household Durables - 0.2%

Bassett Furniture Industries, Inc.

27

372

Cavco Industries, Inc. (a)

221

10,588

Dixie Group, Inc. (a)

511

3,792

Flexsteel Industries, Inc.

324

7,365

Garmin Ltd.

7,498

261,905

Helen of Troy Ltd. (a)

1,324

52,523

Hooker Furniture Corp.

124

2,170

iRobot Corp. (a)

926

31,290

Lifetime Brands, Inc.

540

7,268

Skullcandy, Inc. (a)

844

4,878

SodaStream International Ltd. (a)

812

51,806

Stanley Furniture Co., Inc. (a)

1,191

4,871

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Universal Electronics, Inc. (a)

671

$ 17,916

Zagg, Inc. (a)(d)

1,431

7,227

 

463,971

Internet & Catalog Retail - 4.3%

1-800-FLOWERS.com, Inc. Class A (a)

1,800

10,962

Amazon.com, Inc. (a)

17,415

4,685,157

Blue Nile, Inc. (a)

412

14,651

CafePress, Inc. (a)

629

4,095

Ctrip.com International Ltd. sponsored ADR (a)

5,723

178,271

dELiA*s, Inc. (a)

1,231

1,169

eLong, Inc. sponsored ADR (a)

1,137

15,998

Expedia, Inc.

4,646

266,959

Gaiam, Inc. Class A (a)

826

3,345

Geeknet, Inc. (a)

322

4,675

Groupon, Inc. Class A (a)

24,642

189,251

HomeAway, Inc. (a)

3,031

92,688

HSN, Inc.

2,154

122,541

Liberty Media Corp.:

Interactive Series A (a)

20,806

467,095

Series A (a)

1,341

109,385

MakeMyTrip Ltd. (a)

1,383

17,689

Mecox Lane Ltd. ADR (a)

84

229

Netflix, Inc. (a)

2,159

488,474

NutriSystem, Inc.

1,365

12,326

Overstock.com, Inc. (a)(d)

971

25,168

PetMed Express, Inc.

827

11,074

priceline.com, Inc. (a)

1,921

1,544,350

Shutterfly, Inc. (a)

1,371

66,823

TripAdvisor, Inc. (a)

4,962

319,999

U.S. Auto Parts Network, Inc. (a)

1,216

1,508

ValueVision Media, Inc. Class A (a)

1,606

8,110

Vitacost.com, Inc. (a)

1,100

8,998

 

8,670,990

Leisure Equipment & Products - 0.4%

Arctic Cat, Inc.

439

20,585

Black Diamond, Inc. (a)

810

7,266

Hasbro, Inc.

5,059

225,024

JAKKS Pacific, Inc.

899

9,080

Johnson Outdoors, Inc. Class A (a)

118

2,921

Mattel, Inc.

13,056

584,256

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - continued

Smith & Wesson Holding Corp. (a)(d)

2,189

$ 19,942

Summer Infant, Inc. (a)

940

3,074

 

872,148

Media - 7.3%

AirMedia Group, Inc. ADR (a)

2,088

3,884

AMC Networks, Inc. Class A (a)

2,530

161,971

Bona Film Group Ltd. sponsored ADR (a)

1,452

6,897

Carmike Cinemas, Inc. (a)

600

10,632

Central European Media Enterprises Ltd. Class A (a)

3,175

10,605

Charter Communications, Inc. Class A (a)

3,874

433,578

China Yida Holding Co. (a)

161

649

ChinaNet Online Holdings, Inc. (a)

700

371

Comcast Corp.:

Class A

81,435

3,269,615

Class A (special) (non-vtg.)

19,385

752,138

Crown Media Holdings, Inc. Class A (a)

13,065

26,783

CTC Media, Inc.

6,015

71,819

Cumulus Media, Inc. Class A (a)(d)

9,326

34,599

Daily Journal Corp. (a)

40

4,508

Dex Media, Inc. (a)

531

9,808

Digital Generation, Inc. (a)

1,097

7,668

DIRECTV (a)

21,897

1,338,564

Discovery Communications, Inc. (a)

5,599

441,537

Discovery Communications, Inc.:

Class B (a)

204

16,059

Class C (non-vtg.) (a)

3,297

230,691

DISH Network Corp. Class A

8,153

314,217

DreamWorks Animation SKG, Inc. Class A (a)

2,951

64,745

Emmis Communications Corp. Class A (a)

2,073

3,441

Fisher Communications, Inc.

375

15,416

Global Sources Ltd. (a)

1,719

11,706

Harris Interactive, Inc. (a)

2,721

5,034

Lamar Advertising Co. Class A (a)

3,066

143,274

Liberty Global, Inc.:

Class A (a)

5,666

417,584

Class B (a)

361

24,833

Class C (a)

3,895

267,548

Liberty Media Corp. Class A (a)

4,636

578,851

Loral Space & Communications Ltd.

823

49,561

MDC Partners, Inc. Class A (sub. vtg.)

1,636

28,843

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Morningstar, Inc.

1,747

$ 120,159

National CineMedia, Inc.

2,100

34,881

Navarre Corp. (a)

1,456

3,436

News Corp.:

Class A

56,931

1,828,054

Class B

32,509

1,048,090

Nexstar Broadcasting Group, Inc. Class A

925

25,900

ReachLocal, Inc. (a)

1,032

14,345

Reading International, Inc. Class A (a)

408

2,481

Rentrak Corp. (a)

486

11,246

RRSat Global Communications Network Ltd.

906

7,592

Salem Communications Corp. Class A

702

5,237

Scholastic Corp.

1,352

40,884

Sinclair Broadcast Group, Inc. Class A

2,814

76,062

Sirius XM Radio, Inc.

250,920

873,202

Spanish Broadcasting System, Inc. Class A (a)

162

671

Starz - Liberty Capital Series A (a)

4,636

106,999

The Madison Square Garden Co. Class A (a)

2,409

140,999

Value Line, Inc.

450

4,086

Viacom, Inc.:

Class A

1,874

125,745

Class B (non-vtg.)

17,235

1,135,614

Virgin Media, Inc.

10,205

506,780

VisionChina Media, Inc. ADR (a)

156

356

WPP PLC ADR

363

30,880

 

14,901,128

Multiline Retail - 0.3%

Dollar Tree, Inc. (a)

8,723

419,053

Fred's, Inc. Class A

1,558

24,710

Gordmans Stores, Inc. (a)

821

10,517

Sears Holdings Corp. (a)(d)

4,050

197,762

The Bon-Ton Stores, Inc.

511

10,879

Tuesday Morning Corp. (a)

1,641

14,621

 

677,542

Specialty Retail - 2.1%

America's Car Mart, Inc. (a)

240

10,822

Ascena Retail Group, Inc. (a)

6,180

125,639

bebe stores, Inc.

3,505

19,137

Bed Bath & Beyond, Inc. (a)

8,875

605,719

Big 5 Sporting Goods Corp.

1,041

20,830

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Body Central Corp. (a)

650

$ 7,989

Books-A-Million, Inc. (a)(d)

771

2,321

Cache, Inc. (a)

691

2,909

Citi Trends, Inc. (a)

615

8,143

Coldwater Creek, Inc. (a)(d)

849

3,133

Conn's, Inc. (a)

1,091

53,710

Destination Maternity Corp.

476

11,857

Destination XL Group, Inc. (a)

2,259

11,205

Finish Line, Inc. Class A

1,876

39,509

Five Below, Inc.

1,969

75,295

Francescas Holdings Corp. (a)

1,716

48,992

Hibbett Sports, Inc. (a)

999

56,973

Hot Topic, Inc.

1,891

26,455

Jos. A. Bank Clothiers, Inc. (a)

960

43,133

Kirkland's, Inc. (a)

931

13,928

Mattress Firm Holding Corp. (a)

1,250

44,950

Monro Muffler Brake, Inc.

1,177

55,343

O'Reilly Automotive, Inc. (a)

4,277

465,808

Orchard Supply Hardware Stores Corp. Class A (a)

187

443

Pacific Sunwear of California, Inc. (a)

2,790

9,179

Perfumania Holdings, Inc. (a)

225

1,323

PetSmart, Inc.

4,098

276,615

Rent-A-Center, Inc.

2,239

81,903

Ross Stores, Inc.

8,694

559,024

rue21, Inc. (a)

1,041

43,712

Sears Hometown & Outlet Stores, Inc. (a)

800

44,496

Select Comfort Corp. (a)

2,143

47,553

Shoe Carnival, Inc.

715

17,360

Staples, Inc.

25,940

389,100

Stein Mart, Inc.

1,770

22,886

The Children's Place Retail Stores, Inc. (a)

873

46,557

Tile Shop Holdings, Inc. (a)

1,540

39,424

Tractor Supply Co.

2,674

299,435

Trans World Entertainment Corp.

2,495

11,751

Ulta Salon, Cosmetics & Fragrance, Inc.

2,429

220,456

Urban Outfitters, Inc. (a)

5,559

233,089

West Marine, Inc. (a)

916

10,607

Wet Seal, Inc. Class A (a)

4,042

20,048

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Winmark Corp.

241

$ 14,405

Zumiez, Inc. (a)

1,176

37,420

 

4,180,586

Textiles, Apparel & Luxury Goods - 0.5%

Cherokee, Inc.

405

5,476

Columbia Sportswear Co.

1,371

82,562

Crocs, Inc. (a)

3,650

64,386

Deckers Outdoor Corp. (a)

1,234

66,241

Exceed Co. Ltd. (a)

1,148

1,435

Fossil, Inc. (a)

2,291

243,304

G-III Apparel Group Ltd. (a)

750

31,583

Iconix Brand Group, Inc. (a)

2,394

72,035

Joe's Jeans, Inc. (a)

2,547

4,381

Kingold Jewelry, Inc. (a)(d)

1,981

2,456

LJ International, Inc. (a)

981

1,933

lululemon athletica, Inc. (a)(d)

4,323

336,373

Perry Ellis International, Inc.

736

15,537

R.G. Barry Corp.

172

2,465

Steven Madden Ltd. (a)

1,990

96,515

True Religion Apparel, Inc.

956

30,439

Vera Bradley, Inc. (a)(d)

1,600

37,600

 

1,094,721

TOTAL CONSUMER DISCRETIONARY

37,763,894

CONSUMER STAPLES - 4.0%

Beverages - 0.2%

Coca-Cola Bottling Co. CONSOLIDATED

315

18,834

Craft Brew Alliance, Inc. (a)

712

5,397

MGP Ingredients, Inc.

716

3,831

Monster Beverage Corp. (a)

6,602

360,403

National Beverage Corp.

2,000

32,860

 

421,325

Food & Staples Retailing - 1.5%

Andersons, Inc.

716

36,473

Arden Group, Inc. Class A

150

15,984

Casey's General Stores, Inc.

1,470

89,317

Chefs' Warehouse Holdings (a)

794

14,991

China Jo-Jo Drugstores, Inc. (a)

574

362

Costco Wholesale Corp.

16,623

1,823,044

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Fairway Group Holdings Corp.

1,000

$ 21,820

Fresh Market, Inc. (a)

1,787

88,528

Ingles Markets, Inc. Class A

286

6,298

Nash-Finch Co.

538

11,691

PriceSmart, Inc.

1,215

102,582

QKL Stores, Inc. (a)

82

339

Spartan Stores, Inc.

873

15,513

The Pantry, Inc. (a)

881

11,021

United Natural Foods, Inc. (a)

1,897

100,389

Village Super Market, Inc. Class A

275

10,285

Whole Foods Market, Inc.

14,252

739,109

 

3,087,746

Food Products - 2.2%

Alico, Inc.

240

11,076

Boulder Brands, Inc. (a)

2,551

26,760

Bridgford Foods Corp.

878

6,848

Cal-Maine Foods, Inc.

888

39,729

Calavo Growers, Inc.

741

22,015

Diamond Foods, Inc. (a)

756

11,726

Farmer Brothers Co. (a)

750

10,538

Green Mountain Coffee Roasters, Inc. (a)

5,722

418,450

Griffin Land & Nurseries, Inc.

278

8,279

Hain Celestial Group, Inc. (a)

1,704

113,520

J&J Snack Foods Corp.

772

58,595

John B. Sanfilippo & Son, Inc.

362

7,012

Kraft Foods Group, Inc.

22,656

1,249,025

Lancaster Colony Corp.

1,085

89,480

Le Gaga Holdings Ltd. ADR (a)

500

1,870

Lifeway Foods, Inc.

786

13,763

Limoneira Co.

375

7,286

Mondelez International, Inc.

68,041

2,004,488

Origin Agritech Ltd. (a)

1,000

1,540

Pilgrims Pride Corp. (a)

9,500

113,620

Sanderson Farms, Inc.

848

58,444

Seneca Foods Corp. Class A (a)

481

15,368

SkyPeople Fruit Juice, Inc. (a)

904

1,944

Snyders-Lance, Inc.

2,759

71,513

SunOpta, Inc. (a)

2,641

20,710

Zhongpin, Inc. (a)

1,276

16,933

 

4,400,532

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 0.0%

Central Garden & Pet Co. (a)

30

$ 233

Central Garden & Pet Co. Class A (non-vtg.) (a)

1,186

9,002

WD-40 Co.

700

37,968

 

47,203

Personal Products - 0.1%

Elizabeth Arden, Inc. (a)

1,223

57,603

Inter Parfums, Inc.

1,381

41,402

LifeVantage Corp. (a)

4,000

8,800

Mannatech, Inc. (a)

115

1,150

Nature's Sunshine Products, Inc.

376

5,783

Neptune Technologies & Bioressources, Inc. (a)

2,281

6,666

Neptune Technologies & Bioressources, Inc.:

Class A (d)

76

0

warrants (a)(d)

153

0

Nutraceutical International Corp.

550

10,868

Reliv International, Inc.

601

799

Star Scientific, Inc. (a)(d)

4,862

7,244

Synutra International, Inc. (a)

2,940

13,818

The Female Health Co.

899

8,370

 

162,503

TOTAL CONSUMER STAPLES

8,119,309

ENERGY - 1.4%

Energy Equipment & Services - 0.3%

Dawson Geophysical Co. (a)

450

16,160

ENGlobal Corp. (a)

1,050

672

Exterran Partners LP

1,491

41,316

Forbes Energy Services Ltd. (a)

3,817

12,863

Geospace Technologies Corp. (a)

488

42,388

Gulf Island Fabrication, Inc.

651

13,430

Hercules Offshore, Inc. (a)

5,951

41,121

Lufkin Industries, Inc.

1,378

121,622

Matrix Service Co. (a)

1,041

17,166

Mitcham Industries, Inc. (a)

336

5,245

Ocean Rig UDW, Inc. (United States) (a)

5,078

88,408

Patterson-UTI Energy, Inc.

5,731

120,408

PHI, Inc. (non-vtg.) (a)

476

16,670

RigNet, Inc. (a)

640

15,962

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Tesco Corp. (a)

1,470

$ 18,757

TGC Industries, Inc.

996

8,396

 

580,584

Oil, Gas & Consumable Fuels - 1.1%

Abraxas Petroleum Corp. (a)

3,972

9,255

Alliance Holdings GP, LP

2,376

151,422

Alliance Resource Partners LP

1,444

104,372

Amyris, Inc. (a)(d)

1,800

5,382

APCO Oil and Gas International, Inc. (a)

358

4,396

Approach Resources, Inc. (a)

1,636

41,211

BioFuel Energy Corp. (a)(d)

235

964

BreitBurn Energy Partners LP

3,814

70,673

Calumet Specialty Products Partners LP

2,645

90,327

Capital Product Partners LP

2,544

23,354

Carrizo Oil & Gas, Inc. (a)

1,524

39,106

Ceres, Inc. (a)

854

1,845

Clayton Williams Energy, Inc. (a)

465

20,288

Clean Energy Fuels Corp. (a)(d)

3,317

44,017

Crimson Exploration, Inc. (a)

2,061

5,936

Crosstex Energy LP

2,613

50,326

Crosstex Energy, Inc.

2,006

38,214

Diamondback Energy, Inc.

1,300

43,901

Dorchester Minerals LP

1,011

24,365

Double Eagle Petroleum Co. (a)

405

1,669

Eagle Rock Energy Partners LP

6,777

57,333

Energy XXI (Bermuda) Ltd.

3,175

81,058

EV Energy Partners LP

1,500

57,090

FX Energy, Inc. (a)

1,740

7,117

Gevo, Inc. (a)(d)

938

1,679

Golar LNG Ltd. (NASDAQ)

3,128

106,352

Golar LNG Partners LP

1,459

48,614

Green Plains Renewable Energy, Inc. (a)

1,400

22,218

Gulfport Energy Corp. (a)

2,964

141,353

Hallador Energy Co.

1,071

8,450

Isramco, Inc. (a)

100

9,775

Ivanhoe Energy, Inc. (a)

4,482

5,534

James River Coal Co. (a)

1,160

3,004

KiOR, Inc. Class A (a)

1,800

8,334

Knightsbridge Tankers Ltd. (d)

941

6,625

L&L Energy, Inc. (a)

1,400

5,656

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Legacy Reserves LP

2,143

$ 56,790

LINN Energy LLC/LINN Energy Finance Corp.

9,039

297,383

LinnCo LLC (d)

1,259

45,695

Martin Midstream Partners LP

901

36,995

Memorial Production Partners LP

1,110

20,879

Mid-Con Energy Partners LP

898

20,941

Pacific Ethanol, Inc. (a)

183

803

PDC Energy, Inc. (a)

1,117

57,179

PostRock Energy Corp. (a)

615

836

PrimeEnergy Corp. (a)

165

4,924

Renewable Energy Group, Inc. (a)

1,572

21,269

Rex Energy Corp. (a)

2,385

39,615

Rosetta Resources, Inc. (a)

2,339

109,606

Sino Clean Energy, Inc. rights (a)

1,155

0

Solazyme, Inc. (a)(d)

2,300

28,336

StealthGas, Inc. (a)

1,116

11,796

Syntroleum Corp. (a)

267

1,821

Top Ships, Inc. (a)

274

395

TransGlobe Energy Corp. (a)

2,602

19,175

Uranium Resources, Inc. (a)(d)

875

2,581

US Energy Corp. (a)

1,078

1,951

Vanguard Natural Resources LLC

2,500

70,375

Verenium Corp. (a)

997

2,233

Warren Resources, Inc. (a)

2,571

7,533

Westmoreland Coal Co. (a)

902

10,824

ZaZa Energy Corp. (a)

3,748

5,247

Zion Oil & Gas, Inc. (a)(d)

1,633

2,792

 

2,219,189

TOTAL ENERGY

2,799,773

FINANCIALS - 6.9%

Capital Markets - 1.1%

BGC Partners, Inc. Class A

4,452

24,531

Calamos Asset Management, Inc. Class A

941

9,899

Capital Southwest Corp.

101

13,927

Carlyle Group LP

1,708

49,805

CIFI Corp. (a)

997

7,667

Cowen Group, Inc. Class A (a)

4,500

13,905

Diamond Hill Investment Group, Inc.

180

14,722

E*TRADE Financial Corp. (a)

10,989

127,802

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

FBR & Co. (a)

724

$ 17,521

Financial Engines, Inc.

1,960

84,515

Gleacher & Co., Inc. (a)

230

3,160

Harris & Harris Group, Inc. (a)

1,245

4,358

Horizon Technology Finance Corp.

300

4,206

ICG Group, Inc. (a)

1,455

16,165

INTL FCStone, Inc. (a)(d)

764

13,561

LPL Financial

4,200

155,736

Medallion Financial Corp.

1,071

15,915

Northern Trust Corp.

9,222

536,259

SEI Investments Co.

6,574

201,230

T. Rowe Price Group, Inc.

9,780

741,911

U.S. Global Investments, Inc. Class A

1,078

2,921

Virtus Investment Partners, Inc. (a)

285

66,080

WisdomTree Investments, Inc. (a)

4,504

56,030

 

2,181,826

Commercial Banks - 2.8%

1st Source Corp.

1,106

26,776

1st United Bancorp, Inc.

886

5,670

Access National Corp.

238

3,077

American National Bankshares, Inc.

1,950

42,296

American River Bankshares (a)

496

4,122

Ameris Bancorp (a)

723

11,944

Ames National Corp.

341

7,001

Arrow Financial Corp.

446

10,985

Associated Banc-Corp.

6,486

99,949

BancFirst Corp.

600

25,716

Bancorp, Inc., Delaware (a)

1,315

18,897

Bank of Kentucky Financial Corp.

213

5,527

Bank of Marin Bancorp

96

3,740

Bank of the Ozarks, Inc.

1,430

62,420

Banner Bank

839

26,915

BBCN Bancorp, Inc.

2,754

35,499

BCB Bancorp, Inc.

666

6,800

Berkshire Bancorp, Inc.

960

7,776

BNC Bancorp

1,633

17,653

BOK Financial Corp.

2,586

168,349

Boston Private Financial Holdings, Inc.

2,700

26,595

Bridge Bancorp, Inc.

500

10,705

Bridge Capital Holdings (a)

516

7,838

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Bryn Mawr Bank Corp.

570

$ 12,928

Camden National Corp.

434

16,318

Capital Bank Financial Corp.:

rights

631

0

Series A

1,518

27,172

Capital City Bank Group, Inc. (a)

876

9,978

Cardinal Financial Corp.

1,266

19,167

Cascade Bancorp (a)

1,889

10,862

Cathay General Bancorp

3,100

62,899

Center Bancorp, Inc.

912

11,838

Centerstate Banks of Florida, Inc.

1,407

12,072

Century Bancorp, Inc. Class A (non-vtg.)

164

5,820

Chemical Financial Corp.

926

24,159

Chemung Financial Corp.

69

2,312

Citizens & Northern Corp.

330

6,435

City Holding Co.

446

17,671

CNB Financial Corp., Pennsylvania

681

11,277

CoBiz, Inc.

1,196

10,345

Colony Bankcorp, Inc. (a)

420

2,999

Columbia Banking Systems, Inc.

1,990

43,462

Commerce Bancshares, Inc.

3,817

166,116

Community Trust Bancorp, Inc.

735

25,857

Crescent Financial Bancshares, Inc. (a)

41

171

CVB Financial Corp.

3,778

43,334

Eagle Bancorp, Inc., Maryland

1,078

24,266

East West Bancorp, Inc.

5,261

138,575

Eastern Virginia Bankshares, Inc. (a)

270

1,431

Eastern Virginia Bankshares, Inc. rights (a)

270

37

Enterprise Bancorp, Inc.

338

5,594

Enterprise Financial Services Corp.

840

12,827

Farmers National Banc Corp.

1,119

7,039

Fidelity Southern Corp.

817

10,482

Fifth Third Bancorp

34,399

626,062

Financial Institutions, Inc.

296

5,775

First Bancorp, North Carolina

720

10,260

First Busey Corp.

2,713

11,883

First California Financial Group, Inc. (a)

1,163

9,886

First Citizen Bancshares, Inc.

341

67,269

First Community Bancshares, Inc.

1,436

21,870

First Connecticut Bancorp, Inc.

649

9,242

First Financial Bancorp, Ohio

2,091

32,222

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

First Financial Bankshares, Inc. (d)

1,107

$ 60,885

First Financial Corp., Indiana

540

16,605

First Financial Holdings, Inc.

816

17,193

First Interstate Bancsystem, Inc.

666

13,180

First M&F Corp.

540

8,240

First Merchants Corp.

920

15,235

First Midwest Bancorp, Inc., Delaware

2,856

37,585

First NBC Bank Holding Co.

630

15,826

First Niagara Financial Group, Inc.

14,789

144,489

First of Long Island Corp.

177

5,563

First South Bancorp, Inc., Virginia (a)

450

2,961

FirstMerit Corp.

6,409

120,938

FNB United Corp. (a)

746

6,356

Fulton Financial Corp.

7,724

88,749

German American Bancorp, Inc.

616

13,466

Glacier Bancorp, Inc.

2,842

55,248

Great Southern Bancorp, Inc.

402

10,818

Grupo Financiero Galicia SA sponsored ADR (a)(d)

1,552

8,583

Guaranty Bancorp

471

5,087

Hampton Roads Bankshares, Inc. (a)

10,312

13,406

Hancock Holding Co.

3,313

94,586

Hanmi Financial Corp. (a)

1,573

24,759

Heartland Financial USA, Inc.

720

19,613

Heritage Commerce Corp. (a)

2,325

15,694

Heritage Financial Corp., Washington

525

7,250

Heritage Oaks Bancorp (a)

1,540

9,117

Home Bancshares, Inc.

977

41,132

HomeTrust Bancshares, Inc.

878

14,268

Horizon Bancorp Industries

502

9,829

Huntington Bancshares, Inc.

33,036

256,029

IBERIABANK Corp.

1,175

60,560

Independent Bank Corp. (a)

73

464

Independent Bank Corp., Massachusetts

850

28,008

Independent Bank Group, Inc.

422

11,985

International Bancshares Corp.

2,535

55,212

Intervest Bancshares Corp. Class A (a)

1,033

6,715

Investors Bancorp, Inc.

4,476

88,535

Lakeland Bancorp, Inc.

1,323

13,111

Lakeland Financial Corp.

816

22,505

Macatawa Bank Corp. (a)

778

4,279

MainSource Financial Group, Inc.

1,136

15,790

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

MB Financial, Inc.

2,000

$ 51,020

MBT Financial Corp. (a)

1,035

3,974

Mercantile Bank Corp.

255

4,281

Merchants Bancshares, Inc.

1,301

36,909

Metro Bancorp, Inc. (a)

390

7,531

Metrocorp Bancshares, Inc. (a)

808

7,902

Middleburg Financial Corp.

56

1,067

MidWestOne Financial Group, Inc.

548

12,988

National Bankshares, Inc.

338

11,286

National Penn Bancshares, Inc.

5,906

58,351

NBT Bancorp, Inc.

1,688

33,557

NewBridge Bancorp (a)

1,366

8,114

North Valley Bancorp (a)

281

5,021

Northrim Bancorp, Inc.

386

8,596

Old Second Bancorp, Inc. (a)

900

5,139

OmniAmerican Bancorp, Inc. (a)

426

9,487

Orrstown Financial Services, Inc. (a)

250

3,950

Pacific Continental Corp.

450

5,040

Pacific Mercantile Bancorp (a)

556

3,080

PacWest Bancorp

1,500

43,245

Park Sterling Corp. (a)

2,002

11,712

Peapack-Gladstone Financial Corp.

302

4,633

Penns Woods Bancorp, Inc.

200

8,118

Peoples Bancorp, Inc.

495

9,920

Pinnacle Financial Partners, Inc. (a)

1,161

29,141

Popular, Inc. (a)

3,975

119,250

Preferred Bank, Los Angeles (a)

505

8,166

Premier Financial Bancorp, Inc.

611

7,576

PrivateBancorp, Inc.

2,900

56,144

Renasant Corp.

771

18,373

Republic Bancorp, Inc., Kentucky Class A

866

20,619

Royal Bancshares of Pennsylvania, Inc. Class A (a)

735

1,103

S&T Bancorp, Inc.

1,115

21,564

S.Y. Bancorp, Inc.

403

9,712

Sandy Spring Bancorp, Inc.

2,736

58,605

SCBT Financial Corp.

476

23,824

Seacoast Banking Corp., Florida (a)

1,794

3,785

Shore Bancshares, Inc. (a)

300

2,190

Sierra Bancorp

480

6,581

Signature Bank (a)

1,804

139,233

Simmons First National Corp. Class A

696

17,908

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Southern National Bancorp of Virginia, Inc.

857

$ 8,784

Southside Bancshares, Inc.

485

10,980

Southwest Bancorp, Inc., Oklahoma (a)

971

12,973

State Bank Financial Corp.

972

15,037

StellarOne Corp.

1,176

18,404

Sterling Financial Corp.

2,328

52,659

Suffolk Bancorp (a)

562

8,464

Summit Financial Group, Inc. (a)

405

3,248

Sun Bancorp, Inc., New Jersey (a)

3,097

9,539

Susquehanna Bancshares, Inc.

6,844

82,196

SVB Financial Group (a)

1,886

145,958

Taylor Capital Group, Inc. (a)

1,192

19,799

Texas Capital Bancshares, Inc. (a)

1,645

72,643

The First Bancorp, Inc.

621

9,899

TowneBank (d)

948

13,784

Trico Bancshares

786

15,689

Trustmark Corp.

2,631

67,064

UMB Financial Corp.

1,613

85,634

Umpqua Holdings Corp.

4,455

60,232

Union First Market Bankshares Corp.

696

13,934

United Bankshares, Inc., West Virginia

1,962

51,032

United Community Banks, Inc., Georgia (a)

1,625

19,256

United Security Bancshares, Inc. (a)

465

4,008

United Security Bancshares, California

1,041

4,455

Univest Corp. of Pennsylvania

711

12,734

Virginia Commerce Bancorp, Inc. (a)

1,605

21,828

Washington Banking Co., Oak Harbor

610

8,320

Washington Trust Bancorp, Inc.

796

22,192

WesBanco, Inc.

858

21,493

West Bancorp., Inc.

675

7,817

Westamerica Bancorp.

1,163

52,370

Wilshire Bancorp, Inc.

2,765

18,249

Wintrust Financial Corp.

1,445

54,534

Zions Bancorporation

7,154

200,670

 

5,758,589

Consumer Finance - 0.4%

Asset Acceptance Capital Corp. (a)

1,440

9,778

Asta Funding, Inc.

516

4,742

Atlanticus Holdings Corp. (a)

1,067

4,172

Consumer Portfolio Services, Inc. (a)

1,005

7,809

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Consumer Finance - continued

Credit Acceptance Corp. (a)

904

$ 102,929

DFC Global Corp. (a)

1,736

25,866

Encore Capital Group, Inc. (a)

921

32,852

EZCORP, Inc. (non-vtg.) Class A (a)

1,850

35,391

First Cash Financial Services, Inc. (a)

1,102

59,299

Netspend Holdings, Inc. (a)

2,981

47,726

Nicholas Financial, Inc.

1,427

21,177

Portfolio Recovery Associates, Inc. (a)

610

92,885

QC Holdings, Inc.

826

2,486

SLM Corp.

17,627

418,465

World Acceptance Corp. (a)

430

39,715

 

905,292

Diversified Financial Services - 0.7%

California First National Bancorp

465

7,659

CBOE Holdings, Inc.

3,193

128,167

CME Group, Inc.

12,849

872,833

Interactive Brokers Group, Inc.

1,566

24,696

Life Partners Holdings, Inc.

678

2,468

MarketAxess Holdings, Inc.

1,446

62,699

Marlin Business Services Corp.

586

13,701

NewStar Financial, Inc. (a)

2,046

26,189

PICO Holdings, Inc. (a)

911

20,579

Resource America, Inc. Class A

675

6,487

The NASDAQ Stock Market, Inc.

6,368

200,337

 

1,365,815

Insurance - 0.7%

AMBAC Financial Group, Inc. (a)

1,721

43,369

American National Insurance Co.

1,007

100,579

Amerisafe, Inc.

696

23,615

Amtrust Financial Services, Inc. (d)

2,607

86,109

Arch Capital Group Ltd. (a)

5,155

263,988

Argo Group International Holdings, Ltd.

1,201

47,572

Baldwin & Lyons, Inc. Class B

566

13,409

Cincinnati Financial Corp.

6,234

295,118

CNinsure, Inc. ADR (a)

1,407

8,681

Donegal Group, Inc. Class A

965

14,282

Eastern Insurance Holdings, Inc.

261

4,810

eHealth, Inc. (a)

822

20,238

EMC Insurance Group

334

9,262

Enstar Group Ltd. (a)

522

65,913

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Erie Indemnity Co. Class A

1,749

$ 132,767

Global Indemnity PLC (a)

335

7,591

Greenlight Capital Re, Ltd. (a)

1,101

26,633

Hallmark Financial Services, Inc. (a)

797

7,245

Infinity Property & Casualty Corp.

481

27,778

Kansas City Life Insurance Co.

510

19,319

Maiden Holdings Ltd.

3,225

34,443

National Interstate Corp.

731

21,206

National Western Life Insurance Co. Class A

102

19,991

Navigators Group, Inc. (a)

479

27,935

Safety Insurance Group, Inc.

623

32,620

Selective Insurance Group, Inc.

2,151

51,043

State Auto Financial Corp.

1,581

28,869

Tower Group International Ltd.

1,873

36,205

United Fire Group, Inc.

1,100

29,535

 

1,500,125

Real Estate Investment Trusts - 0.4%

American Capital Agency Corp.

15,305

394,869

American Capital Mortgage Investment Corp.

2,239

47,176

American Realty Capital Properties, Inc.

5,921

90,118

CyrusOne, Inc.

700

15,176

Gladstone Commercial Corp.

2,120

41,425

Gyrodyne Co. of America, Inc.

81

5,925

New York Mortgage Trust, Inc.

1,332

9,004

Potlatch Corp.

1,547

70,280

Retail Opportunity Investments Corp.

1,933

27,139

Sabra Health Care REIT, Inc.

1,641

44,389

 

745,501

Real Estate Management & Development - 0.1%

Altisource Portfolio Solutions SA

895

84,372

AV Homes, Inc. (a)

266

3,522

China HGS Real Estate, Inc. (a)(d)

2,100

20,286

China Housing & Land Development, Inc. (a)(d)

1,732

3,499

Cresud S.A.C.I.F. y A. sponsored ADR (a)

1,928

15,598

Elbit Imaging Ltd. (a)

1,350

2,957

FirstService Corp. (sub. vtg.)

1,034

32,912

Stratus Properties, Inc. (a)

266

4,107

ZipRealty, Inc. (a)

1,230

3,506

 

170,759

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.7%

America First Tax Exempt Investors LP

1,272

$ 8,828

ASB Bancorp, Inc. (a)

334

5,608

Atlantic Coast Financial Corp. (a)

135

676

Bank Mutual Corp.

3,343

19,055

BankFinancial Corp.

1,191

9,504

Beneficial Mutual Bancorp, Inc. (a)

3,445

29,455

BofI Holding, Inc. (a)

600

28,092

Brookline Bancorp, Inc., Delaware

2,845

24,126

Camco Financial Corp. (a)

511

1,727

Capitol Federal Financial, Inc.

5,774

68,537

CFS Bancorp, Inc.

375

3,919

Charter Financial Corp.

1,059

10,590

Clifton Savings Bancorp, Inc.

3,173

37,632

Dime Community Bancshares, Inc.

1,213

17,479

ESB Financial Corp.

864

10,843

ESSA Bancorp, Inc.

623

6,816

First Defiance Financial Corp.

331

7,269

First Federal Bancshares of Arkansas, Inc. (a)

1,030

10,043

First Financial Northwest, Inc.

805

8,002

First PacTrust Bancorp, Inc.

480

6,322

Flushing Financial Corp.

1,290

20,163

Fox Chase Bancorp, Inc.

683

11,317

Franklin Financial Corp./VA

675

12,245

Hingham Institution for Savings

548

34,924

HMN Financial, Inc. (a)

216

1,588

Home Bancorp, Inc. (a)

2,535

44,413

Home Federal Bancorp, Inc.

750

9,143

Home Loan Servicing Solutions Ltd.

2,174

49,654

HomeStreet, Inc.

698

15,956

Hudson City Bancorp, Inc.

20,538

174,573

Kearny Financial Corp. (a)

2,557

25,314

Meridian Interstate Bancorp, Inc. (a)

773

13,922

MutualFirst Financial, Inc.

346

5,342

NASB Financial, Inc. (a)

406

9,951

Northfield Bancorp, Inc.

2,203

25,246

Northwest Bancshares, Inc.

3,493

43,313

OceanFirst Financial Corp.

600

8,310

Oconee Federal Financial Corp.

316

4,873

Oritani Financial Corp.

1,695

25,984

People's United Financial, Inc.

13,111

180,407

Provident Financial Holdings, Inc.

1,422

21,643

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

Pulaski Financial Corp.

631

$ 6,487

PVF Capital Corp. (a)

791

3,037

Riverview Bancorp, Inc. (a)

1,320

3,142

Rockville Financial, Inc.

785

10,236

Roma Financial Corp.

840

14,322

Severn Bancorp, Inc. (a)

801

3,885

SI Financial Group, Inc.

36

377

Simplicity Bancorp, Inc.

608

8,542

Territorial Bancorp, Inc.

600

13,884

TFS Financial Corp. (a)

11,918

130,860

Tree.com, Inc.

233

4,592

Trustco Bank Corp., New York

4,418

24,697

United Community Financial Corp. (a)

1,403

5,738

United Community Financial Corp. rights (a)

1,496

110

United Financial Bancorp, Inc.

323

4,932

ViewPoint Financial Group

1,500

28,395

Washington Federal, Inc.

4,376

76,536

Waterstone Financial, Inc. (a)

1,776

14,101

Westfield Financial, Inc.

515

3,873

WSFS Financial Corp.

266

13,364

 

1,423,914

TOTAL FINANCIALS

14,051,821

HEALTH CARE - 14.1%

Biotechnology - 8.3%

Aastrom Biosciences, Inc. (a)

3,081

1,762

ACADIA Pharmaceuticals, Inc. (a)

2,965

41,718

Achillion Pharmaceuticals, Inc. (a)

3,313

27,630

Acorda Therapeutics, Inc. (a)

1,485

49,673

Aegerion Pharmaceuticals, Inc. (a)

1,027

74,796

AEterna Zentaris, Inc. (sub. vtg.) (a)(d)

1,018

2,107

Affymax, Inc. (a)(d)

1,600

3,312

Agenus, Inc. (a)

334

1,346

Alexion Pharmaceuticals, Inc. (a)

7,601

741,402

Alkermes PLC (a)

6,065

189,531

Alnylam Pharmaceuticals, Inc. (a)

3,143

96,270

AMAG Pharmaceuticals, Inc. (a)

815

15,078

Amarin Corp. PLC ADR (a)(d)

5,374

37,564

Amgen, Inc.

28,904

2,905,719

Amicus Therapeutics, Inc. (a)

2,116

7,046

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Anacor Pharmaceuticals, Inc. (a)

1,000

$ 5,470

Anthera Pharmaceuticals, Inc. (a)

1,509

883

Arena Pharmaceuticals, Inc. (a)(d)

8,480

74,963

ARIAD Pharmaceuticals, Inc. (a)

6,998

128,343

ArQule, Inc. (a)

2,891

7,835

Array Biopharma, Inc. (a)

4,141

24,183

Arrowhead Research Corp. (a)

207

455

Astex Pharmaceuticals, Inc. (a)

3,660

17,751

AVEO Pharmaceuticals, Inc. (a)

1,565

4,006

BioCryst Pharmaceuticals, Inc. (a)(d)

2,280

3,899

Biogen Idec, Inc. (a)

9,059

2,151,422

BioMarin Pharmaceutical, Inc. (a)

5,312

333,062

Biospecifics Technologies Corp. (a)

250

3,973

Biota Pharmaceuticals, Inc.

357

1,292

Burcon NutraScience Corp. (a)

1,130

2,997

Celgene Corp. (a)

16,235

2,007,458

Cell Therapeutics, Inc. (a)

5,102

6,275

Celldex Therapeutics, Inc. (a)

3,063

39,176

Celsion Corp. (a)

1,758

2,971

Cepheid, Inc. (a)

2,423

84,223

Chelsea Therapeutics International Ltd. (a)

2,483

4,792

ChemoCentryx, Inc. (a)

1,268

17,131

Chimerix, Inc.

900

19,350

China Biologic Products, Inc. (a)

1,000

25,490

Cleveland Biolabs, Inc. (a)

624

977

Clovis Oncology, Inc. (a)

1,020

37,312

Codexis, Inc. (a)

5,297

12,183

Coronado Biosciences, Inc. (a)

1,404

13,872

Cubist Pharmaceuticals, Inc. (a)

2,491

136,880

Cubist Pharmaceuticals, Inc. rights (a)

1,695

0

Curis, Inc. (a)

2,541

9,529

Cyclacel Pharmaceuticals, Inc. (a)

327

1,105

Cytokinetics, Inc. (a)

1,875

2,250

Cytori Therapeutics, Inc. (a)

1,800

4,428

CytRx Corp. (a)

858

2,059

Dendreon Corp. (a)(d)

5,700

22,800

Discovery Laboratories, Inc. (a)

246

440

Durata Therapeutics, Inc.

1,041

7,651

Dyax Corp. (a)

4,944

15,524

Dynavax Technologies Corp. (a)

6,105

15,934

Enanta Pharmaceuticals, Inc.

865

16,850

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

EntreMed, Inc. (a)

452

$ 814

Enzon Pharmaceuticals, Inc.

2,322

7,105

Exact Sciences Corp. (a)

3,653

41,060

Exelixis, Inc. (a)(d)

7,782

37,665

Galena Biopharma, Inc. (a)(d)

2,890

6,792

Genomic Health, Inc. (a)

1,155

42,134

Gentium SpA sponsored ADR (a)

554

4,648

GenVec, Inc. (a)

393

163

Geron Corp. (a)

3,411

3,718

Gilead Sciences, Inc. (a)

58,278

3,174,985

Grifols SA ADR

3,587

97,782

GTx, Inc. (a)

2,882

17,033

Halozyme Therapeutics, Inc. (a)

4,567

32,289

Hyperion Therapeutics, Inc.

1,069

21,455

Idenix Pharmaceuticals, Inc. (a)

6,525

30,929

Idera Pharmaceuticals, Inc. (a)

1,200

876

ImmunoGen, Inc. (a)

3,410

62,642

Immunomedics, Inc. (a)

3,726

14,569

Incyte Corp. (a)(d)

5,095

112,956

Infinity Pharmaceuticals, Inc. (a)

1,766

47,594

Insmed, Inc. (a)

1,676

22,492

Insys Therapeutics, Inc. (a)

932

10,289

Intercept Pharmaceuticals, Inc.

550

18,392

InterMune, Inc. (a)

2,410

23,811

Ironwood Pharmaceuticals, Inc. Class A (a)

3,341

44,602

Isis Pharmaceuticals, Inc. (a)

3,906

84,565

Keryx Biopharmaceuticals, Inc. (a)

2,384

19,096

KYTHERA Biopharmaceuticals, Inc.

625

13,369

Lexicon Pharmaceuticals, Inc. (a)

18,653

44,581

Ligand Pharmaceuticals, Inc.:

Class B (a)

584

17,467

General CVR

1,530

26

Glucagon CVR (a)

1,530

46

Roche CVR rights (a)

1,530

21

TR Beta CVR (a)

1,530

8

MannKind Corp. (a)(d)

9,653

64,386

Maxygen, Inc.

1,686

3,996

Medivation, Inc. (a)

2,858

138,784

MEI Pharma, Inc. (a)

904

7,594

Merrimack Pharmaceuticals, Inc. (a)

3,422

18,958

Metabolix, Inc. (a)

1,021

1,674

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

MiMedx Group, Inc. (a)(d)

3,500

$ 25,200

Momenta Pharmaceuticals, Inc. (a)

1,996

26,267

Myriad Genetics, Inc. (a)

2,987

95,883

Nanosphere, Inc. (a)

1,581

6,624

Neurocrine Biosciences, Inc. (a)

2,112

27,308

NewLink Genetics Corp. (a)

681

11,107

Novavax, Inc. (a)

3,696

7,059

NPS Pharmaceuticals, Inc. (a)

2,941

46,321

Nymox Pharmaceutical Corp. (a)(d)

1,170

6,037

OncoGenex Pharmaceuticals, Inc. (a)

285

2,936

Oncolytics Biotech, Inc. (a)(d)

2,080

5,437

Oncothyreon, Inc. (a)

2,409

4,457

Onyx Pharmaceuticals, Inc. (a)

2,686

256,379

Orexigen Therapeutics, Inc. (a)

3,351

21,212

Osiris Therapeutics, Inc. (a)

1,320

14,837

OvaScience, Inc. (a)

866

10,808

OXiGENE, Inc. (a)

21

68

PDL BioPharma, Inc. (d)

6,000

49,500

Peregrine Pharmaceuticals, Inc. (a)(d)

3,346

5,521

Pharmacyclics, Inc. (a)

2,675

245,137

Pluristem Therapeutics, Inc. (a)(d)

2,521

7,916

Progenics Pharmaceuticals, Inc. (a)

1,275

5,075

Prothena Corp. PLC (a)

994

9,880

QLT, Inc.

2,343

18,369

Raptor Pharmaceutical Corp. (a)

1,518

11,522

Regeneron Pharmaceuticals, Inc. (a)

3,609

872,909

Regulus Therapeutics, Inc.

3,321

29,756

Repligen Corp. (a)

1,396

11,559

Rigel Pharmaceuticals, Inc. (a)

2,616

12,086

Sangamo Biosciences, Inc. (a)

1,786

14,288

Sarepta Therapeutics, Inc. (a)

1,080

38,178

Savient Pharmaceuticals, Inc. (a)

2,500

1,375

Seattle Genetics, Inc. (a)

4,515

154,955

SIGA Technologies, Inc. (a)(d)

3,039

11,335

Sinovac Biotech Ltd. (a)

2,373

9,468

Spectrum Pharmaceuticals, Inc.

2,391

19,630

StemCells, Inc. (a)

434

764

Sunesis Pharmaceuticals, Inc. (a)

2,487

13,405

Synageva BioPharma Corp. (a)

878

36,191

Synergy Pharmaceuticals, Inc. (a)

3,292

16,789

Synta Pharmaceuticals Corp. (a)

2,205

16,273

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Targacept, Inc. (a)

1,066

$ 6,002

Telik, Inc. (a)

80

112

TESARO, Inc.

1,247

42,660

Theravance, Inc. (a)

3,910

137,006

Threshold Pharmaceuticals, Inc. (a)

2,343

13,402

Transition Therapeutics, Inc. (a)

2,160

7,236

Trius Therapeutics, Inc. (a)

2,313

17,741

United Therapeutics Corp. (a)

1,987

132,076

Vanda Pharmaceuticals, Inc. (a)

1,000

9,130

Venaxis, Inc. (a)

42

56

Verastem, Inc. (a)

714

6,826

Vertex Pharmaceuticals, Inc. (a)

8,235

661,353

Vical, Inc. (a)

2,055

7,193

XOMA Corp. (a)

3,344

14,045

Zalicus, Inc. (a)

3,496

2,194

ZIOPHARM Oncology, Inc. (a)(d)

2,400

5,256

 

16,995,623

Health Care Equipment & Supplies - 1.5%

Abaxis, Inc.

800

35,208

Abiomed, Inc. (a)

1,590

34,296

Accuray, Inc. (a)

2,467

13,248

Align Technology, Inc. (a)

3,056

109,252

Alphatec Holdings, Inc. (a)

4,208

8,206

Analogic Corp.

510

40,540

Angiodynamics, Inc. (a)

1,547

16,831

Anika Therapeutics, Inc. (a)

702

10,362

Antares Pharma, Inc. (a)

5,517

22,399

ArthroCare Corp. (a)

1,040

35,287

Atricure, Inc. (a)

709

6,416

Atrion Corp.

85

18,741

BioLase Technology, Inc.

1,126

5,337

Cardica, Inc. (a)

3,176

4,097

Cardiovascular Systems, Inc. (a)

456

9,371

Cerus Corp. (a)

1,786

9,180

Conceptus, Inc. (a)

1,086

33,644

CONMED Corp.

917

30,197

Cutera, Inc. (a)

421

3,962

Cyberonics, Inc. (a)

1,000

47,710

Cynosure, Inc. Class A (a)

973

24,237

Delcath Systems, Inc. (a)(d)

1,463

628

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

DENTSPLY International, Inc.

5,353

$ 223,541

Derma Sciences, Inc. (a)

2,627

35,044

DexCom, Inc. (a)(d)

2,951

61,469

Endologix, Inc. (a)

2,340

31,450

EnteroMedics, Inc. (a)

2,222

2,933

Exactech, Inc. (a)

761

13,850

Genmark Diagnostics, Inc. (a)

1,548

23,065

Given Imaging Ltd. (a)

913

13,092

Hansen Medical, Inc. (a)(d)

3,340

5,711

HeartWare International, Inc. (a)

527

48,099

Hologic, Inc. (a)

10,567

219,265

ICU Medical, Inc. (a)

500

35,695

IDEXX Laboratories, Inc. (a)

2,059

169,744

Imris, Inc. (a)

2,630

6,748

Insulet Corp. (a)

2,000

59,720

Integra LifeSciences Holdings Corp. (a)

1,076

40,770

Intuitive Surgical, Inc. (a)

1,532

762,216

MAKO Surgical Corp. (a)

1,600

19,776

Masimo Corp.

2,197

47,565

Medical Action Industries, Inc. (a)

690

5,796

MELA Sciences, Inc. (a)

751

826

Meridian Bioscience, Inc.

1,656

35,786

Merit Medical Systems, Inc. (a)

1,507

14,874

Natus Medical, Inc. (a)

1,076

15,161

Neogen Corp. (a)

900

49,023

NeuroMetrix, Inc. (a)

16

31

Novadaq Technologies, Inc. (a)

1,219

16,530

NuVasive, Inc. (a)

1,452

31,537

NxStage Medical, Inc. (a)

2,331

32,517

OraSure Technologies, Inc. (a)

1,785

7,818

Orthofix International NV (a)

668

18,464

Palomar Medical Technologies, Inc. (a)

771

10,432

PhotoMedex, Inc. (a)

955

15,576

Quidel Corp. (a)

1,116

26,684

Rochester Medical Corp. (a)

525

7,471

Rockwell Medical Technologies, Inc. (a)

965

3,985

RTI Biologics, Inc. (a)

2,691

10,899

Sirona Dental Systems, Inc. (a)

2,067

146,633

Solta Medical, Inc. (a)

2,539

5,459

Staar Surgical Co. (a)

1,388

12,353

Stereotaxis, Inc. (a)

169

296

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

SurModics, Inc. (a)

690

$ 16,381

Synergetics USA, Inc. (a)

1,500

4,875

Syneron Medical Ltd. (a)

1,309

11,650

TearLab Corp. (a)

998

10,499

The Spectranetics Corp. (a)

1,443

26,984

Thoratec Corp. (a)

2,250

70,133

Tornier NV (a)

1,407

22,245

Trinity Biotech PLC sponsored ADR

496

8,695

Unilife Corp. (a)(d)

3,786

12,494

Urologix, Inc. (a)

771

393

Utah Medical Products, Inc.

200

9,254

Vascular Solutions, Inc. (a)

538

8,161

Vermillion, Inc. (a)

568

2,295

Volcano Corp. (a)

2,036

38,888

Wright Medical Group, Inc. (a)

1,700

42,551

Zeltiq Aesthetics, Inc. (a)

1,223

6,347

 

3,098,898

Health Care Providers & Services - 1.7%

Acadia Healthcare Co., Inc. (a)

1,647

54,993

Air Methods Corp.

1,485

55,598

Almost Family, Inc.

321

6,346

Amedisys, Inc. (a)

1,026

12,640

AmSurg Corp. (a)

1,320

46,900

Bio-Reference Laboratories, Inc. (a)(d)

1,267

39,087

BioScrip, Inc. (a)

2,090

29,218

CardioNet, Inc. (a)

1,649

4,601

Catamaran Corp. (a)

8,016

393,242

Chindex International, Inc. (a)

606

9,817

Corvel Corp. (a)

480

24,926

Cross Country Healthcare, Inc. (a)

1,056

5,502

Express Scripts Holding Co. (a)

31,280

1,943,114

Gentiva Health Services, Inc. (a)

1,096

11,683

Healthways, Inc. (a)

1,491

20,054

Henry Schein, Inc. (a)

3,408

328,156

IPC The Hospitalist Co., Inc. (a)

634

30,914

LCA-Vision, Inc. (a)

900

2,907

LHC Group, Inc. (a)

780

17,152

LifePoint Hospitals, Inc. (a)

1,991

99,012

Magellan Health Services, Inc. (a)

1,100

59,950

MWI Veterinary Supply, Inc. (a)

500

60,755

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

National Research Corp.:

Class A (a)

576

$ 9,418

Class B

96

3,276

Patterson Companies, Inc.

4,413

172,460

PDI, Inc. (a)

615

2,675

Providence Service Corp. (a)

186

4,903

RadNet, Inc. (a)

2,005

5,213

Sharps Compliance Corp. (a)

891

2,673

The Ensign Group, Inc.

805

29,036

VCA Antech, Inc. (a)

3,300

84,348

 

3,570,569

Health Care Technology - 0.6%

Allscripts Healthcare Solutions, Inc. (a)

6,347

87,906

athenahealth, Inc. (a)

1,331

112,536

Cerner Corp. (a)

6,563

645,012

Computer Programs & Systems, Inc.

431

21,584

HealthStream, Inc. (a)

1,068

28,601

HMS Holdings Corp. (a)

3,153

78,510

MedAssets, Inc. (a)

2,502

41,033

Medidata Solutions, Inc. (a)

1,100

75,922

Merge Healthcare, Inc. (a)

3,394

11,200

Omnicell, Inc. (a)

1,401

25,400

Quality Systems, Inc.

2,284

40,838

 

1,168,542

Life Sciences Tools & Services - 0.8%

Accelerate Diagnostics, Inc. (a)

1,651

14,512

Affymetrix, Inc. (a)

3,366

12,623

Albany Molecular Research, Inc. (a)

1,371

15,081

Apricus Biosciences, Inc. (a)(d)

1,374

3,779

BG Medicine, Inc. (a)

563

1,013

Bruker BioSciences Corp. (a)

6,300

104,139

Compugen Ltd. (a)(d)

2,285

13,344

Fluidigm Corp. (a)

1,027

17,500

Furiex Pharmaceuticals, Inc. (a)

431

15,934

Harvard Bioscience, Inc. (a)

1,984

10,079

ICON PLC (a)

2,286

78,501

Illumina, Inc. (a)

4,806

337,958

Life Technologies Corp. (a)

6,623

490,764

Luminex Corp. (a)

1,730

33,337

Pacific Biosciences of California, Inc. (a)

2,480

6,572

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - continued

PAREXEL International Corp. (a)

2,375

$ 108,514

QIAGEN NV (a)

9,016

168,419

Sequenom, Inc. (a)(d)

5,220

21,611

Techne Corp.

1,357

90,254

 

1,543,934

Pharmaceuticals - 1.2%

AcelRx Pharmaceuticals, Inc. (a)

1,709

15,227

Acura Pharmaceuticals, Inc. (a)(d)

1,613

3,645

Akorn, Inc. (a)

3,604

52,366

Alexza Pharmaceuticals, Inc. (a)

365

1,646

Alimera Sciences, Inc. (a)

3,452

14,982

Ampio Pharmaceuticals, Inc. (a)(d)

1,407

7,992

Auxilium Pharmaceuticals, Inc. (a)

1,774

26,468

AVANIR Pharmaceuticals Class A (a)

4,295

14,259

BioSante Pharmaceuticals, Inc. (a)(d)

739

902

Cadence Pharmaceuticals, Inc. (a)

2,797

18,600

Cardiome Pharma Corp. (a)

514

1,041

Cempra, Inc. (a)

1,357

10,910

Columbia Laboratories, Inc. (a)

14,182

8,950

Corcept Therapeutics, Inc. (a)(d)

3,477

6,328

Cornerstone Therapeutics, Inc. (a)

1,311

11,458

Cumberland Pharmaceuticals, Inc. (a)

1,191

5,776

DepoMed, Inc. (a)

1,368

7,880

Durect Corp. (a)

3,921

3,293

Echo Therapeutics, Inc. (a)

3,683

2,118

Endo Health Solutions, Inc. (a)

4,332

157,252

Endocyte, Inc. (a)

1,283

17,564

Flamel Technologies SA sponsored ADR (a)

1,035

4,989

Hi-Tech Pharmacal Co., Inc.

406

12,976

Horizon Pharma, Inc. (d)

3,517

8,335

Impax Laboratories, Inc. (a)

2,400

45,480

Imprimis Pharmaceuticals, Inc. (a)

1,151

11,510

Jazz Pharmaceuticals PLC (a)

2,188

148,718

Mylan, Inc. (a)

15,435

470,459

Nektar Therapeutics (a)

4,407

41,734

Novogen Ltd. sponsored ADR (a)

63

227

NuPathe, Inc. (a)

469

1,505

Oculus Innovative Sciences, Inc. (a)

2,326

8,560

Omeros Corp. (a)(d)

1,209

6,408

Omthera Pharmaceuticals, Inc.

1,385

18,185

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Optimer Pharmaceuticals, Inc. (a)

1,696

$ 25,236

Pacira Pharmaceuticals, Inc. (a)

1,076

31,527

Pain Therapeutics, Inc.

2,176

5,810

Pernix Therapeutics Holdings, Inc. (a)

3,291

11,881

Perrigo Co.

3,654

423,535

Pozen, Inc. (a)

1,191

6,312

Questcor Pharmaceuticals, Inc.

2,331

79,650

Repros Therapeutics, Inc. (a)

682

11,812

Sagent Pharmaceuticals, Inc. (a)

972

17,506

Salix Pharmaceuticals Ltd. (a)

2,269

137,660

Santarus, Inc. (a)

2,941

65,496

SciClone Pharmaceuticals, Inc. (a)

1,906

9,168

Shire PLC sponsored ADR

1,483

146,031

Sucampo Pharmaceuticals, Inc. Class A (a)

1,020

8,639

Supernus Pharmaceuticals, Inc. (a)(d)

1,036

7,159

The Medicines Company (a)

2,126

68,478

Transcept Pharmaceuticals, Inc. (a)

574

1,699

Ventrus Biosciences, Inc. (a)

745

1,922

ViroPharma, Inc. (a)

2,541

69,878

VIVUS, Inc. (a)(d)

3,831

56,316

Warner Chilcott PLC

9,355

179,616

XenoPort, Inc. (a)

1,451

7,981

Zogenix, Inc. (a)

3,206

4,777

 

2,545,832

TOTAL HEALTH CARE

28,923,398

INDUSTRIALS - 4.4%

Aerospace & Defense - 0.2%

AeroVironment, Inc. (a)

952

19,107

American Science & Engineering, Inc.

253

15,190

API Technologies Corp. (a)

2,864

7,933

Astronics Corp. (a)

385

13,818

BE Aerospace, Inc. (a)

3,984

252,745

Elbit Systems Ltd.

2,258

97,275

Erickson Air-Crane, Inc. (a)

391

9,724

Innovative Solutions & Support, Inc.

856

6,583

KEYW Holding Corp. (a)

1,446

21,329

Kratos Defense & Security Solutions, Inc. (a)

1,490

8,657

LMI Aerospace, Inc. (a)

461

8,750

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Sypris Solutions, Inc.

981

$ 3,237

Taser International, Inc. (a)

1,563

14,833

 

479,181

Air Freight & Logistics - 0.5%

Air Transport Services Group, Inc. (a)

3,455

20,903

Atlas Air Worldwide Holdings, Inc. (a)

1,032

47,905

C.H. Robinson Worldwide, Inc.

6,382

361,796

Echo Global Logistics, Inc. (a)

997

17,816

Expeditors International of Washington, Inc.

7,952

310,367

Forward Air Corp.

1,200

46,524

Hub Group, Inc. Class A (a)

1,385

50,289

Pacer International, Inc. (a)

1,536

9,385

Park-Ohio Holdings Corp. (a)

711

26,442

UTI Worldwide, Inc.

3,996

63,257

 

954,684

Airlines - 0.3%

Allegiant Travel Co.

716

66,237

Hawaiian Holdings, Inc. (a)

2,395

14,274

JetBlue Airways Corp. (a)

11,197

69,533

Republic Airways Holdings, Inc. (a)

1,686

18,091

Ryanair Holdings PLC sponsored ADR

4,488

219,194

SkyWest, Inc.

2,269

31,834

Spirit Airlines, Inc. (a)

2,717

82,678

 

501,841

Building Products - 0.1%

AAON, Inc.

1,047

34,802

American Woodmark Corp. (a)

641

23,281

Apogee Enterprises, Inc.

1,206

32,176

Builders FirstSource, Inc. (a)

2,939

19,809

China Ceramics Co. Ltd. (a)

800

1,744

Gibraltar Industries, Inc. (a)

1,131

18,356

Insteel Industries, Inc.

916

16,406

Nortek, Inc. (a)

565

39,917

Patrick Industries, Inc. (a)

451

8,790

PGT, Inc. (a)

1,109

9,149

Universal Forest Products, Inc.

795

31,410

 

235,840

Commercial Services & Supplies - 0.8%

A.T. Cross Co. Class A (a)

363

5,082

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Acorn Energy, Inc.

1,101

$ 9,744

Casella Waste Systems, Inc. Class A (a)

1,146

4,595

CECO Environmental Corp.

516

6,228

China Recycling Energy Corp. (a)

1,590

1,479

Cintas Corp.

5,209

237,817

Copart, Inc. (a)

4,639

159,535

Courier Corp.

435

5,894

EnerNOC, Inc. (a)

886

11,855

Fuel Tech, Inc. (a)

971

3,787

G&K Services, Inc. Class A

701

33,865

Guanwei Recycling Corp. (a)

380

536

Healthcare Services Group, Inc.

2,547

57,791

Heritage-Crystal Clean, Inc. (a)

952

14,328

Herman Miller, Inc.

2,200

61,842

Industrial Services of America, Inc. (a)

459

1,492

InnerWorkings, Inc. (a)

2,465

26,721

Interface, Inc.

2,276

38,237

Intersections, Inc.

661

6,101

Kimball International, Inc. Class B

1,425

13,951

McGrath RentCorp.

975

32,204

Mobile Mini, Inc. (a)

1,896

63,800

Multi-Color Corp.

559

16,429

Performant Financial Corp.

1,665

18,365

Perma-Fix Environmental Services, Inc. (a)

2,776

1,860

R.R. Donnelley & Sons Co. (d)

7,066

93,766

Standard Parking Corp. (a)

1,104

24,630

Stericycle, Inc. (a)

3,364

369,233

Swisher Hygiene, Inc. (Canada) (a)

6,010

6,250

Tetra Tech, Inc. (a)

2,532

69,807

United Stationers, Inc.

1,663

57,390

US Ecology, Inc.

836

22,890

West Corp.

3,047

69,776

 

1,547,280

Construction & Engineering - 0.1%

Aegion Corp. (a)

1,302

29,725

Foster Wheeler AG (a)

4,030

92,771

Great Lakes Dredge & Dock Corp.

3,510

29,133

Integrated Electrical Services, Inc. (a)

731

4,086

Layne Christensen Co. (a)

896

19,255

MYR Group, Inc. (a)

855

17,305

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Northwest Pipe Co. (a)

785

$ 21,580

Primoris Services Corp.

2,200

46,882

Sterling Construction Co., Inc. (a)

641

6,634

UniTek Global Services, Inc. (a)

650

1,235

 

268,606

Electrical Equipment - 0.2%

Active Power, Inc. (a)

928

3,990

Altair Nanotechnologies, Inc. (a)(d)

222

551

American Superconductor Corp. (a)

1,958

5,208

Broadwind Energy, Inc. (a)

362

1,727

Capstone Turbine Corp. (a)

6,826

7,918

China BAK Battery, Inc. (a)

361

365

Coleman Cable, Inc.

616

11,458

Deswell Industries, Inc.

861

2,290

Encore Wire Corp.

711

24,608

Enphase Energy, Inc. (a)

1,407

10,862

Franklin Electric Co., Inc.

1,842

62,278

FuelCell Energy, Inc. (a)

7,067

8,975

Global Power Equipment Group, Inc.

586

9,317

Highpower International, Inc. (a)

470

489

Hydrogenics Corp. (a)

259

3,103

II-VI, Inc. (a)

2,382

39,541

Jinpan International Ltd.

717

3,578

Lihua International, Inc. (a)

980

5,508

Lime Energy Co. (a)

1,124

843

LSI Industries, Inc.

696

5,672

Ocean Power Technologies, Inc. (a)

585

913

Plug Power, Inc. (a)

506

192

Powell Industries, Inc. (a)

357

16,879

PowerSecure International, Inc. (a)

710

9,571

Preformed Line Products Co.

176

12,236

Real Goods Solar, Inc. Class A (a)

1,117

3,016

Revolution Lighting Technologies, Inc. (a)(d)

2,892

11,047

SolarCity Corp. (d)

2,792

126,338

Ultralife Corp. (a)

901

3,424

Vicor Corp. (a)

1,551

8,360

 

400,257

Industrial Conglomerates - 0.0%

Raven Industries, Inc.

1,484

44,950

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - 0.9%

Altra Holdings, Inc.

1,161

$ 33,448

American Railcar Industries, Inc.

750

25,500

Astec Industries, Inc.

911

32,177

Chart Industries, Inc. (a)

1,124

109,343

Cleantech Solutions International, Inc. (a)

136

932

Columbus McKinnon Corp. (NY Shares) (a)

885

18,718

Commercial Vehicle Group, Inc. (a)

1,360

10,690

Dynamic Materials Corp.

450

7,245

Energy Recovery, Inc. (a)

1,776

7,335

ExOne Co. (d)

500

24,810

Flow International Corp. (a)

2,325

9,230

FreightCar America, Inc.

461

8,363

Hardinge, Inc.

390

4,973

Hurco Companies, Inc. (a)

225

6,458

L.B. Foster Co. Class A

344

15,243

Lincoln Electric Holdings, Inc.

3,367

201,347

Middleby Corp. (a)

730

119,348

NN, Inc. (a)

1,041

9,640

Nordson Corp.

2,427

172,851

Omega Flex, Inc.

360

4,849

PACCAR, Inc.

13,511

724,190

PMFG, Inc. (a)

555

3,546

RBC Bearings, Inc. (a)

789

38,629

Sun Hydraulics Corp.

1,050

34,073

Tecumseh Products Co.:

Class A (non-vtg.) (a)

801

7,353

Class B (a)

281

2,501

TriMas Corp. (a)

1,426

45,989

Twin Disc, Inc.

345

8,601

Westport Innovations, Inc. (a)(d)

2,163

65,561

Woodward, Inc.

2,676

104,765

 

1,857,708

Marine - 0.0%

Diana Containerships, Inc. (d)

1,501

8,421

DryShips, Inc. (a)(d)

16,057

29,705

Eagle Bulk Shipping, Inc. (a)

683

2,985

Euroseas Ltd.

1,365

1,515

FreeSeas, Inc. (a)

30

18

Newlead Holdings Ltd. (a)

283

54

Rand Logistics, Inc. (a)

1,060

5,936

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Marine - continued

Star Bulk Carriers Corp.

185

$ 1,090

Ultrapetrol (Bahamas) Ltd. (a)

5,831

17,027

 

66,751

Professional Services - 0.4%

51job, Inc. sponsored ADR (a)

382

22,920

Acacia Research Corp.

1,794

44,850

Advisory Board Co. (a)

1,309

69,128

Barrett Business Services, Inc.

165

9,624

CRA International, Inc. (a)

480

8,597

Exponent, Inc.

600

33,600

Heidrick & Struggles International, Inc.

756

10,894

Hudson Global, Inc. (a)

976

2,255

Huron Consulting Group, Inc. (a)

836

37,378

ICF International, Inc. (a)

797

24,030

Kelly Services, Inc. Class A (non-vtg.)

1,230

21,783

Kforce, Inc.

1,701

25,328

Lightbridge Corp. (a)

719

1,215

Odyssey Marine Exploration, Inc. (a)(d)

3,919

12,854

Pendrell Corp. (a)

6,352

15,689

Resources Connection, Inc.

1,691

18,533

RPX Corp. (a)

1,774

27,213

Verisk Analytics, Inc. (a)

6,466

380,330

VSE Corp.

201

6,818

 

773,039

Road & Rail - 0.5%

AMERCO

723

124,645

Arkansas Best Corp.

1,011

19,300

Avis Budget Group, Inc. (a)

3,900

129,324

Covenant Transport Group, Inc. Class A (a)

856

4,828

Heartland Express, Inc.

3,488

50,053

J.B. Hunt Transport Services, Inc.

4,461

328,597

Landstar System, Inc.

1,749

92,330

Marten Transport Ltd.

786

18,856

Old Dominion Freight Lines, Inc. (a)

3,366

144,940

P.A.M. Transportation Services, Inc.

646

6,996

Patriot Transportation Holding, Inc. (a)

436

12,635

Quality Distribution, Inc. (a)

846

7,707

Saia, Inc. (a)

637

30,439

Student Transportation, Inc.

3,676

23,260

Universal Truckload Services, Inc. (a)

891

22,765

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - continued

USA Truck, Inc. (a)

420

$ 2,717

Vitran Corp., Inc. (a)

946

4,489

Werner Enterprises, Inc.

2,688

67,281

YRC Worldwide, Inc. (a)

280

5,569

 

1,096,731

Trading Companies & Distributors - 0.4%

Aceto Corp.

966

12,297

Beacon Roofing Supply, Inc. (a)

1,696

69,909

DXP Enterprises, Inc. (a)

587

34,674

Fastenal Co.

11,378

593,704

General Finance Corp. (a)

1,355

6,043

H&E Equipment Services, Inc.

1,290

28,870

Houston Wire & Cable Co.

776

10,872

Lawson Products, Inc.

600

8,940

Rush Enterprises, Inc.:

Class A (a)

1,043

26,805

Class B (a)

625

13,850

Titan Machinery, Inc. (a)

836

17,146

 

823,110

Transportation Infrastructure - 0.0%

Grupo Aeroportuario Norte S.A.B. de CV ADR

200

5,580

TOTAL INDUSTRIALS

9,055,558

INFORMATION TECHNOLOGY - 48.3%

Communications Equipment - 5.5%

ADTRAN, Inc.

2,438

56,367

Alvarion Ltd. (a)

298

539

Ambient Corp. (a)

600

1,032

Anaren, Inc. (a)

297

7,134

Arris Group, Inc. (a)

5,381

81,415

Aruba Networks, Inc. (a)

4,149

61,986

AudioCodes Ltd. (a)

1,980

8,197

Aviat Networks, Inc. (a)

3,025

8,016

Bel Fuse, Inc. Class B (non-vtg.)

371

5,906

Black Box Corp.

780

20,990

Brocade Communications Systems, Inc. (a)

19,457

105,652

CalAmp Corp. (a)

1,239

16,318

Ceragon Networks Ltd. (a)

1,336

5,184

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)

1,185

$ 1,280

Ciena Corp. (a)

3,646

61,034

Cisco Systems, Inc.

203,772

4,906,830

Cogo Group, Inc. (a)

1,545

3,044

Comtech Telecommunications Corp.

619

16,342

Digi International, Inc. (a)

1,347

12,918

DragonWave, Inc. (a)

1,400

3,752

EchoStar Holding Corp. Class A (a)

1,530

60,756

EMCORE Corp. (a)

1,338

4,576

EXFO, Inc. (sub. vtg.) (a)

907

4,068

Extreme Networks, Inc. (a)

3,522

12,538

F5 Networks, Inc. (a)

3,084

256,620

Finisar Corp. (a)

3,317

43,453

Gilat Satellite Networks Ltd. (a)

2,426

13,319

Globecomm Systems, Inc. (a)

721

9,236

Harmonic, Inc. (a)

3,956

24,132

Infinera Corp. (a)

3,871

40,762

InterDigital, Inc.

1,495

68,755

Ituran Location & Control Ltd.

777

13,155

Ixia (a)

3,000

47,160

JDS Uniphase Corp. (a)

8,481

115,511

KVH Industries, Inc. (a)

511

6,740

Meru Networks, Inc. (a)

574

2,353

Mitel Networks, Inc. (a)

1,991

7,148

NETGEAR, Inc. (a)

1,465

48,755

NumereX Corp. Class A (a)

834

9,174

Oclaro, Inc. (a)(d)

2,874

2,960

Oplink Communications, Inc. (a)

687

11,693

Parkervision, Inc. (a)(d)

4,087

17,819

PC-Tel, Inc.

1,116

8,180

Polycom, Inc. (a)

6,739

76,353

Procera Networks, Inc. (a)

540

7,970

QUALCOMM, Inc.

65,748

4,173,683

Radware Ltd. (a)

1,498

22,530

Research In Motion Ltd. (a)(d)

20,088

280,228

Riverbed Technology, Inc. (a)

5,810

89,823

ShoreTel, Inc. (a)

2,706

10,932

Sierra Wireless, Inc. (a)

1,722

19,599

Silicom Ltd.

345

11,609

Sonus Networks, Inc. (a)

10,536

33,821

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Symmetricom, Inc. (a)

2,446

$ 12,083

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

7,235

84,432

Telestone Technologies Corp. (a)(d)

314

261

Tellabs, Inc.

13,974

28,926

Telular Corp.

900

11,286

Tessco Technologies, Inc.

347

7,932

Ubiquiti Networks, Inc.

3,500

66,185

UTStarcom Holdings Corp. (a)

1,387

3,939

ViaSat, Inc. (a)

1,605

112,446

Westell Technologies, Inc. Class A (a)

2,778

6,084

Wi-Lan, Inc.

4,772

20,299

 

11,293,220

Computers & Peripherals - 9.7%

Apple, Inc.

35,990

16,183,955

Avid Technology, Inc. (a)

1,551

9,895

Concurrent Computer Corp.

360

2,714

Cray, Inc. (a)

1,493

27,188

Datalink Corp. (a)

906

10,383

Dell, Inc.

66,659

889,898

Dot Hill Systems Corp. (a)

3,411

6,651

Electronics for Imaging, Inc. (a)

1,543

43,034

Hutchinson Technology, Inc. (a)

1,056

6,061

Immersion Corp. (a)

1,335

20,506

Intevac, Inc. (a)

911

4,382

Logitech International SA

6,508

44,970

NetApp, Inc.

13,800

517,914

Novatel Wireless, Inc. (a)

1,997

6,830

OCZ Technology Group, Inc. (a)

2,350

3,431

QLogic Corp. (a)

3,929

38,268

Rimage Corp.

400

3,236

SanDisk Corp. (a)

9,400

554,788

Seagate Technology

13,958

601,311

Silicon Graphics International Corp. (a)

1,011

15,266

Smart Technologies, Inc. Class A (a)

1,547

2,014

STEC, Inc. (a)

2,011

7,119

Stratasys Ltd. (a)(d)

1,467

123,301

Super Micro Computer, Inc. (a)

1,239

12,774

Synaptics, Inc. (a)

1,350

55,701

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Western Digital Corp.

9,296

$ 588,623

Xyratex Ltd.

1,176

12,442

 

19,792,655

Electronic Equipment & Components - 1.1%

Agilysys, Inc. (a)

1,050

12,033

Audience, Inc.

952

13,328

Cognex Corp.

1,521

68,339

Coherent, Inc.

900

51,660

Daktronics, Inc.

1,761

18,085

DTS, Inc. (a)

606

11,975

Echelon Corp. (a)

1,830

4,301

Electro Rent Corp.

1,080

18,371

Electro Scientific Industries, Inc.

1,335

15,152

FARO Technologies, Inc. (a)

690

25,820

FEI Co.

1,455

104,775

Flextronics International Ltd. (a)

27,060

201,868

FLIR Systems, Inc.

5,802

141,337

GSI Group, Inc. (a)

1,500

12,210

HLS Systems International Ltd. (a)

1,991

23,374

I. D. Systems Inc. (a)

601

3,071

Identive Group, Inc. (a)

3,097

2,753

Insight Enterprises, Inc. (a)

1,633

31,435

IPG Photonics Corp.

1,902

112,789

Itron, Inc. (a)

1,543

64,806

Littelfuse, Inc.

972

71,432

LoJack Corp. (a)

1,051

3,552

Maxwell Technologies, Inc. (a)

1,095

7,917

Measurement Specialties, Inc. (a)

521

23,158

Mercury Systems, Inc. (a)

951

8,312

Mesa Laboratories, Inc.

28

1,482

MicroVision, Inc. (a)(d)

430

1,286

Molex, Inc.

3,635

106,651

Molex, Inc. Class A (non-vtg.)

3,066

75,301

MTS Systems Corp.

578

34,888

Multi-Fineline Electronix, Inc. (a)

1,116

17,744

National Instruments Corp.

4,575

129,930

Neonode, Inc. (a)(d)

1,393

7,564

NetList, Inc. (a)

2,276

1,411

Newport Corp. (a)

1,221

16,068

Orbotech Ltd. (a)

1,410

16,483

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

OSI Systems, Inc. (a)

716

$ 41,413

PC Connection, Inc.

691

11,602

PC Mall, Inc. (a)

556

4,259

Plexus Corp. (a)

1,400

40,852

Power-One, Inc. (a)

4,043

25,592

RadiSys Corp. (a)

936

4,680

Richardson Electronics Ltd.

482

5,765

Rofin-Sinar Technologies, Inc. (a)

1,121

29,998

Sanmina Corp. (a)

3,082

41,854

ScanSource, Inc. (a)

1,206

38,508

Tech Data Corp. (a)

1,455

72,925

Trimble Navigation Ltd. (a)

9,803

273,504

TTM Technologies, Inc. (a)

2,908

23,497

Uni-Pixel, Inc. (a)

436

6,632

Universal Display Corp. (a)

1,847

55,004

Viasystems Group, Inc. (a)

708

8,935

Zygo Corp. (a)

1,006

16,005

 

2,161,686

Internet Software & Services - 9.3%

21Vianet Group, Inc. ADR (a)

1,181

10,794

Akamai Technologies, Inc. (a)

6,803

313,754

Angie's List, Inc. (a)

2,582

60,574

Autobytel, Inc. (a)

351

1,730

Baidu.com, Inc. sponsored ADR (a)(d)

10,564

1,020,905

Bazaarvoice, Inc. (a)

2,745

20,560

Blucora, Inc. (a)

1,401

25,568

Brightcove, Inc. (a)

980

7,330

Carbonite, Inc. (a)

1,032

10,908

China Finance Online Co. Ltd. ADR (a)

915

1,391

ChinaCache International Holdings Ltd. sponsored ADR (a)

225

1,028

comScore, Inc. (a)

1,086

21,481

Constant Contact, Inc. (a)

1,200

17,904

Cornerstone OnDemand, Inc. (a)

1,865

75,794

CoStar Group, Inc. (a)

1,037

115,947

DealerTrack Holdings, Inc. (a)

1,614

52,035

Digital River, Inc. (a)

1,521

26,572

E2open, Inc.

910

13,295

EarthLink, Inc.

4,455

26,418

eBay, Inc. (a)

49,806

2,694,505

eGain Communications Corp. (a)

930

7,468

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Equinix, Inc. (a)

1,888

$ 382,584

Facebook, Inc. Class A

64,447

1,569,284

GigaMedia Ltd. (a)

2,131

2,110

Global Eagle Entertainment, Inc. (a)

1,381

13,534

Google, Inc. Class A (a)

10,237

8,910,387

IAC/InterActiveCorp

3,344

162,117

Internap Network Services Corp. (a)

2,287

18,250

Internet Initiative Japan, Inc. sponsored ADR

863

14,248

iPass, Inc. (a)

3,772

6,412

j2 Global, Inc.

1,719

70,290

Keynote Systems, Inc.

675

8,505

Limelight Networks, Inc. (a)

3,326

7,883

Liquidity Services, Inc. (a)(d)

1,191

47,652

LivePerson, Inc. (a)

2,295

21,206

LogMeIn, Inc. (a)

1,052

26,773

Marchex, Inc. Class B

1,791

10,388

Market Leader, Inc. (a)

1,781

19,057

Marketo, Inc.

715

16,924

MercadoLibre, Inc.

1,716

196,688

Move, Inc. (a)

1,545

17,598

Net Element International, Inc. (a)

974

4,763

NetEase.com, Inc. sponsored ADR

2,946

188,338

NIC, Inc.

2,461

41,148

Open Text Corp.

2,210

150,389

OpenTable, Inc. (a)

949

63,298

Perficient, Inc. (a)

1,516

19,102

Points International Ltd. (a)

799

13,519

QuinStreet, Inc. (a)

1,753

13,568

RealNetworks, Inc. (a)

1,385

10,055

Rediff.com India Ltd. sponsored ADR (a)

600

1,656

Reis, Inc. (a)

375

6,971

Remark Media, Inc. (a)

177

565

Responsys, Inc. (a)

1,730

16,919

SciQuest, Inc. (a)

800

18,360

Sify Technologies Ltd. sponsored ADR (a)(d)

1,740

3,428

SINA Corp. (a)

2,564

147,943

Sohu.com, Inc. (a)

1,478

94,858

SPS Commerce, Inc. (a)

530

28,604

Stamps.com, Inc. (a)

675

25,731

Support.com, Inc. (a)

2,745

13,121

Synacor, Inc. (a)

1,155

4,354

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

TechTarget, Inc. (a)

1,500

$ 6,660

TheStreet.com, Inc.

2,682

5,310

Travelzoo, Inc. (a)

751

21,584

United Online, Inc.

3,243

22,085

Unwired Planet, Inc. (a)

3,561

7,336

ValueClick, Inc. (a)

3,087

81,312

Velti PLC (a)(d)

2,666

4,692

VeriSign, Inc. (a)

6,009

282,663

VistaPrint Ltd. (a)(d)

1,450

66,628

Vocus, Inc. (a)

821

7,176

Web.com Group, Inc. (a)(d)

1,853

38,894

WebMD Health Corp. (a)

2,015

59,483

WebMediaBrands, Inc. (a)

242

322

Xoom Corp.

1,196

22,258

Yahoo!, Inc. (a)

45,559

1,198,202

Yandex NV (a)

8,949

243,055

Zillow, Inc. (a)

957

53,726

Zix Corp. (a)

644

2,570

 

19,038,497

IT Services - 1.9%

Acxiom Corp. (a)

2,663

58,559

Automatic Data Processing, Inc.

18,590

1,277,505

Cardtronics, Inc. (a)

1,791

51,097

Cass Information Systems, Inc.

465

20,869

China Information Technology, Inc. (a)

950

2,461

Cognizant Technology Solutions Corp. Class A (a)

11,583

748,841

Computer Task Group, Inc.

717

16,003

CSG Systems International, Inc. (a)

1,356

29,330

Euronet Worldwide, Inc. (a)

1,986

60,573

ExlService Holdings, Inc. (a)

1,449

42,499

Fiserv, Inc. (a)

5,134

447,479

Forrester Research, Inc.

975

35,324

Hackett Group, Inc.

1,695

8,543

iGate Corp. (a)

2,041

29,615

Information Services Group, Inc. (a)

1,246

2,442

Innodata, Inc. (a)

1,261

3,985

Jack Henry & Associates, Inc.

3,837

180,070

Lionbridge Technologies, Inc. (a)

2,146

6,352

ManTech International Corp. Class A

800

21,672

Mattersight Corp. (a)

1,485

4,633

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

ModusLink Global Solutions, Inc. (a)

1,665

$ 4,779

MoneyGram International, Inc. (a)

2,100

41,328

NCI, Inc. Class A (a)

491

2,322

Pactera Technology International Ltd. ADR

3,448

23,033

Paychex, Inc.

14,093

524,682

PFSweb, Inc. (a)

406

1,742

Planet Payment, Inc. (a)

4,151

12,370

PRG-Schultz International, Inc. (a)

1,731

9,486

Rainmaker Systems, Inc. (a)

2,401

1,044

Sapient Corp. (a)

5,534

71,278

ServiceSource International, Inc. (a)

2,600

21,190

Sykes Enterprises, Inc. (a)

1,710

27,035

Syntel, Inc.

1,625

103,854

Teletech Holdings, Inc. (a)

2,216

49,838

Virtusa Corp. (a)

1,000

23,460

 

3,965,293

Office Electronics - 0.0%

Zebra Technologies Corp. Class A (a)

1,878

85,749

Semiconductors & Semiconductor Equipment - 7.8%

Advanced Energy Industries, Inc. (a)

1,500

27,600

Aixtron AG sponsored ADR

188

3,360

Alpha & Omega Semiconductor Ltd. (a)

1,154

9,105

Altera Corp.

12,291

407,938

Ambarella, Inc. (a)

1,618

26,163

Amkor Technology, Inc. (a)(d)

5,378

24,416

Amtech Systems, Inc. (a)

401

2,105

ANADIGICS, Inc. (a)

3,015

6,211

Analog Devices, Inc.

11,826

543,168

Applied Materials, Inc.

46,875

712,500

Applied Micro Circuits Corp. (a)

2,420

18,658

ARM Holdings PLC sponsored ADR

4,328

189,913

ASM International NV (depositary receipt)

211

7,507

ASML Holding NV

2,825

229,588

Atmel Corp. (a)

16,370

128,832

ATMI, Inc. (a)

1,291

30,816

Avago Technologies Ltd.

9,578

361,186

Axcelis Technologies, Inc. (a)

4,561

7,298

AXT, Inc. (a)

1,989

5,649

Broadcom Corp. Class A

19,557

702,292

Brooks Automation, Inc.

3,652

38,894

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Cabot Microelectronics Corp. (a)(d)

981

$ 35,071

Camtek Ltd. (a)

1,486

2,868

Canadian Solar, Inc. (a)

1,991

16,943

Cavium, Inc. (a)

1,842

60,344

Ceva, Inc. (a)

1,050

17,609

China Sunergy Co. Ltd. ADR (a)(d)

440

814

ChipMOS TECHNOLOGIES (Bermuda) Ltd.

812

14,811

Cirrus Logic, Inc. (a)

2,419

44,147

Cohu, Inc.

885

9,788

Cree, Inc. (a)

4,422

275,712

Cypress Semiconductor Corp.

5,119

57,538

Diodes, Inc. (a)

1,626

38,374

DSP Group, Inc. (a)

1,305

10,362

Entegris, Inc. (a)

5,220

54,392

Entropic Communications, Inc. (a)

3,249

13,906

Exar Corp. (a)

1,755

19,796

EZchip Semiconductor Ltd. (a)

1,020

27,581

First Solar, Inc. (a)

3,298

179,345

FormFactor, Inc. (a)

1,856

10,932

GSI Technology, Inc. (a)

1,220

6,832

GT Advanced Technologies, Inc. (a)(d)

4,938

21,974

Hanwha Solarone Co. Ltd. ADR (a)

1,791

2,866

Himax Technologies, Inc. sponsored ADR

3,511

25,314

Hittite Microwave Corp. (a)

1,141

61,933

Ikanos Communications, Inc. (a)

1,860

2,511

Integrated Device Technology, Inc. (a)

4,912

41,850

Integrated Silicon Solution, Inc. (a)

1,011

10,939

Intel Corp.

189,782

4,607,907

Intermolecular, Inc. (a)

1,500

12,810

Intersil Corp. Class A

4,941

40,516

IXYS Corp.

1,626

18,536

JA Solar Holdings Co. Ltd. ADR (a)

958

7,032

KLA-Tencor Corp.

6,418

361,269

Kopin Corp. (a)

3,306

11,736

Kulicke & Soffa Industries, Inc. (a)

2,871

35,600

Lam Research Corp. (a)

6,525

305,240

Lattice Semiconductor Corp. (a)

4,891

25,189

Linear Technology Corp.

8,907

334,013

LSI Corp. (a)

20,900

154,660

LTX-Credence Corp. (a)

2,029

11,504

M/A-COM Technology Solutions, Inc. (a)

1,688

23,514

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Marvell Technology Group Ltd.

20,505

$ 222,274

Mattson Technology, Inc. (a)

2,176

4,287

Maxim Integrated Products, Inc.

11,104

327,457

Mellanox Technologies Ltd. (a)

1,603

83,148

MEMSIC, Inc. (a)

1,842

7,515

Micrel, Inc.

2,394

23,820

Microchip Technology, Inc.

7,350

268,128

Micron Technology, Inc. (a)

39,009

455,625

Microsemi Corp. (a)

4,017

88,093

Mindspeed Technologies, Inc. (a)(d)

1,178

3,829

MKS Instruments, Inc.

1,961

55,202

Monolithic Power Systems, Inc.

1,386

34,054

MoSys, Inc. (a)

1,530

6,962

Nanometrics, Inc. (a)

801

11,574

Nova Measuring Instruments Ltd. (a)

1,096

10,324

NVE Corp. (a)

210

10,863

NVIDIA Corp.

23,700

343,413

NXP Semiconductors NV (a)

9,657

297,918

O2Micro International Ltd. sponsored ADR (a)

1,626

5,610

Omnivision Technologies, Inc. (a)

2,101

38,805

ON Semiconductor Corp. (a)

16,559

141,745

PDF Solutions, Inc. (a)

1,350

24,746

Peregrine Semiconductor Corp.

1,125

12,184

Pericom Semiconductor Corp. (a)

1,356

9,506

Photronics, Inc. (a)

2,236

17,061

Pixelworks, Inc. (a)

598

1,800

PLX Technology, Inc. (a)

2,101

9,497

PMC-Sierra, Inc. (a)

7,070

42,491

Power Integrations, Inc.

1,000

42,690

QuickLogic Corp. (a)(d)

1,546

3,649

Rambus, Inc. (a)

4,458

35,129

RDA Microelectronics, Inc. sponsored ADR

350

3,749

RF Micro Devices, Inc. (a)

11,151

61,554

Rubicon Technology, Inc. (a)(d)

951

8,055

Rudolph Technologies, Inc. (a)

1,086

13,314

SemiLEDs Corp. (a)

1,100

1,771

Semtech Corp. (a)

2,601

95,041

Sigma Designs, Inc. (a)

1,146

5,260

Silicon Image, Inc. (a)

3,261

19,859

Silicon Laboratories, Inc. (a)

1,634

70,197

Silicon Motion Technology Corp. sponsored ADR

1,231

13,836

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Siliconware Precision Industries Co. Ltd. sponsored ADR

2,446

$ 14,065

Skyworks Solutions, Inc. (a)

7,707

183,889

Spreadtrum Communications, Inc. ADR (d)

1,556

30,280

SunPower Corp. (a)(d)

4,407

85,055

Supertex, Inc.

494

10,942

Tessera Technologies, Inc.

1,821

37,786

Texas Instruments, Inc.

42,159

1,513,087

Tower Semiconductor Ltd. (a)

667

4,129

TranSwitch Corp. (a)

2,112

1,077

TriQuint Semiconductor, Inc. (a)

6,421

45,204

Ultra Clean Holdings, Inc. (a)

1,066

6,193

Ultratech, Inc. (a)

995

36,278

Veeco Instruments, Inc. (a)

1,502

63,670

Volterra Semiconductor Corp. (a)

1,139

16,014

Xilinx, Inc.

10,052

408,614

 

15,885,595

Software - 13.0%

Accelrys, Inc. (a)

2,308

19,249

ACI Worldwide, Inc. (a)

1,605

74,649

Activision Blizzard, Inc.

42,345

611,038

Actuate Corp. (a)

1,740

11,745

Adobe Systems, Inc. (a)

18,915

811,643

Advent Software, Inc. (a)

2,100

69,678

Allot Communications Ltd. (a)

1,273

15,722

American Software, Inc. Class A

846

7,191

ANSYS, Inc. (a)

3,591

267,530

AsiaInfo-Linkage, Inc. (a)

2,883

33,414

Aspen Technology, Inc. (a)

3,566

109,191

Autodesk, Inc. (a)

8,763

330,628

AutoNavi Holdings Ltd. ADR (a)

870

10,423

Blackbaud, Inc.

1,626

49,333

BluePhoenix Solutions Ltd. (a)

315

1,260

BMC Software, Inc. (a)

5,781

261,850

Bottomline Technologies, Inc. (a)

1,557

43,020

BroadSoft, Inc. (a)

1,060

29,383

CA Technologies, Inc.

17,433

476,095

Cadence Design Systems, Inc. (a)

11,717

177,278

Callidus Software, Inc. (a)

1,628

9,784

Changyou.com Ltd. (A Shares) ADR

374

11,501

Check Point Software Technologies Ltd. (a)

7,874

394,330

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Cinedigm Digital Cinema Corp. (a)

3,549

$ 5,465

Citrix Systems, Inc. (a)

7,141

459,523

ClickSoftware Technologies Ltd.

1,103

8,537

CommVault Systems, Inc. (a)

1,770

123,900

Compuware Corp.

8,080

90,738

Comverse, Inc.

800

23,888

Concur Technologies, Inc. (a)

2,071

167,192

Descartes Systems Group, Inc. (a)

2,609

28,940

Digimarc Corp.

390

8,974

Ebix, Inc.

1,287

25,534

Electronic Arts, Inc. (a)

11,645

267,719

Envivio, Inc. (a)

1,510

2,507

EPIQ Systems, Inc.

1,500

18,195

ePlus, Inc.

287

14,273

FalconStor Software, Inc. (a)

2,536

3,398

Fortinet, Inc. (a)

5,988

115,329

Glu Mobile, Inc. (a)(d)

2,794

7,572

Guidance Software, Inc. (a)

1,292

11,912

Informatica Corp. (a)

4,100

149,076

Interactive Intelligence Group, Inc. (a)

737

36,997

Intuit, Inc.

11,534

674,047

Jive Software, Inc. (a)

2,493

42,132

KongZhong Corp. sponsored ADR (a)

1,000

6,600

Magic Software Enterprises Ltd.

424

2,285

Majesco Entertainment Co. (a)

2,427

1,595

Manhattan Associates, Inc. (a)

835

62,650

Mentor Graphics Corp.

4,154

78,884

MICROS Systems, Inc. (a)

3,100

130,820

Microsoft Corp.

321,451

11,212,211

MicroStrategy, Inc. Class A (a)

345

31,561

Mitek Systems, Inc. (a)

938

5,938

Monotype Imaging Holdings, Inc.

1,551

35,301

Net 1 UEPS Technologies, Inc. (a)

2,000

14,440

NetScout Systems, Inc. (a)

1,700

41,395

NICE Systems Ltd. sponsored ADR

1,581

58,339

Nuance Communications, Inc. (a)(d)

12,385

235,315

Oracle Corp.

181,038

6,111,843

Parametric Technology Corp. (a)

4,688

117,716

Pegasystems, Inc.

1,363

44,066

Perfect World Co. Ltd. sponsored ADR Class B

1,575

24,302

Progress Software Corp. (a)

2,529

59,457

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Proofpoint, Inc. (a)

1,093

$ 22,079

QAD, Inc.:

Class A

1,125

14,096

Class B

165

1,741

QLIK Technologies, Inc. (a)

3,200

98,432

Qualys, Inc.

1,957

27,398

RealPage, Inc. (a)

2,672

50,875

Rovi Corp. (a)

4,276

110,321

Sapiens International Corp. NV

2,318

12,007

SeaChange International, Inc. (a)

1,311

14,106

Shanda Games Ltd. sponsored ADR (a)

3,749

15,446

Smith Micro Software, Inc. (a)

1,336

1,723

Sourcefire, Inc. (a)

1,143

63,962

Splunk, Inc. (a)

3,688

172,451

SS&C Technologies Holdings, Inc. (a)

2,835

89,671

Symantec Corp.

26,856

601,306

Synchronoss Technologies, Inc. (a)

1,407

44,109

Synopsys, Inc. (a)

5,802

211,483

Take-Two Interactive Software, Inc. (a)

3,186

53,015

Tangoe, Inc. (a)

1,318

19,651

TeleCommunication Systems, Inc. Class A (a)

1,500

3,525

TeleNav, Inc. (a)

1,766

8,989

The9 Ltd. sponsored ADR (a)

786

2,492

TIBCO Software, Inc. (a)

6,079

129,665

TigerLogic Corp. (a)

987

1,856

TiVo, Inc. (a)

4,553

58,916

Trunkbow International Holdings Ltd. (a)

1,172

1,003

Ultimate Software Group, Inc. (a)

1,000

111,300

Vasco Data Security International, Inc. (a)

2,389

20,020

Verint Systems, Inc. (a)

2,398

80,501

Voltari Corp. (a)

168

731

Wave Systems Corp. Class A (a)(d)

3,219

1,223

Websense, Inc. (a)

1,626

40,406

Zynga, Inc. (a)

22,402

76,167

 

26,547,167

TOTAL INFORMATION TECHNOLOGY

98,769,862

MATERIALS - 0.9%

Chemicals - 0.4%

A. Schulman, Inc.

1,300

37,570

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

ADA-ES, Inc. (a)

307

$ 11,466

American Pacific Corp. (a)

525

14,595

Balchem Corp.

1,200

57,612

Gulf Resources, Inc. (a)(d)

1,170

1,427

Hawkins, Inc.

303

12,084

Innophos Holdings, Inc.

810

40,970

Innospec, Inc.

1,020

41,851

Landec Corp. (a)

1,071

15,037

Material Sciences Corp. (a)

570

5,586

Methanex Corp.

3,891

172,154

Penford Corp. (a)

476

5,650

Senomyx, Inc. (a)

1,501

3,107

Sigma Aldrich Corp.

4,579

383,079

Yongye International, Inc. (a)

2,133

11,348

Zoltek Companies, Inc. (a)

1,281

16,371

 

829,907

Construction Materials - 0.0%

CaesarStone Sdot-Yam Ltd. (a)

1,191

34,253

United States Lime & Minerals, Inc. (a)

136

6,782

 

41,035

Containers & Packaging - 0.1%

AEP Industries, Inc. (a)

300

25,044

Silgan Holdings, Inc.

2,770

129,553

 

154,597

Metals & Mining - 0.4%

Century Aluminum Co. (a)

3,466

34,348

China Gerui Adv Mat Group Ltd. (a)

1,568

2,948

China Natural Resources, Inc. (a)

816

3,305

China Precision Steel, Inc. (a)(d)

159

199

Globe Specialty Metals, Inc.

2,759

33,853

Handy & Harman Ltd. (a)

800

12,904

Haynes International, Inc.

435

21,289

Horsehead Holding Corp. (a)

1,564

18,002

Kaiser Aluminum Corp.

821

52,084

Olympic Steel, Inc.

480

12,158

Pan American Silver Corp.

5,988

73,113

Randgold Resources Ltd. sponsored ADR

2,039

159,817

Royal Gold, Inc.

2,484

136,024

Schnitzer Steel Industries, Inc. Class A

866

21,390

Silver Standard Resources, Inc. (a)

3,316

26,064

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

SinoCoking Coal and Coke Chemical Industries, Inc. (a)

750

$ 1,185

Steel Dynamics, Inc.

8,500

130,390

Sutor Technology Group Ltd. (a)

1,977

3,914

Universal Stainless & Alloy Products, Inc. (a)

265

8,398

 

751,385

Paper & Forest Products - 0.0%

Mercer International, Inc. (SBI) (a)

2,261

15,556

Pope Resources, Inc. LP

261

17,675

 

33,231

TOTAL MATERIALS

1,810,155

TELECOMMUNICATION SERVICES - 1.2%

Diversified Telecommunication Services - 0.4%

8x8, Inc. (a)

3,273

27,068

Alaska Communication Systems Group, Inc.

2,052

3,365

Atlantic Tele-Network, Inc.

551

27,423

B Communications Ltd. (a)

1,052

8,100

Cbeyond, Inc. (a)

1,101

9,458

Cogent Communications Group, Inc.

1,770

48,657

Consolidated Communications Holdings, Inc.

1,601

27,249

FairPoint Communications, Inc. (a)(d)

938

7,973

Frontier Communications Corp. (d)

39,000

161,460

General Communications, Inc. Class A (a)

1,471

12,783

Hawaiian Telcom Holdco, Inc. (a)

350

9,020

HickoryTech Corp.

570

5,974

Hong Kong Television Network Ltd. sponsored ADR

561

3,787

inContact, Inc. (a)

2,511

18,230

Internet Gold Golden Lines Ltd. (a)

720

2,196

Iridium Communications, Inc. (a)

2,453

17,490

Lumos Networks Corp.

905

12,435

Multiband Corp. (a)

2,455

7,881

Neutral Tandem, Inc.

1,292

7,519

ORBCOMM, Inc. (a)

1,486

5,825

Towerstream Corp. (a)

1,587

4,079

TW telecom, Inc. (a)

5,721

163,220

VocalTec Communications Ltd. (a)(d)

699

10,436

Windstream Corp. (d)

22,140

177,784

 

779,412

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.8%

America Movil S.A.B. de CV Series A sponsored ADR

592

$ 11,822

Boingo Wireless, Inc. (a)

1,245

9,026

Clearwire Corp. Class A (a)

26,585

119,101

Leap Wireless International, Inc. (a)

2,826

15,967

NII Holdings, Inc. (a)(d)

6,689

51,572

NTELOS Holdings Corp.

905

14,815

Partner Communications Co. Ltd. ADR

576

3,496

SBA Communications Corp. Class A (a)

4,857

365,586

Shenandoah Telecommunications Co.

891

14,826

USA Mobility, Inc.

900

12,132

Vodafone Group PLC sponsored ADR

37,776

1,093,615

 

1,711,958

TOTAL TELECOMMUNICATION SERVICES

2,491,370

UTILITIES - 0.1%

Electric Utilities - 0.1%

MGE Energy, Inc.

813

43,390

Otter Tail Corp.

1,426

38,958

 

82,348

Gas Utilities - 0.0%

Delta Natural Gas Co., Inc.

483

10,496

Independent Power Producers & Energy Traders - 0.0%

Synthesis Energy Systems, Inc. (a)

1,565

1,330

Water Utilities - 0.0%

Artesian Resources Corp. Class A

375

8,291

Cadiz, Inc. (a)

1,179

6,933

Connecticut Water Service, Inc.

465

13,192

Consolidated Water Co., Inc.

705

7,607

Middlesex Water Co.

510

9,818

Tri-Tech Holding, Inc. (a)

258

421

York Water Co.

426

8,128

 

54,390

TOTAL UTILITIES

148,564

TOTAL COMMON STOCKS

(Cost $147,335,521)


203,933,704

Money Market Funds - 2.2%

Shares

Value

Fidelity Cash Central Fund, 0.12% (b)

172,614

$ 172,614

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

4,321,034

4,321,034

TOTAL MONEY MARKET FUNDS

(Cost $4,493,648)


4,493,648

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $151,829,169)

208,427,352

NET OTHER ASSETS (LIABILITIES) - (2.0)%

(4,068,370 )

NET ASSETS - 100%

$ 204,358,982

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 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

$ 207

Fidelity Securities Lending Cash Central Fund

87,636

Total

$ 87,843

Other Information

The following is a summary of the inputs used, as of May 31, 2013, 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

$ 37,763,894

$ 37,763,894

$ -

$ -

Consumer Staples

8,119,309

8,119,309

-

-

Energy

2,799,773

2,799,773

-

-

Financials

14,051,821

14,051,674

147

-

Health Care

28,923,398

28,923,398

-

-

Industrials

9,055,558

9,055,558

-

-

Information Technology

98,769,862

98,769,601

-

261

Materials

1,810,155

1,798,807

-

11,348

Telecommunication Services

2,491,370

2,491,370

-

-

Utilities

148,564

148,564

-

-

Money Market Funds

4,493,648

4,493,648

-

-

Total Investments in Securities:

$ 208,427,352

$ 208,415,596

$ 147

$ 11,609

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

  

May 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $4,133,988) - See accompanying schedule:

Unaffiliated issuers (cost $147,335,521)

$ 203,933,704

 

Fidelity Central Funds (cost $4,493,648)

4,493,648

 

Total Investments (cost $151,829,169)

 

$ 208,427,352

Cash

 

40,855

Receivable for investments sold

130,865

Dividends receivable

205,256

Distributions receivable from Fidelity Central Funds

17,126

Prepaid expenses

95

Receivable from investment adviser for expense reductions

37,564

Other receivables

572

Total assets

208,859,685

 

 

 

Liabilities

Accrued management fee

$ 40,657

Distribution and service plan fees payable

45,212

Other affiliated payables

6,590

Other payables and accrued expenses

87,210

Collateral on securities loaned, at value

4,321,034

Total liabilities

4,500,703

 

 

 

Net Assets

$ 204,358,982

Net Assets consist of:

 

Paid in capital

$ 145,242,732

Undistributed net investment income

535,843

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

1,982,222

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

56,598,185

Net Assets , for 1,500,000 shares outstanding

$ 204,358,982

Net Asset Value , offering price and redemption price per share ($204,358,982 ÷ 1,500,000 shares)

$ 136.24

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,502,477

Income from Fidelity Central Funds (including $87,636 from security lending)

 

87,843

Total income

 

1,590,320

 

 

 

Expenses

Management fee

$ 232,521

Transfer agent fees

45,176

Distribution and service plan fees

87,193

Licensing fees

58,129

Accounting and security lending fees

37,926

Independent trustees' compensation

583

Audit

38,157

Legal

257

Miscellaneous

7,626

Total expenses before reductions

507,568

Expense reductions

(216,985 )

290,583

Net investment income (loss)

1,299,737

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(89,282)

In-Kind redemptions

5,919,207

 

Foreign currency transactions

(1 )

Total net realized gain (loss)

 

5,829,924

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,489,528

Assets and liabilities in foreign currencies

(1 )

Total change in net unrealized appreciation (depreciation)

 

20,489,527

Net gain (loss)

26,319,451

Net increase (decrease) in net assets resulting from operations

$ 27,619,188

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended May 31, 2013
(Unaudited)

Year ended
November 30, 2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,299,737

$ 2,093,192

Net realized gain (loss)

5,829,924

4,461,587

Change in net unrealized appreciation (depreciation)

20,489,527

19,273,245

Net increase (decrease) in net assets resulting
from operations

27,619,188

25,828,024

Distributions to shareholders from net investment income

(1,374,000 )

(1,832,000 )

Share transactions
Proceeds from sales of shares

12,463,523

11,081,070

Cost of shares redeemed

(12,741,916 )

(11,907,676 )

Net increase (decrease) in net assets resulting from share transactions

(278,393 )

(826,606 )

Total increase (decrease) in net assets

25,966,795

23,169,418

 

 

 

Net Assets

Beginning of period

178,392,187

155,222,769

End of period (including undistributed net investment income of $535,843 and undistributed net investment income of $610,106, respectively)

$ 204,358,982

$ 178,392,187

Ot her Information

Shares

Sold

100,000

100,000

Redeemed

(100,000 )

(100,000 )

Net increase (decrease)

-

-

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

 

Six months ended
May 31, 2013

Years ended November 30,

 

(Unaudited)

2012

2011

2010

2009

2008

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 118.93

$ 103.48

$ 98.68

$ 84.65

$ 60.62

$ 104.53

Income from InvestmentOperations

 

 

 

 

 

Net investment income (loss) D

  .85

  1.35

  .93

  .71

  .55

  .69

Net realized and unrealized gain (loss)

  17.37

  15.29

  4.74

  13.92

  23.95

  (43.96 )

Total from investment operations

  18.22

  16.64

  5.67

  14.63

  24.50

  (43.27 )

Distributions from net investment income

  (.91)

  (1.19)

  (.87)

  (.60)

  (.47)

  (.53)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.11 )

Total distributions

  (.91 )

  (1.19 )

  (.87 )

  (.60 )

  (.47 )

  (.64 )

Net asset value, end of period

$ 136.24

$ 118.93

$ 103.48

$ 98.68

$ 84.65

$ 60.62

Total Return B, C

  15.43%

  16.13%

  5.75%

  17.35%

  40.62%

  (41.62)%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .52% A

  .52%

  .53%

  .58%

  .65%

  .73%

Expenses net of fee waivers, if any

  .30% A

  .30%

  .30%

  .30%

  .30%

  .30%

Expenses net of all reductions

  .30% A

  .30%

  .30%

  .30%

  .30%

  .30%

Net investment income (loss)

  1.34% A

  1.16%

  .88%

  .78%

  .78%

  .79%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 204,359

$ 178,392

$ 155,223

$ 148,024

$ 126,970

$ 78,805

Portfolio turnover rate F, H

  19% A

  10%

  6%

  6%

  7%

  10%

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 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.

H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Notes to Financial Statements

For the period ended May 31, 2013 (Unaudited)

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 Fidelity Management & Research Company (FMR) 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 FMR.

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 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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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 May 31, 2013 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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 regular trading hours on the NASDAQ exchange, 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. 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, Passive Foreign Investment Companies (PFIC), excise tax regulations, redemptions in kind, partnerships, capital loss carryforwards 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

$ 70,099,092

Gross unrealized depreciation

(13,853,883 )

Net unrealized appreciation (depreciation) on securities and other investments

$ 56,245,209

 

 

Tax cost

$ 152,182,142

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

$ (1,673,753)

2017

(1,453,838)

2018

(118,806 )

Total with expiration

(3,246,397)

No expiration

 

Short-term

(303,267)

Long-term

(165,938 )

Total no expiration

(469,205 )

Total capital loss carryforward

$ (3,715,602 )

 

 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $5,381,700 and $5,378,954, respectively.

Securities received and delivered in-kind through subscriptions and redemptions totaled $12,425,455 and $12,702,057, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR 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 FMR 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 FMR, 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 FMR, 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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, FMR pays NASDAQ OMX Group an annual licensing fee for the use of the NASDAQ Composite Index. FMR has entered into a sub-license agreement with the Fund whereby the Fund pays FMR the amount of the license fee at the rate of up to .06% of the Fund's average net assets.

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. During the period, there were no securities loaned to FCM.

7. Expense Reductions.

FMR contractually agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .30% of average net assets. This waiver will remain in place through January 31, 2004. Some expenses, for example interest expense, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $216,960.

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.

Semiannual Report

8. Share Transactions.

The Fund issues and redeems shares at Net Asset Value 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 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.

Semiannual 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-USAN-0713
1.802769.109

Fidelity ®

Nasdaq Composite Index ®

Fund

Semiannual Report

May 31, 2013

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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. © 2013 FMR LLC. All rights reserved.

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.

Semiannual 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 (December 1, 2012 to May 31, 2013).

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.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2012

Ending
Account Value
May 31, 2013

Expenses Paid
During Period
*
December 1, 2012
to May 31, 2013

Actual

.35%

$ 1,000.00

$ 1,154.00

$ 1.88

Hypothetical A

 

$ 1,000.00

$ 1,023.19

$ 1.77

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 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

7.8

11.7

Microsoft Corp.

5.4

4.8

Google, Inc. Class A

4.3

3.9

Oracle Corp.

3.0

3.3

Cisco Systems, Inc.

2.4

2.2

Amazon.com, Inc.

2.3

2.4

Intel Corp.

2.2

2.1

QUALCOMM, Inc.

2.0

2.3

Comcast Corp. Class A

1.7

1.7

Gilead Sciences, Inc.

1.5

1.2

 

32.6

Market Sectors as of May 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

47.4

50.4

Consumer Discretionary

18.1

17.2

Health Care

13.9

12.7

Financials

6.7

6.6

Industrials

4.3

4.1

Consumer Staples

3.9

4.0

Energy

1.3

1.3

Telecommunication Services

1.2

1.2

Materials

0.8

1.0

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.

Semiannual Report


Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 18.1%

Auto Components - 0.2%

Ballard Power Systems, Inc. (a)(d)

6,442

$ 10,874

China Automotive Systems, Inc. (a)(d)

2,230

11,551

China XD Plastics Co. Ltd. (a)

4,588

19,545

Dorman Products, Inc. (d)

3,747

166,854

Exide Technologies (a)

2,463

1,113

Federal-Mogul Corp. Class A (a)(d)

9,337

91,036

Fuel Systems Solutions, Inc. (a)(d)

2,518

39,256

Gentex Corp.

14,463

330,769

Gentherm, Inc. (a)

2,521

46,437

Motorcar Parts of America, Inc. (a)

1,158

7,191

Quantum Fuel Systems Technologies Worldwide, Inc. (a)

963

572

Remy International, Inc.

1,058

19,033

Shiloh Industries, Inc.

4,105

40,804

SORL Auto Parts, Inc. (a)

1,464

3,821

Spartan Motors, Inc.

2,787

16,861

Strattec Security Corp.

415

15,791

The Goodyear Tire & Rubber Co. (a)

24,026

363,754

 

1,185,262

Automobiles - 0.2%

Kandi Technolgies, Inc. (a)(d)

3,592

13,470

Tesla Motors, Inc. (a)

11,446

1,118,961

 

1,132,431

Distributors - 0.2%

Core-Mark Holding Co., Inc.

1,067

63,156

LKQ Corp. (a)(d)

29,922

732,491

Pool Corp.

4,785

246,188

VOXX International Corp. (a)

1,524

16,947

Weyco Group, Inc.

1,086

26,118

 

1,084,900

Diversified Consumer Services - 0.3%

American Public Education, Inc. (a)(d)

1,702

64,744

Apollo Group, Inc. Class A (non-vtg.) (a)(d)

11,379

227,466

Ascent Capital Group, Inc. (a)

1,360

98,614

Cambium Learning Group, Inc. (a)

3,505

4,977

Capella Education Co. (a)(d)

1,212

52,795

Career Education Corp. (a)

5,375

16,018

ChinaEdu Corp. sponsored ADR (a)

1,016

6,086

Coinstar, Inc. (a)

2,977

173,380

Collectors Universe, Inc.

712

9,284

Corinthian Colleges, Inc. (a)

7,598

19,755

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Diversified Consumer Services - continued

Education Management Corp. (a)(d)

12,940

$ 83,592

Grand Canyon Education, Inc. (a)(d)

4,304

138,244

JTH Holding, Inc. Class A (a)

3,685

59,697

Learning Tree International, Inc. (a)

1,097

3,302

Lincoln Educational Services Corp.

1,850

12,747

Matthews International Corp. Class A

2,914

111,752

National American University Holdings, Inc.

1,829

6,914

Steiner Leisure Ltd. (a)

1,932

98,126

Stewart Enterprises, Inc. Class A

7,912

102,856

Strayer Education, Inc. (d)

1,129

60,390

 

1,350,739

Hotels, Restaurants & Leisure - 2.4%

AFC Enterprises, Inc. (a)

2,049

74,707

Ambassadors Group, Inc.

1,175

4,171

Ameristar Casinos, Inc.

3,013

78,941

Asia Entertainment & Resources Ltd. (d)

2,800

11,900

BJ's Restaurants, Inc. (a)(d)

2,772

104,061

Bloomin' Brands, Inc.

11,974

278,515

Bob Evans Farms, Inc.

3,295

152,097

Bravo Brio Restaurant Group, Inc. (a)

2,791

50,238

Buffalo Wild Wings, Inc. (a)(d)

1,987

190,673

Caesars Entertainment Corp. (a)(d)

12,071

174,909

Carrols Restaurant Group, Inc. (a)

1,559

8,886

Century Casinos, Inc. (a)

2,256

7,670

China Lodging Group Ltd. ADR (a)(d)

2,181

34,820

Churchill Downs, Inc.

1,815

152,351

Chuys Holdings, Inc. (d)

1,871

65,204

Cosi, Inc. (a)

499

1,018

Cracker Barrel Old Country Store, Inc.

2,261

202,269

Del Frisco's Restaurant Group, Inc. (a)

2,911

54,115

Denny's Corp. (a)

7,593

45,786

Dunkin' Brands Group, Inc.

10,223

404,831

Einstein Noah Restaurant Group, Inc.

641

8,974

Famous Dave's of America, Inc. (a)

1,074

12,899

Fiesta Restaurant Group, Inc. (a)(d)

2,187

77,792

Gaming Partners International Corp.

597

4,836

Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)

3,973

115,177

Icahn Enterprises LP

10,649

825,617

Ignite Restaurant Group, Inc. (a)

2,411

44,121

International Speedway Corp. Class A

3,385

117,324

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

Interval Leisure Group, Inc.

6,529

$ 141,092

Isle of Capri Casinos, Inc. (a)

3,470

26,788

Jack in the Box, Inc. (a)

4,029

147,018

Jamba, Inc. (a)

5,661

16,926

Lakes Entertainment, Inc. (a)

2,346

8,563

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

17,970

427,327

Monarch Casino & Resort, Inc. (a)

1,459

22,483

Morgans Hotel Group Co. (a)

2,367

15,883

MTR Gaming Group, Inc. (a)

1,922

7,284

Multimedia Games Holding Co., Inc. (a)

2,225

56,938

Nathan's Famous, Inc. (a)(d)

496

25,360

Norwegian Cruise Line Holdings Ltd. (d)

20,178

620,474

Panera Bread Co. Class A (a)

2,726

522,929

Papa John's International, Inc. (a)

2,235

144,001

Penn National Gaming, Inc. (a)(d)

7,861

432,669

PokerTek, Inc. (a)

228

262

Premier Exhibitions, Inc. (a)

3,637

7,274

Red Robin Gourmet Burgers, Inc. (a)(d)

1,253

65,795

Rick's Cabaret International, Inc. (a)

1,724

14,292

Ruth's Hospitality Group, Inc.

3,483

39,010

Scientific Games Corp. Class A (a)

9,867

107,452

SHFL Entertainment, Inc. (a)

6,968

120,198

Sonic Corp. (a)(d)

5,467

71,782

Starbucks Corp.

73,461

4,633,185

Texas Roadhouse, Inc. Class A

7,090

167,679

The Cheesecake Factory, Inc.

5,266

210,219

Town Sports International Holdings, Inc.

1,521

16,761

Wendy's Co.

37,909

225,559

Wynn Resorts Ltd. (d)

9,957

1,353,057

 

12,952,162

Household Durables - 0.2%

Bassett Furniture Industries, Inc.

931

12,811

Cavco Industries, Inc. (a)(d)

650

31,142

Dixie Group, Inc. (a)

767

5,691

Flexsteel Industries, Inc.

253

5,751

Garmin Ltd.

19,176

669,818

Helen of Troy Ltd. (a)

3,230

128,134

Hooker Furniture Corp.

696

12,180

iRobot Corp. (a)(d)

2,647

89,442

Lifetime Brands, Inc.

658

8,857

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

SGOCO Technology Ltd. (a)

1,000

$ 1,130

Skullcandy, Inc. (a)

2,787

16,109

SodaStream International Ltd. (a)(d)

2,259

144,124

Stanley Furniture Co., Inc. (a)

825

3,374

Universal Electronics, Inc. (a)

1,279

34,149

Zagg, Inc. (a)(d)

3,197

16,145

 

1,178,857

Internet & Catalog Retail - 4.2%

1-800-FLOWERS.com, Inc. Class A (a)

1,747

10,639

Amazon.com, Inc. (a)

44,630

12,006,809

Blue Nile, Inc. (a)

1,382

49,144

CafePress, Inc. (a)(d)

1,330

8,658

Ctrip.com International Ltd. sponsored ADR (a)

14,858

462,827

dELiA*s, Inc. (a)

2,226

2,115

eLong, Inc. sponsored ADR (a)

893

12,565

Expedia, Inc.

12,262

704,575

Gaiam, Inc. Class A (a)

1,930

7,817

Geeknet, Inc. (a)

449

6,519

Groupon, Inc. Class A (a)(d)

64,142

492,611

Hollywood Media Corp. (a)

3,540

5,062

HomeAway, Inc. (a)(d)

8,039

245,833

HSN, Inc.

5,374

305,727

Liberty Media Corp.:

Interactive Series A (a)

52,702

1,183,160

Series A (a)

3,561

290,471

MakeMyTrip Ltd. (a)(d)

4,155

53,142

Mecox Lane Ltd. ADR (a)

160

437

Netflix, Inc. (a)(d)

5,479

1,239,624

NutriSystem, Inc.

3,003

27,117

Overstock.com, Inc. (a)(d)

2,066

53,551

PetMed Express, Inc.

1,606

21,504

priceline.com, Inc. (a)(d)

4,887

3,928,806

Shutterfly, Inc. (a)(d)

3,440

167,666

TripAdvisor, Inc. (a)(d)

12,796

825,214

U.S. Auto Parts Network, Inc. (a)

2,459

3,049

ValueVision Media, Inc. Class A (a)(d)

5,170

26,109

Vitacost.com, Inc. (a)(d)

3,923

32,090

 

22,172,841

Leisure Equipment & Products - 0.4%

Arctic Cat, Inc.

1,267

59,410

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - continued

Black Diamond, Inc. (a)(d)

4,678

$ 41,962

Escalade, Inc.

749

4,614

Hasbro, Inc.

12,598

560,359

JAKKS Pacific, Inc.

3,085

31,159

Johnson Outdoors, Inc. Class A (a)

771