N-CSR 1 filing776.htm PRIMARY DOCUMENT

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)


Marc Bryant, 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:

November 30, 2015


Item 1.

Reports to Stockholders




Fidelity® Series 100 Index Fund -

Fidelity® Series 100 Index Fund
Class F



Annual Report

November 30, 2015



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544, or for Class F, call 1-800-835-5092, to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year.

The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred.

How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2015 Past 1 year Past 5 years Life of FundA 
Fidelity® Series 100 Index Fund 3.48% 14.31% 6.53% 
Class F 3.45% 14.32% 6.53% 

 A From March 29, 2007


 The initial offering of Class F shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Series 100 Index Fund, the original class of the fund. 

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series 100 Index Fund, a class of the fund, on March 29, 2007, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 100® Index performed over the same period.


Period Ending Values
$17,313Fidelity® Series 100 Index Fund
$17,478S&P 100® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks gained modestly for the 12 months ending November 30, 2015, despite a steep decline in August and September on concern about slowing economic growth in China. The S&P 500® index rebounded in October and gained 2.75% for the year. Stocks benefited late in the period amid waning expectations for a near-term interest-rate hike by the U.S. Federal Reserve, more economic stimulus in Europe and an interest-rate cut in China. Growth stocks in the benchmark far outpaced their value counterparts, as investors continued to seek growth in a subpar economic environment. Sector performance varied widely, with more than 26 percentage points separating the leader from the laggard. Consumer discretionary (+14%) secured the top spot, benefiting from a combination of rising personal income and still-benign inflation. Information technology (+7%) and health care (+4%) also outpaced the broad market. Conversely, the energy sector (-12%) performed worst, stymied by depressed commodity prices that also hit materials (-5%). Telecommunication services (-5%) and utilities (-4%), considered defensive sectors less sensitive to the economy, also lost ground. At period end, investors remained focused on the potential global implications of a stronger U.S. dollar and how China’s transition toward a consumption-led economy may affect corporate earnings.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund's share classes performed roughly in line with the 3.44% gain of the S&P 100® index. By a wide margin, the top sector in the index was consumer discretionary, whereas energy stocks struggled in light of the sharp drop in the price of oil. The biggest absolute contributor by far was online retail giant Amazon.com. Its shares nearly doubled, driven by better-than-expected financial results. In information technology, software maker Microsoft – one of the largest weightings in the index – added value, as did social-networking leader Facebook and Internet search giant Alphabet, which late in the period was established as a parent company for Google and its sister businesses. Elsewhere, home-improvement retailer Home Depot and industrial conglomerate General Electric boosted returns. Litigation income received during the period added to the fund's return. In contrast, the biggest individual detractor was retailer Wal-Mart Stores, which posted weak earnings in a difficult business environment. Among various energy-related stocks to hamper results this period were Kinder Morgan, Exxon Mobil and Chevron, whose shares returned about -41%, -7% and -12%, respectively. Other detractors included wireless communications equipment manufacturer QUALCOMM and branded consumer products company Procter & Gamble.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 5.8 6.5 
Microsoft Corp. 3.7 3.3 
Exxon Mobil Corp. 2.9 3.1 
General Electric Co. 2.4 2.3 
Johnson & Johnson 2.4 2.4 
Wells Fargo & Co. 2.2 2.2 
Amazon.com, Inc. 2.2 1.4 
Berkshire Hathaway, Inc. Class B 2.2 2.2 
JPMorgan Chase & Co. 2.1 2.1 
Facebook, Inc. Class A 2.0 1.4 
 27.9  

Market Sectors as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 24.8 24.5 
Health Care 15.1 16.1 
Financials 14.8 14.7 
Consumer Discretionary 12.4 10.5 
Consumer Staples 10.6 10.6 
Industrials 9.2 9.4 
Energy 7.4 8.4 
Telecommunication Services 3.4 3.3 
Materials 1.4 1.5 
Utilities 0.6 0.6 

Investments November 30, 2015

Showing Percentage of Net Assets

Common Stocks - 99.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.4%   
Automobiles - 0.9%   
Ford Motor Co. 1,135,116 $16,266,212 
General Motors Co. 419,862 15,199,004 
  31,465,216 
Hotels, Restaurants & Leisure - 1.7%   
McDonald's Corp. 274,331 31,317,627 
Starbucks Corp. 432,318 26,540,002 
  57,857,629 
Internet & Catalog Retail - 2.8%   
Amazon.com, Inc. (a) 111,713 74,266,802 
Priceline Group, Inc. (a) 14,768 18,443,017 
  92,709,819 
Media - 3.7%   
Comcast Corp.:   
Class A 615,995 37,489,456 
Class A (special) (non-vtg.) 101,170 6,175,417 
The Walt Disney Co. 452,309 51,323,502 
Time Warner, Inc. 237,563 16,624,659 
Twenty-First Century Fox, Inc.:   
Class A 355,636 10,494,818 
Class B 125,600 3,761,720 
  125,869,572 
Multiline Retail - 0.4%   
Target Corp. 183,049 13,271,053 
Specialty Retail - 2.1%   
Home Depot, Inc. 374,034 50,075,672 
Lowe's Companies, Inc. 269,502 20,643,853 
  70,719,525 
Textiles, Apparel & Luxury Goods - 0.8%   
NIKE, Inc. Class B 197,457 26,119,612 
TOTAL CONSUMER DISCRETIONARY  418,012,426 
CONSUMER STAPLES - 10.6%   
Beverages - 2.7%   
PepsiCo, Inc. 427,889 42,857,362 
The Coca-Cola Co. 1,140,364 48,602,314 
  91,459,676 
Food & Staples Retailing - 2.9%   
Costco Wholesale Corp. 128,014 20,664,020 
CVS Health Corp. 324,628 30,544,249 
Wal-Mart Stores, Inc. 459,661 27,046,453 
Walgreens Boots Alliance, Inc. 254,529 21,388,072 
  99,642,794 
Food Products - 0.6%   
Mondelez International, Inc. 469,342 20,491,472 
Household Products - 2.3%   
Colgate-Palmolive Co. 262,191 17,220,705 
Procter & Gamble Co. 790,116 59,132,281 
  76,352,986 
Tobacco - 2.1%   
Altria Group, Inc. 571,112 32,896,051 
Philip Morris International, Inc. 451,248 39,434,563 
  72,330,614 
TOTAL CONSUMER STAPLES  360,277,542 
ENERGY - 7.4%   
Energy Equipment & Services - 1.1%   
Halliburton Co. 248,972 9,921,534 
Schlumberger Ltd. 368,600 28,437,490 
  38,359,024 
Oil, Gas & Consumable Fuels - 6.3%   
Anadarko Petroleum Corp. 147,974 8,863,643 
Chevron Corp. 548,113 50,053,679 
ConocoPhillips Co. 359,282 19,419,192 
Devon Energy Corp. 112,533 5,177,643 
Exxon Mobil Corp. 1,214,479 99,174,355 
Kinder Morgan, Inc. 523,544 12,339,932 
Occidental Petroleum Corp. 222,524 16,820,589 
  211,849,033 
TOTAL ENERGY  250,208,057 
FINANCIALS - 14.8%   
Banks - 7.9%   
Bank of America Corp. 3,049,282 53,148,985 
Citigroup, Inc. 876,709 47,421,190 
JPMorgan Chase & Co. 1,077,174 71,825,962 
U.S. Bancorp 482,169 21,162,397 
Wells Fargo & Co. 1,360,675 74,973,193 
  268,531,727 
Capital Markets - 1.9%   
Bank of New York Mellon Corp. 322,307 14,129,939 
BlackRock, Inc. Class A 37,316 13,572,576 
Goldman Sachs Group, Inc. 117,261 22,281,935 
Morgan Stanley 443,807 15,222,580 
  65,207,030 
Consumer Finance - 0.9%   
American Express Co. 247,906 17,759,986 
Capital One Financial Corp. 157,999 12,404,501 
  30,164,487 
Diversified Financial Services - 2.2%   
Berkshire Hathaway, Inc. Class B (a) 545,684 73,170,768 
Insurance - 1.4%   
Allstate Corp. 116,626 7,319,448 
American International Group, Inc. 376,884 23,962,285 
MetLife, Inc. 325,326 16,620,905 
  47,902,638 
Real Estate Investment Trusts - 0.5%   
Simon Property Group, Inc. 90,125 16,784,880 
TOTAL FINANCIALS  501,761,530 
HEALTH CARE - 15.1%   
Biotechnology - 4.5%   
AbbVie, Inc. 482,149 28,036,964 
Amgen, Inc. 220,863 35,581,029 
Biogen, Inc. (a) 64,927 18,624,959 
Celgene Corp. (a) 230,269 25,202,942 
Gilead Sciences, Inc. 427,485 45,296,311 
  152,742,205 
Health Care Equipment & Supplies - 1.5%   
Abbott Laboratories 434,136 19,501,389 
Medtronic PLC 411,926 31,034,505 
  50,535,894 
Health Care Providers & Services - 0.9%   
UnitedHealth Group, Inc. 277,754 31,305,653 
Pharmaceuticals - 8.2%   
Allergan PLC (a) 114,658 35,990,000 
Bristol-Myers Squibb Co. 485,711 32,547,494 
Eli Lilly & Co. 284,149 23,311,584 
Johnson & Johnson 806,586 81,658,767 
Merck & Co., Inc. 820,431 43,491,047 
Pfizer, Inc. 1,796,428 58,868,946 
  275,867,838 
TOTAL HEALTH CARE  510,451,590 
INDUSTRIALS - 9.2%   
Aerospace & Defense - 3.4%   
General Dynamics Corp. 88,364 12,941,791 
Honeywell International, Inc. 227,712 23,670,662 
Lockheed Martin Corp. 77,789 17,048,237 
Raytheon Co. 88,418 10,966,485 
The Boeing Co. 186,048 27,060,682 
United Technologies Corp. 241,255 23,172,543 
  114,860,400 
Air Freight & Logistics - 1.0%   
FedEx Corp. 76,508 12,129,578 
United Parcel Service, Inc. Class B 203,444 20,956,766 
  33,086,344 
Electrical Equipment - 0.3%   
Emerson Electric Co. 191,412 9,570,600 
Industrial Conglomerates - 3.2%   
3M Co. 181,976 28,493,802 
General Electric Co. (b) 2,745,443 82,198,563 
  110,692,365 
Machinery - 0.4%   
Caterpillar, Inc. 175,535 12,752,618 
Road & Rail - 0.9%   
Norfolk Southern Corp. 87,788 8,345,127 
Union Pacific Corp. 252,742 21,217,691 
  29,562,818 
TOTAL INDUSTRIALS  310,525,145 
INFORMATION TECHNOLOGY - 24.8%   
Communications Equipment - 1.9%   
Cisco Systems, Inc. 1,481,420 40,368,695 
QUALCOMM, Inc. 457,660 22,329,231 
  62,697,926 
Internet Software & Services - 5.8%   
Alphabet, Inc.:   
Class A (a) 84,438 64,413,528 
Class C 86,155 63,978,703 
Facebook, Inc. Class A (a) 658,217 68,612,540 
  197,004,771 
IT Services - 4.2%   
Accenture PLC Class A 181,798 19,492,382 
IBM Corp. 262,492 36,596,635 
MasterCard, Inc. Class A 290,697 28,465,050 
PayPal Holdings, Inc. (a) 323,044 11,390,531 
Visa, Inc. Class A 568,401 44,909,363 
  140,853,961 
Semiconductors & Semiconductor Equipment - 1.9%   
Intel Corp. 1,384,747 48,147,653 
Texas Instruments, Inc. 298,966 17,375,904 
  65,523,557 
Software - 4.8%   
Microsoft Corp. 2,329,655 126,616,749 
Oracle Corp. 947,261 36,914,761 
  163,531,510 
Technology Hardware, Storage & Peripherals - 6.2%   
Apple, Inc. 1,661,091 196,507,068 
EMC Corp. 560,635 14,206,491 
  210,713,559 
TOTAL INFORMATION TECHNOLOGY  840,325,284 
MATERIALS - 1.4%   
Chemicals - 1.4%   
E.I. du Pont de Nemours & Co. 263,562 17,748,265 
Monsanto Co. 128,116 12,191,519 
The Dow Chemical Co. 337,332 17,585,117 
  47,524,901 
TELECOMMUNICATION SERVICES - 3.4%   
Diversified Telecommunication Services - 3.4%   
AT&T, Inc. 1,791,666 60,325,394 
Verizon Communications, Inc. 1,184,256 53,824,435 
  114,149,829 
UTILITIES - 0.6%   
Electric Utilities - 0.6%   
Exelon Corp. 267,851 7,315,011 
Southern Co. 264,606 11,785,551 
  19,100,562 
TOTAL COMMON STOCKS   
(Cost $3,040,678,274)  3,372,336,866 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% 2/4/16 (c)   
(Cost $1,999,262) 2,000,000 1,999,530 
 Shares Value 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 0.18% (d) 19,034,262 $19,034,262 
Fidelity Securities Lending Cash Central Fund, 0.22% (d)(e) 31,000,000 31,000,000 
TOTAL MONEY MARKET FUNDS   
(Cost $50,034,262)  50,034,262 
TOTAL INVESTMENT PORTFOLIO - 101.3%   
(Cost $3,092,711,798)  3,424,370,658 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (43,122,905) 
NET ASSETS - 100%  $3,381,247,753 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
1 CME E-mini S&P 500 Index Contracts (United States) Dec. 2015 103,990 $(1,175) 
17 CME S&P 500 Index Contracts (United States) Dec. 2015 8,839,150 (60,423) 
TOTAL FUTURES CONTRACTS   $(61,598) 

The face value of futures purchased as a percentage of Net Assets is 0.3%

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,355,681.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $17,021 
Fidelity Securities Lending Cash Central Fund 26,998 
Total $44,019 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2015, 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 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 $418,012,426 $418,012,426 $-- $-- 
Consumer Staples 360,277,542 360,277,542 -- -- 
Energy 250,208,057 250,208,057 -- -- 
Financials 501,761,530 501,761,530 -- -- 
Health Care 510,451,590 510,451,590 -- -- 
Industrials 310,525,145 310,525,145 -- -- 
Information Technology 840,325,284 840,325,284 -- -- 
Materials 47,524,901 47,524,901 -- -- 
Telecommunication Services 114,149,829 114,149,829 -- -- 
Utilities 19,100,562 19,100,562 -- -- 
U.S. Government and Government Agency Obligations 1,999,530 -- 1,999,530 -- 
Money Market Funds 50,034,262 50,034,262 -- -- 
Total Investments in Securities: $3,424,370,658 $3,422,371,128 $1,999,530 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(61,598) $(61,598) $-- $-- 
Total Liabilities $(61,598) $(61,598) $-- $-- 
Total Derivative Instruments: $(61,598) $(61,598) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(61,598) 
Total Equity Risk 0 (61,598) 
Total Value of Derivatives $0 $(61,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.


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


Financial Statements

Statement of Assets and Liabilities

  November 30, 2015 
Assets   
Investment in securities, at value (including securities loaned of $29,940,000) — See accompanying schedule:
Unaffiliated issuers (cost $3,042,677,536) 		$3,374,336,396  
Fidelity Central Funds (cost $50,034,262) 50,034,262  
Total Investments (cost $3,092,711,798)  $3,424,370,658 
Cash  745 
Receivable for investments sold  9,945,322 
Receivable for fund shares sold  42,412 
Dividends receivable  8,551,303 
Distributions receivable from Fidelity Central Funds  11,167 
Total assets  3,442,921,607 
Liabilities   
Payable for fund shares redeemed 30,318,965  
Accrued management fee 142,094  
Payable for daily variation margin for derivative instruments 142,580  
Other affiliated payables 70,215  
Collateral on securities loaned, at value 31,000,000  
Total liabilities  61,673,854 
Net Assets  $3,381,247,753 
Net Assets consist of:   
Paid in capital  $3,444,412,411 
Undistributed net investment income  70,638,423 
Accumulated undistributed net realized gain (loss) on investments  (465,400,343) 
Net unrealized appreciation (depreciation) on investments  331,597,262 
Net Assets  $3,381,247,753 
Series 100 Index:   
Net Asset Value, offering price and redemption price per share ($1,670,998,039 ÷ 120,499,847 shares)  $13.87 
Class F:   
Net Asset Value, offering price and redemption price per share ($1,710,249,714 ÷ 123,287,803 shares)  $13.87 

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


Statement of Operations

  Year ended November 30, 2015 
Investment Income   
Dividends  $78,760,720 
Interest  3,368 
Income from Fidelity Central Funds  44,019 
Total income  78,808,107 
Expenses   
Management fee $1,719,944  
Transfer agent fees 871,877  
Independent trustees' compensation 14,784  
Interest 951  
Miscellaneous 5,008  
Total expenses before reductions 2,612,564  
Expense reductions (13) 2,612,551 
Net investment income (loss)  76,195,556 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 134,451,366  
Futures contracts 600,935  
Total net realized gain (loss)  135,052,301 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(89,129,930)  
Futures contracts (689,736)  
Total change in net unrealized appreciation (depreciation)  (89,819,666) 
Net gain (loss)  45,232,635 
Net increase (decrease) in net assets resulting from operations  $121,428,191 

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


Statement of Changes in Net Assets

 Year ended November 30, 2015 Year ended November 30, 2014 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $76,195,556 $65,171,984 
Net realized gain (loss) 135,052,301 68,853,752 
Change in net unrealized appreciation (depreciation) (89,819,666) 336,326,291 
Net increase (decrease) in net assets resulting from operations 121,428,191 470,352,027 
Distributions to shareholders from net investment income (70,740,615) – 
Share transactions - net increase (decrease) (254,445,510) 404,368,983 
Total increase (decrease) in net assets (203,757,934) 874,721,010 
Net Assets   
Beginning of period 3,585,005,687 2,710,284,677 
End of period (including undistributed net investment income of $70,638,423 and undistributed net investment income of $65,171,985, respectively) $3,381,247,753 $3,585,005,687 

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


Financial Highlights — Fidelity Series 100 Index Fund Series 100 Index

      
Years ended November 30, 2015 2014 2013 2012 2011 
Selected Per–Share Data      
Net asset value, beginning of period $13.67 $11.77 $10.19 $8.85 $8.33 
Income from Investment Operations      
Net investment income (loss)A .29 .27 .25 .21 .18 
Net realized and unrealized gain (loss) .18 1.63 2.35 1.31 .51 
Total from investment operations .47 1.90 2.60 1.52 .69 
Distributions from net investment income (.27) – (1.02) (.18) (.17) 
Net asset value, end of period $13.87 $13.67 $11.77 $10.19 $8.85 
Total ReturnB 3.48% 16.14% 27.56% 17.49% 8.34% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .10% .10% .18% .20% .20% 
Expenses net of fee waivers, if any .10% .10% .17% .20% .20% 
Expenses net of all reductions .10% .10% .17% .20% .20% 
Net investment income (loss) 2.17% 2.11% 2.34% 2.17% 2.05% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,670,998 $1,814,733 $2,710,285 $8,019,529 $6,413,368 
Portfolio turnover rateE 10% 8% 19% 10% 6% 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Series 100 Index Fund Class F

Years ended November 30, 2015 2014 A 
Selected Per–Share Data   
Net asset value, beginning of period $13.68 $11.69 
Income from Investment Operations   
Net investment income (loss)B .30 .27 
Net realized and unrealized gain (loss) .16 1.72 
Total from investment operations .46 1.99 
Distributions from net investment income (.27) – 
Net asset value, end of period $13.87 $13.68 
Total ReturnC,D 3.45% 17.02% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .05% .05%G 
Expenses net of fee waivers, if any .05% .05%G 
Expenses net of all reductions .05% .05%G 
Net investment income (loss) 2.22% 2.16%G 
Supplemental Data   
Net assets, end of period (000 omitted) $1,710,250 $1,770,273 
Portfolio turnover rateH 10% 8% 

 A For the period December 4, 2013 (commencement of sale of shares) to November 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements

For the period ended November 30, 2015

1. Organization.

Fidelity Series 100 Index Fund (the Fund) is a fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class F shares and the existing class was designated Series 100 Index on December 4, 2013. The Fund offers Series 100 Index and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2015, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to contribution in-kind, futures contracts, market discount, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $728,649,840 
Gross unrealized depreciation (415,142,655) 
Net unrealized appreciation (depreciation) on securities $313,507,185 
Tax Cost $3,110,863,473 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $70,635,340 
Capital loss carryforward $(447,307,183) 
Net unrealized appreciation (depreciation) on securities and other investments $313,507,185 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(149,988,603) 
2018 (297,318,580) 
Total capital loss carryforward $(447,307,183) 

The tax character of distributions paid was as follows:

 November 30, 2015 November 30, 2014 
Ordinary Income $70,740,615 $ - 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $600,935 and a change in net unrealized appreciation (depreciation) of $(689,736) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $336,089,291 and $558,787,778, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .05% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as transfer agent and interest expense, including commitment fees. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

In addition, under the expense contract, the investment adviser pays class-level expenses for Series 100 Index so that the total expenses do not exceed .10%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense, including commitment fees.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives transfer agent fees at an annual rate of .075% of average net assets for Series 100 Index. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Under the expense contract, Series 100 Index pays a portion of the transfer agent fees at an annual rate of .05% of average net assets.

For the period, transfer agent fees for each applicable class were as follows:

 Amount 
Series 100 Index $871,877 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $24,241,500 .35% $951 

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,008 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and 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. Total security lending income during the period amounted to $26,998.

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $13.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended November 30, 2015 2014 
From net investment income   
Series 100 Index $35,250,235 $– 
Class F 35,490,380 – 
Total $70,740,615 $– 

11. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
Years ended November 30, 2015 2014(a) 2015 2014(a) 
Series 100 Index     
Shares sold 11,702,848 36,645,496 $156,655,563 $454,477,901 
Reinvestment of distributions 2,630,615 – 35,250,235 – 
Shares redeemed (26,569,388) (134,267,685) (359,046,239) (1,585,941,743) 
Net increase (decrease) (12,235,925) (97,622,189) $(167,140,441) $(1,131,463,842) 
Class F     
Shares sold 16,342,253 146,734,305 $218,162,260 $1,751,474,454 
Reinvestment of distributions 2,648,536 – 35,490,380 – 
Shares redeemed (25,150,141) (17,287,150) (340,957,709) (215,641,629) 
Net increase (decrease) (6,159,352) 129,447,155 $(87,305,069) $1,535,832,825 

 (a) Share transactions for Class F are for the period December 4, 2013 (commencement of sale of shares) to November 30, 2014.


12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity® Series 100 Index Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity® Series 100 Index Fund (the Fund), a fund of Fidelity Commonwealth Trust, including the schedule of investments, as of November 30, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2015, by correspondence with the custodians and brokers. We believe our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity® Series 100 Index Fund as of November 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 19, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544, or for Class F, call 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2012

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (diversified financial services company, 2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).

Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (Japan) Limited (investment adviser firm), FMR Investment Management (U.K.) Limited (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2015 to November 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2015 		Ending
Account Value
November 30, 2015 		Expenses Paid
During Period-B
June 1, 2015
to November 30, 2015 
Series 100 Index .10%    
Actual  $1,000.00 $1,012.40 $.50 
Hypothetical-C  $1,000.00 $1,024.57 $.51 
Class F .05%    
Actual  $1,000.00 $1,012.40 $.25 
Hypothetical-C  $1,000.00 $1,024.82 $.25 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

Fidelity Series 100 Index Fund designates 100% and Class F designates 98% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Fidelity Series 100 Index Fund designates and Class F designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series 100 Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staff, including their size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and information security and to increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Series 100 Index Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted that, although FMR does not pay transfer agent fees or other "class-level" expenses under the fund's management contract, such expenses are paid by FMR pursuant to expense limitation arrangements in effect for the fund and, as a result, are also subtracted from the management fee for purposes of calculating the hypothetical "net management fee." The Board considered that "fund-level" non-management expenses and class-level expenses paid by FMR may exceed the fund's management fee and result in a negative net management fee.

Fidelity Series 100 Index Fund


The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014.

Furthermore, the Board considered that it had approved an amended and restated management contract for the fund (effective October 1, 2013) that lowered the fund's management fee from 0.20% to 0.05%. The Board considered that the chart reflects the fund's lower management fee for 2013, as if the lower fee were in effect for the entire year.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's gross management fee. The Board also considered other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the retail class of the fund to the extent necessary to limit total expenses, with certain exceptions, to 0.10%. This contractual arrangement may not be increased without the approval of the Board and the shareholders of the applicable class.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity's group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

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Fidelity® Nasdaq Composite Index® Tracking Stock



Annual Report

November 30, 2015



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Premium/Discount Analysis

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq Composite®, and The Nasdaq Stock Market®, Inc. are registered trademarks of The NASDAQ OMXGroup, 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. © 2016 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.



Performance: The Bottom Line

The fund's net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing mutual fund shares as of the close of regular trading hours on The Nasdaq Stock Market, normally 4:00 p.m. Eastern time (or NYSE if NASDAQ is closed). The fund's market price performance is based on the daily closing price of the shares of the fund on The Nasdaq Stock Market.

Cumulative total returns reflect performance over the period shown generally by adding one year's return — positive or negative — to the next year's return. NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any), at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares.

How a fund did yesterday is no guarantee of how it will do tomorrow.

Cumulative Total Returns

Periods ended November 30, 2015 Past 1 year Past 5 year Past 10 year 
Fidelity® Nasdaq Composite Index® Tracking Stock - NAV 7.79% 115.20% 149.06% 
Fidelity® Nasdaq Composite Index® Tracking Stock - Market Price 7.60% 115.26% 149.25% 
Nasdaq Composite Index® 7.86% 117.01% 153.08% 

Average Annual Total Returns

For the periods ended November 30, 2015 Past 1 year Past 5 years Past 10 years 
Fidelity® Nasdaq Composite Index® Tracking Stock - NAV 7.79% 16.57% 9.55% 
Fidelity® Nasdaq Composite Index® Tracking Stock - Market Price 7.60% 16.57% 9.56% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® Tracking Stock - NAV on November 30, 2005.

The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.


Period Ending Values
$24,906Fidelity® Nasdaq Composite Index® Tracking Stock - NAV
$25,308Nasdaq Composite Index®

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks gained modestly for the 12 months ending November 30, 2015, despite a steep decline in August and September on concern about slowing economic growth in China. The S&P 500® index rebounded in October and gained 2.75% for the year. Stocks benefited late in the period amid waning expectations for a near-term interest-rate hike by the U.S. Federal Reserve, more economic stimulus in Europe and an interest-rate cut in China. Growth stocks in the benchmark far outpaced their value counterparts, as investors continued to seek growth in a subpar economic environment. Sector performance varied widely, with more than 26 percentage points separating the leader from the laggard. Consumer discretionary (+14%) secured the top spot, benefiting from a combination of rising personal income and still-benign inflation. Information technology (+7%) and health care (+4%) also outpaced the broad market. Conversely, the energy sector (-12%) performed worst, stymied by depressed commodity prices that also hit materials (-5%). Telecommunication services (-5%) and utilities (-4%), considered defensive sectors less sensitive to the economy, also lost ground. At period end, investors remained focused on the potential global implications of a stronger U.S. dollar and how China’s transition toward a consumption-led economy may affect corporate earnings.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the exchange-traded fund’s (ETF) net asset value performed roughly in line with the 7.86% gain of the benchmark Nasdaq Composite Index®. The ETF’s market price rose 7.60% over the same time frame. Technology stocks, which made up about 46% of the index weighting, contributed strongly in absolute terms for the period. Among the many stocks in this category to add value were software company Microsoft; social-networking leader Facebook; and Internet search company Google, which in October became part of a new holding company called Alphabet. The biggest individual contributor by far was online retailer Amazon.com. Its shares nearly doubled, driven by better-than-expected financial results. Video-on-demand provider Netflix also fared well. Conversely, the biggest individual detractor in absolute terms was QUALCOMM, whose shares plummeted in November after the company reported disappointing fiscal fourth-quarter earnings. Other struggling technology stocks in the index included semiconductor maker Micron Technology, Internet media company Yahoo and computer data storage manufacturer Western Digital. Other notable detractors were single-serve coffee company Keurig Green Mountain and casino gaming operator Wynn Resorts.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Premium/Discount Analysis (Unaudited)

Shares of Fidelity® Nasdaq Composite Index® Tracking Stock (the fund) are listed on The Nasdaq Stock Market® and can be bought and sold on the secondary market at market prices. Although the market price is expected to approximate the fund's NAV, it is possible that the market price and NAV will vary significantly. The closing market price is the daily closing price as reported on The Nasdaq Stock Market.  Premiums or discounts are the differences (expressed as a basis point differential with 1 basis point equaling 1/100 of 1%) between the fund's NAV and closing market price. A premium indicates that the closing market price is trading above the NAV. A discount indicates that the closing market price is trading below the NAV. A discrepancy may exist with respect to the timing of when the NAV is calculated and the determination of the closing market price.  The chart below presents information about the differences between the fund's daily closing market price and the fund's NAV. 

Periods Ended November 30, 2015

From December 1, 2010 to November 30, 2015 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 - <25 431 34.24% 601 47.74% 
25 - <50 73 5.80% 79 6.27% 
50 - <75 28 2.22% 12 0.95% 
75 - <100 14 1.11% 5 0.40% 
100 or above 10 0.79% 6 0.48% 
Total 556 44.16% 703 55.84% 

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 8.7 9.8 
Microsoft Corp. 5.6 5.0 
Amazon.com, Inc. 4.0 2.6 
Alphabet, Inc. Class C 3.3 2.3 
Facebook, Inc. Class A 3.0 2.3 
Alphabet, Inc. Class A 2.9 2.1 
Intel Corp. 2.1 2.1 
Gilead Sciences, Inc. 2.0 2.2 
Cisco Systems, Inc. 1.8 1.9 
Comcast Corp. Class A 1.7 1.6 
 35.1  

Market Sectors as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 46.9 46.4 
Consumer Discretionary 18.1 17.8 
Health Care 16.3 17.2 
Financials 6.9 6.4 
Consumer Staples 5.6 5.0 
Industrials 4.0 4.3 
Telecommunication Services 1.1 0.8 
Energy 0.5 0.8 
Materials 0.4 0.7 
Utilities 0.1 0.2 

Asset Allocation (% of fund's net assets)

To match the Nasdaq Composite Index, Fidelity® Nasdaq Composite Index® Tracking Stock seeks I00% investment exposure to stocks at all times.

Investments November 30, 2015

Showing Percentage of Net Assets

Common Stocks - 99.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 18.1%   
Auto Components - 0.3%   
China Automotive Systems, Inc. (a) 4,542 $26,889 
China XD Plastics Co. Ltd. (a) 5,843 24,716 
Dorman Products, Inc. (a)(b) 3,049 145,498 
Federal-Mogul Corp. Class A (a) 14,974 122,487 
Fox Factory Holding Corp. (a) 3,017 53,612 
Fuel Systems Solutions, Inc. (a) 1,724 9,482 
Gentex Corp. 24,356 407,598 
Gentherm, Inc. (a) 3,018 153,435 
Motorcar Parts of America, Inc. (a) 1,471 58,928 
Quantum Fuel Systems Technologies Worldwide, Inc. (a) 2,023 1,821 
Shiloh Industries, Inc. (a) 1,749 12,016 
SORL Auto Parts, Inc. (a) 1,552 3,647 
Spartan Motors, Inc. 3,543 12,861 
Strattec Security Corp. 313 19,519 
Sypris Solutions, Inc. 2,151 3,334 
The Goodyear Tire & Rubber Co. 22,807 795,508 
  1,851,351 
Automobiles - 0.4%   
Kandi Technolgies, Inc. (a)(b) 3,577 36,199 
Tesla Motors, Inc. (a)(b) 11,081 2,551,511 
  2,587,710 
Distributors - 0.2%   
Core-Mark Holding Co., Inc. 2,056 175,356 
Fenix Parts, Inc. 2,343 14,878 
LKQ Corp. (a) 24,543 723,773 
Pool Corp. 3,609 296,082 
VOXX International Corp. (a) 2,051 11,773 
Weyco Group, Inc. 1,320 36,181 
  1,258,043 
Diversified Consumer Services - 0.1%   
2U, Inc. (a) 3,715 89,606 
American Public Education, Inc. (a) 1,722 40,071 
Ascent Capital Group, Inc. (a)(b) 1,094 21,869 
Cambium Learning Group, Inc. (a) 5,148 26,718 
Capella Education Co. 1,190 57,120 
Career Education Corp. (a) 7,301 30,810 
Collectors Universe, Inc. 1,106 17,652 
Grand Canyon Education, Inc. (a) 5,168 204,756 
Houghton Mifflin Harcourt Co. (a) 11,790 232,970 
Liberty Tax, Inc. 1,463 32,391 
Lincoln Educational Services Corp. 2,320 4,942 
National American University Holdings, Inc. 1,626 4,049 
Steiner Leisure Ltd. (a) 1,032 64,892 
Strayer Education, Inc. (a) 999 59,131 
Tarena International, Inc. ADR (a) 1,908 19,786 
  906,763 
Hotels, Restaurants & Leisure - 2.6%   
Amaya, Inc. (a) 11,362 179,519 
BJ's Restaurants, Inc. (a) 2,091 95,768 
Bloomin' Brands, Inc. 10,434 180,613 
Bob Evans Farms, Inc. 1,898 75,635 
Bojangles', Inc. (a)(b) 2,844 50,282 
Bravo Brio Restaurant Group, Inc. (a) 1,094 11,673 
Buffalo Wild Wings, Inc. (a) 1,593 255,262 
Caesars Acquisition Co. (a) 12,464 98,466 
Caesars Entertainment Corp. (a)(b) 12,955 109,729 
Carrols Restaurant Group, Inc. (a) 2,647 31,870 
Century Casinos, Inc. (a) 2,311 15,484 
China Lodging Group Ltd. ADR (a) 2,580 73,582 
Churchill Downs, Inc. 1,529 224,687 
Chuy's Holdings, Inc. (a)(b) 1,362 45,287 
Cosi, Inc. (a) 2,357 1,138 
Cracker Barrel Old Country Store, Inc. (b) 1,953 245,922 
Dave & Buster's Entertainment, Inc. (a) 3,452 132,350 
Del Frisco's Restaurant Group, Inc. (a) 1,761 26,397 
Del Taco Restaurants, Inc. (a) 3,019 33,330 
Denny's Corp. (a) 7,466 71,972 
Diversified Restaurant Holdings, Inc. (a) 3,973 10,568 
Dunkin' Brands Group, Inc. 8,005 339,572 
El Pollo Loco Holdings, Inc. (a)(b) 2,980 36,594 
Eldorado Resorts, Inc. (a) 4,390 42,539 
Empire Resorts, Inc. (a)(b) 4,423 19,417 
Fiesta Restaurant Group, Inc. (a) 2,350 90,311 
Fogo de Chao, Inc. (b) 2,779 45,520 
Golden Entertainment, Inc. (a) 1,398 14,679 
Habit Restaurants, Inc. Class A (b) 1,328 31,992 
Homeinns Hotel Group ADR (a) 2,906 89,650 
Iao Kun Group Holding Co. Ltd. 4,950 7,178 
Icahn Enterprises LP 10,819 797,252 
Ignite Restaurant Group, Inc. (a)(b) 5,125 19,731 
International Speedway Corp. Class A 2,357 83,886 
Interval Leisure Group, Inc. 4,979 77,772 
Isle of Capri Casinos, Inc. (a) 3,506 64,651 
Jack in the Box, Inc. 3,202 237,396 
Jamba, Inc. (a)(b) 1,156 16,149 
Kona Grill, Inc. (a) 896 12,463 
Lindblad Expeditions Holdings (a) 3,635 40,094 
Marriott International, Inc. Class A 22,500 1,595,475 
Melco Crown Entertainment Ltd. sponsored ADR (b) 15,042 244,433 
Monarch Casino & Resort, Inc. (a) 1,782 39,952 
Morgans Hotel Group Co. (a) 3,136 9,847 
Nathan's Famous, Inc. (a) 489 21,394 
Noodles & Co. (a)(b) 2,580 28,638 
Norwegian Cruise Line Holdings Ltd. (a) 19,517 1,121,056 
Panera Bread Co. Class A (a) 2,077 377,599 
Papa John's International, Inc. 3,378 194,167 
Papa Murphy's Holdings, Inc. (a)(b) 1,820 22,204 
Peak Resorts, Inc. (b) 1,934 14,118 
Penn National Gaming, Inc. (a) 7,101 113,261 
Pinnacle Entertainment, Inc. (a) 4,820 158,048 
Popeyes Louisiana Kitchen, Inc. (a) 1,914 110,744 
Potbelly Corp. (a) 2,320 28,930 
Premier Exhibitions, Inc. (a) 336 353 
RCI Hospitality Holdings, Inc. (a) 1,194 11,928 
Red Robin Gourmet Burgers, Inc. (a) 1,226 82,730 
Ruth's Hospitality Group, Inc. 3,180 54,855 
Scientific Games Corp. Class A (a)(b) 7,628 70,330 
Sonic Corp. 4,396 127,748 
Starbucks Corp. 126,293 7,753,127 
Texas Roadhouse, Inc. Class A 5,819 203,665 
The Cheesecake Factory, Inc. 3,940 185,692 
The ONE Group Hospitality, Inc. (a) 2,301 7,248 
Town Sports International Holdings, Inc. (a) 2,542 4,321 
Tuniu Corp. Class A sponsored ADR (a) 2,320 36,053 
Wendy's Co. 24,667 259,250 
Wingstop, Inc. (b) 2,310 49,781 
Wynn Resorts Ltd. (b) 8,724 547,605 
  17,510,932 
Household Durables - 0.3%   
Bassett Furniture Industries, Inc. 980 30,733 
Cavco Industries, Inc. (a) 772 71,564 
Dixie Group, Inc. (a) 1,123 6,334 
Flexsteel Industries, Inc. 702 33,682 
Garmin Ltd. (b) 16,412 621,194 
GoPro, Inc. Class A (a)(b) 8,941 182,396 
Green Brick Partners, Inc. (a) 4,523 34,149 
Helen of Troy Ltd. (a) 2,383 246,426 
Hooker Furniture Corp. 1,076 29,482 
iRobot Corp. (a) 3,254 107,675 
LGI Homes, Inc. (a)(b) 1,789 59,502 
Lifetime Brands, Inc. 1,188 16,525 
Nova LifeStyle, Inc. (a)(b) 2,028 4,056 
Skullcandy, Inc. (a) 1,852 7,538 
SodaStream International Ltd. (a)(b) 1,784 25,886 
Universal Electronics, Inc. (a) 1,463 77,524 
Zagg, Inc. (a) 3,141 32,415 
  1,587,081 
Internet & Catalog Retail - 6.8%   
1-800-FLOWERS.com, Inc. Class A (a) 3,711 28,686 
Amazon.com, Inc. (a) 39,887 26,516,878 
Blue Nile, Inc. (a)(b) 898 32,741 
CafePress, Inc. (a) 5,351 22,742 
Cnova NV (a)(b) 39,216 108,628 
Ctrip.com International Ltd. sponsored ADR (a)(b) 12,920 1,382,569 
eLong, Inc. sponsored ADR (a) 905 15,385 
Etsy, Inc. (b) 9,789 91,136 
EVINE Live, Inc. (a) 7,416 13,794 
Expedia, Inc. 9,912 1,220,266 
FTD Companies, Inc. (a)(b) 2,433 64,523 
Gaiam, Inc. Class A (a) 3,315 22,376 
Groupon, Inc. Class A (a)(b) 33,147 95,795 
HSN, Inc. 4,547 226,895 
JD.com, Inc. sponsored ADR (a)(b) 69,354 2,127,781 
Lands' End, Inc. (a)(b) 2,773 66,663 
Liberty Interactive Corp.:   
(Venture Group) Series A (a) 12,676 545,195 
QVC Group Series A (a) 39,784 1,053,480 
Liberty TripAdvisor Holdings, Inc. (a) 6,300 188,622 
MakeMyTrip Ltd. (a)(b) 4,003 72,214 
Netflix, Inc. (a) 36,371 4,485,635 
NutriSystem, Inc. 2,569 58,933 
Overstock.com, Inc. (a) 2,123 27,939 
PetMed Express, Inc. (b) 1,817 30,526 
Priceline Group, Inc. (a) 4,324 5,400,027 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 5,444 245,143 
Shutterfly, Inc. (a) 2,764 126,868 
TripAdvisor, Inc. (a) 11,154 918,755 
U.S. Auto Parts Network, Inc. (a) 2,674 6,632 
  45,196,827 
Leisure Products - 0.3%   
Arctic Cat, Inc. 1,323 29,450 
Black Diamond, Inc. (a) 4,196 20,435 
Escalade, Inc. 1,821 21,852 
Hasbro, Inc. 10,581 773,365 
JAKKS Pacific, Inc. (a)(b) 1,961 16,139 
Johnson Outdoors, Inc. Class A 816 19,584 
Malibu Boats, Inc. Class A (a) 1,122 17,413 
Mattel, Inc. 28,560 710,002 
MCBC Holdings, Inc. (a) 1,867 26,791 
Smith & Wesson Holding Corp. (a) 4,799 88,014 
Summer Infant, Inc. (a) 2,056 4,050 
  1,727,095 
Media - 5.1%   
AirMedia Group, Inc. ADR (a)(b) 4,590 25,016 
AMC Networks, Inc. Class A (a) 5,134 417,446 
Carmike Cinemas, Inc. (a) 2,179 47,611 
Central European Media Enterprises Ltd. Class A (a)(b) 13,242 29,265 
Charter Communications, Inc. Class A (a)(b) 9,520 1,783,667 
Cinedigm Corp. (a)(b) 7,797 2,977 
Comcast Corp.:   
Class A 179,797 10,942,445 
Class A (special) (non-vtg.) 31,460 1,920,318 
Crown Media Holdings, Inc. Class A (a) 31,509 178,656 
CTC Media, Inc. 13,233 23,952 
Cumulus Media, Inc. Class A (a) 20,528 8,148 
Daily Journal Corp. (a) 139 27,990 
Dex Media, Inc. (a)(b) 1,161 139 
Discovery Communications, Inc.:   
Class A (a)(b) 12,874 400,896 
Class B (a) 438 13,617 
Class C (non-vtg.) (a) 23,130 684,185 
DISH Network Corp. Class A (a) 19,050 1,194,626 
DreamWorks Animation SKG, Inc. Class A (a) 6,479 159,643 
Emmis Communications Corp. Class A (a) 5,745 3,562 
Global Eagle Entertainment, Inc. (a) 6,778 73,406 
Hemisphere Media Group, Inc. (a)(b) 1,395 19,851 
Liberty Broadband Corp.:   
Class A (a) 2,220 117,682 
Class C (a) 6,355 335,608 
Liberty Global PLC:   
Class A (a) 21,601 916,098 
Class B (a) 793 35,653 
Class C (a) 52,175 2,139,175 
LiLAC Class A (a) 1,015 38,113 
LiLAC Class C (a) 2,657 104,208 
Liberty Media Corp.:   
Class A (a) 9,538 386,384 
Class C (a) 19,211 751,150 
Loral Space & Communications Ltd. (a) 2,759 122,058 
MDC Partners, Inc. Class A (sub. vtg.) 4,160 89,648 
National CineMedia, Inc. 5,363 85,111 
News Corp.:   
Class A 32,985 473,335 
Class B 16,527 238,980 
Nexstar Broadcasting Group, Inc. Class A 2,612 153,037 
Radio One, Inc. Class D (non-vtg.) (a) 4,901 8,528 
ReachLocal, Inc. (a)(b) 2,256 2,301 
Reading International, Inc. Class A (a) 2,123 30,635 
Rentrak Corp. (a)(b) 1,377 66,633 
RRSat Global Communications Network Ltd. 1,986 18,430 
Salem Communications Corp. Class A 3,166 17,920 
Scholastic Corp. 2,906 124,144 
SFX Entertainment, Inc. (a)(b) 6,636 1,859 
Sinclair Broadcast Group, Inc. Class A 5,809 203,896 
Sirius XM Holdings, Inc. (a) 451,201 1,854,436 
Sizmek, Inc. (a) 5,535 25,627 
Starz Series A (a)(b) 8,719 307,606 
Twenty-First Century Fox, Inc.:   
Class A 103,834 3,064,141 
Class B 67,984 2,036,121 
Viacom, Inc.:   
Class A 4,400 227,920 
Class B (non-vtg.) 29,545 1,471,046 
Videocon d2h Ltd. sponsored ADR (a) 4,722 40,940 
VisionChina Media, Inc. ADR (a) 336 3,380 
WPP PLC ADR 1,409 162,711 
  33,611,930 
Multiline Retail - 0.3%   
Dollar Tree, Inc. (a) 19,980 1,507,691 
Fred's, Inc. Class A 3,412 56,230 
Ollie's Bargain Outlet Holdings, Inc. (a) 5,217 92,132 
Sears Canada, Inc. (a)(b) 10,219 85,704 
Sears Holdings Corp. (a)(b) 9,223 204,105 
The Bon-Ton Stores, Inc. (b) 1,123 3,010 
Tuesday Morning Corp. (a)(b) 3,603 24,068 
  1,972,940 
Specialty Retail - 1.5%   
America's Car Mart, Inc. (a) 839 22,217 
Ascena Retail Group, Inc. (a) 16,622 188,327 
bebe stores, Inc. 7,699 3,543 
Bed Bath & Beyond, Inc. (a) 14,237 776,201 
Big 5 Sporting Goods Corp. 2,283 22,054 
Books-A-Million, Inc. (a) 1,689 5,472 
Citi Trends, Inc. 1,353 26,830 
Conn's, Inc. (a)(b) 3,251 86,704 
DavidsTea, Inc. 2,394 28,153 
Destination Maternity Corp. 1,034 5,739 
Destination XL Group, Inc. (a) 4,959 24,795 
Finish Line, Inc. Class A 4,126 68,450 
Five Below, Inc. (a) 4,629 129,658 
Francesca's Holdings Corp. (a) 3,768 56,256 
Hibbett Sports, Inc. (a) 2,187 71,755 
Kirkland's, Inc. 1,586 23,330 
Mattress Firm Holding Corp. (a)(b) 2,954 145,809 
Michaels Companies, Inc. (a) 17,831 396,027 
Monro Muffler Brake, Inc. 2,796 207,016 
O'Reilly Automotive, Inc. (a) 8,393 2,214,661 
Office Depot, Inc. (a) 46,084 303,694 
Outerwall, Inc. (b) 1,529 94,645 
Pacific Sunwear of California, Inc. (a) 6,138 2,149 
Perfumania Holdings, Inc. (a) 495 1,708 
Rent-A-Center, Inc. 4,538 77,872 
Ross Stores, Inc. 34,958 1,818,166 
Sears Hometown & Outlet Stores, Inc. (a) 1,991 15,848 
Select Comfort Corp. (a) 4,699 110,990 
Shoe Carnival, Inc. 2,753 53,628 
Sportsman's Warehouse Holdings, Inc. (a) 3,769 43,155 
Staples, Inc. 54,622 659,288 
Stein Mart, Inc. 3,894 30,101 
The Children's Place Retail Stores, Inc. 1,743 84,222 
Tile Shop Holdings, Inc. (a) 4,459 75,535 
Tractor Supply Co. 11,524 1,029,669 
Trans World Entertainment Corp. (a) 5,483 20,177 
Ulta Salon, Cosmetics & Fragrance, Inc. (a) 5,465 912,655 
Urban Outfitters, Inc. (a) 10,237 229,309 
West Marine, Inc. (a) 4,252 39,076 
Winmark Corp. 399 38,105 
Zumiez, Inc. (a) 2,580 38,932 
  10,181,921 
Textiles, Apparel & Luxury Goods - 0.2%   
Cherokee, Inc. (a) 891 17,027 
Columbia Sportswear Co. 6,018 281,823 
Crocs, Inc. (a)(b) 6,180 68,753 
Fossil Group, Inc. (a) 4,064 156,342 
G-III Apparel Group Ltd. (a) 3,878 177,884 
Iconix Brand Group, Inc. (a)(b) 4,133 29,096 
Joe's Jeans, Inc. (a) 5,589 1,146 
Kingold Jewelry, Inc. (a) 4,357 2,614 
lululemon athletica, Inc. (a)(b) 11,236 537,306 
Perry Ellis International, Inc. (a) 1,618 33,557 
Rocky Brands, Inc. 954 10,837 
Sequential Brands Group, Inc. (a)(b) 3,309 29,616 
Steven Madden Ltd. (a) 6,204 197,908 
Vera Bradley, Inc. (a) 3,508 41,780 
  1,585,689 
TOTAL CONSUMER DISCRETIONARY  119,978,282 
CONSUMER STAPLES - 5.6%   
Beverages - 0.5%   
Coca-Cola Bottling Co. Consolidated 597 115,621 
Craft Brew Alliance, Inc. (a) 1,558 15,144 
MGP Ingredients, Inc. 1,562 32,677 
Monster Beverage Corp. 17,509 2,707,066 
National Beverage Corp. (a) 4,036 175,364 
Primo Water Corp. (a) 1,836 16,322 
  3,062,194 
Food & Staples Retailing - 2.5%   
Andersons, Inc. 2,864 98,722 
Casey's General Stores, Inc. 3,234 376,017 
Chefs' Warehouse Holdings (a)(b) 2,291 44,858 
Costco Wholesale Corp. 37,472 6,048,730 
Fairway Group Holdings Corp. (a)(b) 2,188 1,822 
Fresh Market, Inc. (a)(b) 4,132 99,085 
Ingles Markets, Inc. Class A 1,337 72,826 
PriceSmart, Inc. 2,673 249,124 
SpartanNash Co. 3,333 72,059 
Sprouts Farmers Market LLC (a)(b) 13,238 319,433 
United Natural Foods, Inc. (a) 4,165 182,885 
Village Super Market, Inc. Class A 1,134 29,371 
Walgreens Boots Alliance, Inc. 93,134 7,826,050 
Whole Foods Market, Inc. 30,579 891,378 
  16,312,360 
Food Products - 2.6%   
Alico, Inc. 894 38,156 
Blue Buffalo Pet Products, Inc. (a)(b) 16,606 298,410 
Boulder Brands, Inc. (a)(b) 5,611 61,328 
Bridgford Foods Corp. (a) 1,922 19,643 
Cal-Maine Foods, Inc. (b) 3,718 202,668 
Calavo Growers, Inc. 1,623 91,829 
Diamond Foods, Inc. (a) 2,553 103,345 
Farmer Brothers Co. (a) 1,650 48,230 
Freshpet, Inc. (b) 2,747 23,652 
Inventure Foods, Inc. (a) 1,660 12,550 
J&J Snack Foods Corp. 1,541 179,804 
John B. Sanfilippo & Son, Inc. 794 45,695 
Keurig Green Mountain, Inc. 13,154 689,270 
Lancaster Colony Corp. 2,257 262,399 
Landec Corp. (a) 2,349 30,091 
Lifeway Foods, Inc. (a) 1,722 18,942 
Limoneira Co. (b) 2,053 34,963 
Mondelez International, Inc. 137,241 5,991,942 
Origin Agritech Ltd. (a)(b) 2,188 3,151 
Pilgrim's Pride Corp. (b) 22,335 480,873 
Pingtan Marine Enterprise Ltd. 10,102 13,133 
Rocky Mountain Chocolate Factory, Inc. 1,066 11,683 
Sanderson Farms, Inc. (b) 1,856 138,847 
Seneca Foods Corp. Class A (a) 1,057 29,110 
SkyPeople Fruit Juice, Inc. (a) 1,984 1,014 
Snyders-Lance, Inc. (b) 6,053 224,385 
SunOpta, Inc. (a) 8,208 58,523 
The Hain Celestial Group, Inc. (a) 8,524 363,975 
The Kraft Heinz Co. 103,223 7,606,503 
  17,084,114 
Household Products - 0.0%   
Central Garden & Pet Co. (a) 1,541 22,761 
Central Garden & Pet Co. Class A (non-vtg.) (a) 2,912 45,980 
WD-40 Co. 1,169 115,462 
  184,203 
Personal Products - 0.0%   
Inter Parfums, Inc. 3,304 88,085 
LifeVantage Corp. (a)(b) 1,255 10,617 
Mannatech, Inc. (a) 241 5,259 
Natural Health Trends Corp. (b) 1,068 51,681 
Neptune Technologies & Bioressources, Inc. (a)(b) 12,187 13,962 
Nutraceutical International Corp. (a) 1,637 40,892 
The Female Health Co. (a) 1,961 3,020 
  213,516 
TOTAL CONSUMER STAPLES  36,856,387 
ENERGY - 0.5%   
Energy Equipment & Services - 0.1%   
Archrock Partners LP 5,348 85,942 
Dawson Geophysical Co. (a) 2,466 10,924 
Forbes Energy Services Ltd. (a)(b) 3,405 1,260 
Geospace Technologies Corp. (a) 1,064 13,545 
Glori Energy, Inc. (a)(b) 1,954 1,544 
Matrix Service Co. (a) 2,283 52,486 
Mitcham Industries, Inc. (a)(b) 732 2,789 
Ocean Rig UDW, Inc. (United States) 16,911 33,315 
Patterson-UTI Energy, Inc. 12,743 206,691 
PHI, Inc. (non-vtg.) (a) 2,361 50,455 
Profire Energy, Inc. (a) 6,455 8,714 
RigNet, Inc. (a) 1,396 30,838 
Steel Excel, Inc. (a) 1,120 16,374 
Synthesis Energy Systems, Inc. (a)(b) 15,613 13,896 
Tesco Corp. 7,958 66,927 
  595,700 
Oil, Gas & Consumable Fuels - 0.4%   
Aemetis, Inc. (a)(b) 3,344 9,965 
Alliance Holdings GP, LP 5,220 124,497 
Alliance Resource Partners LP 6,344 108,800 
Approach Resources, Inc. (a)(b) 3,598 8,024 
Blueknight Energy Partners LP 3,575 22,165 
BreitBurn Energy Partners LP 21,115 42,230 
Calumet Specialty Products Partners LP 7,360 187,238 
Capital Product Partners LP 8,252 51,988 
Carrizo Oil & Gas, Inc. (a) 4,896 197,700 
Ceres, Inc. (a) 232 226 
Clean Energy Fuels Corp. (a)(b) 7,295 34,359 
Diamondback Energy, Inc. 5,508 429,734 
Dorchester Minerals LP 2,842 37,713 
Energy XXI (Bermuda) Ltd. (b) 7,937 12,461 
EV Energy Partners LP 3,899 13,608 
FX Energy, Inc. (a)(b) 3,828 4,364 
Gevo, Inc. (a) 137 200 
Golar LNG Ltd. (b) 7,968 217,925 
Golar LNG Partners LP 4,133 59,267 
Green Plains Partners LP 1,827 24,135 
Green Plains, Inc. 3,597 85,213 
Gulfport Energy Corp. (a) 9,709 246,803 
Hallador Energy Co. 2,349 15,832 
Hongli Clean Energy Technologies Corp. (a) 1,650 787 
Isramco, Inc. (a)(b) 333 30,636 
Legacy Reserves LP 5,487 17,119 
LINN Energy LLC/LINN Energy Finance Corp. 30,591 61,488 
Martin Midstream Partners LP 3,786 95,407 
Memorial Resource Development Corp. (a) 18,048 294,002 
Mid-Con Energy Partners LP 1,960 4,567 
Pacific Ethanol, Inc. (a) 4,458 22,245 
PDC Energy, Inc. (a) 3,413 192,800 
PennTex Midstream Partners LP 1,673 23,890 
PrimeEnergy Corp. (a) 216 11,059 
Renewable Energy Group, Inc. (a) 3,440 30,994 
Rex Energy Corp. (a)(b) 5,247 7,188 
Solazyme, Inc. (a)(b) 7,724 25,489 
TransGlobe Energy Corp. (a) 5,716 11,257 
U.S. Energy Corp. (a) 2,356 566 
Uranium Resources, Inc. (a) 1,919 1,094 
Vanguard Natural Resources LLC 11,801 67,384 
Vertex Energy, Inc. (a)(b) 3,112 6,006 
Viper Energy Partners LP 6,940 105,835 
Warren Resources, Inc. (a) 5,649 1,401 
Westmoreland Coal Co. (a)(b) 1,396 8,376 
  2,954,037 
TOTAL ENERGY  3,549,737 
FINANCIALS - 6.9%   
Banks - 3.1%   
1st Source Corp. 2,661 89,968 
Access National Corp. 1,226 26,788 
American National Bankshares, Inc. 656 17,056 
American River Bankshares (a) 1,090 11,249 
Ameris Bancorp 2,762 94,433 
Arrow Financial Corp. 1,677 47,744 
Avenue Financial Holdings, Inc. 1,435 20,047 
BancFirst Corp. 1,732 111,662 
Bancorp, Inc., Delaware (a) 4,712 36,188 
Bank of Marin Bancorp 440 24,169 
Bank of the Ozarks, Inc. 7,280 395,158 
Bankwell Financial Group, Inc. 1,091 21,493 
Banner Corp. 2,992 157,080 
Baylake Corp. 1,061 15,321 
BBCN Bancorp, Inc. 6,400 121,024 
BCB Bancorp, Inc. 1,458 16,300 
Blue Hills Bancorp, Inc. 2,657 43,203 
BNC Bancorp 3,645 92,948 
BOK Financial Corp. (b) 5,850 402,773 
Boston Private Financial Holdings, Inc. 7,468 90,363 
Bridge Bancorp, Inc. 1,907 60,795 
Bryn Mawr Bank Corp. 1,840 54,740 
California First National Bancorp 1,023 13,637 
Camden National Corp. 938 42,154 
Capital Bank Financial Corp. Series A 2,330 78,568 
Capital City Bank Group, Inc. 1,920 30,240 
Cardinal Financial Corp. 2,778 68,339 
Cathay General Bancorp 6,808 233,651 
Centerstate Banks of Florida, Inc. 3,509 55,933 
Central Valley Community Bancorp 1,923 21,595 
Century Bancorp, Inc. Class A (non-vtg.) 344 15,449 
Chemical Financial Corp. 3,439 126,727 
Citizens & Northern Corp. 1,610 33,053 
City Holding Co. 1,497 74,730 
CNB Financial Corp., Pennsylvania 1,491 27,867 
CoBiz, Inc. 4,173 57,254 
Colony Bankcorp, Inc. (a) 924 8,907 
Columbia Banking Systems, Inc. 5,008 177,984 
Commerce Bancshares, Inc. 8,070 370,574 
Community Trust Bancorp, Inc. 1,768 64,886 
ConnectOne Bancorp, Inc. 3,006 58,647 
CU Bancorp (a) 1,816 48,887 
CVB Financial Corp. 9,235 170,848 
Eagle Bancorp, Inc. (a) 2,838 155,040 
East West Bancorp, Inc. 12,088 524,377 
Eastern Virginia Bankshares, Inc. 696 4,761 
Enterprise Bancorp, Inc. 1,184 28,996 
Enterprise Financial Services Corp. 1,848 54,146 
Farmers Capital Bank Corp. (a) 757 20,447 
Farmers National Banc Corp. 2,451 20,613 
Fidelity Southern Corp. 1,819 41,146 
Fifth Third Bancorp 69,547 1,437,536 
Financial Institutions, Inc. 1,405 38,314 
First Bancorp, North Carolina 2,351 45,821 
First Busey Corp. 2,910 63,991 
First Business Finance Services, Inc. 886 22,965 
First Citizen Bancshares, Inc. 935 247,700 
First Community Bancshares, Inc. 2,248 45,859 
First Connecticut Bancorp, Inc. 1,423 25,970 
First Financial Bancorp, Ohio 5,886 118,603 
First Financial Bankshares, Inc. (b) 5,626 202,030 
First Financial Corp., Indiana 1,188 43,433 
First Foundation, Inc. (a) 1,357 31,116 
First Internet Bancorp 500 16,125 
First Interstate Bancsystem, Inc. 2,084 63,374 
First Merchants Corp. 3,161 85,979 
First Midwest Bancorp, Inc., Delaware 8,973 175,332 
First NBC Bank Holding Co. (a) 1,665 70,496 
First Niagara Financial Group, Inc. 29,139 314,118 
First Northwest Bancorp 1,037 14,539 
First of Long Island Corp. 1,199 37,625 
First South Bancorp, Inc., Virginia 990 8,613 
FirstMerit Corp. 14,104 285,324 
Flushing Financial Corp. 2,838 64,621 
Fulton Financial Corp. 14,187 205,286 
German American Bancorp, Inc. 1,354 46,686 
Glacier Bancorp, Inc. 6,619 194,466 
Great Southern Bancorp, Inc. 1,134 57,675 
Green Bancorp, Inc. (a) 4,588 62,213 
Grupo Financiero Galicia SA sponsored ADR (a)(b) 3,903 98,160 
Guaranty Bancorp 2,351 41,190 
Hampton Roads Bankshares, Inc. (a) 17,474 32,676 
Hancock Holding Co. 6,591 191,930 
Hanmi Financial Corp. 2,915 76,082 
Heartland Financial U.S.A., Inc. 1,962 74,772 
Heritage Commerce Corp. 2,989 32,281 
Heritage Financial Corp., Washington 2,953 57,820 
Heritage Oaks Bancorp 3,376 28,122 
Home Bancshares, Inc. 5,979 269,772 
HomeTrust Bancshares, Inc. (a) 1,725 34,483 
Horizon Bancorp Industries 1,096 30,173 
Huntington Bancshares, Inc. 68,834 804,669 
IBERIABANK Corp. 3,558 225,470 
Independent Bank Corp., Massachusetts 2,415 124,952 
Independent Bank Group, Inc. 1,668 66,670 
International Bancshares Corp. 7,700 234,927 
Investar Holding Corp. 697 12,337 
Investors Bancorp, Inc. 30,015 384,792 
Lakeland Bancorp, Inc. 4,594 55,541 
Lakeland Financial Corp. 1,443 69,466 
LCNB Corp. 1,027 16,997 
LegacyTexas Financial Group, Inc. 4,224 128,874 
Live Oak Bancshares, Inc. 2,586 40,859 
Macatawa Bank Corp. 2,647 15,591 
MainSource Financial Group, Inc. 1,891 43,531 
MB Financial, Inc. 6,326 226,091 
Mercantile Bank Corp. 2,064 53,396 
Merchants Bancshares, Inc. 991 32,396 
Metro Bancorp, Inc. 1,229 41,761 
Middleburg Financial Corp. 199 3,656 
MidWestOne Financial Group, Inc. 1,196 37,973 
MutualFirst Financial, Inc. 760 18,088 
National Bankshares, Inc. 734 26,365 
National Commerce Corp. 1,280 33,587 
National Penn Bancshares, Inc. 11,675 145,821 
NBT Bancorp, Inc. 3,704 111,602 
NewBridge Bancorp 3,004 38,571 
Northrim Bancorp, Inc. 836 24,603 
Old Line Bancshares, Inc. 1,571 27,634 
Old National Bancorp, Indiana 9,584 141,364 
Old Second Bancorp, Inc. (a) 4,238 32,845 
Opus Bank (b) 2,668 105,066 
Orrstown Financial Services, Inc. 1,149 20,418 
Pacific Continental Corp. 2,983 47,460 
Pacific Mercantile Bancorp (a) 3,574 24,089 
Pacific Premier Bancorp, Inc. (a) 1,941 45,478 
PacWest Bancorp 10,135 476,548 
Park Sterling Corp. 5,551 42,021 
Peapack-Gladstone Financial Corp. 1,399 31,869 
Penns Woods Bancorp, Inc. 419 18,692 
People's Utah Bancorp 1,810 30,788 
Peoples Financial Services Corp. (b) 727 29,015 
Peoples United Financial, Inc. 25,998 435,467 
Pinnacle Financial Partners, Inc. 3,619 196,620 
Popular, Inc. 8,745 259,814 
Premier Financial Bancorp, Inc. 1,331 20,324 
PrivateBancorp, Inc. 6,680 294,655 
QCR Holdings, Inc. 1,226 29,669 
Renasant Corp. 3,214 117,407 
Republic Bancorp, Inc., Kentucky Class A 1,892 50,743 
Republic First Bancorp, Inc. (a) 5,748 26,498 
Royal Bancshares of Pennsylvania, Inc. Class A (a) 3,307 7,143 
S&T Bancorp, Inc. 3,109 105,457 
Sandy Spring Bancorp, Inc. 2,218 65,165 
Seacoast Banking Corp., Florida (a) 3,465 55,613 
ServisFirst Bancshares, Inc. 2,075 102,132 
Shore Bancshares, Inc. 2,045 21,697 
Sierra Bancorp 2,087 37,232 
Signature Bank(a) 4,269 675,142 
Simmons First National Corp. Class A 2,378 137,115 
South State Corp. 2,087 164,059 
Southern National Bancorp of Virginia, Inc. 1,883 23,255 
Southside Bancshares, Inc. 2,532 71,504 
Southwest Bancorp, Inc., Oklahoma 2,123 39,276 
State Bank Financial Corp. 3,165 73,776 
Stock Yards Bancorp, Inc. 1,754 70,634 
Stonegate Bank 1,459 49,343 
Suffolk Bancorp 1,228 36,398 
Summit Financial Group, Inc. 940 11,026 
Sun Bancorp, Inc. (a) 1,994 43,708 
SVB Financial Group (a) 4,395 582,250 
Talmer Bancorp, Inc. Class A 5,517 100,796 
Texas Capital Bancshares, Inc. (a) 4,310 255,497 
The First Bancorp, Inc. 1,359 30,156 
TowneBank 4,163 93,459 
Trico Bancshares 2,292 67,156 
TriState Capital Holdings, Inc. (a) 2,570 34,001 
Triumph Bancorp, Inc. 1,855 32,333 
Trustmark Corp. 7,179 181,270 
UMB Financial Corp. 4,352 229,350 
Umpqua Holdings Corp. 19,627 351,716 
Union Bankshares Corp. 4,037 108,393 
United Bankshares, Inc., West Virginia 5,945 250,403 
United Community Bank, Inc. 5,611 117,158 
United Security Bancshares, Inc. 1,023 8,726 
United Security Bancshares, California 2,514 13,199 
Univest Corp. of Pennsylvania 2,588 54,037 
Veritex Holdings, Inc. (a) 1,292 22,235 
Washington Trust Bancorp, Inc. 1,750 71,505 
WesBanco, Inc. 3,473 117,804 
West Bancorp., Inc. 1,485 30,784 
Westamerica Bancorp. 2,323 113,827 
Westbury Bancorp, Inc. (a)(b) 716 12,838 
Wilshire Bancorp, Inc. 6,732 83,073 
Wintrust Financial Corp. 4,037 212,467 
Zions Bancorporation 15,568 466,417 
  20,526,824 
Capital Markets - 1.0%   
American Capital Senior Floating Ltd. 2,789 30,316 
BGC Partners, Inc. Class A 18,108 164,511 
Calamos Asset Management, Inc. Class A 2,057 19,562 
Capital Southwest Corp. 1,293 20,235 
Capitala Finance Corp. 1,495 20,930 
Carlyle Group LP 6,837 123,271 
CIFI Corp. 2,185 15,295 
CM Finance, Inc. 2,064 23,344 
Cowen Group, Inc. Class A (a)(b) 9,900 47,025 
Diamond Hill Investment Group, Inc. 282 62,094 
E*TRADE Financial Corp. (a) 25,102 763,854 
FBR & Co. 909 19,234 
Financial Engines, Inc. (b) 3,660 131,870 
Harris & Harris Group, Inc. (a) 9,453 20,986 
Hennessy Advisors, Inc. 657 19,224 
Horizon Technology Finance Corp. 792 9,631 
Interactive Brokers Group, Inc. 5,522 239,434 
INTL FCStone, Inc. (a) 1,664 59,205 
LPL Financial (b) 8,099 372,392 
Newtek Business Services Corp. 1,349 18,940 
Northern Trust Corp. 19,905 1,491,681 
SEI Investments Co. 14,129 768,476 
Silvercrest Asset Management Group Class A 1,634 21,030 
T. Rowe Price Group, Inc. 21,731 1,654,816 
Virtu Financial, Inc. Class A 2,930 65,193 
Virtus Investment Partners, Inc. 773 105,314 
WisdomTree Investments, Inc. (b) 12,203 265,415 
  6,553,278 
Consumer Finance - 0.2%   
Asta Funding, Inc. (a) 1,128 9,453 
Atlanticus Holdings Corp. (a) 2,345 7,457 
Consumer Portfolio Services, Inc. (a) 2,211 10,347 
Credit Acceptance Corp. (a)(b) 1,753 351,336 
Encore Capital Group, Inc. (a)(b) 2,019 66,566 
EZCORP, Inc. (non-vtg.) Class A (a) 4,064 23,531 
First Cash Financial Services, Inc. (a) 2,416 93,958 
Navient Corp. 32,023 381,394 
Nicholas Financial, Inc. (a) 1,169 15,057 
PRA Group, Inc. (a)(b) 4,111 169,825 
QC Holdings, Inc. 1,816 2,452 
SLM Corp. (a) 36,345 245,510 
World Acceptance Corp. (a)(b) 707 30,500 
  1,407,386 
Diversified Financial Services - 0.8%   
A-Mark Precious Metals, Inc. 1,395 21,623 
AR Capital Acquisition Corp. (a) 3,814 36,996 
CBOE Holdings, Inc. 6,712 484,674 
CME Group, Inc. 28,758 2,808,219 
MarketAxess Holdings, Inc. 3,174 338,920 
Markit Ltd. (a) 17,985 530,558 
Marlin Business Services Corp. 1,567 27,391 
Morningstar, Inc. 3,788 305,881 
NewStar Financial, Inc. (a) 4,494 43,277 
PICO Holdings, Inc. (a) 1,991 21,563 
Resource America, Inc. Class A 4,017 23,459 
The NASDAQ OMX Group, Inc. 14,364 842,018 
Tiptree Financial, Inc. 3,727 25,604 
Value Line, Inc. 990 15,028 
  5,525,211 
Insurance - 0.7%   
AMBAC Financial Group, Inc. (a) 3,773 63,688 
American National Insurance Co. 2,226 238,983 
Amerisafe, Inc. 1,524 82,052 
AmTrust Financial Services, Inc. 7,070 441,946 
Arch Capital Group Ltd. (a) 9,828 712,235 
Argo Group International Holdings, Ltd. 2,256 143,324 
Atlas Financial Holdings, Inc. (a) 1,142 23,948 
Baldwin & Lyons, Inc. Class B 3,385 79,378 
Cincinnati Financial Corp. 14,204 868,006 
CNinsure, Inc. ADR (a) 3,081 27,883 
Donegal Group, Inc. Class A 5,149 71,674 
eHealth, Inc. (a) 1,794 23,232 
EMC Insurance Group 2,083 54,408 
Enstar Group Ltd. (a) 1,334 205,583 
Erie Indemnity Co. Class A 4,159 400,636 
Federated National Holding Co. 1,158 33,107 
Global Indemnity PLC (a) 1,188 34,856 
Greenlight Capital Re, Ltd. (a) 2,464 50,783 
Hallmark Financial Services, Inc. (a) 1,751 22,325 
Infinity Property & Casualty Corp. 1,057 90,374 
Investors Title Co. 183 15,930 
James River Group Holdings Ltd. 2,712 87,055 
Kansas City Life Insurance Co. 914 45,627 
Maiden Holdings Ltd. 6,159 94,910 
National General Holdings Corp. 7,745 169,693 
National Interstate Corp. 2,120 55,417 
National Western Life Group, Inc. 316 83,187 
Navigators Group, Inc. (a) 1,241 107,049 
Safety Insurance Group, Inc. 1,361 76,230 
Selective Insurance Group, Inc. 4,725 163,060 
State Auto Financial Corp. 3,810 88,430 
State National Companies, Inc. 4,107 41,522 
United Fire Group, Inc. 2,414 96,632 
United Insurance Holdings Corp. 1,641 31,081 
  4,824,244 
Real Estate Investment Trusts - 0.6%   
American Capital Agency Corp. 29,320 526,294 
American Capital Mortgage Investment Corp. 3,844 57,622 
CareTrust (REIT), Inc. 4,562 50,912 
CIM Commercial Trust Corp. 8,391 155,150 
Communications Sales & Leasing, Inc. 12,994 252,733 
CyrusOne, Inc. 5,633 203,689 
Equinix, Inc. 4,937 1,463,821 
Gaming & Leisure Properties 9,570 260,208 
Gladstone Commercial Corp. 1,755 25,605 
Gladstone Land Corp. 2,228 20,965 
Lamar Advertising Co. Class A 6,935 405,073 
New York Mortgage Trust, Inc. (b) 9,532 55,286 
Potlatch Corp. 3,785 126,495 
Retail Opportunity Investments Corp. 7,793 142,534 
Sabra Health Care REIT, Inc. 5,513 114,009 
SoTHERLY Hotels, Inc. 2,539 15,742 
United Development Funding IV (b) 2,866 51,215 
Wheeler REIT, Inc. 6,485 12,062 
  3,939,415 
Real Estate Management & Development - 0.1%   
Altisource Portfolio Solutions SA (a)(b) 1,599 46,003 
AV Homes, Inc. (a) 2,137 29,747 
China HGS Real Estate, Inc. (a)(b) 4,620 9,471 
Colliers International Group, Inc. 3,055 138,287 
Cresud S.A.C.I.F. y A. sponsored ADR 4,276 47,122 
Elbit Imaging Ltd. (a) 143 153 
FirstService Corp. 3,158 128,595 
FRP Holdings, Inc. (a) 958 29,688 
Griffin Industrial Realty, Inc. 249 6,718 
Landmark Infrastructure Partners LP 1,787 26,090 
  461,874 
Thrifts & Mortgage Finance - 0.4%   
America First Tax Exempt Investors LP 7,396 40,160 
Anchor BanCorp Wisconsin, Inc. (a) 917 38,505 
ASB Bancorp, Inc. (a) 730 18,958 
Bank Mutual Corp. 4,460 34,431 
BankFinancial Corp. 2,613 33,577 
Bear State Financial, Inc. (b) 2,912 31,013 
Beneficial Bancorp, Inc. (a) 6,839 95,472 
BofI Holding, Inc. (a)(b) 5,280 105,758 
Brookline Bancorp, Inc., Delaware 6,247 73,340 
BSB Bancorp, Inc. (a) 1,186 26,922 
Cape Bancorp, Inc. 1,199 15,743 
Capitol Federal Financial, Inc. 10,623 137,780 
Charter Financial Corp. 2,319 30,935 
Chicopee Bancorp, Inc. 780 13,416 
Clifton Bancorp, Inc. 2,939 43,615 
Dime Community Bancshares, Inc. 2,905 53,772 
ESSA Bancorp, Inc. 1,361 18,224 
First Defiance Financial Corp. 727 30,192 
First Financial Northwest, Inc. 1,759 23,817 
Fox Chase Bancorp, Inc. 1,493 27,232 
Hingham Institution for Savings 232 30,204 
HMN Financial, Inc. (a) 468 5,630 
Home Bancorp, Inc. 935 24,684 
HomeStreet, Inc. (a) 1,526 33,068 
HopFed Bancorp, Inc. 1,119 13,081 
Kearny Financial Corp. 8,244 103,874 
Lendingtree, Inc. (a) 1,029 104,835 
Meridian Bancorp, Inc. 4,432 64,973 
Meta Financial Group, Inc. 743 33,435 
MSB Financial Corp. (a) 1,090 12,927 
NMI Holdings, Inc. (a) 5,032 37,186 
Northfield Bancorp, Inc. 3,726 59,355 
Northwest Bancshares, Inc. 9,361 130,492 
Ocean Shore Holding Co. 773 13,334 
OceanFirst Financial Corp. 1,911 37,761 
Oconee Federal Financial Corp. 694 12,707 
Oritani Financial Corp. 3,729 64,661 
Provident Bancorp, Inc. (a) 1,059 13,322 
Provident Financial Holdings, Inc. 935 17,279 
Prudential Bancorp, Inc. 1,526 22,798 
Pulaski Financial Corp. 1,387 22,761 
SI Financial Group, Inc. 2,352 30,529 
Territorial Bancorp, Inc. 904 26,044 
TFS Financial Corp. 26,210 491,962 
Timberland Bancorp, Inc. (b) 1,014 12,705 
Trustco Bank Corp., New York 9,710 63,698 
United Community Financial Corp. 4,420 25,990 
United Financial Bancorp, Inc. New 4,079 56,739 
Washington Federal, Inc. 7,764 200,622 
Waterstone Financial, Inc. 3,306 45,788 
Westfield Financial, Inc. 3,774 30,343 
WSFS Financial Corp. 2,762 94,350 
  2,829,999 
TOTAL FINANCIALS  46,068,231 
HEALTH CARE - 16.3%   
Biotechnology - 10.6%   
Abeona Therapeutics, Inc. (a)(b) 3,255 15,136 
ACADIA Pharmaceuticals, Inc. (a) 8,808 334,264 
Acceleron Pharma, Inc. (a) 2,713 116,306 
Achillion Pharmaceuticals, Inc. (a)(b) 11,357 115,614 
Acorda Therapeutics, Inc. (a) 3,734 142,601 
Adamas Pharmaceuticals, Inc. (a) 1,617 25,823 
Adaptimmune Therapeutics PLC sponsored ADR 1,280 11,571 
ADMA Biologics, Inc. (a) 1,526 14,039 
Aduro Biotech, Inc. (b) 5,346 165,673 
Advaxis, Inc. (a)(b) 2,711 32,722 
Aegerion Pharmaceuticals, Inc. (a)(b) 2,547 26,081 
Affimed NV (a)(b) 3,509 26,177 
Agenus, Inc. (a) 6,904 35,279 
Agios Pharmaceuticals, Inc. (a) 3,269 211,145 
Aimmune Therapeutics, Inc. (a) 3,713 79,421 
Akebia Therapeutics, Inc. (a) 2,283 24,497 
Alder Biopharmaceuticals, Inc. (a) 3,775 140,657 
Alexion Pharmaceuticals, Inc. (a) 19,333 3,449,781 
Alkermes PLC (a) 12,738 934,460 
Alnylam Pharmaceuticals, Inc. (a) 7,176 746,735 
AMAG Pharmaceuticals, Inc. (a) 2,907 77,384 
Amarin Corp. PLC ADR (a)(b) 18,806 39,116 
Amgen, Inc. 64,704 10,423,814 
Amicus Therapeutics, Inc. (a) 10,153 108,942 
Anacor Pharmaceuticals, Inc. (a) 3,735 435,987 
Anthera Pharmaceuticals, Inc. (a) 3,588 20,416 
Applied Genetic Technologies Corp. (a) 1,699 28,951 
Aquinox Pharmaceuticals, Inc. (a) 1,654 19,831 
Arbutus Biopharma Corp. (a) 4,739 26,444 
Ardelyx, Inc. (a)(b) 2,253 44,069 
Arena Pharmaceuticals, Inc. (a) 25,033 59,829 
Argos Therapeutics, Inc. (a) 2,023 8,234 
ARIAD Pharmaceuticals, Inc. (a) 17,869 114,540 
ArQule, Inc. (a) 6,347 14,408 
Array BioPharma, Inc. (a)(b) 12,778 50,601 
Arrowhead Research Corp. (a)(b) 6,447 40,745 
Ascendis Pharma A/S ADR 1,501 26,763 
Atara Biotherapeutics, Inc. (a) 2,428 95,420 
Athersys, Inc. (a) 5,399 5,939 
aTyr Pharma, Inc. (a)(b) 2,456 20,901 
Avalanche Biotechnologies, Inc. (a) 1,850 19,388 
Bellicum Pharmaceuticals, Inc. (b) 2,532 58,312 
BIND Therapeutics, Inc. (a) 4,655 21,879 
BioCryst Pharmaceuticals, Inc. (a) 6,526 69,241 
Biogen, Inc. (a) 20,058 5,753,838 
BioMarin Pharmaceutical, Inc. (a) 13,736 1,310,002 
Biospecifics Technologies Corp. (a) 770 37,307 
Biota Pharmaceuticals, Inc. (a) 8,528 15,862 
bluebird bio, Inc. (a) 3,061 271,664 
Blueprint Medicines Corp. 2,583 59,822 
Calithera Biosciences, Inc. (a)(b) 1,996 15,848 
Cara Therapeutics, Inc. (a) 2,742 45,380 
Catabasis Pharmaceuticals, Inc. 1,805 14,982 
Catalyst Biosciences, Inc. (a) 334 979 
Catalyst Pharmaceutical Partners, Inc. (a) 7,976 21,655 
Celgene Corp. (a) 67,547 7,393,019 
Celladon Corp. (a) 1,683 2,996 
Celldex Therapeutics, Inc. (a)(b) 8,734 157,299 
Cellectis SA sponsored ADR 710 23,494 
Cellular Biomedicine Group, Inc. (a) 1,090 25,037 
Celsion Corp. (a)(b) 9,193 20,776 
Cepheid, Inc. (a) 6,330 227,500 
Cerulean Pharma, Inc. (a)(b) 3,020 9,785 
ChemoCentryx, Inc. (a) 5,509 41,593 
Chiasma, Inc. (a) 2,128 47,220 
Chimerix, Inc. (a) 3,969 160,348 
China Biologic Products, Inc. (a) 2,188 257,134 
Cidara Therapeutics, Inc. 1,371 21,141 
Clovis Oncology, Inc. (a) 3,330 104,729 
Coherus BioSciences, Inc. 3,436 104,351 
Conatus Pharmaceuticals, Inc. (a)(b) 1,791 5,713 
Concert Pharmaceuticals, Inc. (a) 2,292 52,556 
ContraFect Corp. (a) 2,690 11,164 
Cubist Pharmaceuticals, Inc. rights (a) 1,695 0 
Curis, Inc. (a) 13,833 37,902 
Cyclacel Pharmaceuticals, Inc. (a) 705 504 
Cytokinetics, Inc. (a) 3,516 41,559 
Cytori Therapeutics, Inc. (a)(b) 31,831 11,583 
CytRx Corp. (a)(b) 6,675 20,893 
DBV Technologies SA sponsored ADR (a) 1,947 67,892 
Dicerna Pharmaceuticals, Inc. (a) 2,446 32,679 
Discovery Laboratories, Inc. (a) 11,254 3,401 
Dyax Corp. (a) 12,542 422,164 
Dynavax Technologies Corp. (a) 3,174 88,523 
Eagle Pharmaceuticals, Inc. (a)(b) 1,411 129,304 
Eleven Biotherapeutics, Inc. (a)(b) 1,651 5,267 
Enanta Pharmaceuticals, Inc. (a)(b) 1,635 51,503 
Epirus Biopharmaceuticals, Inc. (a) 3,686 17,951 
Epizyme, Inc. (a)(b) 3,514 56,611 
Esperion Therapeutics, Inc. (a)(b) 1,783 50,655 
Exact Sciences Corp. (a)(b) 8,065 73,311 
Exelixis, Inc. (a)(b) 19,082 109,149 
Fate Therapeutics, Inc. (a) 2,123 8,895 
Fibrocell Science, Inc. (a)(b) 3,869 22,827 
FibroGen, Inc. 5,166 153,637 
Five Prime Therapeutics, Inc. (a) 2,147 82,552 
Flexion Therapeutics, Inc. (a) 2,089 40,610 
Fortress Biotech, Inc. (a)(b) 7,152 21,384 
Forward Pharma A/S sponsored ADR (a) 1,059 23,076 
Foundation Medicine, Inc. (a)(b) 3,215 54,687 
Galapagos Genomics NV sponsored ADR 908 45,146 
Galectin Therapeutics, Inc. (a)(b) 4,268 8,536 
Galena Biopharma, Inc. (a)(b) 14,825 22,238 
Galmed Pharmaceuticals Ltd. (a) 1,534 14,404 
Genomic Health, Inc. (a) 2,968 89,990 
GenVec, Inc. (a) 861 1,550 
Geron Corp. (a)(b) 14,543 74,169 
Gilead Sciences, Inc. 125,118 13,257,503 
Global Blood Therapeutics, Inc. (a)(b) 2,675 125,618 
GlycoMimetics, Inc. (a) 1,894 13,220 
Grifols SA ADR 6,852 238,107 
GTx, Inc. (a)(b) 15,798 14,692 
Halozyme Therapeutics, Inc. (a)(b) 11,004 195,871 
Harvard Apparatus (a) 1,090 3,543 
Heron Therapeutics, Inc. (a)(b) 3,223 96,529 
Idera Pharmaceuticals, Inc. (a)(b) 10,977 42,591 
Ignyta, Inc. (a) 2,757 40,528 
Immune Design Corp. (a) 2,100 43,953 
ImmunoGen, Inc. (a) 7,506 101,856 
Immunomedics, Inc. (a)(b) 8,190 26,945 
Incyte Corp. (a) 15,467 1,766,950 
Inotek Pharmaceuticals Corp. 1,808 21,678 
Inovio Pharmaceuticals, Inc. (a)(b) 6,048 44,816 
Insmed, Inc. (a) 5,329 86,916 
Insys Therapeutics, Inc. (a)(b) 6,177 196,799 
Intercept Pharmaceuticals, Inc. (a) 2,064 364,317 
Ironwood Pharmaceuticals, Inc. Class A (a) 10,967 133,797 
Isis Pharmaceuticals, Inc. (a)(b) 10,204 622,852 
Juno Therapeutics, Inc. (b) 8,699 490,537 
Kamada (a) 3,707 15,681 
Karyopharm Therapeutics, Inc. (a)(b) 3,053 57,091 
Keryx Biopharmaceuticals, Inc. (a)(b) 8,927 51,509 
Kindred Biosciences, Inc. (a) 2,485 9,915 
Kite Pharma, Inc. (a)(b) 3,743 308,311 
La Jolla Pharmaceutical Co. (a) 1,739 58,761 
Lexicon Pharmaceuticals, Inc. (a)(b) 8,938 122,987 
Ligand Pharmaceuticals, Inc.:   
Class B (a)(b) 1,764 188,889 
General CVR (a) 1,530 109 
Glucagon CVR (a) 1,530 84 
rights (a) 1,530 11 
TR Beta CVR (a) 1,530 64 
Lion Biotechnologies, Inc. (a) 4,217 30,700 
Loxo Oncology, Inc. (a) 1,489 49,033 
Lpath, Inc. (a) 3,151 882 
Macrogenics, Inc. (a) 3,206 110,863 
MannKind Corp. (a)(b) 33,139 66,278 
Medivation, Inc. (a) 13,929 588,918 
MEI Pharma, Inc. (a) 1,984 3,611 
Merrimack Pharmaceuticals, Inc. (a)(b) 10,382 97,695 
MiMedx Group, Inc. (a)(b) 9,014 80,765 
Mirati Therapeutics, Inc. (a) 1,541 58,604 
Momenta Pharmaceuticals, Inc. (a) 5,977 106,749 
Myriad Genetics, Inc. (a)(b) 5,977 260,000 
Nanosphere, Inc. (a)(b) 3,143 3,614 
NantKwest, Inc. (a)(b) 7,085 115,556 
Natera, Inc. (a)(b) 4,556 40,503 
Neothetics, Inc. 1,483 13,540 
Neuralstem, Inc. (a)(b) 9,897 10,887 
Neurocrine Biosciences, Inc. (a) 7,420 403,425 
NewLink Genetics Corp. (a) 2,466 90,256 
Nivalis Therapeutics, Inc. 1,479 12,276 
Northwest Biotherapeutics, Inc. (a)(b) 9,135 42,204 
Novavax, Inc. (a) 23,737 203,189 
Nymox Pharmaceutical Corp. (a)(b) 2,574 8,443 
Ocata Therapeutics, Inc. (a) 4,601 39,477 
Ohr Pharmaceutical, Inc. (a)(b) 5,619 25,229 
OncoGenex Pharmaceuticals, Inc. (a)(b) 3,158 8,148 
OncoMed Pharmaceuticals, Inc. (a) 2,687 61,398 
Onconova Therapeutics, Inc. (a)(b) 2,140 2,996 
Oncothyreon, Inc. (a) 8,143 28,908 
Ophthotech Corp. (a) 3,075 195,478 
Orexigen Therapeutics, Inc. (a)(b) 14,628 34,961 
Osiris Therapeutics, Inc. (b) 3,333 34,197 
Otonomy, Inc. (a) 2,386 62,967 
OvaScience, Inc. (a)(b) 2,460 23,198 
PDL BioPharma, Inc. 13,200 49,962 
Peregrine Pharmaceuticals, Inc. (a)(b) 16,947 21,862 
Pluristem Therapeutics, Inc. (a) 11,917 16,565 
Portola Pharmaceuticals, Inc. (a) 4,615 228,950 
Prana Biotechnology Ltd. ADR (a) 5,900 5,783 
Progenics Pharmaceuticals, Inc. (a) 7,091 47,652 
ProNai Therapeutics, Inc. (a) 2,619 50,259 
ProQR Therapeutics BV (a)(b) 1,961 20,434 
Proteon Therapeutics, Inc. (a) 1,530 24,388 
Prothena Corp. PLC (a) 2,675 188,695 
PTC Therapeutics, Inc. (a) 2,799 84,082 
QLT, Inc. (a) 5,151 14,783 
Radius Health, Inc. (a) 3,646 221,713 
Raptor Pharmaceutical Corp. (a) 7,184 45,403 
Recro Pharma, Inc. (a)(b) 861 7,672 
Regeneron Pharmaceuticals, Inc. (a) 8,684 4,728,438 
REGENXBIO, Inc. (a) 2,798 67,068 
Regulus Therapeutics, Inc. (a) 4,494 45,255 
Repligen Corp. (a) 3,070 87,280 
Retrophin, Inc. (a) 3,118 69,687 
Rigel Pharmaceuticals, Inc. (a) 9,575 31,406 
Sage Therapeutics, Inc. (a) 2,535 121,477 
Sangamo Biosciences, Inc. (a) 7,446 61,653 
Sarepta Therapeutics, Inc. (a) 3,558 130,792 
Seattle Genetics, Inc. (a) 11,929 500,779 
Seres Therapeutics, Inc. (b) 3,364 120,532 
Sinovac Biotech Ltd. (a)(b) 5,217 27,859 
Sorrento Therapeutics, Inc. (a)(b) 3,686 29,525 
Spark Therapeutics, Inc. (b) 2,074 119,856 
Spectrum Pharmaceuticals, Inc. (a) 5,253 31,518 
Stemline Therapeutics, Inc. (a) 1,926 15,870 
Sunesis Pharmaceuticals, Inc. (a) 5,457 5,621 
Synergy Pharmaceuticals, Inc. (a) 9,526 59,823 
Synta Pharmaceuticals Corp. (a) 12,707 5,437 
T2 Biosystems, Inc. (a)(b) 1,754 20,680 
Tenax Therapeutics, Inc. (a) 3,100 10,044 
TESARO, Inc. (a) 3,550 181,192 
TetraLogic Pharmaceuticals Corp. (a)(b) 2,822 6,180 
TG Therapeutics, Inc. (a)(b) 4,866 64,134 
Threshold Pharmaceuticals, Inc. (a) 10,515 36,697 
Tobira Therapeutics, Inc. (a)(b) 1,410 18,894 
Tokai Pharmaceuticals, Inc. (a)(b) 2,150 24,725 
TONIX Pharmaceuticals Holding (a)(b) 2,193 15,899 
TRACON Pharmaceuticals, Inc. 1,246 14,802 
Transition Therapeutics, Inc. (a) 3,672 6,903 
Trevena, Inc. (a) 4,792 60,331 
Trovagene, Inc. (a)(b) 2,691 17,384 
Ultragenyx Pharmaceutical, Inc. (a) 3,302 324,653 
uniQure B.V. (a) 1,496 28,095 
United Therapeutics Corp. (a) 3,872 590,983 
Vanda Pharmaceuticals, Inc. (a)(b) 4,458 43,956 
Verastem, Inc. (a) 4,127 9,368 
Versartis, Inc. (a) 2,627 33,232 
Vertex Pharmaceuticals, Inc. (a) 20,937 2,708,410 
Vical, Inc. (a) 13,208 7,050 
Vitae Pharmaceuticals, Inc. (a) 1,901 27,298 
Vital Therapies, Inc. (a)(b) 2,063 19,392 
Xbiotech, Inc. (b) 2,558 19,108 
Xencor, Inc. (a) 3,542 56,955 
Xenon Pharmaceuticals, Inc. 2,020 18,463 
XOMA Corp. (a)(b) 7,340 9,762 
ZIOPHARM Oncology, Inc. (a)(b) 11,456 149,844 
  70,047,373 
Health Care Equipment & Supplies - 1.5%   
Abaxis, Inc. 1,993 105,968 
Abiomed, Inc. (a) 3,607 294,223 
Accuray, Inc. (a)(b) 7,013 49,372 
Align Technology, Inc. (a) 6,710 447,825 
Alliqua Biomedical, Inc. (a) 4,268 11,310 
Alphatec Holdings, Inc. (a) 9,248 2,127 
Analogic Corp. 1,122 93,743 
Angiodynamics, Inc. (a) 3,401 40,472 
Anika Therapeutics, Inc. (a)(b) 1,266 53,121 
Antares Pharma, Inc. (a) 12,123 15,881 
Atricure, Inc. (a) 2,561 55,010 
Atrion Corp. 175 73,658 
Avinger, Inc. (b) 1,477 26,571 
AxoGen, Inc. (a) 2,154 11,847 
BioLase Technology, Inc. (a) 2,521 2,282 
Cardica, Inc. (a) 6,974 1,594 
Cardiovascular Systems, Inc. (a) 2,682 42,912 
Cerus Corp. (a)(b) 8,059 45,695 
ConforMis, Inc. (a)(b) 3,662 78,110 
CONMED Corp. 2,522 107,185 
Cutera, Inc. (a) 925 13,154 
Cynosure, Inc. Class A (a) 2,185 91,901 
CytoSorbents Corp. (a) 3,340 24,282 
DENTSPLY International, Inc. 11,901 721,915 
Derma Sciences, Inc. (a) 2,912 13,046 
DexCom, Inc. (a) 6,903 586,893 
EDAP TMS SA sponsored ADR (a) 2,628 14,270 
Endologix, Inc. (a)(b) 5,898 60,042 
Entellus Medical, Inc. (b) 1,898 33,101 
EnteroMedics, Inc. (a) 4,886 883 
Exactech, Inc. (a) 1,661 29,117 
Fonar Corp. (a) 666 10,603 
Genmark Diagnostics, Inc. (a) 3,402 27,114 
Hansen Medical, Inc. (a)(b) 5,506 15,582 
HeartWare International, Inc. (a) 1,531 73,274 
Hologic, Inc. (a) 23,901 964,405 
ICU Medical, Inc. (a) 1,344 152,463 
IDEXX Laboratories, Inc. (a)(b) 7,838 555,087 
Inogen, Inc. (a) 1,639 62,692 
Insulet Corp. (a) 4,770 174,534 
Integra LifeSciences Holdings Corp. (a) 3,149 197,474 
Intuitive Surgical, Inc. (a) 3,152 1,639,103 
InVivo Therapeutics Holdings Corp. (a)(b) 2,198 21,211 
Invuity, Inc. 1,398 16,790 
IRadimed Corp. (a) 1,027 31,847 
K2M Group Holdings, Inc. (a) 3,927 79,365 
Lantheus Holdings, Inc. (a) 3,354 11,873 
LDR Holding Corp. (a) 2,286 61,768 
LeMaitre Vascular, Inc. 1,675 25,845 
LivaNova PLC (a) 4,254 254,602 
Masimo Corp. (a) 4,277 177,410 
Mazor Robotics Ltd. sponsored ADR (a)(b) 1,027 10,219 
Meridian Bioscience, Inc. 3,636 71,157 
Merit Medical Systems, Inc. (a) 3,805 73,703 
Natus Medical, Inc. (a) 2,922 142,535 
Neogen Corp. (a) 3,319 196,020 
Neovasc, Inc. (a) 5,368 26,679 
Novadaq Technologies, Inc. (a) 5,030 61,265 
Novocure Ltd. (a) 7,143 173,932 
NuVasive, Inc. (a) 4,148 216,277 
NxStage Medical, Inc. (a)(b) 5,121 99,911 
OraSure Technologies, Inc. (a) 6,001 37,506 
Orthofix International NV (a) 1,428 56,492 
PhotoMedex, Inc. (a)(b) 2,089 846 
Quidel Corp. (a) 3,344 72,531 
Quotient Ltd. (a)(b) 1,810 24,616 
ReWalk Robotics Ltd. (a)(b) 1,140 8,881 
Rockwell Medical Technologies, Inc. (a)(b) 4,536 55,022 
RTI Biologics, Inc. (a) 5,913 23,179 
Seaspine Holdings Corp. (a) 925 15,244 
Second Sight Medical Products, Inc. (b) 3,198 16,182 
Sientra, Inc. (a) 1,518 7,347 
Sirona Dental Systems, Inc. (a) 4,921 533,830 
Staar Surgical Co. (a)(b) 3,044 25,539 
Stereotaxis, Inc. (a) 1,411 1,482 
SurModics, Inc. (a) 1,518 31,969 
Synergetics U.S.A., Inc. 3,200 608 
Syneron Medical Ltd. (a) 2,875 21,390 
Tandem Diabetes Care, Inc. (a)(b) 2,968 30,600 
TearLab Corp. (a)(b) 3,875 5,774 
Trinity Biotech PLC sponsored ADR 2,122 25,422 
TriVascular Technologies, Inc. (a) 2,877 18,787 
Unilife Corp. (a)(b) 8,322 6,197 
Utah Medical Products, Inc. 422 23,839 
Vascular Solutions, Inc. (a) 1,545 54,909 
Veracyte, Inc. (a) 3,188 22,922 
Vermillion, Inc. (a) 8,336 14,921 
Wright Medical Group NV (a) 8,666 185,626 
Zeltiq Aesthetics, Inc. (a) 3,360 102,077 
  10,195,988 
Health Care Providers & Services - 1.5%   
Acadia Healthcare Co., Inc. (a) 6,056 417,925 
Aceto Corp. 2,543 71,738 
Addus HomeCare Corp. (a) 1,126 25,662 
Air Methods Corp. (a)(b) 3,267 142,768 
Alliance Healthcare Services, Inc. (a) 993 8,947 
Almost Family, Inc. (a) 699 29,617 
Amedisys, Inc. (a) 2,848 115,600 
AmSurg Corp. (a) 4,232 355,742 
BioScrip, Inc. (a)(b) 6,338 13,437 
BioTelemetry, Inc. (a) 2,552 32,181 
Caladrius Biosciences, Inc. (a) 3,380 4,056 
Corvel Corp. (a) 1,921 74,439 
Cross Country Healthcare, Inc. (a) 2,316 42,267 
Express Scripts Holding Co. (a) 57,629 4,926,127 
HealthEquity, Inc. (a) 5,175 170,775 
Healthways, Inc. (a) 3,273 43,433 
Henry Schein, Inc. (a)(b) 7,231 1,131,507 
iKang Healthcare Group, Inc. sponsored ADR (a) 4,076 79,482 
LHC Group, Inc. (a) 1,716 79,880 
LifePoint Hospitals, Inc. (a) 3,879 277,775 
Magellan Health Services, Inc. (a) 2,414 127,097 
National Research Corp. Class A 3,055 47,230 
Patterson Companies, Inc. 8,781 400,150 
PDI, Inc. (a) 1,353 1,069 
Premier, Inc. (a) 3,321 114,110 
Providence Service Corp. (a) 1,388 67,207 
RadNet, Inc. (a) 4,399 27,274 
Sharps Compliance Corp. (a) 1,953 17,714 
Surgery Partners, Inc. (a) 4,125 78,829 
Surgical Care Affiliates, Inc. (a) 3,202 119,018 
The Ensign Group, Inc. 2,310 109,887 
USMD Holdings, Inc. (a) 959 7,672 
VCA, Inc. (a) 6,906 380,037 
  9,540,652 
Health Care Technology - 0.5%   
Allscripts Healthcare Solutions, Inc. (a) 14,929 227,369 
athenahealth, Inc. (a)(b) 3,304 554,246 
Cerner Corp. (a) 29,401 1,752,300 
Computer Programs & Systems, Inc. 935 45,553 
Connecture, Inc. 2,553 9,114 
HealthStream, Inc. (a) 3,083 74,054 
HMS Holdings Corp. (a)(b) 7,667 93,001 
Inovalon Holdings, Inc. Class A (b) 4,170 77,395 
MedAssets, Inc. (a) 5,490 165,414 
Medidata Solutions, Inc. (a)(b) 4,688 214,851 
Omnicell, Inc. (a) 3,075 92,742 
Quality Systems, Inc. 3,669 59,621 
Simulations Plus, Inc. 1,935 17,280 
  3,382,940 
Life Sciences Tools & Services - 0.8%   
Accelerate Diagnostics, Inc. (a)(b) 3,862 66,156 
Affymetrix, Inc. (a) 7,398 70,059 
Albany Molecular Research, Inc. (a)(b) 3,009 59,939 
Bio-Techne Corp. 3,113 283,937 
Bruker Corp. (a) 14,429 326,673 
Compugen Ltd. (a)(b) 4,907 37,293 
Fluidigm Corp. (a) 2,251 25,594 
Furiex Pharmaceuticals, Inc. rights (a) 599 5,852 
Harvard Bioscience, Inc. (a) 4,360 13,821 
ICON PLC (a) 5,107 379,603 
Illumina, Inc. (a) 12,320 2,265,648 
INC Research Holdings, Inc. Class A 4,699 222,263 
Luminex Corp. (a) 3,800 81,776 
Nanostring Technologies, Inc. (a) 2,083 31,745 
NeoGenomics, Inc. (a) 5,887 46,919 
Pacific Biosciences of California, Inc. (a)(b) 6,826 69,830 
PAREXEL International Corp. (a) 4,765 323,305 
PRA Health Sciences, Inc. 5,051 228,709 
pSivida Corp. (a) 4,182 16,226 
QIAGEN NV (a) 19,834 524,411 
Sequenom, Inc. (a)(b) 11,484 20,442 
VWR Corp. (a) 11,427 304,872 
  5,405,073 
Pharmaceuticals - 1.4%   
AcelRx Pharmaceuticals, Inc. (a) 3,743 21,410 
Achaogen, Inc. (a) 1,797 10,027 
Acura Pharmaceuticals, Inc. (a) 707 1,789 
Aerie Pharmaceuticals, Inc. (a) 2,337 64,127 
Agile Therapeutics, Inc. (a) 2,575 22,969 
Akorn, Inc. (a)(b) 9,823 327,106 
Alcobra Pharma Ltd. (a) 1,260 8,303 
Alexza Pharmaceuticals, Inc. (a) 797 813 
Alimera Sciences, Inc. (a)(b) 4,072 12,542 
Amphastar Pharmaceuticals, Inc. (a) 3,973 60,986 
ANI Pharmaceuticals, Inc. (a)(b) 1,190 52,146 
ANI Pharmaceuticals, Inc. rights (a) 984 0 
Apricus Biosciences, Inc. (a)(b) 6,524 7,111 
Aratana Therapeutics, Inc. (a) 3,098 18,154 
Assembly Biosciences, Inc. (a) 1,510 14,843 
AstraZeneca PLC rights (a) 1,845 0 
Auris Medical Holding AG (a) 3,311 12,184 
Bio Path Holdings, Inc. (a) 15,793 24,953 
Biodelivery Sciences International, Inc. (a)(b) 6,147 37,681 
Carbylan Therapeutics, Inc. (b) 3,263 13,019 
Cardiome Pharma Corp. (a) 3,033 26,963 
Cempra, Inc. (a)(b) 3,864 123,300 
Collegium Pharmaceutical, Inc. 1,886 35,815 
Concordia Healthcare Corp. (a) 2,886 111,169 
Corcept Therapeutics, Inc. (a) 9,921 52,383 
Corium International, Inc. (a) 2,454 20,123 
Cumberland Pharmaceuticals, Inc. (a) 2,613 14,711 
Cynapsus Therapeutics, Inc. (a) 1,311 20,449 
DepoMed, Inc. (a)(b) 5,085 98,852 
Dermira, Inc. (a) 2,152 66,303 
Dipexium Pharmaceuticals, Inc. (a) 1,263 15,131 
Durect Corp. (a) 14,018 33,082 
Egalet Corp. (a)(b) 2,502 25,671 
Endo Health Solutions, Inc. (a) 17,793 1,093,914 
Endocyte, Inc. (a)(b) 8,078 37,401 
Flamel Technologies SA sponsored ADR (a) 3,385 48,642 
Flex Pharma, Inc. (b) 1,782 21,562 
Foamix Pharmaceuticals Ltd. (a) 2,935 23,451 
GW Pharmaceuticals PLC ADR (a)(b) 1,309 113,477 
Heska Corp. (a) 546 18,995 
Horizon Pharma PLC (a) 13,589 292,571 
Impax Laboratories, Inc. (a) 6,281 276,741 
Imprimis Pharmaceuticals, Inc. (a) 1,563 10,519 
Intersect ENT, Inc. (a) 2,614 51,522 
Intra-Cellular Therapies, Inc. (a) 3,684 196,468 
Jazz Pharmaceuticals PLC (a) 5,294 776,047 
Juniper Pharmaceuticals, Inc. (a) 959 11,355 
KemPharm, Inc. 1,459 25,270 
Lipocine, Inc. (a) 1,664 23,113 
Marinus Pharmaceuticals, Inc. (a) 1,456 10,585 
MediWound Ltd. (a) 2,248 23,154 
Mylan N.V. (b) 41,918 2,150,393 
Nektar Therapeutics (a)(b) 11,552 180,904 
Neos Therapeutics, Inc. (a)(b) 1,499 23,175 
NeuroDerm Ltd. (b) 2,029 40,823 
Ocera Therapeutics, Inc. (a) 2,980 10,639 
Ocular Therapeutix, Inc. (a)(b) 1,980 18,770 
Oculus Innovative Sciences, Inc. (a) 1,266 1,545 
Omeros Corp. (a)(b) 3,474 55,063 
Pacira Pharmaceuticals, Inc. (a) 3,054 197,747 
Pain Therapeutics, Inc. (a) 5,755 11,510 
Paratek Pharmaceuticals, Inc. (a) 1,509 31,191 
Pernix Therapeutics Holdings, Inc. (a)(b) 4,032 12,096 
Phibro Animal Health Corp. Class A 1,471 47,763 
Pozen, Inc. (a) 2,613 19,833 
RedHill Biopharma Ltd. sponsored ADR (a)(b) 3,123 40,568 
Relypsa, Inc. (a)(b) 3,639 81,914 
Repros Therapeutics, Inc. (a) 1,926 4,613 
Revance Therapeutics, Inc. (a)(b) 2,451 95,123 
Sagent Pharmaceuticals, Inc. (a) 3,103 47,569 
SciClone Pharmaceuticals, Inc. (a)(b) 4,192 38,441 
Shire PLC sponsored ADR 4,181 871,153 
Sucampo Pharmaceuticals, Inc. Class A (a) 3,610 61,912 
Supernus Pharmaceuticals, Inc. (a) 4,545 73,447 
Tetraphase Pharmaceuticals, Inc. (a) 3,179 34,111 
The Medicines Company (a) 5,644 237,104 
Theravance Biopharma, Inc. (a)(b) 3,812 71,551 
Theravance, Inc. (b) 10,115 93,564 
VIVUS, Inc. (a)(b) 8,421 10,526 
XenoPort, Inc. (a) 5,295 31,982 
Zogenix, Inc. (a) 1,882 29,039 
ZS Pharma, Inc. (a) 2,219 199,621 
Zynerba Pharmaceuticals, Inc. (a) 829 11,250 
  9,243,842 
TOTAL HEALTH CARE  107,815,868 
INDUSTRIALS - 4.0%   
Aerospace & Defense - 0.2%   
AeroVironment, Inc. (a)(b) 2,086 53,360 
American Science & Engineering, Inc. 541 23,663 
API Technologies Corp. (a) 6,284 12,379 
Astronics Corp. (a) 1,665 64,419 
BE Aerospace, Inc. 9,048 418,199 
Elbit Systems Ltd. 3,782 334,329 
Erickson Air-Crane, Inc. (a) 859 2,208 
Innovative Solutions & Support, Inc. (a)(b) 1,882 4,686 
KEYW Holding Corp. (a) 3,174 20,282 
KLX, Inc. (a) 4,524 145,220 
Kratos Defense & Security Solutions, Inc. (a)(b) 6,045 28,109 
LMI Aerospace, Inc. (a) 1,001 10,190 
Taser International, Inc. (a)(b) 4,294 80,298 
  1,197,342 
Air Freight & Logistics - 0.3%   
Air Transport Services Group, Inc. (a) 6,122 58,220 
Atlas Air Worldwide Holdings, Inc. (a) 2,256 93,218 
C.H. Robinson Worldwide, Inc. 12,065 813,543 
Echo Global Logistics, Inc. (a) 2,818 66,505 
Expeditors International of Washington, Inc. 15,997 776,494 
Forward Air Corp. 2,640 126,958 
Hub Group, Inc. Class A (a) 3,041 117,170 
Park-Ohio Holdings Corp. 1,103 46,326 
UTi Worldwide, Inc. (a) 8,784 61,488 
  2,159,922 
Airlines - 0.7%   
Allegiant Travel Co. 1,479 259,017 
American Airlines Group, Inc. 57,067 2,354,584 
Hawaiian Holdings, Inc. (a) 4,693 169,887 
JetBlue Airways Corp. (a) 26,374 652,493 
Republic Airways Holdings, Inc. (a) 3,702 15,696 
Ryanair Holdings PLC sponsored ADR 9,381 721,399 
SkyWest, Inc. 4,379 90,251 
Spirit Airlines, Inc. (a) 6,185 227,422 
Virgin America, Inc. (b) 3,538 128,748 
  4,619,497 
Building Products - 0.2%   
AAON, Inc. 5,163 127,578 
American Woodmark Corp. (a) 1,397 114,568 
Apogee Enterprises, Inc. 2,646 132,882 
Builders FirstSource, Inc. (a) 9,118 122,728 
Caesarstone Sdot-Yam Ltd. 2,911 119,002 
CSW Industrials, Inc. (a) 1,293 47,337 
Gibraltar Industries, Inc. (a) 2,481 66,218 
Insteel Industries, Inc. 2,014 49,142 
Nortek, Inc. (a) 1,438 69,225 
Patrick Industries, Inc. (a) 1,486 61,565 
PGT, Inc. (a) 4,279 47,582 
Universal Forest Products, Inc. 1,749 135,128 
  1,092,955 
Commercial Services & Supplies - 0.6%   
Casella Waste Systems, Inc. Class A (a) 3,391 22,991 
CECO Environmental Corp. 2,978 25,879 
China Recycling Energy Corp. (a) 3,498 1,364 
Cintas Corp. 9,237 846,017 
Copart, Inc. (a) 10,113 399,160 
Essendant, Inc. 3,330 120,613 
Fuel Tech, Inc. (a) 2,123 4,671 
G&K Services, Inc. Class A 1,790 119,339 
Healthcare Services Group, Inc. 6,273 231,725 
Heritage-Crystal Clean, Inc. (a) 2,086 22,737 
Herman Miller, Inc. 5,256 166,668 
Hudson Technologies, Inc. (a) 3,511 10,673 
InnerWorkings, Inc. (a)(b) 5,417 46,370 
Interface, Inc. 5,828 115,861 
Intersections, Inc. (a)(b) 1,453 4,068 
Kimball International, Inc. Class B 2,906 35,947 
Matthews International Corp. Class A 2,756 164,836 
McGrath RentCorp. 2,145 62,591 
Mobile Mini, Inc. 3,875 137,369 
Multi-Color Corp. 1,461 91,327 
Performant Financial Corp. (a) 3,663 7,253 
Perma-Fix Environmental Services, Inc. (a) 1,221 4,713 
R.R. Donnelley & Sons Co. 18,018 289,910 
SP Plus Corp. (a) 2,052 51,649 
Stericycle, Inc. (a) 7,261 876,548 
Swisher Hygiene, Inc. (a) 1,321 1,400 
Tetra Tech, Inc. 5,155 143,257 
U.S. Ecology, Inc. 1,826 69,096 
West Corp. 7,183 183,167 
  4,257,199 
Construction & Engineering - 0.1%   
Abengoa SA sponsored ADR Class B (b) 767 1,580 
Aegion Corp. (a) 3,503 77,206 
Great Lakes Dredge & Dock Corp. (a) 5,548 25,132 
Integrated Electrical Services, Inc. (a) 1,933 14,749 
Layne Christensen Co. (a) 1,958 11,533 
MYR Group, Inc. (a) 1,881 39,877 
Northwest Pipe Co. (a) 1,056 12,524 
NV5 Holdings, Inc. (a) 766 17,794 
Primoris Services Corp. 4,767 110,022 
Sterling Construction Co., Inc. (a) 3,088 16,830 
  327,247 
Electrical Equipment - 0.1%   
Active Power, Inc. (a)(b) 2,026 3,039 
Allied Motion Technologies, Inc. 861 20,561 
American Superconductor Corp. (a) 1,565 7,371 
Ballard Power Systems, Inc. (a) 10,797 13,421 
Broadwind Energy, Inc. (a) 794 1,540 
Capstone Turbine Corp. (a)(b) 1,379 2,179 
Encore Wire Corp. 1,557 67,994 
Energy Focus, Inc. (a)(b) 894 14,313 
Enphase Energy, Inc. (a)(b) 3,081 5,145 
Franklin Electric Co., Inc. 4,038 131,679 
FuelCell Energy, Inc. (a)(b) 38,422 33,204 
Highpower International, Inc. (a) 1,028 2,991 
Hydrogenics Corp. (a)(b) 565 6,260 
Jinpan International Ltd. 1,563 6,205 
LSI Industries, Inc. 2,660 31,441 
Ocean Power Technologies, Inc. (a) 127 329 
Plug Power, Inc. (a)(b) 17,590 38,698 
Powell Industries, Inc. 1,273 44,695 
Power Solutions International, Inc. (a)(b) 939 22,104 
Preformed Line Products Co. 402 16,832 
Real Goods Solar, Inc. (a) 120 53 
Revolution Lighting Technologies, Inc. (a)(b) 20,379 18,952 
SolarCity Corp. (a)(b) 8,394 241,411 
Sunrun, Inc. (a)(b) 8,196 54,503 
Ultralife Corp. (a) 1,981 13,669 
Vicor Corp. (a) 2,432 22,520 
  821,109 
Industrial Conglomerates - 0.0%   
Raven Industries, Inc. 3,248 54,144 
Machinery - 0.6%   
Altra Industrial Motion Corp. 2,547 71,367 
American Railcar Industries, Inc. 1,856 104,920 
ARC Group Worldwide, Inc. (a) 1,356 2,509 
Astec Industries, Inc. 1,991 80,237 
Blue Bird Corp. (a)(b) 2,636 28,680 
Chart Industries, Inc. (a) 2,689 57,356 
Columbus McKinnon Corp. (NY Shares) 1,947 40,186 
Commercial Vehicle Group, Inc. (a) 2,980 10,132 
Dynamic Materials Corp. 990 7,643 
Eastern Co. 780 13,907 
Energy Recovery, Inc. (a)(b) 5,722 41,999 
ExOne Co. (a)(b) 1,094 10,852 
FreightCar America, Inc. 1,001 24,274 
Hardinge, Inc. 1,793 17,446 
Hurco Companies, Inc. 1,651 43,999 
Jason Industries, Inc. (a) 2,281 8,075 
Kornit Digital Ltd. (a) 3,196 37,873 
L.B. Foster Co. Class A 740 9,176 
Lincoln Electric Holdings, Inc. 6,430 362,974 
Manitex International, Inc. (a)(b) 1,201 7,470 
Middleby Corp. (a) 4,838 532,374 
NN, Inc. 1,928 32,872 
Nordson Corp. 5,087 368,960 
Omega Flex, Inc. 792 31,704 
PACCAR, Inc. 29,908 1,554,020 
RBC Bearings, Inc. (a) 1,988 140,393 
Sun Hydraulics Corp. 2,310 76,068 
TriMas Corp. (a) 4,191 90,651 
Twin Disc, Inc. 759 8,766 
Westport Innovations, Inc. (a) 4,755 11,697 
Woodward, Inc. 5,318 268,187 
  4,096,767 
Marine - 0.0%   
Diana Containerships, Inc. 3,301 3,133 
DryShips, Inc. (b) 62,814 10,038 
Eagle Bulk Shipping, Inc. (a) 4,075 12,347 
Euroseas Ltd. (a) 301 897 
Golden Ocean Group Ltd. 2,057 3,476 
Rand Logistics, Inc. (a) 2,320 4,895 
Star Bulk Carriers Corp. (a)(b) 19,973 19,176 
Ultrapetrol (Bahamas) Ltd. (a) 12,815 5,382 
  59,344 
Professional Services - 0.4%   
51job, Inc. sponsored ADR (a) 2,228 70,761 
Acacia Research Corp. 3,936 23,262 
Advisory Board Co. (a) 3,740 201,362 
CRA International, Inc. (a) 1,056 24,098 
Exponent, Inc. 2,219 114,567 
Heidrick & Struggles International, Inc. 1,656 47,792 
Hudson Global, Inc. (a) 2,146 5,107 
Huron Consulting Group, Inc. (a) 1,826 105,926 
ICF International, Inc. (a) 1,751 62,388 
Kelly Services, Inc. Class A (non-vtg.) 6,006 101,081 
Kforce, Inc. 2,366 63,740 
Odyssey Marine Exploration, Inc. (a)(b) 8,617 2,585 
Pendrell Corp. (a) 17,657 9,415 
Resources Connection, Inc. 3,707 67,653 
RPX Corp. (a) 5,123 71,056 
Towers Watson & Co. 5,845 786,211 
Verisk Analytics, Inc. (a) 14,289 1,070,961 
VSE Corp. 435 26,879 
  2,854,844 
Road & Rail - 0.5%   
AMERCO 1,668 676,207 
ArcBest Corp. 2,217 53,385 
Avis Budget Group, Inc. (a) 8,846 330,752 
Covenant Transport Group, Inc. Class A (a) 1,246 26,178 
Heartland Express, Inc. (b) 7,664 146,842 
J.B. Hunt Transport Services, Inc. 9,724 760,806 
Landstar System, Inc. 3,685 230,018 
Marten Transport Ltd. 2,583 46,701 
Old Dominion Freight Lines, Inc. (a) 7,247 461,706 
P.A.M. Transportation Services, Inc. (a) 629 19,430 
Patriot Transportation Holding, Inc. (a) 314 7,392 
Saia, Inc. (a) 2,089 51,201 
Student Transportation, Inc. 8,861 36,560 
U.S.A. Truck, Inc. (a) 924 18,425 
Universal Truckload Services, Inc. 2,814 45,699 
Werner Enterprises, Inc. 5,910 159,334 
YRC Worldwide, Inc. (a) 2,778 47,032 
  3,117,668 
Trading Companies & Distributors - 0.3%   
Beacon Roofing Supply, Inc. (a) 4,930 210,856 
DXP Enterprises, Inc. (a) 1,289 42,215 
Fastenal Co. (b) 24,464 992,749 
General Finance Corp. (a) 2,975 13,150 
H&E Equipment Services, Inc. 2,838 56,788 
HD Supply Holdings, Inc. (a) 16,972 536,824 
Houston Wire & Cable Co. 1,694 10,537 
Lawson Products, Inc. (a) 880 24,622 
Rush Enterprises, Inc. Class A (a) 3,061 74,474 
Stock Building Supply Holdings, Inc. (a) 1,928 33,142 
Titan Machinery, Inc. (a) 1,826 22,953 
Willis Lease Finance Corp. (a) 1,257 21,985 
  2,040,295 
Transportation Infrastructure - 0.0%   
Grupo Aeroportuario Norte S.A.B. de CV ADR 677 27,473 
TOTAL INDUSTRIALS  26,725,806 
INFORMATION TECHNOLOGY - 46.9%   
Communications Equipment - 3.6%   
ADTRAN, Inc. 4,666 76,102 
Alliance Fiber Optic Products, Inc. 1,798 28,516 
Applied Optoelectronics, Inc. (a) 1,833 34,369 
Arris Group, Inc. (a) 13,168 402,546 
AudioCodes Ltd. (a) 4,356 19,079 
Aviat Networks, Inc. (a) 11,195 10,411 
Bel Fuse, Inc. Class B (non-vtg.) 803 16,638 
Black Box Corp. 1,716 19,408 
Brocade Communications Systems, Inc. 35,796 335,945 
CalAmp Corp. (a) 3,387 62,592 
Ceragon Networks Ltd. (a)(b) 8,888 12,443 
Cisco Systems, Inc. 432,668 11,790,203 
Clearfield, Inc. (a)(b) 1,434 19,373 
ClearOne, Inc. 1,153 15,001 
CommScope Holding Co., Inc. (a) 16,243 464,875 
Communications Systems, Inc. 1,921 15,118 
Digi International, Inc. (a) 2,949 36,892 
DragonWave, Inc. (a) 3,074 414 
EchoStar Holding Corp. Class A (a) 3,898 152,451 
EMCORE Corp. (a) 2,699 19,568 
EXFO, Inc. (sub. vtg.) (a) 1,987 6,770 
Extreme Networks, Inc. (a) 7,734 34,184 
F5 Networks, Inc. (a) 6,047 622,841 
Finisar Corp. (a) 8,464 102,160 
Gilat Satellite Networks Ltd. (a) 5,324 20,977 
Harmonic, Inc. (a) 8,690 48,056 
Infinera Corp. (a) 12,067 271,749 
InterDigital, Inc. 2,977 156,858 
Ituran Location & Control Ltd. 2,750 55,550 
Ixia (a) 6,600 86,196 
KVH Industries, Inc. (a) 2,327 22,944 
Lumentum Holdings, Inc. (a) 4,730 94,600 
Mitel Networks Corp. (a) 10,177 88,438 
MRV Communications, Inc. (a) 712 10,210 
NETGEAR, Inc. (a) 2,795 123,287 
NetScout Systems, Inc. (a) 8,430 279,033 
Novatel Wireless, Inc. (a)(b) 4,391 8,079 
NumereX Corp. Class A (a) 1,824 11,965 
Oclaro, Inc. (a)(b) 10,437 35,903 
Parkervision, Inc. (a)(b) 8,983 1,436 
PC-Tel, Inc. 2,448 13,048 
Polycom, Inc. (a) 11,058 150,721 
QUALCOMM, Inc. 134,088 6,542,154 
Radcom Ltd. (a) 1,332 15,211 
Radware Ltd. (a) 3,758 61,782 
ShoreTel, Inc. (a) 5,946 61,006 
Sierra Wireless, Inc. (a)(b) 2,884 49,980 
Silicom Ltd. 759 21,335 
Sonus Networks, Inc. (a) 4,955 34,883 
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR 23,017 223,035 
Tessco Technologies, Inc. 761 16,164 
Ubiquiti Networks, Inc. (a)(b) 7,694 268,444 
UTStarcom Holdings Corp. (a) 3,043 7,364 
ViaSat, Inc. (a)(b) 4,027 249,593 
Viavi Solutions, Inc. (a) 20,427 129,916 
Westell Technologies, Inc. Class A (a) 6,108 8,734 
Wi-Lan, Inc. 15,902 17,742 
  23,484,292 
Electronic Equipment & Components - 1.0%   
Agilysys, Inc. (a) 2,310 25,641 
CDW Corp. 14,454 623,979 
Cognex Corp. 7,280 270,088 
Coherent, Inc. (a) 2,532 171,973 
CUI Global, Inc. (a)(b) 2,294 16,035 
Daktronics, Inc. 3,867 33,527 
Deswell Industries, Inc. 1,887 2,661 
DTS, Inc. (a) 1,326 34,118 
Echelon Corp. (a) 4,026 2,566 
Electro Rent Corp. 2,376 24,592 
ePlus, Inc. (a) 629 55,472 
FARO Technologies, Inc. (a) 1,518 45,677 
FEI Co. 3,613 289,076 
Flextronics International Ltd. (a) 47,921 539,111 
FLIR Systems, Inc. 13,260 405,226 
Frequency Electronics, Inc. (a) 1,201 12,659 
GSI Group, Inc. (a) 3,300 47,289 
Hollysys Automation Technologies Ltd. 5,053 104,041 
I. D. Systems Inc. (a) 1,321 4,980 
Identiv, Inc. (a) 673 1,985 
II-VI, Inc. (a) 5,226 97,308 
Insight Enterprises, Inc. (a) 3,104 83,125 
IPG Photonics Corp. (a) 4,557 415,553 
Itron, Inc. (a) 3,379 121,475 
Kimball Electronics, Inc. (a) 3,141 35,996 
Littelfuse, Inc. 2,256 244,911 
LoJack Corp. (a) 2,311 8,389 
Maxwell Technologies, Inc. (a)(b) 2,409 17,008 
Mercury Systems, Inc. (a) 3,509 68,706 
Mesa Laboratories, Inc. 387 41,873 
MicroVision, Inc. (a)(b) 5,743 14,415 
MTS Systems Corp. 1,262 80,288 
Multi-Fineline Electronix, Inc. (a) 2,448 60,417 
National Instruments Corp. 10,960 344,144 
Neonode, Inc. (a)(b) 3,049 8,415 
NetList, Inc. (a)(b) 4,994 4,470 
Newport Corp. (a) 3,870 64,203 
Orbotech Ltd. (a) 3,771 77,042 
OSI Systems, Inc. (a) 1,562 146,250 
PC Connection, Inc. 2,747 61,313 
PC Mall, Inc. (a) 2,130 19,596 
Plexus Corp. (a) 3,074 114,353 
RadiSys Corp. (a) 2,052 5,438 
Research Frontiers, Inc. (a)(b) 2,868 14,397 
Richardson Electronics Ltd. 1,058 5,957 
Rofin-Sinar Technologies, Inc. (a) 2,453 70,499 
Sanmina Corp. (a) 6,772 153,521 
ScanSource, Inc. (a) 2,359 90,633 
Speed Commerce, Inc. (a) 3,202 473 
Supercom Ltd. (a) 1,798 8,271 
Tech Data Corp. (a) 2,982 201,732 
Trimble Navigation Ltd. (a) 21,795 499,106 
TTM Technologies, Inc. (a) 7,478 58,628 
Uni-Pixel, Inc. (a)(b) 2,860 2,074 
Universal Display Corp. (a) 3,986 209,504 
Zebra Technologies Corp. Class A (a) 4,356 349,351 
  6,509,530 
Internet Software & Services - 12.3%   
21Vianet Group, Inc. ADR (a) 4,562 95,026 
Actua Corp. (a) 4,188 48,539 
Akamai Technologies, Inc. (a) 15,185 874,808 
Alarm.com Holdings, Inc. 4,366 76,754 
Alphabet, Inc.:   
Class A (a) 24,744 18,875,960 
Class C 29,326 21,777,488 
Angie's List, Inc. (a) 5,678 61,379 
Apigee Corp. 2,388 17,003 
AppFolio, Inc. (a) 906 14,849 
Autobytel, Inc. (a) 765 18,796 
Baidu.com, Inc. sponsored ADR (a) 23,651 5,155,208 
Bazaarvoice, Inc. (a) 9,372 43,392 
Benefitfocus, Inc. (a)(b) 2,641 107,013 
Blucora, Inc. (a)(b) 3,773 40,107 
Brightcove, Inc. (a) 3,168 22,113 
Carbonite, Inc. (a) 3,187 31,073 
China Finance Online Co. Ltd. ADR (a)(b) 2,013 8,434 
ChinaCache International Holdings Ltd. sponsored ADR (a) 1,294 9,550 
Cimpress NV (a)(b) 2,817 259,840 
comScore, Inc. (a) 3,411 143,603 
Constant Contact, Inc. (a) 2,640 82,606 
Cornerstone OnDemand, Inc. (a) 4,664 167,484 
CoStar Group, Inc. (a) 2,731 571,434 
Criteo SA sponsored ADR (a) 4,483 182,727 
EarthLink Holdings Corp. 9,801 90,071 
eBay, Inc. (a) 104,004 3,077,478 
eGain Communications Corp. (a) 4,312 19,835 
Endurance International Group Holdings, Inc. (a)(b) 11,625 162,401 
Facebook, Inc. Class A (a) 192,646 20,081,419 
Five9, Inc. (a) 6,178 41,084 
GigaMedia Ltd. (a) 4,687 3,136 
Global Sources Ltd. (a) 2,508 22,572 
Gogo, Inc. (a)(b) 7,034 126,260 
HomeAway, Inc. (a) 8,171 288,927 
Hortonworks, Inc. (b) 3,849 65,395 
IAC/InterActiveCorp 6,563 412,091 
Internap Network Services Corp. (a) 5,023 36,065 
iPass, Inc. (a) 12,842 13,227 
j2 Global, Inc. 4,159 334,675 
Limelight Networks, Inc. (a) 9,367 15,830 
Liquidity Services, Inc. (a) 2,613 17,821 
Live Ventures, Inc. (a)(b) 1,459 2,334 
LivePerson, Inc. (a) 5,049 39,382 
LogMeIn, Inc. (a) 2,161 154,339 
Marchex, Inc. Class B 6,264 26,685 
Marketo, Inc. (a) 3,873 117,236 
MercadoLibre, Inc. (b) 3,768 464,368 
Momo, Inc. ADR 3,625 48,104 
Net Element International, Inc. (a) 2,126 510 
NetEase, Inc. sponsored ADR 6,415 1,069,124 
NIC, Inc. 6,179 126,113 
Perion Network Ltd. (a) 7,399 16,352 
Points International Ltd. (a) 1,753 18,529 
QuinStreet, Inc. (a) 6,180 30,220 
Qumu Corp. (a) 868 2,699 
RealNetworks, Inc. (a) 5,593 23,155 
Rediff.com India Ltd. sponsored ADR (a) 1,320 1,399 
Reis, Inc. 1,249 31,262 
RetailMeNot, Inc. (a) 4,521 44,125 
Rightside Group Ltd. (a)(b) 2,668 21,051 
Rocket Fuel, Inc. (a)(b) 5,915 20,643 
SciQuest, Inc. (a) 2,731 35,257 
Sify Technologies Ltd. sponsored ADR 13,742 16,078 
SINA Corp. (a) 5,119 258,868 
Sohu.com, Inc. (a) 3,150 158,288 
SPS Commerce, Inc. (a) 1,504 111,777 
Stamps.com, Inc. (a) 1,485 150,520 
TechTarget, Inc. (a) 3,300 28,545 
TheStreet.com, Inc. 5,886 10,065 
Travelzoo, Inc. (a) 1,651 14,034 
Tucows, Inc. (a)(b) 1,270 30,277 
United Online, Inc. (a) 2,204 25,346 
Unwired Planet, Inc. (a) 14,392 13,960 
VeriSign, Inc. (a)(b) 9,641 862,291 
Web.com Group, Inc. (a) 4,500 108,945 
WebMD Health Corp. (a) 3,223 146,614 
Weibo Corp. sponsored ADR (a) 4,340 80,724 
Wix.com Ltd. (a) 3,549 88,193 
Xunlei Ltd. sponsored ADR (a) 2,184 16,162 
Yahoo!, Inc. (a) 80,762 2,730,563 
Yandex NV (a) 21,149 351,708 
YY, Inc. ADR (a) 2,620 158,720 
Zillow Group, Inc. (a)(b) 4,570 118,957 
Zillow Group, Inc. Class C (a)(b) 9,967 245,687 
  81,512,682 
IT Services - 2.8%   
6D Global Technologies, Inc. (a)(b) 6,913 20,117 
Acxiom Corp. (a) 6,385 146,217 
Amdocs Ltd. 12,945 732,299 
Automatic Data Processing, Inc. 39,385 3,397,350 
Blackhawk Network Holdings, Inc. (a) 4,504 213,264 
BluePhoenix Solutions Ltd. (a) 693 1,386 
Cardtronics, Inc. (a) 3,933 147,920 
Cass Information Systems, Inc. 1,023 55,109 
China Information Technology, Inc. (a) 4,656 6,565 
Cognizant Technology Solutions Corp. Class A (a) 51,830 3,347,181 
Computer Task Group, Inc. 3,019 20,318 
CSG Systems International, Inc. 2,976 106,332 
Datalink Corp. (a) 1,986 14,597 
Euronet Worldwide, Inc. (a) 4,544 353,160 
ExlService Holdings, Inc. (a) 2,904 135,820 
Fiserv, Inc. (a) 19,948 1,919,796 
Forrester Research, Inc. 1,638 53,464 
Hackett Group, Inc. 2,747 52,028 
Information Services Group, Inc. 3,765 14,043 
Innodata, Inc. (a) 2,773 8,069 
Jack Henry & Associates, Inc. 6,664 528,988 
Lionbridge Technologies, Inc. (a) 6,670 35,351 
ManTech International Corp. Class A 1,754 58,741 
Mattersight Corp. (a) 2,313 16,399 
ModusLink Global Solutions, Inc. (a)(b) 7,199 19,653 
MoneyGram International, Inc. (a) 5,850 51,363 
NCI, Inc. Class A 1,067 17,616 
Net 1 UEPS Technologies, Inc. (a) 4,394 66,481 
Paychex, Inc. 30,739 1,667,591 
PayPal Holdings, Inc. (a) 104,317 3,678,217 
Perficient, Inc. (a) 3,334 58,278 
PFSweb, Inc. (a) 1,562 20,587 
Planet Payment, Inc. (a) 6,783 19,332 
PRG-Schultz International, Inc. (a) 3,801 14,938 
QIWI PLC Class B sponsored ADR (b) 4,130 78,842 
Sabre Corp. 23,244 680,119 
Sykes Enterprises, Inc. (a) 3,762 119,707 
Syntel, Inc. (a) 7,138 345,693 
Teletech Holdings, Inc. 4,294 124,612 
Virtusa Corp. (a) 2,514 123,815 
  18,471,358 
Semiconductors & Semiconductor Equipment - 7.8%   
Advanced Energy Industries, Inc. (a) 3,300 96,261 
Advanced Micro Devices, Inc. (a)(b) 70,653 166,741 
Aixtron AG sponsored ADR (a) 404 3,218 
Alpha & Omega Semiconductor Ltd. (a) 2,522 24,564 
Altera Corp. 25,614 1,352,419 
Ambarella, Inc. (a)(b) 2,644 166,070 
Amkor Technology, Inc. (a) 20,247 137,680 
Amtech Systems, Inc. (a) 869 3,841 
ANADIGICS, Inc. (a) 13,578 4,746 
Analog Devices, Inc. 26,860 1,655,382 
Applied Materials, Inc. 101,733 1,909,528 
Applied Micro Circuits Corp. (a)(b) 7,278 53,275 
ARM Holdings PLC sponsored ADR (b) 9,812 497,468 
ASML Holding NV (b) 5,051 468,329 
Atmel Corp. 36,008 311,469 
Avago Technologies Ltd. 22,201 2,896,120 
Axcelis Technologies, Inc. (a) 10,033 26,487 
AXT, Inc. (a) 9,732 23,357 
Broadcom Corp. Class A 47,620 2,601,481 
Brooks Automation, Inc. 6,213 69,275 
Cabot Microelectronics Corp. (a) 2,151 90,256 
Camtek Ltd. (a) 7,619 18,819 
Canadian Solar, Inc. (a)(b) 4,879 112,363 
Cascade Microtech, Inc. (a) 1,761 28,616 
Cavium, Inc. (a) 4,764 319,712 
Ceva, Inc. (a) 1,662 42,198 
China Sunergy Co. Ltd. ADR (a) 962 952 
ChipMOS TECHNOLOGIES (Bermuda) Ltd. 2,359 45,552 
Cirrus Logic, Inc. (a) 5,317 175,780 
Cohu, Inc. 1,947 25,525 
Cree, Inc. (a)(b) 9,075 250,833 
Cypress Semiconductor Corp. 27,959 302,516 
Diodes, Inc. (a) 4,356 101,451 
DSP Group, Inc. (a) 2,871 29,945 
Entegris, Inc. (a) 11,484 156,412 
EZchip Semiconductor Ltd. (a) 2,690 66,873 
Fairchild Semiconductor International, Inc. (a) 9,720 189,929 
First Solar, Inc. (a) 8,674 490,168 
FormFactor, Inc. (a) 5,260 45,815 
GSI Technology, Inc. (a) 4,839 19,356 
Hanwha Solarone Co. Ltd. sponsored ADR (a)(b) 389 7,068 
Himax Technologies, Inc. sponsored ADR (b) 8,884 67,785 
Integrated Device Technology, Inc. (a) 12,816 359,361 
Integrated Silicon Solution, Inc. 2,217 50,747 
Intel Corp. 404,408 14,061,266 
Intermolecular, Inc. (a) 7,945 18,035 
Intersil Corp. Class A 10,863 157,296 
IXYS Corp. 2,739 34,867 
JA Solar Holdings Co. Ltd. ADR (a)(b) 3,771 32,921 
KLA-Tencor Corp. 13,449 893,955 
Kopin Corp. (a) 7,266 20,853 
Kulicke & Soffa Industries, Inc. (a) 6,370 75,230 
Lam Research Corp. 13,445 1,051,399 
Lattice Semiconductor Corp. (a) 10,759 67,674 
Linear Technology Corp. 20,211 924,047 
M/A-COM Technology Solutions Holdings, Inc. (a)(b) 4,539 167,716 
Marvell Technology Group Ltd. 43,873 388,715 
Mattson Technology, Inc. (a) 11,828 35,247 
Maxim Integrated Products, Inc. 24,286 941,568 
Mellanox Technologies Ltd. (a) 3,972 178,502 
Microchip Technology, Inc. 17,741 856,535 
Micron Technology, Inc. (a) 92,998 1,481,458 
Microsemi Corp. (a) 8,192 294,994 
MKS Instruments, Inc. 4,802 177,050 
Monolithic Power Systems, Inc. 3,123 213,395 
MoSys, Inc. (a) 7,701 9,318 
Nanometrics, Inc. (a) 1,755 27,659 
Nova Measuring Instruments Ltd. (a) 3,357 35,416 
NVE Corp. 495 29,482 
NVIDIA Corp. 45,921 1,456,614 
NXP Semiconductors NV (a) 21,460 2,005,652 
O2Micro International Ltd. sponsored ADR (a) 3,570 6,248 
Omnivision Technologies, Inc. (a) 5,164 150,789 
ON Semiconductor Corp. (a) 35,539 389,507 
PDF Solutions, Inc. (a) 2,970 33,116 
Photronics, Inc. (a) 6,078 66,676 
Pixelworks, Inc. (a) 1,300 3,341 
PMC-Sierra, Inc. (a) 16,438 194,462 
Power Integrations, Inc. 2,946 152,308 
Qorvo, Inc. (a) 12,830 745,038 
QuickLogic Corp. (a) 9,088 11,905 
Rambus, Inc. (a)(b) 9,804 116,962 
Rubicon Technology, Inc. (a) 2,085 2,085 
SemiLEDs Corp. (a) 2,414 1,086 
Semtech Corp. (a) 5,715 114,872 
Sigma Designs, Inc. (a) 3,593 31,205 
Silicon Laboratories, Inc. (a) 3,578 193,606 
Silicon Motion Technology Corp. sponsored ADR 2,707 90,062 
Siliconware Precision Industries Co. Ltd. sponsored ADR (b) 4,637 31,253 
Skyworks Solutions, Inc. 16,151 1,340,856 
SolarEdge Technologies, Inc. (b) 3,468 68,077 
SunEdison Semiconductor Ltd. (a) 3,444 32,890 
SunPower Corp. (a)(b) 11,927 285,771 
Synaptics, Inc. (a) 3,172 284,750 
Tessera Technologies, Inc. 4,425 140,936 
Texas Instruments, Inc. 87,287 5,073,120 
Tower Semiconductor Ltd. (a) 7,198 113,872 
Ultra Clean Holdings, Inc. (a) 2,344 11,884 
Ultratech, Inc. (a) 2,183 36,260 
Veeco Instruments, Inc. (a) 3,302 67,526 
Vimicro International Corp. sponsored ADR (a) 2,369 31,460 
Xilinx, Inc. 21,656 1,076,087 
  52,000,617 
Software - 9.9%   
ACI Worldwide, Inc. (a) 10,395 244,490 
Activision Blizzard, Inc. 61,996 2,334,769 
Adobe Systems, Inc. (a) 42,319 3,870,496 
Allot Communications Ltd. (a)(b) 3,650 19,272 
American Software, Inc. Class A 2,461 25,471 
ANSYS, Inc. (a) 7,641 712,218 
Aspen Technology, Inc. (a)(b) 7,173 315,253 
Attunity Ltd. (a) 1,633 22,323 
Autodesk, Inc. (a) 19,180 1,217,355 
Blackbaud, Inc. 4,083 252,248 
Bottomline Technologies, Inc. (a) 3,411 105,434 
BroadSoft, Inc. (a) 2,320 92,870 
CA Technologies, Inc. 38,328 1,077,400 
Cadence Design Systems, Inc. (a) 25,015 557,835 
Callidus Software, Inc. (a) 4,887 101,405 
CDK Global, Inc. 13,704 649,707 
Changyou.com Ltd. (A Shares) ADR (a) 1,740 38,785 
Check Point Software Technologies Ltd. (a)(b) 15,328 1,337,981 
Citrix Systems, Inc. (a) 13,673 1,048,309 
Code Rebel Corp. (b) 1,524 5,700 
CommVault Systems, Inc. (a) 3,675 150,602 
Covisint Corp. (a) 5,590 14,478 
CyberArk Software Ltd. (a) 2,715 117,532 
Datawatch Corp. (a)(b) 1,127 6,559 
Descartes Systems Group, Inc. (a) 7,078 141,353 
Digimarc Corp. (a)(b) 858 30,528 
Digital Turbine, Inc. (a) 7,559 11,641 
Ebix, Inc. (b) 2,817 105,666 
Electronic Arts, Inc. (a) 26,519 1,797,723 
EnerNOC, Inc. (a)(b) 2,981 12,699 
EPIQ Systems, Inc. 3,300 44,649 
FalconStor Software, Inc. (a)(b) 5,578 10,766 
FireEye, Inc. (a)(b) 13,697 313,387 
Fortinet, Inc. (a) 14,180 510,764 
Glu Mobile, Inc. (a)(b) 11,658 39,404 
Guidance Software, Inc. (a)(b) 3,408 20,789 
Idreamsky Technology Ltd. ADR (a) 1,639 20,684 
Interactive Intelligence Group, Inc. (a) 1,975 68,059 
Intuit, Inc. 23,458 2,350,492 
Jive Software, Inc. (a) 5,481 27,515 
KongZhong Corp. sponsored ADR 3,678 25,231 
Magic Software Enterprises Ltd. 6,710 36,570 
Majesco Entertainment Co. (a) 760 844 
Manhattan Associates, Inc. (a) 6,244 478,290 
Materialise NV ADR (a) 1,987 15,836 
Mentor Graphics Corp. 10,147 190,053 
Microsoft Corp. 682,081 37,071,102 
MicroStrategy, Inc. Class A (a) 842 145,978 
Mitek Systems, Inc. (a)(b) 2,054 10,784 
MobileIron, Inc. (a)(b) 9,487 41,174 
Monotype Imaging Holdings, Inc. 3,405 89,994 
NICE Systems Ltd. sponsored ADR 3,170 194,860 
Nuance Communications, Inc. (a) 26,572 556,152 
Open Text Corp. 10,457 508,031 
Parametric Technology Corp. (a) 9,580 345,263 
Park City Group, Inc. (a)(b) 1,985 22,927 
Paylocity Holding Corp. (a) 4,194 184,284 
Pegasystems, Inc. 6,774 200,104 
Progress Software Corp. (a) 4,403 105,628 
Proofpoint, Inc. (a)(b) 3,409 249,914 
QAD, Inc.:   
Class A 1,753 40,687 
Class B 363 7,322 
Qlik Technologies, Inc. (a) 7,800 248,118 
Qualys, Inc. (a) 2,914 112,072 
Rapid7, Inc. (a)(b) 3,086 52,863 
RealPage, Inc. (a) 6,934 154,004 
Rovi Corp. (a) 7,595 89,697 
Sapiens International Corp. NV 4,216 45,870 
SeaChange International, Inc. (a) 2,877 20,053 
Smith Micro Software, Inc. (a) 2,938 2,350 
Splunk, Inc. (a) 10,837 644,802 
SS&C Technologies Holdings, Inc. 8,243 592,672 
Symantec Corp. 59,566 1,166,302 
Synchronoss Technologies, Inc. (a) 3,648 143,622 
Synopsys, Inc. (a) 13,279 665,012 
Take-Two Interactive Software, Inc. (a) 7,235 255,902 
Tangoe, Inc. (a)(b) 2,884 24,802 
TeleNav, Inc. (a) 3,872 27,530 
The9 Ltd. sponsored ADR (a) 1,722 6,802 
TiVo, Inc. (a) 14,339 128,908 
Tubemogul, Inc. (a) 3,465 42,897 
Ultimate Software Group, Inc. (a) 2,442 482,295 
Upland Software, Inc. 1,679 12,307 
Varonis Systems, Inc. (a) 2,248 40,127 
Vasco Data Security International, Inc. (a)(b) 3,412 63,736 
Verint Systems, Inc. (a) 5,284 247,555 
Xura, Inc. (a) 2,181 56,422 
Zix Corp. (a) 4,888 27,422 
Zynga, Inc. (a) 63,331 163,394 
  65,863,175 
Technology Hardware, Storage & Peripherals - 9.5%   
Apple, Inc. 486,532 57,556,729 
Astro-Med, Inc. 1,241 16,816 
Avid Technology, Inc. (a) 4,180 31,726 
BlackBerry Ltd. (a)(b) 25,371 201,760 
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a) 2,607 1,838 
Concurrent Computer Corp. 1,544 7,674 
CPI Card Group (a)(b) 5,914 57,425 
Cray, Inc. (a) 3,651 126,580 
Electronics for Imaging, Inc. (a) 4,567 224,148 
Hutchinson Technology, Inc. (a) 2,316 8,546 
Immersion Corp. (a) 2,937 39,385 
Intevac, Inc. (a) 4,851 24,109 
Logitech International SA 14,302 213,529 
NetApp, Inc. 25,585 784,436 
QLogic Corp. (a) 7,134 92,029 
SanDisk Corp. 17,550 1,296,419 
Seagate Technology LLC 25,849 929,013 
Silicon Graphics International Corp. (a) 4,432 25,972 
Smart Technologies, Inc. Class A (a)(b) 29,207 10,223 
Stratasys Ltd. (a)(b) 4,583 114,575 
Super Micro Computer, Inc. (a)(b) 4,036 99,124 
U.S.A. Technologies, Inc. (a) 4,057 13,185 
Western Digital Corp. 19,862 1,239,587 
  63,114,828 
TOTAL INFORMATION TECHNOLOGY  310,956,482 
MATERIALS - 0.4%   
Chemicals - 0.1%   
A. Schulman, Inc. 2,431 84,137 
AgroFresh Solutions, Inc. (a) 4,876 31,450 
Balchem Corp. 2,846 194,923 
Burcon NutraScience Corp. (a) 2,480 3,956 
Codexis, Inc. (a) 3,780 14,440 
Gulf Resources, Inc. (a) 2,574 4,453 
Hawkins, Inc. 1,018 41,738 
Innophos Holdings, Inc. 1,782 52,961 
Innospec, Inc. 2,506 146,350 
Marrone Bio Innovations, Inc. (a)(b) 2,017 3,752 
Metabolix, Inc. (a)(b) 3,868 8,007 
Methanex Corp. (b) 7,821 307,230 
Rentech, Inc. (a) 1,879 5,374 
Senomyx, Inc. (a)(b) 3,301 15,284 
  914,055 
Construction Materials - 0.0%   
Tecnoglass, Inc. (a)(b) 2,708 40,755 
U.S. Concrete, Inc. (a) 1,214 71,298 
United States Lime & Minerals, Inc. 546 28,288 
  140,341 
Containers & Packaging - 0.1%   
AEP Industries, Inc. (a) 456 41,578 
Silgan Holdings, Inc. 5,225 283,874 
UFP Technologies, Inc. (a) 1,058 25,826 
  351,278 
Metals & Mining - 0.2%   
Century Aluminum Co. (a) 7,624 28,438 
China Natural Resources, Inc. (a) 1,788 3,147 
Globe Specialty Metals, Inc. 6,053 61,559 
Handy & Harman Ltd. (a) 902 20,773 
Haynes International, Inc. 957 37,419 
Horsehead Holding Corp. (a)(b) 4,729 11,633 
Kaiser Aluminum Corp. 1,498 128,409 
Mountain Province Diamonds, Inc. (a) 15,007 40,230 
Olympic Steel, Inc. 1,056 11,891 
Pan American Silver Corp. 13,170 91,663 
Randgold Resources Ltd. sponsored ADR (b) 4,048 245,309 
Real Industries, Inc. (a) 2,174 22,349 
Royal Gold, Inc. 6,031 216,814 
Schnitzer Steel Industries, Inc. Class A 2,153 35,546 
Silver Standard Resources, Inc. (a)(b) 7,294 38,342 
Steel Dynamics, Inc. 20,891 363,294 
Sutor Technology Group Ltd. (a) 867 564 
Universal Stainless & Alloy Products, Inc. (a) 571 6,167 
  1,363,547 
Paper & Forest Products - 0.0%   
Mercer International, Inc. (SBI) 6,325 67,361 
Pope Resources, Inc. LP 468 30,083 
  97,444 
TOTAL MATERIALS  2,866,665 
TELECOMMUNICATION SERVICES - 1.1%   
Diversified Telecommunication Services - 0.2%   
8x8, Inc. (a) 7,197 84,925 
Alaska Communication Systems Group, Inc. (a) 4,500 8,640 
Atlantic Tele-Network, Inc. 1,324 104,159 
B Communications Ltd. 2,805 72,621 
Cogent Communications Group, Inc. 3,894 130,683 
Consolidated Communications Holdings, Inc. 6,554 142,812 
FairPoint Communications, Inc. (a) 2,802 51,305 
Frontier Communications Corp. 100,979 503,885 
General Communications, Inc. Class A (a) 3,235 67,191 
Hawaiian Telcom Holdco, Inc. (a) 1,518 36,022 
inContact, Inc. (a)(b) 5,517 54,453 
Inteliquent, Inc. 2,840 54,556 
Iridium Communications, Inc. (a)(b) 8,548 69,837 
Lumos Networks Corp. 1,985 23,403 
magicJack VocalTec Ltd. (a)(b) 1,527 14,125 
ORBCOMM, Inc. (a) 8,106 51,959 
Towerstream Corp. (a)(b) 3,477 1,426 
Windstream Holdings, Inc. (b) 8,409 52,388 
  1,524,390 
Wireless Telecommunication Services - 0.9%   
America Movil S.A.B. de CV Series A sponsored ADR 1,294 20,885 
Boingo Wireless, Inc. (a)(b) 2,739 18,132 
Leap Wireless International, Inc. rights (a) 4,142 10,686 
NII Holdings, Inc. (a) 8,346 57,671 
NTELOS Holdings Corp. (a) 1,985 18,202 
Partner Communications Co. Ltd. ADR (a) 1,260 5,594 
SBA Communications Corp. Class A (a) 10,934 1,149,819 
Shenandoah Telecommunications Co. 1,953 94,291 
Spok Holdings, Inc. 1,980 36,571 
T-Mobile U.S., Inc. (a) 69,348 2,461,854 
VimpelCom Ltd. sponsored ADR (b) 145,642 524,311 
Vodafone Group PLC sponsored ADR 33,848 1,135,939 
  5,533,955 
TOTAL TELECOMMUNICATION SERVICES  7,058,345 
UTILITIES - 0.1%   
Electric Utilities - 0.0%   
MGE Energy, Inc. 3,054 132,757 
Otter Tail Corp. 3,368 89,690 
  222,447 
Gas Utilities - 0.0%   
Delta Natural Gas Co., Inc. 1,059 22,006 
Independent Power and Renewable Electricity Producers - 0.1%   
8Point3 Energy Partners LP 2,096 25,634 
Abengoa Yield PLC 8,504 123,138 
Pattern Energy Group, Inc. (b) 6,688 119,782 
TerraForm Global, Inc. (a)(b) 8,197 33,034 
Terraform Power, Inc. 6,353 43,836 
  345,424 
Water Utilities - 0.0%   
Artesian Resources Corp. Class A 825 21,623 
Cadiz, Inc. (a)(b) 1,671 6,233 
Connecticut Water Service, Inc. 1,023 37,145 
Consolidated Water Co., Inc. 1,551 18,860 
Middlesex Water Co. 1,149 29,449 
Pure Cycle Corp. (a) 925 4,690 
York Water Co. 930 22,190 
  140,190 
TOTAL UTILITIES  730,067 
TOTAL COMMON STOCKS   
(Cost $534,860,311)  662,605,870 
 Principal Amount Value 
Convertible Bonds - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Catalyst Biosciences, Inc. 0% 2/19/18   
(Cost $2,378)  2,378 776  
 Shares Value 
Money Market Funds - 5.7%   
Fidelity Cash Central Fund, 0.18% (c) 260,336 260,336 
Fidelity Securities Lending Cash Central Fund, 0.22% (c)(d) 37,962,410 37,962,410 
TOTAL MONEY MARKET FUNDS   
(Cost $38,222,746)  38,222,746 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $573,085,435)  700,829,392 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (37,306,249) 
NET ASSETS - 100%  $663,523,143 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,248 
Fidelity Securities Lending Cash Central Fund 548,523 
Total $549,771 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2015, 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 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 $119,978,282 $119,978,282 $-- $-- 
Consumer Staples 36,856,387 36,856,387 -- -- 
Energy 3,549,737 3,549,737 -- -- 
Financials 46,068,231 46,068,231 -- -- 
Health Care 107,815,868 107,809,408 -- 6,460 
Industrials 26,725,806 26,725,806 -- -- 
Information Technology 310,956,482 310,936,365 -- 20,117 
Materials 2,866,665 2,866,665 -- -- 
Telecommunication Services 7,058,345 7,047,659 -- 10,686 
Utilities 730,067 730,067 -- -- 
Corporate Bonds 776 -- 776 -- 
Money Market Funds 38,222,746 38,222,746 -- -- 
Total Investments in Securities: $700,829,392 $700,791,353 $776 $37,263 

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


Financial Statements

Statement of Assets and Liabilities

  November 30, 2015 
Assets   
Investment in securities, at value (including securities loaned of $37,039,364) — See accompanying schedule:
Unaffiliated issuers (cost $534,862,689) 		$662,606,646  
Fidelity Central Funds (cost $38,222,746) 38,222,746  
Total Investments (cost $573,085,435)  $700,829,392 
Foreign currency held at value (cost $3,970)  3,969 
Receivable for investments sold  104,848 
Dividends receivable  759,165 
Distributions receivable from Fidelity Central Funds  63,576 
Prepaid expenses  1,394 
Receivable from investment adviser for expense reductions  82,526 
Total assets  701,844,870 
Liabilities   
Payable to custodian bank $19,867  
Payable for investments purchased 11,122  
Accrued management fee 129,571  
Other affiliated payables 18,759  
Other payables and accrued expenses 179,998  
Collateral on securities loaned, at value 37,962,410  
Total liabilities  38,321,727 
Net Assets  $663,523,143 
Net Assets consist of:   
Paid in capital  $535,397,569 
Undistributed net investment income  1,316,356 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (934,604) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  127,743,822 
Net Assets, for 3,300,000 shares outstanding  $663,523,143 
Net Asset Value, offering price and redemption price per share ($663,523,143 ÷ 3,300,000 shares)  $201.07 

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


Statement of Operations

  Year ended November 30, 2015 
Investment Income   
Dividends  $6,980,531 
Interest  652 
Income from Fidelity Central Funds (including $548,523 from security lending)  549,771 
Total income  7,530,954 
Expenses   
Management fee $1,371,881  
Transfer agent and custody fees 84,674  
Distribution and service plan fees 283,815  
Licensing fees 350,529  
Accounting and security lending fees 212,783  
Independent trustees' compensation 2,358  
Audit 70,935  
Legal 1,489  
Miscellaneous 2,433  
Total expenses before reductions 2,380,897  
Expense reductions (1,180,838) 1,200,059 
Net investment income (loss)  6,330,895 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 21,728,172  
Foreign currency transactions (7,781)  
Total net realized gain (loss)  21,720,391 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		15,918,567  
Assets and liabilities in foreign currencies (242)  
Total change in net unrealized appreciation (depreciation)  15,918,325 
Net gain (loss)  37,638,716 
Net increase (decrease) in net assets resulting from operations  $43,969,611 

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


Statement of Changes in Net Assets

 Year ended November 30, 2015 Year ended November 30, 2014 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,330,895 $5,110,712 
Net realized gain (loss) 21,720,391 8,928,541 
Change in net unrealized appreciation (depreciation) 15,918,325 52,101,929 
Net increase (decrease) in net assets resulting from operations 43,969,611 66,141,182 
Distributions to shareholders from net investment income (5,685,000) (4,489,000) 
Share transactions   
Proceeds from sales of shares 192,595,838 138,314,248 
Cost of shares redeemed (38,469,901) (16,983,481) 
Net increase (decrease) in net assets resulting from share transactions 154,125,937 121,330,767 
Total increase (decrease) in net assets 192,410,548 182,982,949 
Net Assets   
Beginning of period 471,112,595 288,129,646 
End of period (including undistributed net investment income of $1,316,356 and undistributed net investment income of $969,942, respectively) $663,523,143 $471,112,595 
Other Information   
Shares   
Sold 1,000,000 800,000 
Redeemed (200,000) (100,000) 
Net increase (decrease) 800,000 700,000 

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


Financial Highlights — Fidelity Nasdaq Composite Index Tracking Stock

      
Years ended November 30, 2015 2014 2013 2012 2011 
Selected Per–Share Data      
Net asset value, beginning of period $188.45 $160.07 $118.93 $103.48 $98.68 
Income from Investment Operations      
Net investment income (loss)A 2.14 2.37B 1.75 1.35 .93 
Net realized and unrealized gain (loss) 12.44 28.15 41.06 15.29 4.74 
Total from investment operations 14.58 30.52 42.81 16.64 5.67 
Distributions from net investment income (1.96) (2.14) (1.67) (1.19) (.87) 
Net asset value, end of period $201.07 $188.45 $160.07 $118.93 $103.48 
Total ReturnC 7.79% 19.23% 36.35% 16.13% 5.75% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .42% .48% .51% .52% .53% 
Expenses net of fee waivers, if any .21% .21% .26% .30% .30% 
Expenses net of all reductions .21% .21% .26% .30% .30% 
Net investment income (loss) 1.11% 1.40%B 1.28% 1.16% .88% 
Supplemental Data      
Net assets, end of period (000 omitted) $663,523 $471,113 $288,130 $178,392 $155,223 
Portfolio turnover rateF,G 9% 7% 10% 10% 6% 

 A Calculated based on average shares outstanding during the period.

 B Investment income per share reflects a large, non-recurring dividend which amounted to $.46 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.13%.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D 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.

 E 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.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


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


Notes to Financial Statements

For the period ended November 30, 2015

1. Organization.

Fidelity Nasdaq Composite Index Tracking Stock (the Fund) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2015 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $168,279,070 
Gross unrealized depreciation (40,793,970) 
Net unrealized appreciation (depreciation) on securities $127,485,100 
Tax Cost $573,344,292 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $1,620,380 
Capital loss carryforward $(675,748) 
Net unrealized appreciation (depreciation) on securities and other investments $127,484,965 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(556,942) 
2018 (118,806) 
Total capital loss carryforward $(675,748) 

The tax character of distributions paid was as follows:

 November 30, 2015 November 30, 2014 
Ordinary Income $5,685,000 $ 4,489,000 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $62,451,128 and $51,167,550, respectively.

Securities received and delivered in-kind through subscriptions and redemptions totaled $191,907,880 and $38,352,254, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a Distribution and Service Plan. The Fund pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a distribution fee based on .09% of the Fund's average net assets. FDC pays these fees to NASDAQ OMX Group for marketing services provided to the Fund. The Fund does not pay a service fee.

Effective July 1, 2015, the Board of Trustees approved the elimination of the distribution fee paid by the Fund.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

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

Effective January 1, 2016, the licensing fee will be paid by the investment adviser, not by the Fund.

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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

7. Expense Reductions.

The investment adviser contractually agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .21% of average net assets. This waiver will remain in place through January 31, 2017. Some expenses, for example interest expense, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $1,180,752.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $86.

8. Share Transactions.

The Fund issues and redeems shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to the Fund and redemption proceeds are paid with a basket of securities from the Fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. The Fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity® Nasdaq Composite Index® Tracking Stock:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Nasdaq Composite Index® Tracking Stock (a fund of Fidelity Commonwealth Trust) at November 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Nasdaq Composite Index® Tracking Stock’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
January 21, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2012

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (diversified financial services company, 2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).

Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (Japan) Limited (investment adviser firm), FMR Investment Management (U.K.) Limited (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

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.

Effective July 1, 2015, the Board of Trustees approved the elimination of the distribution fee paid by the Fund.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2015 to November 30, 2015).

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-A Beginning
Account Value
June 1, 2015 		Ending
Account Value
November 30, 2015 		Expenses Paid
During Period-B
June 1, 2015
to November 30, 2015 
Actual .21% $1,000.00 $1,014.00 $1.06 
Hypothetical-C  $1,000.00 $1,024.02 $1.07 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The fund designates 37%, 100%, 100%, and 100% of the dividends distributed in December, March, June, and September during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Nasdaq Composite Index Tracking Stock

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staff, including their size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally transfer agents, custodians, and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and information security and to increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Nasdaq Composite Index Tracking Stock


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Nasdaq Composite Index Tracking Stock


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014. The Board noted that the comparisons for 2014 reflect a revised Total Mapped Group that includes only non-sector domestic equity funds and that FMR believes this Total Mapped Group is a more appropriate comparison because the fund primarily invests in domestic securities.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below its competitive median for 2014.

The Board further considered that FMR contractually agreed to waive the fund's expenses to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed 0.21% through January 31, 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity's group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ETF-ANN-0116
1.795540.112

Fidelity® Nasdaq Composite Index® Fund



Annual Report

November 30, 2015



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 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 OMXGroup, 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. © 2016 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year.

The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred.

How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2015 Past 1 year Past 5 years Past 10 years 
Fidelity® Nasdaq Composite Index® Fund 7.70% 16.58% 9.56% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® Fund on November 30, 2005.

The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.


Period Ending Values
$24,925Fidelity® Nasdaq Composite Index® Fund
$25,308Nasdaq Composite Index®

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks gained modestly for the 12 months ending November 30, 2015, despite a steep decline in August and September on concern about slowing economic growth in China. The S&P 500® index rebounded in October and gained 2.75% for the year. Stocks benefited late in the period amid waning expectations for a near-term interest-rate hike by the U.S. Federal Reserve, more economic stimulus in Europe and an interest-rate cut in China. Growth stocks in the benchmark far outpaced their value counterparts, as investors continued to seek growth in a subpar economic environment. Sector performance varied widely, with more than 26 percentage points separating the leader from the laggard. Consumer discretionary (+14%) secured the top spot, benefiting from a combination of rising personal income and still-benign inflation. Information technology (+7%) and health care (+4%) also outpaced the broad market. Conversely, the energy sector (-12%) performed worst, stymied by depressed commodity prices that also hit materials (-5%). Telecommunication services (-5%) and utilities (-4%), considered defensive sectors less sensitive to the economy, also lost ground. At period end, investors remained focused on the potential global implications of a stronger U.S. dollar and how China’s transition toward a consumption-led economy may affect corporate earnings.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund performed roughly in line with the 7.86% gain of the benchmark Nasdaq Composite Index®. Technology stocks, which made up about 46% of the index weighting, contributed strongly in absolute terms for the period. Among the many stocks in this category to add value were software company Microsoft; social-networking leader Facebook; and Internet search company Google, which in October became part of a new holding company called Alphabet. The biggest individual contributor by far was online retailer Amazon.com. Its shares nearly doubled, driven by better-than-expected financial results. Video-on-demand provider Netflix also fared well. Conversely, the biggest individual detractor in absolute terms was QUALCOMM, whose shares plummeted in November after the company reported disappointing fiscal fourth-quarter earnings. Other struggling technology stocks in the index included semiconductor maker Micron Technology, Internet media company Yahoo and computer data storage manufacturer Western Digital. Other notable detractors were single-serve coffee company Keurig Green Mountain and casino gaming operator Wynn Resorts.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 8.6 9.7 
Microsoft Corp. 5.6 4.9 
Amazon.com, Inc. 4.0 2.6 
Alphabet, Inc. Class C 3.3 2.3 
Facebook, Inc. Class A 3.0 2.3 
Alphabet, Inc. Class A 2.8 2.0 
Intel Corp. 2.1 2.1 
Gilead Sciences, Inc. 2.0 2.2 
Cisco Systems, Inc. 1.8 1.9 
Comcast Corp. Class A 1.7 1.6 
 34.9  

Market Sectors as of November 30, 2015

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 46.5 46.0 
Consumer Discretionary 18.0 17.7 
Health Care 16.1 17.1 
Financials 6.9 6.4 
Consumer Staples 5.5 4.9 
Industrials 4.0 4.3 
Telecommunication Services 1.1 0.8 
Energy 0.5 0.8 
Materials 0.4 0.7 
Utilities 0.1 0.1 

Asset Allocation (% of fund's net assets)

To match the Nasdaq Composite Index, Fidelity® Nasdaq Composite Index® Fund seeks I00% investment exposure to stocks at all times.

Investments November 30, 2015

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 18.0%   
Auto Components - 0.3%   
China Automotive Systems, Inc. (a) 9,677 $57,288 
China XD Plastics Co. Ltd. (a) 13,378 56,589 
Dorman Products, Inc. (a)(b) 9,066 432,630 
Federal-Mogul Corp. Class A (a) 50,274 411,241 
Fox Factory Holding Corp. (a) 10,747 190,974 
Fuel Systems Solutions, Inc. (a)(b) 5,576 30,668 
Gentex Corp. (b) 76,392 1,278,420 
Gentherm, Inc. (a) 9,868 501,689 
Motorcar Parts of America, Inc. (a) 4,574 183,234 
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(b) 5,763 5,187 
Shiloh Industries, Inc. (a) 4,100 28,167 
SORL Auto Parts, Inc. (a) 1,464 3,440 
Spartan Motors, Inc. 15,102 54,820 
Strattec Security Corp. 1,057 65,915 
Sypris Solutions, Inc. 1,434 2,223 
The Goodyear Tire & Rubber Co. 70,879 2,472,260 
  5,774,745 
Automobiles - 0.4%   
Kandi Technolgies, Inc. (a)(b) 14,193 143,633 
Tesla Motors, Inc. (a)(b) 34,388 7,918,181 
  8,061,814 
Distributors - 0.2%   
Core-Mark Holding Co., Inc. 6,111 521,207 
Fenix Parts, Inc. (b) 5,505 34,957 
LKQ Corp. (a) 79,802 2,353,361 
Pool Corp. 11,299 926,970 
VOXX International Corp. (a)(b) 5,545 31,828 
Weyco Group, Inc. 3,999 109,613 
  3,977,936 
Diversified Consumer Services - 0.1%   
2U, Inc. (a)(b) 11,861 286,087 
American Public Education, Inc. (a) 4,342 101,038 
Apollo Education Group, Inc. Class A (non-vtg.) (a) 28,112 198,471 
Ascent Capital Group, Inc. (a) 3,915 78,261 
ATA, Inc. ADR (a)(b) 2,232 12,254 
Cambium Learning Group, Inc. (a)(b) 11,947 62,005 
Capella Education Co. 3,274 157,152 
Career Education Corp. (a) 23,870 100,731 
Collectors Universe, Inc. 3,024 48,263 
Grand Canyon Education, Inc. (a) 12,334 488,673 
Houghton Mifflin Harcourt Co. (a) 35,761 706,637 
Liberty Tax, Inc. 3,270 72,398 
Lincoln Educational Services Corp. 1,850 3,941 
National American University Holdings, Inc. 1,829 4,554 
Steiner Leisure Ltd. (a) 3,043 191,344 
Strayer Education, Inc. (a) 2,829 167,449 
Tarena International, Inc. ADR (a) 5,406 56,060 
  2,735,318 
Hotels, Restaurants & Leisure - 2.6%   
Amaya, Inc. (a) 35,483 560,628 
BJ's Restaurants, Inc. (a) 6,602 302,372 
Bloomin' Brands, Inc. 31,718 549,039 
Bob Evans Farms, Inc. 5,676 226,189 
Bojangles', Inc. (a)(b) 9,052 160,039 
Bravo Brio Restaurant Group, Inc. (a) 5,313 56,690 
Buffalo Wild Wings, Inc. (a) 5,030 806,007 
Caesars Acquisition Co. (a)(b) 36,868 291,257 
Caesars Entertainment Corp. (a)(b) 38,046 322,250 
Carrols Restaurant Group, Inc. (a) 9,292 111,876 
Century Casinos, Inc. (a) 8,025 53,768 
China Lodging Group Ltd. ADR (a) 7,826 223,198 
China Yida Holding Co. (a) 388 920 
Churchill Downs, Inc. 4,556 669,504 
Chuy's Holdings, Inc. (a)(b) 4,715 156,774 
Cosi, Inc. (a) 12,944 6,252 
Cracker Barrel Old Country Store, Inc. (b) 6,116 770,127 
Dave & Buster's Entertainment, Inc. (a) 10,638 407,861 
Del Frisco's Restaurant Group, Inc. (a) 6,044 90,600 
Del Taco Restaurants, Inc. (a)(b) 10,030 110,731 
Denny's Corp. (a) 22,891 220,669 
Diversified Restaurant Holdings, Inc. (a) 7,360 19,578 
Dunkin' Brands Group, Inc. 25,087 1,064,191 
El Pollo Loco Holdings, Inc. (a)(b) 10,421 127,970 
Eldorado Resorts, Inc. (a) 13,504 130,854 
Empire Resorts, Inc. (a)(b) 15,367 67,461 
Famous Dave's of America, Inc. (a)(b) 1,737 13,618 
Fiesta Restaurant Group, Inc. (a)(b) 7,014 269,548 
Fogo de Chao, Inc. (b) 8,619 141,179 
Gaming Partners International Corp. (a) 597 5,033 
Golden Entertainment, Inc. (a) 4,293 45,077 
Good Times Restaurants, Inc. (a) 3,783 17,099 
Habit Restaurants, Inc. Class A (b) 3,424 82,484 
Homeinns Hotel Group ADR (a)(b) 9,827 303,163 
Iao Kun Group Holding Co. Ltd. (b) 14,955 21,685 
Icahn Enterprises LP 34,868 2,569,423 
Ignite Restaurant Group, Inc. (a)(b) 10,009 38,535 
International Speedway Corp. Class A 7,129 253,721 
Interval Leisure Group, Inc. 15,789 246,624 
Isle of Capri Casinos, Inc. (a) 10,571 194,929 
Jack in the Box, Inc. 10,009 742,067 
Jamba, Inc. (a)(b) 4,597 64,220 
Kona Grill, Inc. (a) 2,496 34,719 
Lindblad Expeditions Holdings (a) 17,215 189,881 
Marriott International, Inc. Class A (b) 69,845 4,952,709 
Melco Crown Entertainment Ltd. sponsored ADR (b) 45,566 740,448 
Monarch Casino & Resort, Inc. (a) 5,282 118,422 
Morgans Hotel Group Co. (a) 9,232 28,988 
Nathan's Famous, Inc. (a) 1,134 49,613 
Noodles & Co. (a)(b) 8,042 89,266 
Norwegian Cruise Line Holdings Ltd. (a) 61,009 3,504,357 
Panera Bread Co. Class A (a) 6,463 1,174,973 
Papa John's International, Inc. 10,271 590,377 
Papa Murphy's Holdings, Inc. (a)(b) 5,342 65,172 
Peak Resorts, Inc. (b) 8,205 59,897 
Penn National Gaming, Inc. (a) 20,508 327,103 
Pinnacle Entertainment, Inc. (a) 15,150 496,769 
Popeyes Louisiana Kitchen, Inc. (a)(b) 5,946 344,036 
Potbelly Corp. (a) 7,595 94,710 
Premier Exhibitions, Inc. (a) 364 382 
Rave Restaurant Group, Inc. (a)(b) 4,931 29,833 
RCI Hospitality Holdings, Inc. (a) 3,935 39,311 
Red Robin Gourmet Burgers, Inc. (a) 3,765 254,062 
Ruth's Hospitality Group, Inc. 9,576 165,186 
Scientific Games Corp. Class A (a)(b) 23,757 219,040 
Sonic Corp. 13,614 395,623 
Starbucks Corp. 392,093 24,070,589 
Texas Roadhouse, Inc. Class A 17,965 628,775 
The Cheesecake Factory, Inc. 12,277 578,615 
Town Sports International Holdings, Inc. (a) 5,713 9,712 
Tuniu Corp. Class A sponsored ADR (a)(b) 6,783 105,408 
Wendy's Co. 77,423 813,716 
Wingstop, Inc. (b) 7,507 161,776 
Wynn Resorts Ltd. (b) 26,805 1,682,550 
  54,531,228 
Household Durables - 0.2%   
Bassett Furniture Industries, Inc. 3,109 97,498 
Cavco Industries, Inc. (a) 2,517 233,326 
Dixie Group, Inc. (a)(b) 3,770 21,263 
Flexsteel Industries, Inc. 1,834 87,995 
Garmin Ltd. (b) 50,167 1,898,821 
GoPro, Inc. Class A (a)(b) 27,036 551,534 
Green Brick Partners, Inc. (a)(b) 12,711 95,968 
Helen of Troy Ltd. (a) 7,410 766,268 
Hooker Furniture Corp. 3,483 95,434 
iRobot Corp. (a)(b) 6,837 226,236 
LGI Homes, Inc. (a)(b) 5,092 169,360 
Lifetime Brands, Inc. 4,373 60,828 
Nova LifeStyle, Inc. (a)(b) 3,428 6,856 
SGOCO Technology Ltd. (a) 1,000 350 
Skullcandy, Inc. (a) 6,790 27,635 
SodaStream International Ltd. (a)(b) 5,952 86,364 
Stanley Furniture Co., Inc. (a) 825 2,384 
Turtle Beach Corp. (a)(b) 11,150 26,091 
Universal Electronics, Inc. (a) 4,111 217,842 
Vuzix Corp. (a)(b) 6,024 36,204 
Zagg, Inc. (a)(b) 6,901 71,218 
  4,779,475 
Internet & Catalog Retail - 6.8%   
1-800-FLOWERS.com, Inc. Class A (a) 10,182 78,707 
Amazon.com, Inc. (a) 123,855 82,338,804 
Blue Nile, Inc. (a)(b) 3,584 130,673 
CafePress, Inc. (a) 1,330 5,653 
Cnova NV (a)(b) 116,097 321,589 
Ctrip.com International Ltd. sponsored ADR (a)(b) 40,053 4,286,072 
eLong, Inc. sponsored ADR (a)(b) 2,651 45,067 
Etsy, Inc. (b) 29,425 273,947 
EVINE Live, Inc. (a) 15,769 29,330 
Expedia, Inc. 30,841 3,796,836 
FTD Companies, Inc. (a)(b) 9,021 239,237 
Gaiam, Inc. Class A (a) 6,590 44,483 
Groupon, Inc. Class A (a)(b) 179,983 520,151 
HSN, Inc. 14,438 720,456 
JD.com, Inc. sponsored ADR (a)(b) 215,004 6,596,323 
Lands' End, Inc. (a)(b) 8,589 206,480 
Liberty Interactive Corp.:   
(Venture Group) Series A (a) 37,768 1,624,402 
QVC Group Series A (a) 121,798 3,225,211 
Liberty TripAdvisor Holdings, Inc. (a) 20,176 604,069 
MakeMyTrip Ltd. (a)(b) 10,888 196,420 
Netflix, Inc. (a)(b) 112,848 13,917,544 
NutriSystem, Inc. 7,684 176,271 
Overstock.com, Inc. (a) 7,039 92,633 
PetMed Express, Inc. (b) 5,260 88,368 
Priceline Group, Inc. (a) 13,427 16,768,309 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 16,869 759,611 
Shutterfly, Inc. (a) 9,042 415,028 
TripAdvisor, Inc. (a) 34,411 2,834,434 
U.S. Auto Parts Network, Inc. (a) 5,624 13,948 
  140,350,056 
Leisure Products - 0.3%   
Arctic Cat, Inc. 3,330 74,126 
Black Diamond, Inc. (a) 10,163 49,494 
Escalade, Inc. 5,185 62,220 
Hasbro, Inc. (b) 32,667 2,387,631 
JAKKS Pacific, Inc. (a)(b) 4,564 37,562 
Johnson Outdoors, Inc. Class A 3,128 75,072 
Malibu Boats, Inc. Class A (a) 4,435 68,831 
Mattel, Inc. (b) 88,933 2,210,874 
MCBC Holdings, Inc. (a) 4,794 68,794 
Smith & Wesson Holding Corp. (a) 14,014 257,017 
Summer Infant, Inc. (a) 1,750 3,448 
  5,295,069 
Media - 5.0%   
AirMedia Group, Inc. ADR (a)(b) 11,144 60,735 
AMC Networks, Inc. Class A (a)(b) 15,947 1,296,651 
Beasley Broadcast Group, Inc. Class A 689 2,722 
Bona Film Group Ltd. sponsored ADR (a) 9,136 116,119 
Carmike Cinemas, Inc. (a) 6,797 148,514 
Central European Media Enterprises Ltd. Class A (a)(b) 40,486 89,474 
Charter Communications, Inc. Class A (a)(b) 29,725 5,569,276 
Cinedigm Corp. (a)(b) 19,604 7,485 
Comcast Corp.:   
Class A 558,763 34,006,316 
Class A (special) (non-vtg.) (b) 97,847 5,972,581 
Crown Media Holdings, Inc. Class A (a) 95,611 542,114 
CTC Media, Inc. 39,272 71,082 
Cumulus Media, Inc. Class A (a) 60,579 24,044 
Daily Journal Corp. (a)(b) 470 94,644 
Dex Media, Inc. (a)(b) 2,971 357 
Discovery Communications, Inc.:   
Class A (a)(b) 39,719 1,236,850 
Class B (a) 715 22,229 
Class C (non-vtg.) (a)(b) 73,354 2,169,811 
DISH Network Corp. Class A (a) 58,963 3,697,570 
DreamWorks Animation SKG, Inc. Class A (a) 21,098 519,855 
Emmis Communications Corp. Class A (a) 2,486 1,541 
Global Eagle Entertainment, Inc. (a)(b) 20,480 221,798 
Hemisphere Media Group, Inc. (a)(b) 5,186 73,797 
Insignia Systems, Inc. (a) 738 2,133 
Liberty Broadband Corp.:   
Class A (a) 6,746 357,605 
Class C (a) 20,143 1,063,752 
Liberty Global PLC:   
Class A (a)(b) 66,518 2,821,028 
Class B (a) 247 11,105 
Class C (a) 162,505 6,662,705 
LiLAC Class A (a) 3,430 128,797 
LiLAC Class C (a) 7,963 312,309 
Liberty Media Corp.:   
Class A (a) 32,900 1,332,779 
Class C (a) 56,174 2,196,403 
Loral Space & Communications Ltd. (a) 5,803 256,725 
MDC Partners, Inc. Class A (sub. vtg.) 13,593 292,929 
National CineMedia, Inc. 17,433 276,662 
News Corp.:   
Class A 99,286 1,424,754 
Class B 53,639 775,620 
Nexstar Broadcasting Group, Inc. Class A (b) 8,270 484,539 
Radio One, Inc. Class D (non-vtg.) (a)(b) 10,308 17,936 
ReachLocal, Inc. (a)(b) 4,325 4,412 
Reading International, Inc. Class A (a) 6,809 98,254 
Rentrak Corp. (a)(b) 4,175 202,028 
RRSat Global Communications Network Ltd. 2,447 22,708 
Salem Communications Corp. Class A 6,056 34,277 
Scholastic Corp. 9,630 411,394 
SFX Entertainment, Inc. (a)(b) 24,209 6,781 
Sinclair Broadcast Group, Inc. Class A 18,541 650,789 
Sirius XM Holdings, Inc. (a)(b) 1,405,037 5,774,702 
Sizmek, Inc. (a) 11,447 53,000 
Spanish Broadcasting System, Inc. Class A (a) 311 1,614 
Starz Series A (a)(b) 27,143 957,605 
Twenty-First Century Fox, Inc.:   
Class A 322,418 9,514,555 
Class B (b) 212,168 6,354,432 
Viacom, Inc.:   
Class A 13,463 697,383 
Class B (non-vtg.) 92,038 4,582,572 
Videocon d2h Ltd. sponsored ADR (a) 13,671 118,528 
VisionChina Media, Inc. ADR (a)(b) 1,079 10,855 
WPP PLC ADR (b) 4,765 550,262 
YOU On Demand Holdings, Inc. (a)(b) 15,827 32,287 
  104,441,784 
Multiline Retail - 0.3%   
Dollar Tree, Inc. (a) 61,502 4,640,941 
Fred's, Inc. Class A 9,737 160,466 
Gordmans Stores, Inc. (a)(b) 3,931 11,990 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 16,578 292,767 
Sears Canada, Inc. (a)(b) 29,750 249,504 
Sears Holdings Corp. (a)(b) 27,876 616,896 
The Bon-Ton Stores, Inc. (b) 5,468 14,654 
Tuesday Morning Corp. (a)(b) 12,485 83,400 
  6,070,618 
Specialty Retail - 1.5%   
America's Car Mart, Inc. (a) 2,497 66,121 
Ascena Retail Group, Inc. (a)(b) 50,680 574,204 
bebe stores, Inc. (b) 19,126 8,802 
Bed Bath & Beyond, Inc. (a) 45,369 2,473,518 
Big 5 Sporting Goods Corp. 5,900 56,994 
Books-A-Million, Inc. (a) 1,634 5,294 
Citi Trends, Inc. 4,611 91,436 
Conn's, Inc. (a)(b) 9,568 255,179 
DavidsTea, Inc. (b) 5,932 69,760 
Destination Maternity Corp. 3,661 20,319 
Destination XL Group, Inc. (a)(b) 13,417 67,085 
Finish Line, Inc. Class A 11,318 187,766 
Five Below, Inc. (a)(b) 15,116 423,399 
Francesca's Holdings Corp. (a) 10,562 157,691 
Hibbett Sports, Inc. (a) 6,916 226,914 
Kirkland's, Inc. 4,778 70,284 
Mattress Firm Holding Corp. (a)(b) 9,672 477,410 
Michaels Companies, Inc. (a) 55,166 1,225,237 
Monro Muffler Brake, Inc. 8,307 615,050 
O'Reilly Automotive, Inc. (a) 26,229 6,921,046 
Office Depot, Inc. (a) 146,049 962,463 
Outerwall, Inc. (b) 4,618 285,854 
Pacific Sunwear of California, Inc. (a) 15,934 5,578 
Perfumania Holdings, Inc. (a) 1,858 6,410 
Rent-A-Center, Inc. 13,745 235,864 
Ross Stores, Inc. 109,100 5,674,291 
Sears Hometown & Outlet Stores, Inc. (a) 7,167 57,049 
Select Comfort Corp. (a) 13,417 316,910 
Shoe Carnival, Inc. 5,657 110,198 
Sportsman's Warehouse Holdings, Inc. (a) 11,663 133,541 
Staples, Inc. 169,583 2,046,867 
Stein Mart, Inc. 12,251 94,700 
Tandy Leather Factory, Inc. (a) 1,041 7,225 
The Children's Place Retail Stores, Inc. 5,270 254,646 
Tile Shop Holdings, Inc. (a)(b) 13,065 221,321 
Tractor Supply Co. 35,600 3,180,860 
Trans World Entertainment Corp. (a) 6,821 25,101 
Ulta Salon, Cosmetics & Fragrance, Inc. (a) 17,002 2,839,334 
Urban Outfitters, Inc. (a) 33,467 749,661 
West Marine, Inc. (a) 7,754 71,259 
Winmark Corp. 1,430 136,565 
Zumiez, Inc. (a)(b) 8,312 125,428 
  31,534,634 
Textiles, Apparel & Luxury Goods - 0.3%   
Charles & Colvard Ltd. (a) 4,097 4,957 
Cherokee, Inc. (a) 3,256 62,222 
Columbia Sportswear Co. 19,177 898,059 
Crocs, Inc. (a) 19,193 213,522 
Crown Crafts, Inc. 1,184 10,478 
Fossil Group, Inc. (a)(b) 12,894 496,032 
G-III Apparel Group Ltd. (a) 11,884 545,119 
Iconix Brand Group, Inc. (a)(b) 12,299 86,585 
Joe's Jeans, Inc. (a) 4,434 909 
Kingold Jewelry, Inc. (a)(b) 5,932 3,559 
Lakeland Industries, Inc. (a) 2,257 31,440 
lululemon athletica, Inc. (a)(b) 34,018 1,626,741 
Perry Ellis International, Inc. (a) 4,580 94,989 
Rocky Brands, Inc. 1,460 16,586 
Sequential Brands Group, Inc. (a)(b) 10,511 94,073 
Steven Madden Ltd. (a) 16,581 528,934 
Superior Uniform Group, Inc. 4,267 78,897 
Vera Bradley, Inc. (a)(b) 12,080 143,873 
  4,936,975 
TOTAL CONSUMER DISCRETIONARY  372,489,652 
CONSUMER STAPLES - 5.5%   
Beverages - 0.5%   
Coca-Cola Bottling Co. Consolidated 1,868 361,776 
Craft Brew Alliance, Inc. (a) 5,814 56,512 
MGP Ingredients, Inc. (b) 4,238 88,659 
Monster Beverage Corp. 54,409 8,412,175 
National Beverage Corp. (a) 13,020 565,719 
Primo Water Corp. (a) 8,555 76,054 
  9,560,895 
Food & Staples Retailing - 2.4%   
Andersons, Inc. 7,288 251,217 
Casey's General Stores, Inc. 10,286 1,195,953 
Chefs' Warehouse Holdings (a)(b) 7,607 148,945 
China Jo-Jo Drugstores, Inc. (a) 1,100 2,002 
Costco Wholesale Corp. 115,758 18,685,656 
Fairway Group Holdings Corp. (a)(b) 10,070 8,383 
Fresh Market, Inc. (a)(b) 12,458 298,743 
G Willi-Food International Ltd. (a) 4,242 14,508 
Ingles Markets, Inc. Class A 3,821 208,130 
PriceSmart, Inc. (b) 8,606 802,079 
SpartanNash Co. 11,054 238,987 
Sprouts Farmers Market LLC (a)(b) 41,149 992,925 
United Natural Foods, Inc. (a) 13,144 577,153 
Village Super Market, Inc. Class A 3,307 85,651 
Walgreens Boots Alliance, Inc. 289,278 24,308,030 
Whole Foods Market, Inc. 94,933 2,767,297 
  50,585,659 
Food Products - 2.6%   
Alico, Inc. 2,730 116,516 
Blue Buffalo Pet Products, Inc. (a)(b) 53,046 953,237 
Boulder Brands, Inc. (a)(b) 17,590 192,259 
Bridgford Foods Corp. (a) 433 4,425 
Cal-Maine Foods, Inc. (b) 11,671 636,186 
Calavo Growers, Inc. 4,637 262,361 
Diamond Foods, Inc. (a) 8,269 334,729 
Farmer Brothers Co. (a)(b) 5,302 154,977 
Freshpet, Inc. (b) 8,946 77,025 
Inventure Foods, Inc. (a)(b) 6,705 50,690 
J&J Snack Foods Corp. 4,945 576,983 
John B. Sanfilippo & Son, Inc. 2,459 141,515 
Keurig Green Mountain, Inc. (b) 40,716 2,133,518 
Lancaster Colony Corp. 7,304 849,163 
Landec Corp. (a) 8,847 113,330 
Lifeway Foods, Inc. (a) 5,561 61,171 
Limoneira Co. (b) 5,024 85,559 
Mondelez International, Inc. (b) 426,631 18,626,709 
Origin Agritech Ltd. (a)(b) 2,765 3,982 
Pilgrim's Pride Corp. (b) 67,322 1,449,443 
S&W Seed Co. (a)(b) 3,247 14,287 
Sanderson Farms, Inc. (b) 5,797 433,674 
Seneca Foods Corp. Class A (a) 2,946 81,133 
SkyPeople Fruit Juice, Inc. (a)(b) 1,700 869 
Snyders-Lance, Inc. (b) 18,562 688,093 
SunOpta, Inc. (a) 24,535 174,935 
The Hain Celestial Group, Inc. (a) 26,285 1,122,370 
The Kraft Heinz Co. 321,330 23,678,808 
  53,017,947 
Household Products - 0.0%   
Central Garden & Pet Co. Class A (non-vtg.) (a) 13,206 208,523 
WD-40 Co. 4,288 423,526 
  632,049 
Personal Products - 0.0%   
Elizabeth Arden, Inc. (a)(b) 7,908 81,057 
Inter Parfums, Inc. 8,757 233,462 
LifeVantage Corp. (a)(b) 4,116 34,821 
Mannatech, Inc. (a) 625 13,638 
Natural Health Trends Corp. (b) 3,011 145,702 
Nature's Sunshine Products, Inc. 7,919 93,207 
Neptune Technologies & Bioressources, Inc. (a)(b) 17,693 20,271 
Nutraceutical International Corp. (a) 3,582 89,478 
Reliv International, Inc. (a) 923 609 
Synutra International, Inc. (a)(b) 15,342 78,551 
The Female Health Co. (a)(b) 6,933 10,677 
United-Guardian, Inc. 1,179 21,493 
  822,966 
TOTAL CONSUMER STAPLES  114,619,516 
ENERGY - 0.5%   
Energy Equipment & Services - 0.1%   
Archrock Partners LP 16,542 265,830 
Dawson Geophysical Co. (a) 7,613 33,726 
ENGlobal Corp. (a) 5,041 6,100 
Forbes Energy Services Ltd. (a) 4,367 1,616 
Geospace Technologies Corp. (a)(b) 6,461 82,249 
Glori Energy, Inc. (a)(b) 5,415 4,278 
Gulf Island Fabrication, Inc. 5,322 52,688 
Matrix Service Co. (a) 7,140 164,149 
Mitcham Industries, Inc. (a)(b) 2,123 8,089 
Ocean Rig UDW, Inc. (United States) (b) 41,051 80,870 
Patterson-UTI Energy, Inc. 41,561 674,119 
PHI, Inc. (non-vtg.) (a) 5,206 111,252 
Profire Energy, Inc. (a) 7,873 10,629 
RigNet, Inc. (a)(b) 4,758 105,104 
SAExploration Holdings, Inc. (a) 3,388 8,063 
Synthesis Energy Systems, Inc. (a)(b) 23,079 20,540 
Tesco Corp. 14,411 121,197 
  1,750,499 
Oil, Gas & Consumable Fuels - 0.4%   
Abraxas Petroleum Corp. (a) 25,964 34,272 
Aemetis, Inc. (a)(b) 5,390 16,062 
Alliance Holdings GP, LP 16,957 404,424 
Alliance Resource Partners LP 19,407 332,830 
Amyris, Inc. (a)(b) 50,335 84,059 
Approach Resources, Inc. (a)(b) 8,306 18,522 
Blueknight Energy Partners LP 9,473 58,733 
BreitBurn Energy Partners LP 53,725 107,450 
Calumet Specialty Products Partners LP 20,128 512,056 
Capital Product Partners LP 27,392 172,570 
Carrizo Oil & Gas, Inc. (a) 15,206 614,018 
Ceres, Inc. (a) 312 304 
Clean Energy Fuels Corp. (a)(b) 24,912 117,336 
Diamondback Energy, Inc. (b) 17,720 1,382,514 
Dorchester Minerals LP 8,986 119,244 
Energy XXI (Bermuda) Ltd. (b) 29,919 46,973 
EV Energy Partners LP 11,535 40,257 
FX Energy, Inc. (a) 8,238 9,391 
Gevo, Inc. (a) 314 458 
Golar LNG Ltd. (b) 25,480 696,878 
Golar LNG Partners LP 12,813 183,738 
Green Plains Partners LP 5,333 70,449 
Green Plains, Inc. 10,332 244,765 
Gulfport Energy Corp. (a) 27,985 711,379 
Hallador Energy Co. (b) 7,855 52,943 
Hongli Clean Energy Technologies Corp. (a) 4,480 2,136 
Isramco, Inc. (a)(b) 558 51,336 
Legacy Reserves LP 16,922 52,797 
Lilis Energy, Inc. (a) 2,890 287 
LINN Energy LLC/LINN Energy Finance Corp. 89,634 180,164 
LinnCo LLC (b) 32,952 57,996 
Magellan Petroleum Corp. (a) 569 299 
Marine Petroleum Trust 339 1,949 
Martin Midstream Partners LP 9,110 229,572 
Memorial Production Partners LP 20,313 74,346 
Memorial Resource Development Corp. (a) 55,754 908,233 
Mid-Con Energy Partners LP 7,322 17,060 
Pacific Ethanol, Inc. (a)(b) 12,497 62,360 
PDC Energy, Inc. (a) 10,754 607,493 
PennTex Midstream Partners LP 5,329 76,098 
PrimeEnergy Corp. (a) 333 17,050 
Renewable Energy Group, Inc. (a) 13,388 120,626 
Rex Energy Corp. (a)(b) 14,752 20,210 
Royale Energy, Inc. (a) 2,924 1,316 
Solazyme, Inc. (a)(b) 22,326 73,676 
StealthGas, Inc. (a)(b) 12,561 49,239 
Torchlight Energy Resources, Inc. (a)(b) 2,041 2,959 
TransGlobe Energy Corp. (a) 19,974 39,336 
U.S. Energy Corp. (a) 3,179 764 
Uranium Resources, Inc. (a) 5,678 3,236 
Vanguard Natural Resources LLC 34,513 197,069 
Vertex Energy, Inc. (a)(b) 4,311 8,320 
Viper Energy Partners LP 21,992 335,378 
Warren Resources, Inc. (a) 12,572 3,118 
Westmoreland Coal Co. (a)(b) 4,186 25,116 
Zion Oil & Gas, Inc. (a) 3,214 6,299 
Zion Oil & Gas, Inc. rights 1/15/16 (b) 32 0 
  9,257,463 
TOTAL ENERGY  11,007,962 
FINANCIALS - 6.9%   
Banks - 3.1%   
1st Source Corp. 9,007 304,527 
Access National Corp. 2,974 64,982 
ACNB Corp. 934 20,128 
American National Bankshares, Inc. 4,129 107,354 
American River Bankshares (a) 684 7,059 
Ameris Bancorp 7,613 260,288 
Ames National Corp. 3,882 98,370 
Arrow Financial Corp. 7,524 214,208 
Avenue Financial Holdings, Inc. 3,947 55,140 
BancFirst Corp. 6,438 415,058 
Bancorp, Inc., Delaware (a) 10,990 84,403 
Bank of Commerce Holdings 4,385 32,142 
Bank of Marin Bancorp 2,183 119,912 
Bank of the Ozarks, Inc. 22,545 1,223,743 
Bankwell Financial Group, Inc. (b) 2,711 53,407 
Banner Corp. 8,729 458,273 
Baylake Corp. 1,626 23,479 
BBCN Bancorp, Inc. 21,841 413,013 
BCB Bancorp, Inc. 1,563 17,474 
Blue Hills Bancorp, Inc. 9,688 157,527 
BNC Bancorp 9,925 253,088 
BOK Financial Corp. (b) 17,838 1,228,146 
Boston Private Financial Holdings, Inc. 19,672 238,031 
Bridge Bancorp, Inc. 5,128 163,481 
Bryn Mawr Bank Corp. 4,312 128,282 
C & F Financial Corp. 1,129 44,020 
California First National Bancorp 3,963 52,827 
Camden National Corp. 2,576 115,765 
Capital Bank Financial Corp. Series A 8,605 290,161 
Capital City Bank Group, Inc. 6,123 96,437 
Cardinal Financial Corp. 9,297 228,706 
Cascade Bancorp (a) 28,819 172,914 
Cathay General Bancorp 21,758 746,735 
Centerstate Banks of Florida, Inc. 11,574 184,490 
Central Valley Community Bancorp 3,341 37,519 
Century Bancorp, Inc. Class A (non-vtg.) 1,598 71,766 
Chemical Financial Corp. 10,262 378,155 
Chemung Financial Corp. 1,150 32,085 
Citizens & Northern Corp. 5,396 110,780 
Citizens Holding Co. 1,328 28,791 
City Holding Co. 4,337 216,503 
Civista Bancshares, Inc. 1,242 13,376 
CNB Financial Corp., Pennsylvania 6,443 120,420 
CoBiz, Inc. 15,813 216,954 
Codorus Valley Bancorp, Inc. 580 12,203 
Colony Bankcorp, Inc. (a) 217 2,092 
Columbia Banking Systems, Inc. 15,138 538,005 
Commerce Bancshares, Inc. (b) 25,110 1,153,051 
Community Trust Bancorp, Inc. 5,622 206,327 
CommunityOne Bancorp (a) 8,761 123,530 
ConnectOne Bancorp, Inc. 8,767 171,044 
County Bancorp, Inc. (b) 1,532 30,640 
CU Bancorp (a) 5,341 143,780 
CVB Financial Corp. 26,635 492,748 
DNB Financial Corp. 927 25,947 
Eagle Bancorp, Inc. (a)(b) 8,834 482,601 
East West Bancorp, Inc. 37,722 1,636,380 
Eastern Virginia Bankshares, Inc. 5,032 34,419 
Enterprise Bancorp, Inc. 2,780 68,082 
Enterprise Financial Services Corp. 4,979 145,885 
Farmers Capital Bank Corp. (a) 2,162 58,396 
Farmers National Banc Corp. 7,589 63,823 
Fidelity Southern Corp. 5,915 133,797 
Fifth Third Bancorp 210,636 4,353,846 
Financial Institutions, Inc. 4,125 112,489 
First Bancorp, North Carolina 7,479 145,766 
First Busey Corp. 8,511 187,157 
First Business Finance Services, Inc. 2,872 74,442 
First Citizen Bancshares, Inc. 3,077 815,159 
First Community Bancshares, Inc. 10,709 218,464 
First Connecticut Bancorp, Inc. 7,134 130,196 
First Financial Bancorp, Ohio 17,306 348,716 
First Financial Bankshares, Inc. (b) 17,187 617,185 
First Financial Corp., Indiana 4,467 163,314 
First Foundation, Inc. (a) 4,911 112,609 
First Internet Bancorp 1,663 53,632 
First Interstate Bancsystem, Inc. 5,223 158,831 
First Merchants Corp. 9,826 267,267 
First Midwest Bancorp, Inc., Delaware 20,509 400,746 
First NBC Bank Holding Co. (a) 4,997 211,573 
First Niagara Financial Group, Inc. 92,281 994,789 
First Northwest Bancorp 4,402 61,716 
First of Long Island Corp. 4,899 153,731 
First South Bancorp, Inc., Virginia 619 5,385 
First United Corp. (a) 493 4,994 
FirstMerit Corp. 43,076 871,427 
Flushing Financial Corp. 9,009 205,135 
Fulton Financial Corp. 43,205 625,176 
German American Bancorp, Inc. 5,293 182,503 
Glacier Bancorp, Inc. 19,346 568,385 
Great Southern Bancorp, Inc. 4,297 218,545 
Green Bancorp, Inc. (a) 12,894 174,843 
Grupo Financiero Galicia SA sponsored ADR (a)(b) 11,418 287,163 
Guaranty Bancorp 6,892 120,748 
Hampton Roads Bankshares, Inc. (a)(b) 51,574 96,443 
Hancock Holding Co. 19,650 572,208 
Hanmi Financial Corp. 8,261 215,612 
Hawthorn Bancshares, Inc. 678 10,462 
Heartland Financial U.S.A., Inc. 5,807 221,305 
Heritage Commerce Corp. 10,547 113,908 
Heritage Financial Corp., Washington 8,122 159,029 
Heritage Oaks Bancorp 10,896 90,764 
Home Bancshares, Inc. 17,599 794,067 
HomeTrust Bancshares, Inc. (a) 6,601 131,954 
Horizon Bancorp Industries 2,246 61,832 
Huntington Bancshares, Inc. 199,654 2,333,955 
IBERIABANK Corp. 10,484 664,371 
Independent Bank Corp. 7,383 114,510 
Independent Bank Corp., Massachusetts (b) 6,977 360,990 
Independent Bank Group, Inc. 5,201 207,884 
International Bancshares Corp. 18,696 570,415 
Investar Holding Corp. 1,376 24,355 
Investors Bancorp, Inc. 83,811 1,074,457 
Lakeland Bancorp, Inc. 15,606 188,677 
Lakeland Financial Corp. 5,665 272,713 
Landmark Bancorp, Inc. 519 13,419 
LCNB Corp. 2,330 38,562 
LegacyTexas Financial Group, Inc. 12,443 379,636 
Live Oak Bancshares, Inc. (b) 8,328 131,582 
Macatawa Bank Corp. 12,036 70,892 
MainSource Financial Group, Inc. 7,855 180,822 
MB Financial, Inc. 20,686 739,318 
MBT Financial Corp. (a) 6,453 42,267 
Mercantile Bank Corp. 6,559 169,681 
Merchants Bancshares, Inc. 2,816 92,055 
Metro Bancorp, Inc. 3,750 127,425 
Middleburg Financial Corp. 2,232 41,002 
MidWestOne Financial Group, Inc. 4,035 128,111 
Monarch Financial Holdings, Inc. 2,476 32,386 
MutualFirst Financial, Inc. 1,656 39,413 
National Bankshares, Inc. 2,969 106,646 
National Penn Bancshares, Inc. 37,295 465,815 
NBT Bancorp, Inc. 11,948 359,993 
NewBridge Bancorp 13,272 170,412 
Northeast Bancorp 1,292 13,850 
Northrim Bancorp, Inc. 1,960 57,683 
Norwood Financial Corp. 895 25,731 
Oak Valley Bancorp Oakdale California 1,916 19,352 
Ohio Valley Banc Corp. 1,615 41,166 
Old Line Bancshares, Inc. 2,635 46,350 
Old National Bancorp, Indiana 27,443 404,784 
Old Point Financial Corp. 453 8,240 
Old Second Bancorp, Inc. (a) 10,975 85,056 
Opus Bank (b) 7,867 309,802 
Orrstown Financial Services, Inc. 2,177 38,685 
Pacific Continental Corp. 8,315 132,292 
Pacific Mercantile Bancorp (a) 9,313 62,770 
Pacific Premier Bancorp, Inc. (a) 5,329 124,858 
PacWest Bancorp 30,719 1,444,407 
Park Sterling Corp. 17,930 135,730 
Patriot National Bancorp, Inc. (a) 1,723 26,293 
Peapack-Gladstone Financial Corp. 5,501 125,313 
Penns Woods Bancorp, Inc. 1,952 87,079 
People's Utah Bancorp 5,586 95,018 
Peoples Bancorp of North Carolina 1,863 35,602 
Peoples Bancorp, Inc. 4,675 96,399 
Peoples Financial Services Corp. (b) 2,561 102,210 
Peoples United Financial, Inc. 80,169 1,342,831 
Pinnacle Financial Partners, Inc. 10,446 567,531 
Popular, Inc. (b) 27,481 816,461 
Preferred Bank, Los Angeles 4,081 148,630 
Premier Financial Bancorp, Inc. 766 11,697 
PrivateBancorp, Inc. 20,899 921,855 
QCR Holdings, Inc. 3,459 83,708 
Renasant Corp. 10,020 366,031 
Republic Bancorp, Inc., Kentucky Class A 6,722 180,284 
Republic First Bancorp, Inc. (a)(b) 9,584 44,182 
S&T Bancorp, Inc. 9,173 311,148 
Sandy Spring Bancorp, Inc. 8,000 235,040 
SB Financial Group, Inc. 723 8,076 
Seacoast Banking Corp., Florida (a) 8,557 137,340 
ServisFirst Bancshares, Inc. 6,733 331,398 
Shore Bancshares, Inc. 4,335 45,994 
Sierra Bancorp 6,519 116,299 
Signature Bank (a) 13,135 2,077,300 
Simmons First National Corp. Class A 8,151 469,987 
South State Corp. 6,471 508,685 
Southcoast Financial Corp. (a) 2,249 35,129 
Southern National Bancorp of Virginia, Inc. 3,827 47,263 
Southside Bancshares, Inc. 7,203 203,413 
Southwest Bancorp, Inc., Oklahoma 6,487 120,010 
State Bank Financial Corp. 9,915 231,119 
Stock Yards Bancorp, Inc. 7,672 308,951 
Stonegate Bank 3,298 111,538 
Suffolk Bancorp 3,853 114,203 
Summit Financial Group, Inc. 616 7,226 
Sun Bancorp, Inc. (a) 7,471 163,764 
SVB Financial Group (a) 13,472 1,784,771 
Talmer Bancorp, Inc. Class A 17,236 314,902 
Texas Capital Bancshares, Inc. (a) 12,493 740,585 
The First Bancorp, Inc. 4,381 97,214 
TowneBank 13,976 313,761 
Trico Bancshares 6,847 200,617 
TriState Capital Holdings, Inc. (a) 11,621 153,746 
Triumph Bancorp, Inc. 5,436 94,749 
Trustmark Corp. 15,882 401,021 
UMB Financial Corp. 12,928 681,306 
Umpqua Holdings Corp. 51,702 926,500 
Union Bankshares Corp. 11,901 319,542 
Union Bankshares, Inc. 744 20,534 
United Bankshares, Inc., West Virginia 18,022 759,087 
United Community Bank, Inc. 18,173 379,452 
United Security Bancshares, Inc. 450 3,839 
United Security Bancshares, California 1,169 6,137 
Univest Corp. of Pennsylvania 7,897 164,889 
Veritex Holdings, Inc. (a) 3,105 53,437 
Washington Trust Bancorp, Inc. 4,769 194,861 
WesBanco, Inc. 10,966 371,967 
West Bancorp., Inc. 5,705 118,265 
Westamerica Bancorp. (b) 7,842 384,258 
Wilshire Bancorp, Inc. 20,853 257,326 
Wintrust Financial Corp. 12,400 652,612 
Your Community Bankshares, Inc. 63 1,909 
Zions Bancorporation 51,696 1,548,812 
  63,809,811 
Capital Markets - 1.0%   
American Capital Senior Floating Ltd. 4,809 52,274 
BGC Partners, Inc. Class A 58,369 530,282 
Calamos Asset Management, Inc. Class A 6,503 61,844 
Capital Southwest Corp. 4,122 64,509 
Capitala Finance Corp. (b) 5,297 74,158 
Carlyle Group LP 22,905 412,977 
CIFI Corp. 6,065 42,455 
CM Finance, Inc. (b) 3,792 42,888 
Cowen Group, Inc. Class A (a)(b) 30,004 142,519 
Diamond Hill Investment Group, Inc. 1,005 221,291 
E*TRADE Financial Corp. (a) 76,250 2,320,288 
FBR & Co. 2,691 56,942 
Fifth Street Asset Management, Inc. Class A (b) 4,060 18,514 
Financial Engines, Inc. (b) 13,359 481,325 
Harris & Harris Group, Inc. (a) 12,222 27,133 
Harvest Capital Credit Corp. 3,560 42,115 
Hennessy Advisors, Inc. 1,715 50,181 
Horizon Technology Finance Corp. 3,800 46,208 
Interactive Brokers Group, Inc. 17,089 740,979 
INTL FCStone, Inc. (a) 4,767 169,610 
LPL Financial (b) 24,522 1,127,522 
Newtek Business Services Corp. 4,408 61,888 
Northern Trust Corp. 61,729 4,625,971 
SEI Investments Co. 44,131 2,400,285 
Siebert Financial Corp. (a) 2,067 2,584 
Silvercrest Asset Management Group Class A 3,070 39,511 
T. Rowe Price Group, Inc. 68,089 5,184,977 
U.S. Global Investments, Inc. Class A 870 1,096 
Virtu Financial, Inc. Class A 9,125 203,031 
Virtus Investment Partners, Inc. 2,469 336,377 
WisdomTree Investments, Inc. (b) 37,005 804,859 
  20,386,593 
Consumer Finance - 0.2%   
Asta Funding, Inc. (a) 3,624 30,369 
Atlanticus Holdings Corp. (a) 2,291 7,285 
Consumer Portfolio Services, Inc. (a) 7,107 33,261 
Credit Acceptance Corp. (a)(b) 5,503 1,102,911 
Encore Capital Group, Inc. (a)(b) 6,717 221,459 
EZCORP, Inc. (non-vtg.) Class A (a)(b) 16,249 94,082 
First Cash Financial Services, Inc. (a) 7,527 292,725 
Navient Corp. 96,614 1,150,673 
Nicholas Financial, Inc. (a) 3,320 42,762 
PRA Group, Inc. (a)(b) 12,804 528,933 
QC Holdings, Inc. 1,821 2,458 
SLM Corp. (a) 112,123 757,391 
World Acceptance Corp. (a)(b) 2,333 100,646 
  4,364,955 
Diversified Financial Services - 0.8%   
A-Mark Precious Metals, Inc. 2,324 36,022 
CBOE Holdings, Inc. 21,965 1,586,093 
China Commercial Credit, Inc. (a) 1,526 694 
CME Group, Inc. 89,597 8,749,147 
MarketAxess Holdings, Inc. 9,894 1,056,481 
Markit Ltd. (a) 54,117 1,596,452 
Marlin Business Services Corp. 3,780 66,074 
Morningstar, Inc. 11,847 956,645 
NewStar Financial, Inc. (a) 12,887 124,102 
PICO Holdings, Inc. (a) 6,956 75,333 
Resource America, Inc. Class A 7,199 42,042 
The NASDAQ OMX Group, Inc. 43,982 2,578,225 
Tiptree Financial, Inc. 10,225 70,246 
Value Line, Inc. 1,458 22,132 
WL Ross Holding Corp. (a) 24,206 242,302 
  17,201,990 
Insurance - 0.7%   
AMBAC Financial Group, Inc. (a) 11,994 202,459 
American Independence Corp. (a) 848 7,836 
American National Insurance Co. 7,629 819,049 
Amerisafe, Inc. 5,170 278,353 
AmTrust Financial Services, Inc. 21,341 1,334,026 
Arch Capital Group Ltd. (a)(b) 31,583 2,288,820 
Argo Group International Holdings, Ltd. 6,953 441,724 
Atlas Financial Holdings, Inc. (a) 3,081 64,609 
Baldwin & Lyons, Inc. Class B 6,121 143,537 
Cincinnati Financial Corp. 41,744 2,550,976 
CNinsure, Inc. ADR (a) 10,482 94,862 
Donegal Group, Inc. Class A 10,694 148,860 
eHealth, Inc. (a) 6,376 82,569 
EMC Insurance Group 5,956 155,571 
Enstar Group Ltd. (a) 4,259 656,354 
Erie Indemnity Co. Class A 12,733 1,226,570 
Federated National Holding Co. 4,343 124,166 
Global Indemnity PLC (a) 4,545 133,350 
Greenlight Capital Re, Ltd. (a) 7,607 156,780 
Hallmark Financial Services, Inc. (a) 7,017 89,467 
Health Insurance Innovations, Inc. (a)(b) 2,090 11,328 
Infinity Property & Casualty Corp. 2,765 236,408 
Investors Title Co. 621 54,058 
James River Group Holdings Ltd. 8,075 259,208 
Kansas City Life Insurance Co. 3,287 164,087 
Kingstone Companies, Inc. 3,333 32,663 
Maiden Holdings Ltd. 20,674 318,586 
National General Holdings Corp. 25,378 556,032 
National Interstate Corp. 7,415 193,828 
National Western Life Group, Inc. 983 258,775 
Navigators Group, Inc. (a) 3,760 324,338 
Oxbridge Re Holdings Ltd. 1,344 7,325 
Safety Insurance Group, Inc. 3,962 221,912 
Selective Insurance Group, Inc. 15,878 547,950 
State Auto Financial Corp. 11,447 265,685 
State National Companies, Inc. 13,036 131,794 
Unico American Corp. (a) 912 8,217 
United Fire Group, Inc. 6,914 276,767 
United Insurance Holdings Corp. 6,540 123,868 
  14,992,767 
Real Estate Investment Trusts - 0.6%   
American Capital Agency Corp. 90,211 1,619,287 
American Capital Mortgage Investment Corp. 12,032 180,360 
CareTrust (REIT), Inc. 12,338 137,692 
CIM Commercial Trust Corp. 24,432 451,748 
Communications Sales & Leasing, Inc. 41,041 798,247 
CyrusOne, Inc. 17,513 633,270 
Equinix, Inc. 15,071 4,468,552 
Gaming & Leisure Properties 30,183 820,676 
Gladstone Commercial Corp. 8,799 128,377 
Gladstone Land Corp. 3,258 30,658 
Gyrodyne LLC (b) 955 25,747 
Lamar Advertising Co. Class A 20,981 1,225,500 
New York Mortgage Trust, Inc. (b) 32,846 190,507 
Potlatch Corp. 11,126 371,831 
Retail Opportunity Investments Corp. 29,119 532,587 
Sabra Health Care REIT, Inc. 17,866 369,469 
SoTHERLY Hotels, Inc. 7,917 49,085 
United Development Funding IV (b) 9,244 165,190 
  12,198,783 
Real Estate Management & Development - 0.1%   
Altisource Portfolio Solutions SA (a)(b) 5,149 148,137 
AV Homes, Inc. (a) 7,112 98,999 
China HGS Real Estate, Inc. (a)(b) 10,514 21,554 
China Housing & Land Development, Inc. (a)(b) 854 3,518 
Colliers International Group, Inc. 10,033 454,150 
Cresud S.A.C.I.F. y A. sponsored ADR 12,181 134,235 
Elbit Imaging Ltd. (a) 109 117 
FirstService Corp. 9,317 379,392 
FRP Holdings, Inc. (a) 3,157 97,835 
Griffin Industrial Realty, Inc. 1,362 36,747 
Landmark Infrastructure Partners LP (b) 3,065 44,749 
Stratus Properties, Inc. (a) 1,767 29,368 
  1,448,801 
Thrifts & Mortgage Finance - 0.4%   
America First Tax Exempt Investors LP 16,601 90,143 
Anchor BanCorp Wisconsin, Inc. (a) 2,723 114,339 
ASB Bancorp, Inc. (a) 402 10,440 
Bank Mutual Corp. 16,323 126,014 
BankFinancial Corp. 8,518 109,456 
Bear State Financial, Inc. (b) 10,743 114,413 
Beneficial Bancorp, Inc. (a) 21,175 295,603 
BofI Holding, Inc. (a)(b) 15,988 320,240 
Brookline Bancorp, Inc., Delaware 18,523 217,460 
BSB Bancorp, Inc. (a) 3,808 86,442 
Cape Bancorp, Inc. 4,456 58,507 
Capitol Federal Financial, Inc. 32,971 427,634 
Carver Bancorp, Inc. (a) 695 4,128 
Charter Financial Corp. 8,303 110,762 
Cheviot Financial Corp. 2,477 37,527 
Chicopee Bancorp, Inc. 1,629 28,019 
Clifton Bancorp, Inc. 8,796 130,533 
Dime Community Bancshares, Inc. 11,555 213,883 
ESSA Bancorp, Inc. 3,470 46,463 
First Clover Leaf Financial Corp. 1,082 10,528 
First Defiance Financial Corp. 2,593 107,687 
First Financial Northwest, Inc. 7,408 100,304 
Fox Chase Bancorp, Inc. 6,251 114,018 
HF Financial Corp. 1,845 29,944 
Hingham Institution for Savings 684 89,050 
HMN Financial, Inc. (a) 448 5,389 
Home Bancorp, Inc. 2,884 76,138 
HomeStreet, Inc. (a)(b) 5,897 127,788 
HopFed Bancorp, Inc. 1,199 14,016 
Kearny Financial Corp. 23,244 292,874 
Lake Shore Bancorp, Inc. 812 10,848 
Lake Sunapee Bank Group 999 13,986 
Lendingtree, Inc. (a)(b) 3,133 319,190 
Meridian Bancorp, Inc. 15,039 220,472 
Meta Financial Group, Inc. 2,042 91,890 
NMI Holdings, Inc. (a) 16,701 123,420 
Northeast Community Bancorp, Inc. 696 5,317 
Northfield Bancorp, Inc. 11,433 182,128 
Northwest Bancshares, Inc. 27,097 377,732 
Ocean Shore Holding Co. 2,171 37,450 
OceanFirst Financial Corp. 6,256 123,619 
Oneida Financial Corp. 2,123 42,736 
Oritani Financial Corp. 11,125 192,908 
Provident Financial Holdings, Inc. 2,969 54,867 
Prudential Bancorp, Inc. 3,638 54,352 
Pulaski Financial Corp. 5,265 86,399 
River Valley Bancorp 460 16,509 
Riverview Bancorp, Inc. 4,177 18,797 
Severn Bancorp, Inc. (a) 677 3,845 
SI Financial Group, Inc. 4,494 58,332 
Southern Missouri Bancorp, Inc. 1,692 40,405 
Territorial Bancorp, Inc. 3,435 98,962 
TFS Financial Corp. 80,515 1,511,267 
Trustco Bank Corp., New York 27,386 179,652 
United Community Financial Corp. 19,889 116,947 
United Financial Bancorp, Inc. New 13,618 189,426 
Washington Federal, Inc. 23,600 609,824 
Waterstone Financial, Inc. 10,295 142,586 
Westfield Financial, Inc. 5,006 40,248 
WSFS Financial Corp. 7,772 265,492 
  8,739,348 
TOTAL FINANCIALS  143,143,048 
HEALTH CARE - 16.1%   
Biotechnology - 10.5%   
Abeona Therapeutics, Inc. (a)(b) 8,888 41,329 
ACADIA Pharmaceuticals, Inc. (a)(b) 26,842 1,018,654 
Acceleron Pharma, Inc. (a) 8,908 381,886 
Achillion Pharmaceuticals, Inc. (a)(b) 36,086 367,355 
Acorda Therapeutics, Inc. (a)(b) 11,768 449,420 
Adamas Pharmaceuticals, Inc. (a) 4,619 73,765 
Adaptimmune Therapeutics PLC sponsored ADR 2,923 26,424 
ADMA Biologics, Inc. (a)(b) 4,173 38,392 
Aduro Biotech, Inc. (b) 16,512 511,707 
Advaxis, Inc. (a)(b) 8,036 96,995 
Aegerion Pharmaceuticals, Inc. (a)(b) 7,858 80,466 
Affimed NV (a)(b) 8,764 65,379 
Agenus, Inc. (a) 21,582 110,284 
Agios Pharmaceuticals, Inc. (a)(b) 9,977 644,414 
Aimmune Therapeutics, Inc. (a)(b) 11,222 240,039 
Akebia Therapeutics, Inc. (a) 7,485 80,314 
Alder Biopharmaceuticals, Inc. (a) 11,550 430,353 
Alexion Pharmaceuticals, Inc. (a)(b) 60,043 10,714,073 
Alkermes PLC (a) 39,558 2,901,975 
Alnylam Pharmaceuticals, Inc. (a) 22,430 2,334,066 
AMAG Pharmaceuticals, Inc. (a) 9,043 240,725 
Amarin Corp. PLC ADR (a)(b) 60,435 125,705 
Amgen, Inc. 200,972 32,376,589 
Amicus Therapeutics, Inc. (a) 32,032 343,703 
Anacor Pharmaceuticals, Inc. (a) 11,426 1,333,757 
Anthera Pharmaceuticals, Inc. (a) 9,885 56,246 
Applied Genetic Technologies Corp. (a) 5,947 101,337 
Aquinox Pharmaceuticals, Inc. (a)(b) 4,762 57,096 
Arbutus Biopharma Corp. (a)(b) 15,464 86,289 
Ardelyx, Inc. (a)(b) 6,739 131,815 
Arena Pharmaceuticals, Inc. (a) 63,699 152,241 
Argos Therapeutics, Inc. (a)(b) 4,768 19,406 
ARIAD Pharmaceuticals, Inc. (a)(b) 50,393 323,019 
ArQule, Inc. (a) 26,211 59,499 
Array BioPharma, Inc. (a)(b) 39,182 155,161 
Arrowhead Research Corp. (a)(b) 18,114 114,480 
Ascendis Pharma A/S ADR 4,550 81,127 
Atara Biotherapeutics, Inc. (a)(b) 7,830 307,719 
Athersys, Inc. (a)(b) 38,796 42,676 
aTyr Pharma, Inc. (a)(b) 5,867 49,928 
Aurinia Pharmaceuticals, Inc. (a) 9,563 24,347 
Avalanche Biotechnologies, Inc. (a) 6,327 66,307 
AVEO Pharmaceuticals, Inc. (a) 12,750 15,173 
Bellicum Pharmaceuticals, Inc. (b) 7,381 169,984 
BIND Therapeutics, Inc. (a) 9,908 46,568 
BioCryst Pharmaceuticals, Inc. (a)(b) 19,383 205,654 
Biogen, Inc. (a) 62,302 17,871,952 
BioMarin Pharmaceutical, Inc. (a) 42,895 4,090,896 
Biospecifics Technologies Corp. (a) 1,935 93,751 
Biota Pharmaceuticals, Inc. (a) 7,051 13,115 
Biotie Therapies Corp. sponsored ADR 1,834 26,043 
bluebird bio, Inc. (a) 9,703 861,141 
Blueprint Medicines Corp. 7,451 172,565 
Calithera Biosciences, Inc. (a)(b) 3,965 31,482 
Cancer Genetics, Inc. (a) 3,642 12,674 
Capricor Therapeutics, Inc. (a) 3,109 13,120 
Cara Therapeutics, Inc. (a) 6,809 112,689 
CareDx, Inc. (a) 5,786 37,667 
CASI Pharmaceuticals, Inc. (a) 899 944 
Catabasis Pharmaceuticals, Inc. (b) 5,874 48,754 
Catalyst Biosciences, Inc. (a) 1,132 3,317 
Catalyst Pharmaceutical Partners, Inc. (a) 24,398 66,241 
Celator Pharmaceuticals, Inc. (a) 6,769 12,252 
Celgene Corp. (a) 209,604 22,941,158 
Celladon Corp. (a) 5,077 9,037 
Celldex Therapeutics, Inc. (a)(b) 27,233 490,466 
Cellectis SA sponsored ADR (b) 1,841 60,919 
Cellular Biomedicine Group, Inc. (a)(b) 3,536 81,222 
Celsion Corp. (a)(b) 10,874 24,575 
Cepheid, Inc. (a) 19,576 703,561 
Cerulean Pharma, Inc. (a)(b) 8,259 26,759 
ChemoCentryx, Inc. (a)(b) 12,311 92,948 
Chiasma, Inc. (a)(b) 6,835 151,669 
Chimerix, Inc. (a) 12,243 494,617 
China Biologic Products, Inc. (a) 6,860 806,187 
Cidara Therapeutics, Inc. (b) 4,301 66,321 
Cleveland Biolabs, Inc. (a)(b) 161 678 
Clovis Oncology, Inc. (a)(b) 9,925 312,141 
Coherus BioSciences, Inc. (b) 10,110 307,041 
Colucid Pharmaceuticals, Inc. (b) 4,541 25,838 
Conatus Pharmaceuticals, Inc. (a)(b) 3,522 11,235 
Concert Pharmaceuticals, Inc. (a) 6,666 152,851 
ContraFect Corp. (a)(b) 6,691 27,768 
Corbus Pharmaceuticals Holdings, Inc. (a)(b) 14,493 25,798 
CTI BioPharma Corp. (a) 78,057 96,010 
Cubist Pharmaceuticals, Inc. rights (a) 5,544 0 
Curis, Inc. (a) 33,941 92,998 
Cyclacel Pharmaceuticals, Inc. (a) 5,706 4,080 
Cytokinetics, Inc. (a) 11,049 130,599 
Cytori Therapeutics, Inc. (a)(b) 71,017 25,843 
CytRx Corp. (a)(b) 18,151 56,813 
DBV Technologies SA sponsored ADR (a) 5,967 208,069 
Dicerna Pharmaceuticals, Inc. (a)(b) 5,947 79,452 
Discovery Laboratories, Inc. (a) 23,215 7,016 
Dyax Corp. (a) 37,958 1,277,666 
Dynavax Technologies Corp. (a) 11,420 318,504 
Eagle Pharmaceuticals, Inc. (a)(b) 4,075 373,433 
Eleven Biotherapeutics, Inc. (a)(b) 5,420 17,290 
Enanta Pharmaceuticals, Inc. (a)(b) 5,203 163,895 
Enzon Pharmaceuticals, Inc. 19,841 14,403 
Enzymotec Ltd. (a) 6,310 63,226 
Epirus Biopharmaceuticals, Inc. (a)(b) 8,074 39,320 
Epizyme, Inc. (a)(b) 11,339 182,671 
Esperion Therapeutics, Inc. (a)(b) 6,276 178,301 
Exact Sciences Corp. (a)(b) 26,352 239,540 
Exelixis, Inc. (a)(b) 58,785 336,250 
Fate Therapeutics, Inc. (a)(b) 9,778 40,970 
Fibrocell Science, Inc. (a)(b) 11,742 69,278 
FibroGen, Inc. 16,002 475,899 
Five Prime Therapeutics, Inc. (a) 7,100 272,995 
Flexion Therapeutics, Inc. (a) 5,441 105,773 
Fortress Biotech, Inc. (a)(b) 18,811 56,245 
Forward Pharma A/S sponsored ADR (a) 3,155 68,747 
Foundation Medicine, Inc. (a)(b) 9,578 162,922 
Galapagos Genomics NV sponsored ADR 2,418 120,223 
Galectin Therapeutics, Inc. (a)(b) 9,741 19,482 
Galena Biopharma, Inc. (a)(b) 45,192 67,788 
Galmed Pharmaceuticals Ltd. (a)(b) 4,237 39,785 
Genocea Biosciences, Inc. (a) 6,302 40,333 
Genomic Health, Inc. (a)(b) 9,870 299,258 
GenVec, Inc. (a) 3,850 6,930 
Geron Corp. (a)(b) 40,494 206,519 
Gilead Sciences, Inc. 388,724 41,189,195 
Global Blood Therapeutics, Inc. (a)(b) 7,982 374,835 
GlycoMimetics, Inc. (a) 6,164 43,025 
Grifols SA ADR (b) 21,597 750,496 
GTx, Inc. (a)(b) 5,496 5,111 
Halozyme Therapeutics, Inc. (a)(b) 35,259 627,610 
Harvard Apparatus (a) 528 1,716 
Heron Therapeutics, Inc. (a)(b) 9,828 294,349 
Histogenics Corp. 3,605 11,860 
Idera Pharmaceuticals, Inc. (a)(b) 29,274 113,583 
Ignyta, Inc. (a) 8,117 119,320 
Immune Design Corp. (a) 5,994 125,454 
ImmunoGen, Inc. (a) 22,512 305,488 
Immunomedics, Inc. (a)(b) 22,337 73,489 
Incyte Corp. (a) 47,910 5,473,238 
Infinity Pharmaceuticals, Inc. (a) 12,452 109,827 
Inotek Pharmaceuticals Corp. 4,756 57,024 
Inovio Pharmaceuticals, Inc. (a)(b) 20,054 148,600 
Insmed, Inc. (a) 17,504 285,490 
Insys Therapeutics, Inc. (a)(b) 18,899 602,122 
Intercept Pharmaceuticals, Inc. (a)(b) 6,481 1,143,961 
Ironwood Pharmaceuticals, Inc. Class A (a)(b) 32,887 401,221 
Isis Pharmaceuticals, Inc. (a)(b) 31,680 1,933,747 
Juno Therapeutics, Inc. (b) 26,187 1,476,685 
Kamada (a) 8,190 34,644 
Karyopharm Therapeutics, Inc. (a)(b) 9,737 182,082 
Keryx Biopharmaceuticals, Inc. (a)(b) 27,604 159,275 
Kindred Biosciences, Inc. (a) 6,727 26,841 
Kite Pharma, Inc. (a)(b) 11,729 966,118 
La Jolla Pharmaceutical Co. (a)(b) 5,044 170,437 
Lexicon Pharmaceuticals, Inc. (a)(b) 26,849 369,442 
Ligand Pharmaceuticals, Inc.:   
Class B (a)(b) 5,437 582,194 
General CVR (a) 1,518 108 
Glucagon CVR (a) 1,518 83 
MRK CVR rights (a) 1,639 0 
rights (a) 1,518 11 
TR Beta CVR (a) 1,518 64 
Lion Biotechnologies, Inc. (a) 15,660 114,005 
Loxo Oncology, Inc. (a)(b) 4,809 158,360 
Macrocure Ltd. (a)(b) 5,698 11,567 
Macrogenics, Inc. (a) 9,623 332,763 
MannKind Corp. (a)(b) 114,155 228,310 
MediciNova, Inc. (a)(b) 10,329 36,152 
Medivation, Inc. (a) 43,471 1,837,954 
MEI Pharma, Inc. (a)(b) 6,684 12,165 
Merrimack Pharmaceuticals, Inc. (a)(b) 29,428 276,917 
MiMedx Group, Inc. (a)(b) 29,829 267,268 
Minerva Neurosciences, Inc. (a) 7,470 37,499 
Mirati Therapeutics, Inc. (a) 5,046 191,899 
Momenta Pharmaceuticals, Inc. (a) 17,618 314,657 
Myriad Genetics, Inc. (a)(b) 17,971 781,739 
Nanosphere, Inc. (a)(b) 1,695 1,949 
NantKwest, Inc. (a)(b) 21,836 356,145 
Natera, Inc. (a)(b) 14,666 130,381 
Neothetics, Inc. (b) 4,838 44,171 
NephroGenex, Inc. (a)(b) 3,625 7,323 
Neurocrine Biosciences, Inc. (a)(b) 22,876 1,243,768 
NewLink Genetics Corp. (a)(b) 7,507 274,756 
Nexvet Biopharma PLC (a)(b) 5,964 23,558 
Nivalis Therapeutics, Inc. 4,215 34,985 
Northwest Biotherapeutics, Inc. (a)(b) 19,924 92,049 
Novavax, Inc. (a)(b) 70,376 602,419 
Nymox Pharmaceutical Corp. (a)(b) 11,657 38,235 
Ocata Therapeutics, Inc. (a) 10,729 92,055 
Ohr Pharmaceutical, Inc. (a)(b) 6,780 30,442 
OncoGenex Pharmaceuticals, Inc. (a)(b) 10,105 26,071 
Oncolytics Biotech, Inc. (a) 17,521 5,642 
OncoMed Pharmaceuticals, Inc. (a)(b) 8,459 193,288 
Onconova Therapeutics, Inc. (a)(b) 2,820 3,948 
Oncothyreon, Inc. (a) 32,326 114,757 
Ophthotech Corp. (a) 9,547 606,903 
Orexigen Therapeutics, Inc. (a)(b) 35,426 84,668 
Osiris Therapeutics, Inc. (b) 9,424 96,690 
Otonomy, Inc. (a) 6,736 177,763 
OvaScience, Inc. (a)(b) 6,685 63,040 
OXiGENE, Inc. (a) 4,000 3,920 
PDL BioPharma, Inc. 42,973 162,653 
Peregrine Pharmaceuticals, Inc. (a)(b) 84,708 109,273 
Pieris Pharmaceuticals, Inc. (a)(b) 12,868 32,299 
Pluristem Therapeutics, Inc. (a) 26,881 37,365 
Portola Pharmaceuticals, Inc. (a)(b) 13,731 681,195 
Prana Biotechnology Ltd. ADR (a) 3,293 3,227 
Progenics Pharmaceuticals, Inc. (a) 19,073 128,171 
ProNai Therapeutics, Inc. (a)(b) 8,082 155,094 
ProQR Therapeutics BV (a)(b) 5,848 60,936 
Proteon Therapeutics, Inc. (a)(b) 4,823 76,879 
Prothena Corp. PLC (a) 8,526 601,424 
PTC Therapeutics, Inc. (a)(b) 9,447 283,788 
QLT, Inc. (a) 15,216 43,670 
Radius Health, Inc. (a) 11,462 697,004 
Raptor Pharmaceutical Corp. (a) 20,776 131,304 
Recro Pharma, Inc. (a)(b) 2,448 21,812 
Regeneron Pharmaceuticals, Inc. (a) 26,967 14,683,532 
REGENXBIO, Inc. (a) 8,063 193,270 
Regulus Therapeutics, Inc. (a)(b) 14,580 146,821 
Repligen Corp. (a)(b) 9,450 268,664 
Retrophin, Inc. (a) 9,726 217,376 
Rigel Pharmaceuticals, Inc. (a) 22,858 74,974 
Sage Therapeutics, Inc. (a) 8,078 387,098 
Sangamo Biosciences, Inc. (a) 18,101 149,876 
Sarepta Therapeutics, Inc. (a)(b) 10,892 400,390 
Seattle Genetics, Inc. (a)(b) 36,372 1,526,897 
Seres Therapeutics, Inc. (b) 10,577 378,974 
Sinovac Biotech Ltd. (a) 17,922 95,703 
Sorrento Therapeutics, Inc. (a)(b) 9,467 75,831 
Spark Therapeutics, Inc. (b) 6,562 379,218 
Spectrum Pharmaceuticals, Inc. (a)(b) 19,144 114,864 
StemCells, Inc. (a) 60,746 33,107 
Stemline Therapeutics, Inc. (a) 4,870 40,129 
Sunesis Pharmaceuticals, Inc. (a) 21,950 22,609 
Synergy Pharmaceuticals, Inc. (a)(b) 28,378 178,214 
Synta Pharmaceuticals Corp. (a)(b) 39,269 16,803 
T2 Biosystems, Inc. (a)(b) 6,465 76,222 
Tenax Therapeutics, Inc. (a)(b) 12,195 39,512 
TESARO, Inc. (a) 11,079 565,472 
TetraLogic Pharmaceuticals Corp. (a)(b) 4,788 10,486 
TG Therapeutics, Inc. (a)(b) 14,539 191,624 
Threshold Pharmaceuticals, Inc. (a) 20,539 71,681 
Tobira Therapeutics, Inc. (a)(b) 6,103 81,780 
Tokai Pharmaceuticals, Inc. (a)(b) 6,171 70,967 
TONIX Pharmaceuticals Holding (a)(b) 6,127 44,421 
TRACON Pharmaceuticals, Inc. 3,559 42,281 
Transition Therapeutics, Inc. (a) 8,979 16,881 
Trevena, Inc. (a) 14,000 176,260 
Trovagene, Inc. (a)(b) 10,513 67,914 
Ultragenyx Pharmaceutical, Inc. (a) 10,370 1,019,578 
uniQure B.V. (a) 5,484 102,990 
United Therapeutics Corp. (a) 12,046 1,838,581 
Vanda Pharmaceuticals, Inc. (a)(b) 12,693 125,153 
VBL Therapeutics (a)(b) 6,559 34,566 
Verastem, Inc. (a) 8,737 19,833 
Vericel Corp. (a) 7,531 17,698 
Versartis, Inc. (a) 8,731 110,447 
Vertex Pharmaceuticals, Inc. (a) 64,926 8,398,827 
Vical, Inc. (a) 13,452 7,181 
Vitae Pharmaceuticals, Inc. (a) 5,864 84,207 
Vital Therapies, Inc. (a)(b) 8,413 79,082 
vTv Therapeutics, Inc. Class A (a) 3,233 21,952 
Xbiotech, Inc. (b) 9,130 68,201 
Xencor, Inc. (a) 10,779 173,326 
Xenon Pharmaceuticals, Inc. 4,574 41,806 
XOMA Corp. (a)(b) 28,824 38,336 
Zafgen, Inc. (a)(b) 6,572 111,133 
ZIOPHARM Oncology, Inc. (a)(b) 34,513 451,430 
  217,452,957 
Health Care Equipment & Supplies - 1.5%   
Abaxis, Inc. 6,087 323,646 
Abiomed, Inc. (a)(b) 10,825 882,995 
Accuray, Inc. (a)(b) 20,468 144,095 
Aethlon Medical, Inc. (a)(b) 3,425 24,797 
Align Technology, Inc. (a)(b) 21,268 1,419,426 
Alliqua Biomedical, Inc. (a) 8,560 22,684 
Alphatec Holdings, Inc. (a) 29,327 6,745 
Analogic Corp. 3,691 308,383 
Angiodynamics, Inc. (a) 11,436 136,088 
Anika Therapeutics, Inc. (a)(b) 4,337 181,981 
Antares Pharma, Inc. (a) 43,620 57,142 
Atossa Genetics, Inc. (a) 4,348 2,174 
Atricure, Inc. (a)(b) 9,470 203,416 
Atrion Corp. 526 221,393 
Avinger, Inc. (b) 3,879 69,783 
AxoGen, Inc. (a) 9,371 51,541 
Bellerophon Therapeutics, Inc. (b) 4,624 14,612 
BioLase Technology, Inc. (a)(b) 19,079 17,267 
Cardica, Inc. (a) 26,919 6,151 
Cardiovascular Systems, Inc. (a)(b) 8,530 136,480 
Cerus Corp. (a)(b) 27,048 153,362 
Cesca Therapeutics, Inc. (a) 1,101 413 
Cogentix Medical, Inc. (a) 2,300 3,335 
ConforMis, Inc. (a)(b) 10,820 230,791 
CONMED Corp. 7,107 302,048 
Cutera, Inc. (a) 4,323 61,473 
Cynosure, Inc. Class A (a) 5,721 240,625 
CytoSorbents Corp. (a)(b) 6,031 43,845 
Dehaier Medical Systems Ltd. (a) 837 1,423 
Delcath Systems, Inc. (a) 357 175 
DENTSPLY International, Inc. 37,250 2,259,585 
Derma Sciences, Inc. (a) 7,293 32,673 
DexCom, Inc. (a) 20,827 1,770,712 
EDAP TMS SA sponsored ADR (a)(b) 5,308 28,822 
Endologix, Inc. (a)(b) 16,791 170,932 
Entellus Medical, Inc. (b) 5,967 104,064 
EnteroMedics, Inc. (a)(b) 11,433 2,067 
Exactech, Inc. (a) 4,702 82,426 
Fonar Corp. (a) 2,012 32,031 
Genmark Diagnostics, Inc. (a) 12,119 96,588 
Hansen Medical, Inc. (a)(b) 2,742 7,760 
HeartWare International, Inc. (a)(b) 4,652 222,645 
Hologic, Inc. (a) 74,993 3,025,968 
ICU Medical, Inc. (a) 4,119 467,259 
IDEXX Laboratories, Inc. (a)(b) 23,927 1,694,510 
Inogen, Inc. (a) 5,165 197,561 
Insulet Corp. (a) 15,562 569,414 
Integra LifeSciences Holdings Corp. (a) 10,123 634,813 
Intuitive Surgical, Inc. (a) 9,821 5,107,116 
InVivo Therapeutics Holdings Corp. (a)(b) 7,874 75,984 
Invuity, Inc. 4,641 55,738 
Iridex Corp. (a) 5,451 52,166 
K2M Group Holdings, Inc. (a) 10,852 219,319 
Lantheus Holdings, Inc. (a) 8,743 30,950 
LDR Holding Corp. (a) 7,350 198,597 
LeMaitre Vascular, Inc. 4,353 67,167 
LivaNova PLC (a)(b) 13,443 804,564 
Lombard Medical, Inc. (a) 1,819 2,638 
Masimo Corp. (a) 13,130 544,632 
Mazor Robotics Ltd. sponsored ADR (a)(b) 3,651 36,327 
MELA Sciences, Inc. (a) 309 358 
Meridian Bioscience, Inc. 11,774 230,417 
Merit Medical Systems, Inc. (a) 11,779 228,159 
Misonix, Inc. (a) 2,036 19,281 
Natus Medical, Inc. (a) 8,626 420,776 
Neogen Corp. (a) 10,138 598,750 
Neovasc, Inc. (a) 15,953 79,286 
Novadaq Technologies, Inc. (a) 15,525 189,094 
Novocure Ltd. (a)(b) 22,421 545,951 
NuVasive, Inc. (a) 13,166 686,475 
NxStage Medical, Inc. (a)(b) 17,373 338,947 
OncoSec Medical, Inc. (a) 4,800 15,744 
OraSure Technologies, Inc. (a) 15,384 96,150 
Orthofix International NV (a) 5,030 198,987 
Oxford Immunotec Global PLC (a)(b) 6,605 87,516 
PhotoMedex, Inc. (a)(b) 1,894 767 
Quidel Corp. (a)(b) 8,359 181,307 
Quotient Ltd. (a)(b) 6,704 91,174 
ReWalk Robotics Ltd. (a)(b) 3,029 23,596 
Rockwell Medical Technologies, Inc. (a)(b) 12,911 156,610 
Roka Bioscience, Inc. (a) 2,827 3,392 
RTI Biologics, Inc. (a) 17,684 69,321 
Seaspine Holdings Corp. (a) 2,632 43,375 
Second Sight Medical Products, Inc. (b) 10,067 50,939 
Sientra, Inc. (a) 3,703 17,923 
Sirona Dental Systems, Inc. (a) 14,763 1,601,490 
Span-America Medical System, Inc. 503 9,713 
Staar Surgical Co. (a)(b) 11,963 100,370 
Stereotaxis, Inc. (a) 2,480 2,604 
Sunshine Heart, Inc. (a)(b) 2,294 4,267 
SurModics, Inc. (a) 3,649 76,848 
Symmetry Surgical, Inc. (a) 5,133 46,710 
Synergetics U.S.A., Inc. (b) 7,788 1,480 
Syneron Medical Ltd. (a) 11,589 86,222 
Tandem Diabetes Care, Inc. (a)(b) 8,685 89,542 
TearLab Corp. (a)(b) 8,271 12,324 
The Spectranetics Corp. (a)(b) 10,622 146,902 
Trinity Biotech PLC sponsored ADR 6,726 80,577 
TriVascular Technologies, Inc. (a)(b) 5,558 36,294 
Unilife Corp. (a)(b) 43,819 32,632 
Utah Medical Products, Inc. 1,583 89,424 
Vascular Solutions, Inc. (a) 4,458 158,437 
Veracyte, Inc. (a)(b) 7,500 53,925 
Vermillion, Inc. (a)(b) 8,983 16,080 
Wright Medical Group NV (a) 26,963 577,547 
Zeltiq Aesthetics, Inc. (a) 9,988 303,435 
Zosano Pharma Corp. (b) 3,225 8,869 
  31,773,304 
Health Care Providers & Services - 1.4%   
Acadia Healthcare Co., Inc. (a) 18,544 1,279,721 
Aceto Corp. 7,914 223,254 
Addus HomeCare Corp. (a) 2,677 61,009 
Air Methods Corp. (a)(b) 10,206 446,002 
Alliance Healthcare Services, Inc. (a) 3,497 31,508 
Almost Family, Inc. (a) 2,372 100,502 
Amedisys, Inc. (a) 8,739 354,716 
AmSurg Corp. (a)(b) 12,919 1,085,971 
BioScrip, Inc. (a)(b) 16,785 35,584 
BioTelemetry, Inc. (a) 6,659 83,970 
Caladrius Biosciences, Inc. (a)(b) 20,856 25,027 
Corvel Corp. (a) 5,741 222,464 
Cross Country Healthcare, Inc. (a) 8,663 158,100 
Digirad Corp. 7,344 42,889 
Express Scripts Holding Co. (a) 178,866 15,289,466 
HealthEquity, Inc. (a)(b) 15,683 517,539 
Healthways, Inc. (a) 10,129 134,412 
Henry Schein, Inc. (a) 21,759 3,404,848 
iKang Healthcare Group, Inc. sponsored ADR (a) 12,493 243,614 
LHC Group, Inc. (a) 4,603 214,270 
LifePoint Hospitals, Inc. (a) 11,478 821,940 
Magellan Health Services, Inc. (a) 7,066 372,025 
National Research Corp.:   
Class A 8,246 127,483 
Class B (b) 369 12,546 
Patterson Companies, Inc. (b) 27,635 1,259,327 
PDI, Inc. (a) 1,717 1,356 
Premier, Inc. (a) 9,875 339,305 
Providence Service Corp. (a) 4,214 204,042 
Psychemedics Corp. 2,537 29,429 
RadNet, Inc. (a) 13,857 85,913 
Sharps Compliance Corp. (a) 5,820 52,787 
Surgery Partners, Inc. (a)(b) 14,009 267,712 
Surgical Care Affiliates, Inc. (a) 10,455 388,612 
The Ensign Group, Inc. 7,254 345,073 
USMD Holdings, Inc. (a) 1,157 9,256 
VCA, Inc. (a) 21,547 1,185,731 
  29,457,403 
Health Care Technology - 0.5%   
Allscripts Healthcare Solutions, Inc. (a)(b) 50,215 764,774 
athenahealth, Inc. (a)(b) 10,073 1,689,746 
Authentidate Holding Corp. (a) 1,782 1,215 
Cerner Corp. (a) 91,659 5,462,876 
Computer Programs & Systems, Inc. (b) 3,091 150,594 
Connecture, Inc. 5,953 21,252 
HealthStream, Inc. (a) 10,099 242,578 
HMS Holdings Corp. (a)(b) 23,322 282,896 
iCAD, Inc. (a) 3,147 12,840 
Inovalon Holdings, Inc. Class A (b) 12,951 240,371 
MedAssets, Inc. (a) 15,520 467,618 
Medidata Solutions, Inc. (a)(b) 14,485 663,848 
Omnicell, Inc. (a) 9,905 298,735 
Quality Systems, Inc. 16,094 261,528 
Simulations Plus, Inc. 6,174 55,134 
Streamline Health Solutions, Inc. (a) 5,177 9,319 
  10,625,324 
Life Sciences Tools & Services - 0.8%   
Accelerate Diagnostics, Inc. (a)(b) 11,783 201,843 
Affymetrix, Inc. (a)(b) 25,719 243,559 
Albany Molecular Research, Inc. (a)(b) 8,783 174,957 
Bio-Techne Corp. 9,591 874,795 
Bruker Corp. (a) 43,379 982,101 
Compugen Ltd. (a)(b) 13,859 105,328 
Fluidigm Corp. (a)(b) 7,856 89,323 
Furiex Pharmaceuticals, Inc. rights (a) 1,322 12,916 
Harvard Bioscience, Inc. (a) 10,582 33,545 
ICON PLC (a)(b) 15,393 1,144,162 
Illumina, Inc. (a)(b) 38,337 7,050,174 
INC Research Holdings, Inc. Class A 15,006 709,784 
Luminex Corp. (a)(b) 10,796 232,330 
Nanostring Technologies, Inc. (a) 5,649 86,091 
NeoGenomics, Inc. (a) 16,779 133,729 
Pacific Biosciences of California, Inc. (a)(b) 22,873 233,991 
PAREXEL International Corp. (a)(b) 13,778 934,837 
PRA Health Sciences, Inc. (b) 15,835 717,009 
pSivida Corp. (a) 8,057 31,261 
QIAGEN NV (a) 61,296 1,620,666 
Sequenom, Inc. (a)(b) 35,658 63,471 
VWR Corp. (a) 33,746 900,343 
  16,576,215 
Pharmaceuticals - 1.4%   
Acasti Pharma, Inc. (a) 1,813 4,195 
AcelRx Pharmaceuticals, Inc. (a) 10,541 60,295 
Achaogen, Inc. (a) 7,852 43,814 
Acura Pharmaceuticals, Inc. (a) 981 2,482 
Adamis Pharmaceuticals Corp. (a)(b) 6,035 27,459 
Aerie Pharmaceuticals, Inc. (a) 7,386 202,672 
Agile Therapeutics, Inc. (a)(b) 7,165 63,912 
Akorn, Inc. (a)(b) 30,430 1,013,319 
Alcobra Pharma Ltd. (a)(b) 7,009 46,189 
Alexza Pharmaceuticals, Inc. (a)(b) 2,516 2,566 
Alimera Sciences, Inc. (a)(b) 17,215 53,022 
Amphastar Pharmaceuticals, Inc. (a) 14,284 219,259 
ANI Pharmaceuticals, Inc. (a)(b) 3,099 135,798 
ANI Pharmaceuticals, Inc. rights (a) 1,389 0 
Apricus Biosciences, Inc. (a)(b) 9,297 10,134 
Aratana Therapeutics, Inc. (a) 9,570 56,080 
Assembly Biosciences, Inc. (a) 4,565 44,874 
AstraZeneca PLC rights (a) 3,011 0 
Bio Path Holdings, Inc. (a)(b) 24,674 38,985 
Biodelivery Sciences International, Inc. (a)(b) 15,383 94,298 
Carbylan Therapeutics, Inc. (b) 10,117 40,367 
Cardiome Pharma Corp. (a)(b) 9,692 86,162 
Cempra, Inc. (a)(b) 11,481 366,359 
Collegium Pharmaceutical, Inc. (b) 5,288 100,419 
Concordia Healthcare Corp. (a) 9,251 356,349 
Corcept Therapeutics, Inc. (a)(b) 35,547 187,688 
Corium International, Inc. (a)(b) 6,460 52,972 
Cumberland Pharmaceuticals, Inc. (a) 4,718 26,562 
CymaBay Therapeutics, Inc. (a) 15,586 20,885 
Cynapsus Therapeutics, Inc. (a) 3,527 55,013 
DepoMed, Inc. (a)(b) 15,899 309,077 
Dermira, Inc. (a) 7,012 216,040 
Dipexium Pharmaceuticals, Inc. (a)(b) 2,591 31,040 
Durect Corp. (a)(b) 36,555 86,270 
Egalet Corp. (a)(b) 6,792 69,686 
Endo Health Solutions, Inc. (a)(b) 55,410 3,406,607 
Endocyte, Inc. (a)(b) 14,909 69,029 
Flamel Technologies SA sponsored ADR (a)(b) 10,053 144,462 
Flex Pharma, Inc. (b) 4,665 56,447 
Foamix Pharmaceuticals Ltd. (a) 7,609 60,796 
GW Pharmaceuticals PLC ADR (a)(b) 4,030 349,361 
Heska Corp. (a) 2,258 78,556 
Horizon Pharma PLC (a)(b) 42,395 912,764 
Impax Laboratories, Inc. (a) 19,056 839,607 
Imprimis Pharmaceuticals, Inc. (a)(b) 5,164 34,754 
IntelliPharmaCeutics International Corp. (a) 4,988 10,475 
Intersect ENT, Inc. (a) 7,065 139,251 
Intra-Cellular Therapies, Inc. (a)(b) 11,319 603,642 
Jazz Pharmaceuticals PLC (a)(b) 16,527 2,422,693 
Juniper Pharmaceuticals, Inc. (a) 2,768 32,773 
KemPharm, Inc. (b) 3,480 60,274 
Lipocine, Inc. (a) 5,021 69,742 
Marinus Pharmaceuticals, Inc. (a) 4,794 34,852 
MediWound Ltd. (a) 5,594 57,618 
Mylan N.V. (b) 130,385 6,688,751 
Nektar Therapeutics (a)(b) 36,163 566,313 
Neos Therapeutics, Inc. (a)(b) 4,250 65,705 
NeuroDerm Ltd. (b) 6,029 121,303 
Ocera Therapeutics, Inc. (a) 5,923 21,145 
Ocular Therapeutix, Inc. (a)(b) 6,579 62,369 
Omeros Corp. (a)(b) 10,524 166,805 
Oramed Pharmaceuticals, Inc. (a)(b) 2,551 23,214 
Pacira Pharmaceuticals, Inc. (a)(b) 9,647 624,643 
Pain Therapeutics, Inc. (a) 17,995 35,990 
Paratek Pharmaceuticals, Inc. (a) 4,542 93,883 
Parnell Pharmaceuticals Holdings Ltd. (a) 1,667 6,318 
Pernix Therapeutics Holdings, Inc. (a)(b) 16,329 48,987 
Phibro Animal Health Corp. Class A 5,501 178,617 
Pozen, Inc. (a) 7,750 58,823 
ProPhase Labs, Inc. (a) 1,566 2,271 
RedHill Biopharma Ltd. sponsored ADR (a)(b) 7,924 102,933 
Relypsa, Inc. (a)(b) 11,036 248,420 
Repros Therapeutics, Inc. (a) 5,884 14,092 
Revance Therapeutics, Inc. (a)(b) 7,574 293,947 
Sagent Pharmaceuticals, Inc. (a) 11,697 179,315 
SciClone Pharmaceuticals, Inc. (a)(b) 14,352 131,608 
Shire PLC sponsored ADR 12,996 2,707,847 
Skystar Bio-Pharmaceutical Co. Ltd. (a) 1,359 1,685 
Sucampo Pharmaceuticals, Inc. Class A (a)(b) 12,363 212,025 
Supernus Pharmaceuticals, Inc. (a) 12,699 205,216 
Tetraphase Pharmaceuticals, Inc. (a) 8,885 95,336 
The Medicines Company (a) 17,889 751,517 
Theravance Biopharma, Inc. (a)(b) 9,722 182,482 
Theravance, Inc. (b) 32,309 298,858 
VIVUS, Inc. (a)(b) 35,567 44,459 
XenoPort, Inc. (a) 17,876 107,971 
Zogenix, Inc. (a) 6,299 97,194 
ZS Pharma, Inc. (a) 6,545 588,788 
Zynerba Pharmaceuticals, Inc. (a)(b) 2,304 31,265 
  28,568,040 
TOTAL HEALTH CARE  334,453,243 
INDUSTRIALS - 4.0%   
Aerospace & Defense - 0.2%   
AeroVironment, Inc. (a)(b) 7,398 189,241 
American Science & Engineering, Inc. 1,772 77,507 
API Technologies Corp. (a) 14,000 27,580 
Arotech Corp. (a) 12,878 21,120 
Astronics Corp. (a) 4,467 172,828 
Astrotech Corp. (a)(b) 3,584 5,304 
BE Aerospace, Inc. 27,353 1,264,256 
Elbit Systems Ltd. (b) 11,723 1,036,313 
Erickson Air-Crane, Inc. (a) 2,141 5,502 
Innovative Solutions & Support, Inc. (a)(b) 1,668 4,153 
KEYW Holding Corp. (a)(b) 9,521 60,839 
KLX, Inc. (a) 13,768 441,953 
Kratos Defense & Security Solutions, Inc. (a)(b) 14,096 65,546 
LMI Aerospace, Inc. (a) 5,819 59,237 
Taser International, Inc. (a)(b) 14,662 274,179 
TAT Technologies Ltd. (a) 863 6,386 
  3,711,944 
Air Freight & Logistics - 0.3%   
Air Transport Services Group, Inc. (a) 23,113 219,805 
Atlas Air Worldwide Holdings, Inc. (a) 6,455 266,721 
C.H. Robinson Worldwide, Inc. (b) 36,964 2,492,483 
Echo Global Logistics, Inc. (a) 7,832 184,835 
Expeditors International of Washington, Inc. 50,187 2,436,077 
Forward Air Corp. 8,029 386,115 
Hub Group, Inc. Class A (a) 9,274 357,327 
Park-Ohio Holdings Corp. 3,511 147,462 
UTi Worldwide, Inc. (a) 28,298 198,086 
  6,688,911 
Airlines - 0.7%   
Allegiant Travel Co. 4,540 795,090 
American Airlines Group, Inc. 177,938 7,341,722 
Hawaiian Holdings, Inc. (a) 13,944 504,773 
JetBlue Airways Corp. (a) 81,199 2,008,863 
Republic Airways Holdings, Inc. (a) 13,673 57,974 
Ryanair Holdings PLC sponsored ADR (b) 29,146 2,241,327 
SkyWest, Inc. 14,053 289,632 
Spirit Airlines, Inc. (a) 19,006 698,851 
Virgin America, Inc. (b) 12,101 440,355 
  14,378,587 
Building Products - 0.2%   
AAON, Inc. 14,983 370,230 
American Woodmark Corp. (a) 4,200 344,442 
Apogee Enterprises, Inc. 8,103 406,933 
Builders FirstSource, Inc. (a) 28,773 387,285 
Caesarstone Sdot-Yam Ltd. (b) 9,118 372,744 
China Ceramics Co. Ltd. 1,500 1,455 
CSW Industrials, Inc. (a)(b) 4,122 150,906 
Gibraltar Industries, Inc. (a) 7,781 207,675 
Insteel Industries, Inc. 6,078 148,303 
Nortek, Inc. (a) 4,589 220,914 
Patrick Industries, Inc. (a) 4,139 171,479 
PGT, Inc. (a) 12,588 139,979 
Tecogen, Inc. New (a)(b) 3,759 14,284 
Universal Forest Products, Inc. 5,381 415,736 
  3,352,365 
Commercial Services & Supplies - 0.6%   
Casella Waste Systems, Inc. Class A (a) 16,497 111,850 
CECO Environmental Corp. 7,325 63,654 
China Recycling Energy Corp. (a) 16,068 6,267 
Cintas Corp. 28,734 2,631,747 
Copart, Inc. (a) 32,655 1,288,893 
Essendant, Inc. 9,602 347,784 
Fuel Tech, Inc. (a) 2,055 4,521 
G&K Services, Inc. Class A 5,246 349,751 
Healthcare Services Group, Inc. 18,186 671,791 
Heritage-Crystal Clean, Inc. (a) 8,319 90,677 
Herman Miller, Inc. 14,850 470,894 
Hudson Technologies, Inc. (a) 9,731 29,582 
Industrial Services of America, Inc. (a) 694 1,402 
InnerWorkings, Inc. (a) 17,541 150,151 
Interface, Inc. 17,595 349,789 
Intersections, Inc. (a)(b) 1,282 3,590 
Kimball International, Inc. Class B 10,718 132,582 
MagneGas Corp. (a)(b) 7,634 12,291 
Matthews International Corp. Class A 8,254 493,672 
McGrath RentCorp. 7,096 207,061 
Mobile Mini, Inc. 12,962 459,503 
Multi-Color Corp. 4,377 273,606 
Performant Financial Corp. (a) 14,422 28,556 
Perma-Fix Environmental Services, Inc. (a) 973 3,756 
Pointer Telocation Ltd. (a) 1,202 7,537 
Quest Resource Holding Corp. (a)(b) 30,682 25,724 
R.R. Donnelley & Sons Co. 58,009 933,365 
SP Plus Corp. (a) 6,525 164,234 
Stericycle, Inc. (a) 22,148 2,673,707 
Swisher Hygiene, Inc. (a)(b) 1,825 1,935 
Tetra Tech, Inc. 15,578 432,913 
U.S. Ecology, Inc. 5,901 223,294 
Virco Manufacturing Co. (a) 1,086 3,540 
West Corp. 23,328 594,864 
  13,244,483 
Construction & Engineering - 0.1%   
Abengoa SA sponsored ADR Class B (b) 4,224 8,701 
Aegion Corp. (a) 10,110 222,824 
Great Lakes Dredge & Dock Corp. (a) 18,939 85,794 
Integrated Electrical Services, Inc. (a) 4,668 35,617 
Layne Christensen Co. (a) 4,863 28,643 
MYR Group, Inc. (a) 5,516 116,939 
Northwest Pipe Co. (a) 2,404 28,511 
NV5 Holdings, Inc. (a) 2,166 50,316 
Primoris Services Corp. 13,729 316,865 
Sterling Construction Co., Inc. (a) 3,450 18,803 
  913,013 
Electrical Equipment - 0.1%   
Active Power, Inc. (a) 1,672 2,508 
Allied Motion Technologies, Inc. 2,975 71,043 
American Superconductor Corp. (a)(b) 6,555 30,874 
Ballard Power Systems, Inc. (a)(b) 44,264 55,021 
Blue Earth, Inc. (a)(b) 28,116 20,244 
Broadwind Energy, Inc. (a)(b) 1,948 3,779 
Capstone Turbine Corp. (a)(b) 4,969 7,851 
Encore Wire Corp. 5,469 238,831 
Energous Corp. (a)(b) 4,557 37,869 
Energy Focus, Inc. (a)(b) 2,530 40,505 
Enphase Energy, Inc. (a)(b) 10,090 16,850 
Franklin Electric Co., Inc. 12,571 409,940 
FuelCell Energy, Inc. (a)(b) 75,772 65,482 
Highpower International, Inc. (a) 2,296 6,681 
Hydrogenics Corp. (a)(b) 2,694 29,850 
Ideal Power, Inc. (a)(b) 3,212 25,889 
Jinpan International Ltd. 5,036 19,993 
LSI Industries, Inc. 7,559 89,347 
Ocean Power Technologies, Inc. (a) 143 370 
Pioneer Power Solutions, Inc. (a) 1,000 3,700 
Plug Power, Inc. (a)(b) 47,637 104,801 
Powell Industries, Inc. 3,423 120,182 
Power Solutions International, Inc. (a)(b) 2,692 63,370 
Preformed Line Products Co. 1,863 78,004 
Real Goods Solar, Inc. (a) 296 130 
Revolution Lighting Technologies, Inc. (a)(b) 32,251 29,993 
SolarCity Corp. (a)(b) 25,964 746,725 
Sunrun, Inc. (a)(b) 27,658 183,926 
Ultralife Corp. (a) 6,195 42,746 
Vicor Corp. (a) 8,971 83,071 
  2,629,575 
Industrial Conglomerates - 0.0%   
Raven Industries, Inc. 10,166 169,467 
Machinery - 0.6%   
Altra Industrial Motion Corp. 6,913 193,702 
American Railcar Industries, Inc. 5,347 302,266 
ARC Group Worldwide, Inc. (a)(b) 3,852 7,126 
Astec Industries, Inc. 6,280 253,084 
Blue Bird Corp. (a)(b) 7,486 81,448 
Chart Industries, Inc. (a) 8,296 176,954 
Cleantech Solutions International, Inc. (a) 197 217 
Columbus McKinnon Corp. (NY Shares) 5,664 116,905 
Commercial Vehicle Group, Inc. (a) 7,129 24,239 
Dynamic Materials Corp. 4,562 35,219 
Eastern Co. 2,159 38,495 
Energy Recovery, Inc. (a)(b) 16,254 119,304 
ExOne Co. (a)(b) 3,539 35,107 
FreightCar America, Inc. 2,812 68,191 
Gencor Industries, Inc. (a) 519 5,429 
Hardinge, Inc. 3,857 37,529 
Hurco Companies, Inc. 2,512 66,945 
Jason Industries, Inc. (a)(b) 6,627 23,460 
Key Technology, Inc. (a) 313 3,581 
Kornit Digital Ltd. (a)(b) 8,976 106,366 
L.B. Foster Co. Class A 2,834 35,142 
Lincoln Electric Holdings, Inc. 20,221 1,141,475 
Manitex International, Inc. (a)(b) 6,059 37,687 
MFRI, Inc. (a) 997 5,743 
Middleby Corp. (a) 14,811 1,629,802 
NN, Inc. 6,536 111,439 
Nordson Corp. 16,044 1,163,671 
Omega Flex, Inc. 2,669 106,840 
PACCAR, Inc. (b) 94,885 4,930,225 
RBC Bearings, Inc. (a)(b) 6,007 424,214 
Sun Hydraulics Corp. 7,012 230,905 
TriMas Corp. (a) 11,843 256,164 
Twin Disc, Inc. 3,944 45,553 
Westport Innovations, Inc. (a)(b) 15,220 37,441 
Woodward, Inc. 16,712 842,786 
  12,694,654 
Marine - 0.0%   
Diana Containerships, Inc. 16,211 15,384 
DryShips, Inc. (b) 196,761 31,442 
Eagle Bulk Shipping, Inc. (a)(b) 10,568 32,021 
Euroseas Ltd. (a) 273 814 
Golden Ocean Group Ltd. (b) 7,697 13,008 
Paragon Shipping, Inc. Class A (a) 5,459 928 
Rand Logistics, Inc. (a) 1,744 3,680 
Seanergy Martime Holdings Corp. (a) 799 551 
Star Bulk Carriers Corp. (a)(b) 62,425 59,934 
Ultrapetrol (Bahamas) Ltd. (a)(b) 32,074 13,471 
  171,233 
Professional Services - 0.4%   
51job, Inc. sponsored ADR (a) 6,629 210,537 
Acacia Research Corp. 15,251 90,133 
Advisory Board Co. (a) 11,420 614,853 
Barrett Business Services, Inc. 1,588 70,904 
CRA International, Inc. (a) 2,842 64,854 
Exponent, Inc. 7,527 388,619 
Heidrick & Struggles International, Inc. 4,873 140,635 
Hudson Global, Inc. (a) 2,817 6,704 
Huron Consulting Group, Inc. (a) 5,934 344,231 
ICF International, Inc. (a) 5,473 195,003 
Kelly Services, Inc. Class A (non-vtg.) 9,780 164,597 
Kforce, Inc. 7,675 206,765 
Lightbridge Corp. (a)(b) 2,205 2,051 
Marathon Patent Group, Inc. (a)(b) 6,000 10,440 
Odyssey Marine Exploration, Inc. (a)(b) 6,577 1,973 
Pendrell Corp. (a) 61,309 32,690 
RCM Technologies, Inc. (a) 3,957 20,022 
Resources Connection, Inc. 11,105 202,666 
RPX Corp. (a) 14,337 198,854 
Towers Watson & Co. 18,129 2,438,532 
Verisk Analytics, Inc. (a) 44,056 3,301,997 
VSE Corp. 1,522 94,044 
Willdan Group, Inc. (a) 2,439 21,463 
  8,822,567 
Road & Rail - 0.5%   
AMERCO 5,163 2,093,080 
ArcBest Corp. 6,267 150,909 
Avis Budget Group, Inc. (a) 26,808 1,002,351 
Covenant Transport Group, Inc. Class A (a) 4,105 86,246 
Heartland Express, Inc. (b) 23,300 446,428 
J.B. Hunt Transport Services, Inc. 30,699 2,401,890 
Landstar System, Inc. 11,638 726,444 
Marten Transport Ltd. 8,843 159,881 
Old Dominion Freight Lines, Inc. (a) 21,988 1,400,855 
P.A.M. Transportation Services, Inc. (a) 2,022 62,460 
Patriot Transportation Holding, Inc. (a) 659 15,513 
Providence & Worcester Railroad Co. 595 9,383 
Saia, Inc. (a) 6,468 158,531 
Student Transportation, Inc. 31,802 131,213 
U.S.A. Truck, Inc. (a) 2,505 49,950 
Universal Truckload Services, Inc. 8,229 133,639 
Werner Enterprises, Inc. 20,107 542,085 
YRC Worldwide, Inc. (a) 8,246 139,605 
  9,710,463 
Trading Companies & Distributors - 0.3%   
Beacon Roofing Supply, Inc. (a) 15,302 654,467 
DXP Enterprises, Inc. (a) 4,048 132,572 
Essex Rental Corp. (a) 2,219 577 
Fastenal Co. (b) 75,311 3,056,120 
General Finance Corp. (a)(b) 6,826 30,171 
H&E Equipment Services, Inc. 9,778 195,658 
HD Supply Holdings, Inc. (a) 51,257 1,621,259 
Houston Wire & Cable Co. 7,080 44,038 
Lawson Products, Inc. (a) 2,169 60,689 
Rush Enterprises, Inc.:   
Class A (a)(b) 7,193 175,006 
Class B (a) 3,552 80,346 
Stock Building Supply Holdings, Inc. (a) 7,546 129,716 
Titan Machinery, Inc. (a)(b) 5,811 73,044 
Willis Lease Finance Corp. (a) 2,622 45,859 
  6,299,522 
Transportation Infrastructure - 0.0%   
Grupo Aeroportuario Norte S.A.B. de CV ADR 2,809 113,989 
TOTAL INDUSTRIALS  82,900,773 
INFORMATION TECHNOLOGY - 46.5%   
Communications Equipment - 3.5%   
ADTRAN, Inc. 12,707 207,251 
Alliance Fiber Optic Products, Inc. 5,233 82,995 
Applied Optoelectronics, Inc. (a)(b) 4,187 78,506 
Arris Group, Inc. (a) 37,747 1,153,926 
AudioCodes Ltd. (a) 14,232 62,336 
Aviat Networks, Inc. (a) 16,549 15,391 
Bel Fuse, Inc.:   
Class A 300 5,475 
Class B (non-vtg.) 3,204 66,387 
Black Box Corp. 3,826 43,272 
Brocade Communications Systems, Inc. 112,051 1,051,599 
CalAmp Corp. (a) 9,749 180,162 
Ceragon Networks Ltd. (a)(b) 17,277 24,188 
Cisco Systems, Inc. 1,346,452 36,690,817 
Clearfield, Inc. (a)(b) 3,434 46,393 
ClearOne, Inc. 2,453 31,914 
CommScope Holding Co., Inc. (a) 49,310 1,411,252 
Communications Systems, Inc. 2,071 16,299 
Comtech Telecommunications Corp. 4,060 89,442 
Digi International, Inc. (a) 8,481 106,097 
DragonWave, Inc. (a) 15,246 2,055 
EchoStar Holding Corp. Class A (a) 11,779 460,677 
EMCORE Corp. (a) 8,637 62,618 
EXFO, Inc. (sub. vtg.) (a) 2,252 7,673 
Extreme Networks, Inc. (a) 30,123 133,144 
F5 Networks, Inc. (a) 18,334 1,888,402 
Finisar Corp. (a) 30,312 365,866 
Gilat Satellite Networks Ltd. (a) 13,064 51,472 
Harmonic, Inc. (a) 25,627 141,717 
Infinera Corp. (a)(b) 37,188 837,474 
InterDigital, Inc. 9,266 488,226 
Ituran Location & Control Ltd. (b) 5,894 119,059 
Ixia (a) 21,127 275,919 
KVH Industries, Inc. (a) 5,647 55,679 
Lumentum Holdings, Inc. (a) 16,541 330,820 
Mitel Networks Corp. (a) 32,941 286,257 
MRV Communications, Inc. (a) 1,761 25,253 
NETGEAR, Inc. (a) 8,304 366,289 
NetScout Systems, Inc. (a) 27,293 903,398 
Novatel Wireless, Inc. (a)(b) 19,413 35,720 
NumereX Corp. Class A (a) 5,615 36,834 
Oclaro, Inc. (a)(b) 28,120 96,733 
Parkervision, Inc. (a)(b) 10,867 1,738 
PC-Tel, Inc. 4,801 25,589 
Polycom, Inc. (a) 34,281 467,250 
QUALCOMM, Inc. 416,315 20,312,009 
Radware Ltd. (a) 11,915 195,883 
Resonant, Inc. (a)(b) 2,072 6,858 
ShoreTel, Inc. (a) 16,432 168,592 
Sierra Wireless, Inc. (a)(b) 8,554 148,241 
Silicom Ltd. 1,869 52,538 
Sonus Networks, Inc. (a) 15,739 110,803 
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (b) 72,702 704,482 
Tessco Technologies, Inc. 3,589 76,230 
Ubiquiti Networks, Inc. (a)(b) 22,944 800,516 
UTStarcom Holdings Corp. (a) 8,881 21,492 
ViaSat, Inc. (a)(b) 12,637 783,241 
Viavi Solutions, Inc. (a) 68,996 438,815 
Westell Technologies, Inc. Class A (a) 16,462 23,541 
Wi-Lan, Inc. 35,463 39,567 
xG Technology, Inc. (a) 479 130 
Zhone Technologies, Inc. (a) 5,132 6,107 
  72,718,609 
Electronic Equipment & Components - 1.0%   
Agilysys, Inc. (a) 6,720 74,592 
Applied DNA Sciences, Inc. (a)(b) 6,250 18,750 
CDW Corp. 44,508 1,921,410 
China BAK Battery, Inc. (a) 782 2,323 
ClearSign Combustion Corp. (a)(b) 2,495 12,475 
Cognex Corp. 23,535 873,149 
Coherent, Inc. (a) 6,480 440,122 
Control4 Corp. (a)(b) 5,633 41,008 
CUI Global, Inc. (a)(b) 5,386 37,648 
Daktronics, Inc. 12,976 112,502 
Deswell Industries, Inc. 1,530 2,157 
Digital Ally, Inc. (a) 179 820 
DTS, Inc. (a) 4,569 117,560 
Echelon Corp. (a) 3,399 2,166 
Electro Rent Corp. 7,042 72,885 
Electro Scientific Industries, Inc. 14,768 74,726 
ePlus, Inc. (a) 1,930 170,207 
FARO Technologies, Inc. (a) 4,279 128,755 
FEI Co. 10,812 865,068 
Flextronics International Ltd. (a) 142,761 1,606,061 
FLIR Systems, Inc. 35,652 1,089,525 
Frequency Electronics, Inc. (a) 801 8,443 
GSI Group, Inc. (a) 9,519 136,407 
Hollysys Automation Technologies Ltd. 15,314 315,315 
I. D. Systems Inc. (a)(b) 5,073 19,125 
Identiv, Inc. (a)(b) 2,829 8,346 
II-VI, Inc. (a) 16,682 310,619 
Insight Enterprises, Inc. (a) 9,786 262,069 
IPG Photonics Corp. (a)(b) 13,640 1,243,832 
Itron, Inc. (a)(b) 9,940 357,343 
KEY Tronic Corp. (a) 4,924 38,703 
Kimball Electronics, Inc. (a) 7,901 90,545 
Littelfuse, Inc. 5,785 628,020 
LoJack Corp. (a)(b) 1,208 4,385 
LRAD Corp. (b) 9,621 14,816 
Magal Security Systems Ltd. (a) 7,555 35,131 
Maxwell Technologies, Inc. (a)(b) 9,752 68,849 
Mercury Systems, Inc. (a) 9,884 193,529 
Mesa Laboratories, Inc. 1,031 111,554 
MicroVision, Inc. (a)(b) 15,058 37,796 
MOCON, Inc. 740 10,745 
MTS Systems Corp. 4,089 260,142 
Multi-Fineline Electronix, Inc. (a) 6,788 167,528 
Napco Security Technolgies, Inc. (a) 6,882 40,260 
National Instruments Corp. 35,838 1,125,313 
Neonode, Inc. (a)(b) 11,949 32,979 
NetList, Inc. (a)(b) 9,502 8,504 
Newport Corp. (a) 10,526 174,626 
Orbotech Ltd. (a) 11,444 233,801 
OSI Systems, Inc. (a) 5,007 468,805 
PC Connection, Inc. 7,997 178,493 
PC Mall, Inc. (a) 4,541 41,777 
Perceptron, Inc. (a) 4,209 32,830 
Plexus Corp. (a) 8,983 334,168 
RadiSys Corp. (a) 14,163 37,532 
Research Frontiers, Inc. (a)(b) 7,119 35,737 
Richardson Electronics Ltd. 2,997 16,873 
RMG Networks Holding Corp. (a) 2,029 1,441 
Rofin-Sinar Technologies, Inc. (a)(b) 7,210 207,215 
Sanmina Corp. (a)(b) 21,679 491,463 
ScanSource, Inc. (a) 6,809 261,602 
Speed Commerce, Inc. (a) 10,191 1,504 
Supercom Ltd. (a)(b) 3,076 14,150 
Tech Data Corp. (a)(b) 9,447 639,090 
Trimble Navigation Ltd. (a) 66,578 1,524,636 
TTM Technologies, Inc. (a) 25,222 197,740 
Uni-Pixel, Inc. (a)(b) 2,687 1,948 
Universal Display Corp. (a) 12,516 657,841 
Wayside Technology Group, Inc. 1,282 23,807 
Zebra Technologies Corp. Class A (a)(b) 13,983 1,121,437 
  19,892,723 
Internet Software & Services - 12.2%   
21Vianet Group, Inc. ADR (a) 14,040 292,453 
Actua Corp. (a) 11,523 133,552 
Akamai Technologies, Inc. (a) 46,871 2,700,238 
Alarm.com Holdings, Inc. (b) 11,931 209,747 
Alphabet, Inc.:   
Class A (a)(b) 76,805 58,590,694 
Class C 91,055 67,617,443 
Angie's List, Inc. (a)(b) 16,538 178,776 
Apigee Corp. 8,432 60,036 
AppFolio, Inc. (a)(b) 2,321 38,041 
Autobytel, Inc. (a) 3,383 83,120 
Baidu.com, Inc. sponsored ADR (a)(b) 73,395 15,997,908 
Baozun, Inc. sponsored ADR (b) 5,671 44,291 
Bazaarvoice, Inc. (a) 21,766 100,777 
Benefitfocus, Inc. (a)(b) 7,655 310,181 
Blucora, Inc. (a)(b) 11,226 119,332 
Brightcove, Inc. (a) 9,792 68,348 
BroadVision, Inc. (a) 599 3,624 
Carbonite, Inc. (a) 8,804 85,839 
China Finance Online Co. Ltd. ADR (a)(b) 3,815 15,985 
ChinaCache International Holdings Ltd. sponsored ADR (a) 4,546 33,549 
Cimpress NV (a)(b) 8,686 801,197 
comScore, Inc. (a) 10,313 434,177 
Constant Contact, Inc. (a) 8,414 263,274 
Cornerstone OnDemand, Inc. (a) 15,087 541,774 
CoStar Group, Inc. (a) 8,781 1,837,336 
Criteo SA sponsored ADR (a)(b) 13,831 563,752 
Cyren Ltd. (a) 7,440 14,359 
Determine, Inc. (a) 245 713 
EarthLink Holdings Corp. 28,973 266,262 
eBay, Inc. (a) 322,685 9,548,249 
eGain Communications Corp. (a)(b) 3,510 16,146 
Endurance International Group Holdings, Inc. (a)(b) 36,057 503,716 
Facebook, Inc. Class A (a) 598,309 62,367,730 
Five9, Inc. (a) 13,232 87,993 
GigaMedia Ltd. (a) 5,039 3,371 
Global Sources Ltd. (a) 7,406 66,654 
Gogo, Inc. (a)(b) 22,357 401,308 
HomeAway, Inc. (a) 25,587 904,756 
Hortonworks, Inc. (b) 11,913 202,402 
IAC/InterActiveCorp 19,914 1,250,400 
Internap Network Services Corp. (a) 15,802 113,458 
iPass, Inc. (a) 4,991 5,141 
j2 Global, Inc. 12,994 1,045,627 
Jiayuan.com International Ltd. sponsored ADR 5,298 36,556 
Ku6 Media Co. Ltd. sponsored ADR (a) 2,051 1,338 
Limelight Networks, Inc. (a) 26,651 45,040 
Liquidity Services, Inc. (a) 7,569 51,621 
Live Ventures, Inc. (a)(b) 1,819 2,910 
LivePerson, Inc. (a) 14,793 115,385 
LogMeIn, Inc. (a) 6,809 486,299 
Marchex, Inc. Class B 14,684 62,554 
Marketo, Inc. (a) 11,744 355,491 
MeetMe, Inc. (a) 9,665 25,806 
MercadoLibre, Inc. (b) 11,406 1,405,675 
MINDBODY, Inc. (b) 1,907 33,659 
Momo, Inc. ADR (b) 10,979 145,691 
Net Element International, Inc. (a) 9,087 2,181 
NetEase, Inc. sponsored ADR 19,769 3,294,702 
NIC, Inc. 19,273 393,362 
Perion Network Ltd. (a) 27,626 61,053 
Points International Ltd. (a) 4,960 52,427 
QuinStreet, Inc. (a) 15,140 74,035 
Qumu Corp. (a) 2,780 8,646 
RealNetworks, Inc. (a) 10,726 44,406 
Reis, Inc. 5,215 130,531 
Remark Media, Inc. (a)(b) 6,690 30,172 
RetailMeNot, Inc. (a) 13,100 127,856 
Rightside Group Ltd. (a)(b) 4,742 37,414 
Rocket Fuel, Inc. (a)(b) 12,998 45,363 
SciQuest, Inc. (a) 9,041 116,719 
Sify Technologies Ltd. sponsored ADR 1,965 2,299 
SINA Corp. (a)(b) 15,631 790,460 
Sohu.com, Inc. (a) 10,092 507,123 
SPS Commerce, Inc. (a) 5,064 376,356 
Stamps.com, Inc. (a) 4,462 452,268 
Support.com, Inc. (a) 10,212 11,437 
Synacor, Inc. (a) 2,654 4,698 
TechTarget, Inc. (a) 10,378 89,770 
TheStreet.com, Inc. 8,907 15,231 
Travelzoo, Inc. (a) 5,478 46,563 
TrueCar, Inc. (a)(b) 21,948 176,242 
Tucows, Inc. (a)(b) 2,593 61,817 
United Online, Inc. (a) 4,366 50,209 
Unwired Planet, Inc. (a) 19,751 19,158 
VeriSign, Inc. (a)(b) 30,144 2,696,079 
Viggle, Inc. (a) 2,471 1,137 
Web.com Group, Inc. (a) 13,389 324,148 
WebMD Health Corp. (a) 10,613 482,785 
Weibo Corp. sponsored ADR (a) 13,024 242,246 
Wix.com Ltd. (a) 10,635 264,280 
Xunlei Ltd. sponsored ADR (a)(b) 4,460 33,004 
Yahoo!, Inc. (a) 249,971 8,451,520 
Yandex NV (a) 68,157 1,133,451 
YY, Inc. ADR (a) 8,863 536,921 
Zillow Group, Inc. (a)(b) 16,124 419,708 
Zillow Group, Inc. Class C (a)(b) 29,084 716,921 
  253,016,452 
IT Services - 2.8%   
6D Global Technologies, Inc. (a)(b) 22,206 64,619 
Acxiom Corp. (a) 20,572 471,099 
Amdocs Ltd. 40,709 2,302,908 
Automatic Data Processing, Inc. 123,296 10,635,513 
Blackhawk Network Holdings, Inc. (a) 14,753 698,555 
BluePhoenix Solutions Ltd. (a) 284 568 
Cardtronics, Inc. (a)(b) 11,499 432,477 
Cass Information Systems, Inc. 3,100 166,997 
China Information Technology, Inc. (a) 7,343 10,354 
Cognizant Technology Solutions Corp. Class A (a) 161,396 10,422,954 
Computer Task Group, Inc. 7,107 47,830 
CSG Systems International, Inc. 8,639 308,671 
Datalink Corp. (a) 6,118 44,967 
Edgewater Technology, Inc. (a) 1,090 8,666 
Euronet Worldwide, Inc. (a) 13,643 1,060,334 
ExlService Holdings, Inc. (a) 8,743 408,910 
Fiserv, Inc. (a) 61,702 5,938,200 
Forrester Research, Inc. 5,615 183,274 
Hackett Group, Inc. 8,533 161,615 
Information Services Group, Inc. 14,505 54,104 
Innodata, Inc. (a) 1,720 5,005 
InterCloud Systems, Inc. (a)(b) 12,476 19,837 
Jack Henry & Associates, Inc. 21,706 1,723,022 
JetPay Corp. (a) 3,116 9,317 
Lionbridge Technologies, Inc. (a) 19,225 101,893 
ManTech International Corp. Class A 5,664 189,687 
Mattersight Corp. (a) 6,325 44,844 
ModusLink Global Solutions, Inc. (a)(b) 17,854 48,741 
MoneyGram International, Inc. (a) 14,610 128,276 
NCI, Inc. Class A 3,649 60,245 
Net 1 UEPS Technologies, Inc. (a) 13,388 202,560 
Paychex, Inc. 94,961 5,151,634 
PayPal Holdings, Inc. (a) 323,742 11,415,143 
Perficient, Inc. (a) 10,088 176,338 
PFSweb, Inc. (a) 4,209 55,475 
Planet Payment, Inc. (a) 19,100 54,435 
PRG-Schultz International, Inc. (a) 9,669 37,999 
QIWI PLC Class B sponsored ADR (b) 12,205 232,993 
Sabre Corp. (b) 71,763 2,099,785 
ServiceSource International, Inc. (a)(b) 24,340 131,436 
Sykes Enterprises, Inc. (a) 11,005 350,179 
Syntel, Inc. (a) 22,929 1,110,451 
Sysorex Global Holdings Corp. (a)(b) 2,625 2,244 
Teletech Holdings, Inc. 13,162 381,961 
Virtusa Corp. (a) 7,873 387,745 
  57,543,860 
Semiconductors & Semiconductor Equipment - 7.8%   
Actions Semiconductor Co. Ltd. ADR (a) 203 380 
Advanced Energy Industries, Inc. (a) 10,737 313,198 
Advanced Micro Devices, Inc. (a)(b) 213,203 503,159 
Aixtron AG sponsored ADR (a)(b) 4,986 39,713 
Alpha & Omega Semiconductor Ltd. (a) 8,910 86,783 
Altera Corp. 79,793 4,213,070 
Ambarella, Inc. (a)(b) 8,274 519,690 
Amkor Technology, Inc. (a) 65,090 442,612 
Amtech Systems, Inc. (a) 3,169 14,007 
ANADIGICS, Inc. (a) 17,226 6,020 
Analog Devices, Inc. 82,337 5,074,429 
Applied Materials, Inc. 318,032 5,969,461 
Applied Micro Circuits Corp. (a) 20,999 153,713 
ARM Holdings PLC sponsored ADR (b) 30,974 1,570,382 
Ascent Solar Technologies, Inc. (a) 198 22 
ASML Holding NV (b) 15,532 1,440,127 
Atmel Corp. 111,196 961,845 
Avago Technologies Ltd. 68,875 8,984,744 
Axcelis Technologies, Inc. (a) 28,638 75,604 
AXT, Inc. (a) 11,530 27,672 
Broadcom Corp. Class A 147,699 8,068,796 
Brooks Automation, Inc. 17,624 196,508 
Cabot Microelectronics Corp. (a) 6,565 275,467 
Camtek Ltd. (a)(b) 16,454 40,641 
Canadian Solar, Inc. (a)(b) 15,400 354,662 
Cascade Microtech, Inc. (a) 4,124 67,015 
Cavium, Inc. (a)(b) 14,881 998,664 
Ceva, Inc. (a) 6,069 154,092 
China Sunergy Co. Ltd. ADR (a) 811 803 
ChipMOS TECHNOLOGIES (Bermuda) Ltd. 8,024 154,943 
Cirrus Logic, Inc. (a) 17,114 565,789 
Cohu, Inc. 8,454 110,832 
Cree, Inc. (a)(b) 26,333 727,844 
CVD Equipment Corp. (a)(b) 3,218 37,007 
Cypress Semiconductor Corp. (b) 90,648 980,811 
Diodes, Inc. (a) 13,605 316,860 
DSP Group, Inc. (a) 10,051 104,832 
Entegris, Inc. (a) 37,559 511,554 
EZchip Semiconductor Ltd. (a) 8,027 199,551 
Fairchild Semiconductor International, Inc. (a) 30,770 601,246 
First Solar, Inc. (a) 26,192 1,480,110 
FormFactor, Inc. (a) 15,964 139,046 
GSI Technology, Inc. (a) 5,288 21,152 
Hanwha Solarone Co. Ltd. sponsored ADR (a)(b) 1,226 22,276 
Himax Technologies, Inc. sponsored ADR (b) 28,663 218,699 
Integrated Device Technology, Inc. (a) 37,537 1,052,537 
Integrated Silicon Solution, Inc. 8,077 184,883 
Intel Corp. 1,258,367 43,753,421 
Intermolecular, Inc. (a) 16,622 37,732 
Intersil Corp. Class A 34,842 504,512 
IXYS Corp. 9,471 120,566 
JA Solar Holdings Co. Ltd. ADR (a)(b) 12,054 105,231 
KLA-Tencor Corp. 41,231 2,740,625 
Kopin Corp. (a) 18,554 53,250 
Kulicke & Soffa Industries, Inc. (a) 19,089 225,441 
Lam Research Corp. 41,161 3,218,790 
Lattice Semiconductor Corp. (a) 32,701 205,689 
Linear Technology Corp. 63,818 2,917,759 
M/A-COM Technology Solutions Holdings, Inc. (a)(b) 14,370 530,972 
Marvell Technology Group Ltd. 138,045 1,223,079 
Mattson Technology, Inc. (a) 20,091 59,871 
Maxim Integrated Products, Inc. 74,337 2,882,045 
Mellanox Technologies Ltd. (a) 12,676 569,659 
Microchip Technology, Inc. (b) 56,271 2,716,764 
Micron Technology, Inc. (a) 287,652 4,582,296 
Microsemi Corp. (a) 25,863 931,327 
MKS Instruments, Inc. 15,031 554,193 
Monolithic Power Systems, Inc. 10,749 734,479 
MoSys, Inc. (a)(b) 17,551 21,237 
Nanometrics, Inc. (a) 7,258 114,386 
Nova Measuring Instruments Ltd. (a) 10,345 109,140 
NVE Corp. 1,425 84,873 
NVIDIA Corp. 142,563 4,522,098 
NXP Semiconductors NV (a) 66,706 6,234,343 
O2Micro International Ltd. sponsored ADR (a) 3,450 6,038 
Omnivision Technologies, Inc. (a) 14,871 434,233 
ON Semiconductor Corp. (a) 111,363 1,220,538 
PDF Solutions, Inc. (a) 9,836 109,671 
Photronics, Inc. (a) 18,338 201,168 
Pixelworks, Inc. (a) 4,972 12,778 
PMC-Sierra, Inc. (a) 51,506 609,316 
Power Integrations, Inc. 8,310 429,627 
Qorvo, Inc. (a)(b) 39,761 2,308,921 
QuickLogic Corp. (a) 20,189 26,448 
Rambus, Inc. (a)(b) 31,857 380,054 
Rubicon Technology, Inc. (a)(b) 5,346 5,346 
SemiLEDs Corp. (a) 2,000 900 
Semtech Corp. (a) 16,851 338,705 
Sigma Designs, Inc. (a) 9,840 85,460 
Silicon Laboratories, Inc. (a)(b) 10,954 592,721 
Silicon Motion Technology Corp. sponsored ADR 8,959 298,066 
Siliconware Precision Industries Co. Ltd. sponsored ADR (b) 19,012 128,141 
Skyworks Solutions, Inc. 49,967 4,148,260 
Solar3D, Inc. (a) 9,585 28,276 
SolarEdge Technologies, Inc. (b) 10,234 200,893 
SunEdison Semiconductor Ltd. (a) 10,404 99,358 
SunPower Corp. (a)(b) 36,916 884,507 
Synaptics, Inc. (a)(b) 9,675 868,525 
Tessera Technologies, Inc. 13,672 435,453 
Texas Instruments, Inc. 271,741 15,793,587 
Tower Semiconductor Ltd. (a)(b) 20,022 316,748 
Ultra Clean Holdings, Inc. (a) 10,799 54,751 
Ultratech, Inc. (a) 7,128 118,396 
Veeco Instruments, Inc. (a) 10,840 221,678 
Vimicro International Corp. sponsored ADR (a) 7,389 98,126 
Xcerra Corp. (a) 14,598 88,318 
Xilinx, Inc. 67,177 3,338,025 
  161,620,061 
Software - 9.8%   
ACI Worldwide, Inc. (a) 33,470 787,214 
Activision Blizzard, Inc. (b) 192,827 7,261,865 
Adobe Systems, Inc. (a) 131,882 12,061,928 
Allot Communications Ltd. (a)(b) 12,391 65,424 
American Software, Inc. Class A 11,091 114,792 
ANSYS, Inc. (a)(b) 23,441 2,184,936 
Aspen Technology, Inc. (a) 22,652 995,555 
Attunity Ltd. (a) 4,559 62,322 
Autodesk, Inc. (a) 59,228 3,759,201 
Aware, Inc. (a) 5,225 16,511 
Blackbaud, Inc. 12,340 762,365 
Bottomline Technologies, Inc. (a) 10,713 331,139 
BroadSoft, Inc. (a) 8,017 320,921 
BSQUARE Corp. (a) 4,329 32,121 
CA Technologies, Inc. 117,705 3,308,688 
Cadence Design Systems, Inc. (a) 77,012 1,717,368 
Callidus Software, Inc. (a) 14,549 301,892 
CDK Global, Inc. 42,583 2,018,860 
Changyou.com Ltd. (A Shares) ADR (a)(b) 4,507 100,461 
Check Point Software Technologies Ltd. (a)(b) 47,868 4,178,398 
Citrix Systems, Inc. (a) 42,159 3,232,331 
Code Rebel Corp. (b) 3,829 14,320 
CommVault Systems, Inc. (a) 12,105 496,063 
CounterPath Corp. (a) 952 3,456 
Covisint Corp. (a) 9,689 25,095 
CyberArk Software Ltd. (a)(b) 8,025 347,402 
Datawatch Corp. (a) 1,145 6,664 
Descartes Systems Group, Inc. (a) 21,072 420,825 
Digimarc Corp. (a)(b) 2,043 72,690 
Digital Turbine, Inc. (a)(b) 14,965 23,046 
Ebix, Inc. (b) 8,998 337,515 
Electronic Arts, Inc. (a) 82,506 5,593,082 
EnerNOC, Inc. (a)(b) 9,543 40,653 
EPIQ Systems, Inc. 11,102 150,210 
Evolving Systems, Inc. 3,865 21,799 
FalconStor Software, Inc. (a) 4,107 7,927 
FireEye, Inc. (a)(b) 42,560 973,773 
Fortinet, Inc. (a) 44,284 1,595,110 
Glu Mobile, Inc. (a)(b) 34,484 116,556 
Guidance Software, Inc. (a)(b) 12,274 74,871 
Idreamsky Technology Ltd. ADR (a)(b) 4,037 50,947 
Interactive Intelligence Group, Inc. (a)(b) 5,755 198,317 
Intuit, Inc. 73,019 7,316,504 
Jive Software, Inc. (a) 21,693 108,899 
KongZhong Corp. sponsored ADR 10,863 74,520 
Magic Software Enterprises Ltd. 16,257 88,601 
Majesco Entertainment Co. (a) 484 537 
Manhattan Associates, Inc. (a) 19,248 1,474,397 
Materialise NV ADR (a)(b) 3,838 30,589 
Mentor Graphics Corp. 31,112 582,728 
Microsoft Corp. 2,118,006 115,113,626 
MicroStrategy, Inc. Class A (a) 2,565 444,694 
Mitek Systems, Inc. (a)(b) 10,386 54,527 
MobileIron, Inc. (a)(b) 21,906 95,072 
Monotype Imaging Holdings, Inc. 10,704 282,907 
NetSol Technologies, Inc. (a) 2,141 11,626 
NICE Systems Ltd. sponsored ADR (b) 9,665 594,108 
Nuance Communications, Inc. (a) 80,596 1,686,874 
NXT-ID, Inc. (a)(b) 7,863 3,004 
Open Text Corp. (b) 31,856 1,547,656 
Parametric Technology Corp. (a) 31,027 1,118,213 
Park City Group, Inc. (a)(b) 5,455 63,005 
Paylocity Holding Corp. (a)(b) 13,705 602,198 
Pegasystems, Inc. 21,036 621,403 
Progress Software Corp. (a) 13,284 318,683 
Proofpoint, Inc. (a)(b) 10,700 784,417 
QAD, Inc. Class A 4,944 114,750 
Qlik Technologies, Inc. (a) 25,063 797,254 
Qualys, Inc. (a) 8,964 344,755 
Rapid7, Inc. (a)(b) 10,362 177,501 
RealPage, Inc. (a) 21,303 473,140 
Rovi Corp. (a) 22,846 269,811 
Sapiens International Corp. NV 13,445 146,282 
SeaChange International, Inc. (a) 9,998 69,686 
Sky-mobi Ltd. ADR (a) 1,678 4,430 
Smith Micro Software, Inc. (a) 2,943 2,354 
Sonic Foundry, Inc. (a) 478 3,097 
Sphere 3D Corp. (a)(b) 7,442 13,470 
Splunk, Inc. (a) 33,666 2,003,127 
SS&C Technologies Holdings, Inc. 25,157 1,808,788 
Symantec Corp. 179,182 3,508,384 
Synchronoss Technologies, Inc. (a)(b) 12,025 473,424 
Synopsys, Inc. (a) 41,709 2,088,787 
Take-Two Interactive Software, Inc. (a) 21,911 774,992 
Tangoe, Inc. (a)(b) 10,241 88,073 
TeleCommunication Systems, Inc. Class A (a) 16,940 83,345 
TeleNav, Inc. (a) 10,735 76,326 
The9 Ltd. sponsored ADR (a) 1,168 4,614 
TiVo, Inc. (a) 28,241 253,887 
Top Image Systems Ltd. (a) 2,532 8,533 
Tubemogul, Inc. (a)(b) 9,297 115,097 
Ultimate Software Group, Inc. (a) 7,551 1,491,323 
Upland Software, Inc. 6,211 45,527 
Varonis Systems, Inc. (a)(b) 6,187 110,438 
Vasco Data Security International, Inc. (a)(b) 11,215 209,496 
Verint Systems, Inc. (a) 17,227 807,085 
Voltari Corp. (a)(b) 3,627 24,664 
Vringo, Inc. (a)(b) 1,491 5,010 
Wave Systems Corp. Class A (a) 8,768 1,052 
Xura, Inc. (a) 6,650 172,036 
Zix Corp. (a) 18,885 105,945 
Zynga, Inc. (a) 214,000 552,120 
  204,432,004 
Technology Hardware, Storage & Peripherals - 9.4%   
Apple, Inc. 1,510,403 178,680,652 
Astro-Med, Inc. 2,287 30,989 
Avid Technology, Inc. (a) 10,122 76,826 
BlackBerry Ltd. (a)(b) 142,584 1,133,882 
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a) 1,783 1,257 
Concurrent Computer Corp. 867 4,309 
Cray, Inc. (a) 11,209 388,616 
Electronics for Imaging, Inc. (a) 13,198 647,758 
Hutchinson Technology, Inc. (a) 9,805 36,180 
Immersion Corp. (a)(b) 8,073 108,259 
Intevac, Inc. (a) 8,266 41,082 
Logitech International SA (b) 45,784 683,555 
NetApp, Inc. 79,930 2,450,654 
On Track Innovations Ltd. (a)(b) 5,512 2,866 
QLogic Corp. (a) 23,398 301,834 
SanDisk Corp. 54,310 4,011,880 
Seagate Technology LLC (b) 80,619 2,897,447 
Silicon Graphics International Corp. (a)(b) 8,041 47,120 
Smart Technologies, Inc. Class A (a)(b) 3,897 1,364 
Stratasys Ltd. (a)(b) 13,809 345,225 
Super Micro Computer, Inc. (a)(b) 12,548 308,179 
Transact Technologies, Inc. 1,837 16,257 
U.S.A. Technologies, Inc. (a) 9,132 29,679 
Western Digital Corp. (b) 60,570 3,780,174 
  196,026,044 
TOTAL INFORMATION TECHNOLOGY  965,249,753 
MATERIALS - 0.4%   
Chemicals - 0.1%   
A. Schulman, Inc. 8,085 279,822 
AgroFresh Solutions, Inc. (a) 14,740 95,073 
Balchem Corp. 8,792 602,164 
Burcon NutraScience Corp. (a) 2,165 3,453 
Codexis, Inc. (a) 11,313 43,216 
Fuwei Films Holdings Co. Ltd. (a) 926 787 
Gulf Resources, Inc. (a) 9,279 16,053 
Hawkins, Inc. 3,857 158,137 
Innophos Holdings, Inc. 5,268 156,565 
Innospec, Inc. 6,364 371,658 
Marrone Bio Innovations, Inc. (a)(b) 5,015 9,328 
Metabolix, Inc. (a)(b) 4,567 9,454 
Methanex Corp. (b) 23,155 909,590 
Northern Technologies International Corp. (a) 492 8,266 
Rentech, Inc. (a) 5,467 15,636 
Senomyx, Inc. (a)(b) 14,455 66,927 
Tantech Holdings Ltd. (a)(b) 5,755 29,005 
  2,775,134 
Construction Materials - 0.0%   
China Advanced Construction Materials Group, Inc. (a) 135 230 
Tecnoglass, Inc. (a)(b) 6,780 102,039 
U.S. Concrete, Inc. (a) 3,586 210,606 
United States Lime & Minerals, Inc. 2,209 114,448 
  427,323 
Containers & Packaging - 0.1%   
AEP Industries, Inc. (a) 1,457 132,849 
Silgan Holdings, Inc. 15,854 861,348 
UFP Technologies, Inc. (a) 2,333 56,949 
  1,051,146 
Metals & Mining - 0.2%   
Century Aluminum Co. (a)(b) 25,598 95,481 
China Natural Resources, Inc. (a) 3,570 6,283 
Globe Specialty Metals, Inc. 19,793 201,295 
Handy & Harman Ltd. (a) 3,457 79,615 
Haynes International, Inc. 3,976 155,462 
Horsehead Holding Corp. (a)(b) 13,375 32,903 
Kaiser Aluminum Corp. 4,332 371,339 
Mountain Province Diamonds, Inc. (a) 33,537 89,904 
Olympic Steel, Inc. 2,602 29,299 
Pan American Silver Corp. 41,402 288,158 
Randgold Resources Ltd. sponsored ADR (b) 11,399 690,779 
Real Industries, Inc. (a) 7,716 79,320 
Royal Gold, Inc. 17,153 616,650 
Schnitzer Steel Industries, Inc. Class A 7,480 123,495 
Silver Standard Resources, Inc. (a)(b) 23,206 121,986 
Steel Dynamics, Inc. 65,357 1,136,558 
Sutor Technology Group Ltd. (a) 1,189 773 
Synalloy Corp. 3,081 25,264 
Universal Stainless & Alloy Products, Inc. (a) 2,467 26,644 
  4,171,208 
Paper & Forest Products - 0.0%   
Mercer International, Inc. (SBI) 20,514 218,474 
Pope Resources, Inc. LP 1,044 67,108 
  285,582 
TOTAL MATERIALS  8,710,393 
TELECOMMUNICATION SERVICES - 1.1%   
Diversified Telecommunication Services - 0.2%   
8x8, Inc. (a)(b) 24,896 293,773 
Alaska Communication Systems Group, Inc. (a) 17,440 33,485 
Atlantic Tele-Network, Inc. 4,454 350,396 
B Communications Ltd. 6,305 163,236 
Cogent Communications Group, Inc. 11,904 399,498 
Consolidated Communications Holdings, Inc. 14,612 318,395 
FairPoint Communications, Inc. (a) 8,280 151,607 
Frontier Communications Corp. 304,239 1,518,153 
General Communications, Inc. Class A (a) 9,988 207,451 
Hawaiian Telcom Holdco, Inc. (a) 4,794 113,762 
inContact, Inc. (a)(b) 17,125 169,024 
Inteliquent, Inc. 9,031 173,486 
Internet Gold Golden Lines Ltd. (a) 2,697 30,719 
Iridium Communications, Inc. (a)(b) 26,081 213,082 
Lumos Networks Corp. 7,652 90,217 
magicJack VocalTec Ltd. (a)(b) 3,477 32,162 
ORBCOMM, Inc. (a) 21,408 137,225 
PDVWireless, Inc. (b)(c) 3,699 97,839 
Towerstream Corp. (a)(b) 16,138 6,617 
Windstream Holdings, Inc. (b) 28,081 174,945 
  4,675,072 
Wireless Telecommunication Services - 0.9%   
America Movil S.A.B. de CV Series A sponsored ADR (b) 2,365 38,171 
Boingo Wireless, Inc. (a) 9,845 65,174 
Leap Wireless International, Inc. rights (a) 9,737 25,121 
NII Holdings, Inc. (a) 27,999 193,473 
NTELOS Holdings Corp. (a) 4,893 44,869 
Partner Communications Co. Ltd. ADR (a) 1,446 6,420 
SBA Communications Corp. Class A (a) 33,901 3,565,029 
Shenandoah Telecommunications Co. 6,358 306,964 
Spok Holdings, Inc. 5,604 103,506 
T-Mobile U.S., Inc. (a) 216,105 7,671,728 
VimpelCom Ltd. sponsored ADR (b) 466,605 1,679,778 
Vodafone Group PLC sponsored ADR 104,249 3,498,596 
  17,198,829 
TOTAL TELECOMMUNICATION SERVICES  21,873,901 
UTILITIES - 0.1%   
Electric Utilities - 0.0%   
MGE Energy, Inc. 9,313 404,836 
Otter Tail Corp. 9,848 262,252 
Spark Energy, Inc. Class A, 1,823 32,923 
  700,011 
Gas Utilities - 0.0%   
Delta Natural Gas Co., Inc. 1,749 36,344 
RGC Resources, Inc. 598 12,815 
  49,159 
Independent Power and Renewable Electricity Producers - 0.1%   
8Point3 Energy Partners LP 5,096 62,324 
Abengoa Yield PLC (b) 27,318 395,565 
Pattern Energy Group, Inc. (b) 19,234 344,481 
TerraForm Global, Inc. (a)(b) 29,200 117,676 
Terraform Power, Inc. 22,024 151,966 
  1,072,012 
Water Utilities - 0.0%   
Artesian Resources Corp. Class A 2,258 59,182 
Cadiz, Inc. (a)(b) 5,673 21,160 
Connecticut Water Service, Inc. 3,590 130,353 
Consolidated Water Co., Inc. 4,308 52,385 
Middlesex Water Co. 5,668 145,271 
Pure Cycle Corp. (a) 3,377 17,121 
York Water Co. 3,411 81,386 
  506,858 
TOTAL UTILITIES  2,328,040 
TOTAL COMMON STOCKS   
(Cost $1,534,080,865)  2,056,776,281 
 Principal Amount Value 
Convertible Bonds - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Catalyst Biosciences, Inc. 0% 2/19/18
(Cost $8,560) 		8,560 2,794 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% 2/4/16 (d)   
(Cost $2,998,892) 3,000,000 2,999,295 
 Shares Value 
Money Market Funds - 11.8%   
Fidelity Cash Central Fund, 0.18% (e) 8,487,308 $8,487,308 
Fidelity Securities Lending Cash Central Fund, 0.22% (e)(f) 236,225,852 236,225,852 
TOTAL MONEY MARKET FUNDS   
(Cost $244,713,160)  244,713,160 
TOTAL INVESTMENT PORTFOLIO - 111.0%   
(Cost $1,781,801,477)  2,304,491,530 
NET OTHER ASSETS (LIABILITIES) - (11.0)%  (228,114,936) 
NET ASSETS - 100%  $2,076,376,594 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
208 CME E-mini NASDAQ 100 Index Contracts (United States) Dec. 2015 19,422,000 $630,196 

The face value of futures purchased as a percentage of Net Assets is 0.9%

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $97,839 or 0.0% of net assets.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $685,839.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $26,513 
Fidelity Securities Lending Cash Central Fund 2,127,838 
Total $2,154,351 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2015, 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 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 $372,489,652 $372,489,652 $-- $-- 
Consumer Staples 114,619,516 114,619,516 -- -- 
Energy 11,007,962 11,007,962 -- -- 
Financials 143,143,048 143,143,048 -- -- 
Health Care 334,453,243 334,438,847 -- 14,396 
Industrials 82,900,773 82,900,773 -- -- 
Information Technology 965,249,753 965,185,134 -- 64,619 
Materials 8,710,393 8,710,393 -- -- 
Telecommunication Services 21,873,901 21,848,780 -- 25,121 
Utilities 2,328,040 2,328,040 -- -- 
Corporate Bonds 2,794 -- 2,794 -- 
U.S. Government and Government Agency Obligations 2,999,295 -- 2,999,295 -- 
Money Market Funds 244,713,160 244,713,160 -- -- 
Total Investments in Securities: $2,304,491,530 $2,301,385,305 $3,002,089 $104,136 
Derivative Instruments:     
Assets     
Futures Contracts $630,196 $630,196 $-- $-- 
Total Assets $630,196 $630,196 $-- $-- 
Total Derivative Instruments: $630,196 $630,196 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $630,196 $0 
Total Equity Risk 630,196 0 
Total Value of Derivatives $630,196 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.


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


Financial Statements

Statement of Assets and Liabilities

  November 30, 2015 
Assets   
Investment in securities, at value (including securities loaned of $230,506,479) — See accompanying schedule:
Unaffiliated issuers (cost $1,537,088,317) 		$2,059,778,370  
Fidelity Central Funds (cost $244,713,160) 244,713,160  
Total Investments (cost $1,781,801,477)  $2,304,491,530 
Foreign currency held at value (cost $6,268)  6,266 
Receivable for investments sold  302,345 
Receivable for fund shares sold  7,974,774 
Dividends receivable  2,345,764 
Distributions receivable from Fidelity Central Funds  242,614 
Prepaid expenses  4,475 
Receivable from investment adviser for expense reductions  303,888 
Other receivables  675 
Total assets  2,315,672,331 
Liabilities   
Payable to custodian bank $102,632  
Payable for fund shares redeemed 1,902,849  
Accrued management fee 405,269  
Payable for daily variation margin for derivative instruments 44,022  
Other affiliated payables 263,626  
Other payables and accrued expenses 351,487  
Collateral on securities loaned, at value 236,225,852  
Total liabilities  239,295,737 
Net Assets  $2,076,376,594 
Net Assets consist of:   
Paid in capital  $1,537,968,749 
Undistributed net investment income  15,462,730 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (374,742) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  523,319,857 
Net Assets, for 30,583,321 shares outstanding  $2,076,376,594 
Net Asset Value, offering price and redemption price per share ($2,076,376,594 ÷ 30,583,321 shares)  $67.89 

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


Statement of Operations

  Year ended November 30, 2015 
Investment Income   
Dividends  $21,668,169 
Interest  3,169 
Income from Fidelity Central Funds (including $2,127,838 from security lending)  2,154,351 
Total income  23,825,689 
Expenses   
Management fee $4,268,066  
Transfer agent fees 2,491,036  
Distribution and service plan fees 582,441  
Licensing fees 1,067,216  
Accounting and security lending fees 487,216  
Custodian fees and expenses 47,100  
Independent trustees' compensation 7,262  
Registration fees 151,082  
Audit 65,761  
Legal 4,251  
Miscellaneous 9,563  
Total expenses before reductions 9,180,994  
Expense reductions (4,021,711) 5,159,283 
Net investment income (loss)  18,666,406 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 5,710,390  
Foreign currency transactions (25,248)  
Futures contracts (2,356,592)  
Total net realized gain (loss)  3,328,550 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		104,346,523  
Assets and liabilities in foreign currencies (314)  
Futures contracts (76,041)  
Total change in net unrealized appreciation (depreciation)  104,270,168 
Net gain (loss)  107,598,718 
Net increase (decrease) in net assets resulting from operations  $126,265,124 

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


Statement of Changes in Net Assets

 Year ended November 30, 2015 Year ended November 30, 2014 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $18,666,406 $11,487,698 
Net realized gain (loss) 3,328,550 5,337,910 
Change in net unrealized appreciation (depreciation) 104,270,168 149,959,330 
Net increase (decrease) in net assets resulting from operations 126,265,124 166,784,938 
Distributions to shareholders from net investment income (10,755,970) (5,072,373) 
Distributions to shareholders from net realized gain (5,388,196) (6,602,574) 
Total distributions (16,144,166) (11,674,947) 
Share transactions   
Proceeds from sales of shares 1,178,089,711 612,517,757 
Reinvestment of distributions 15,574,587 11,227,000 
Cost of shares redeemed (485,576,890) (210,286,372) 
Net increase (decrease) in net assets resulting from share transactions 708,087,408 413,458,385 
Redemption fees 465,280 218,973 
Total increase (decrease) in net assets 818,673,646 568,787,349 
Net Assets   
Beginning of period 1,257,702,948 688,915,599 
End of period (including undistributed net investment income of $15,462,730 and undistributed net investment income of $10,467,470, respectively) $2,076,376,594 $1,257,702,948 
Other Information   
Shares   
Sold 18,263,948 10,551,644 
Issued in reinvestment of distributions 254,019 212,454 
Redeemed (7,636,754) (3,712,980) 
Net increase (decrease) 10,881,213 7,051,118 

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


Financial Highlights — Fidelity Nasdaq Composite Index Fund

      
Years ended November 30, 2015 2014 2013 2012 2011 
Selected Per–Share Data      
Net asset value, beginning of period $63.84 $54.46 $40.41 $35.04 $33.35 
Income from Investment Operations      
Net investment income (loss)A .68 .75B .57 .44 .28 
Net realized and unrealized gain (loss) 4.13 9.54 13.95 5.19 1.63 
Total from investment operations 4.81 10.29 14.52 5.63 1.91 
Distributions from net investment income (.52) (.40) (.48) (.27) (.23) 
Distributions from net realized gain (.26) (.52) – – – 
Total distributions (.78) (.92) (.48) (.27) (.23) 
Redemption fees added to paid in capitalA .02 .01 .01 .01 .01 
Net asset value, end of period $67.89 $63.84 $54.46 $40.41 $35.04 
Total ReturnC 7.70% 19.25% 36.39% 16.24% 5.74% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .52% .55% .56% .58% .58% 
Expenses net of fee waivers, if any .29% .29% .33% .35% .35% 
Expenses net of all reductions .29% .29% .33% .35% .35% 
Net investment income (loss) 1.05% 1.31%B 1.23% 1.13% .80% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,076,377 $1,257,703 $688,916 $481,320 $311,128 
Portfolio turnover rateF 9% 5% 14% 10% 12% 

 A Calculated based on average shares outstanding during the period.

 B Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D 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.

 E 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.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements

For the period ended November 30, 2015

1. Organization.

Fidelity Nasdaq Composite Index Fund (the Fund) is a fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2015 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $628,888,175 
Gross unrealized depreciation (120,638,436) 
Net unrealized appreciation (depreciation) on securities $508,249,739 
Tax Cost $1,796,241,791 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $15,468,654 
Undistributed long-term capital gain $14,700,386 
Net unrealized appreciation (depreciation) on securities and other investments $508,249,347 

The tax character of distributions paid was as follows:

 November 30, 2015 November 30, 2014 
Ordinary Income $12,314,917 $ 5,072,373 
Long-term Capital Gains 3,829,249 6,602,574 
Total $16,144,166 $ 11,674,947 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to .75% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(2,356,592) and a change in net unrealized appreciation (depreciation) of $(76,041) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $892,869,489 and $157,554,387, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a Distribution and Service Plan. The Fund pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a distribution fee based on .06% of the Fund's average net assets. FDC pays these fees to NASDAQ OMX Group for marketing services provided to the Fund. The Fund does not pay a service fee.

Effective July 1, 2015, the Board of Trustees approved the elimination of the distribution fee paid by the Fund.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .14% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

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

Effective January 1, 2016, the licensing fee will be paid by the investment adviser, not by the Fund.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,314 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and 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.

9. Expense Reductions.

The investment adviser contractually agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .29% of average net assets. This waiver will remain in place through January 31, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $4,021,531.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $180.

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity® Nasdaq Composite Index® Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity® Nasdaq Composite Index® Fund (the Fund), a fund of Fidelity Commonwealth Trust, including the schedule of investments, as of November 30, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2015, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity® Nasdaq Composite Index® Fund as of November 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 20, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2012

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (diversified financial services company, 2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2008

Deputy Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2008

President and Treasurer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).

Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).

Linda J. Wondrack (1964)

Year of Election or Appointment: 2014

Chief Compliance Officer

Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (Japan) Limited (investment adviser firm), FMR Investment Management (U.K.) Limited (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).

Joseph F. Zambello (1957)

Year of Election or Appointment: 2011

Deputy Treasurer

Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

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.

Effective July 1, 2015, the Board of Trustees approved the elimination of the distribution fee paid by the Fund.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2015 to November 30, 2015).

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.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2015 		Ending
Account Value
November 30, 2015 		Expenses Paid
During Period-B
June 1, 2015
to November 30, 2015 
Actual .29% $1,000.00 $1,013.70 $1.46 
Hypothetical-C  $1,000.00 $1,023.61 $1.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity NASDAQ Composite Index Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
 12/14/15 12/11/15 $0.532 $0.431 
 12/29/15 12/28/15 $0.022 $0.000 
  01/19/15 01/15/16 $0.000 $0.044 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2015, $16,999,053, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 76% and 84% of the dividends distributed on December 12, 2014 and December 31, 2014, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Nasdaq Composite Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staff, including their size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and information security and to increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; securities lending revenues; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Nasdaq Composite Index Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Nasdaq Composite Index Fund


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2014.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked above its competitive median for 2014. The Board considered that, in general, various factors can affect total expense ratios.

The Board further considered that FMR contractually agreed to waive the fund's expenses to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed 0.29% through January 31, 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although above the median of the universe presented for comparison, the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity's group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EIF-ANN-0116
1.795539.112



Item 2.

Code of Ethics


As of the end of the period, November 30, 2015, Fidelity Commonwealth Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.  


Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index Fund and Fidelity Series 100 Index Fund  (the “Funds”):


Services Billed by Deloitte Entities


November 30, 2015 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Fund

 $53,000  

$-

 $6,200

$1,000

Fidelity Series 100 Index Fund

 $53,000  

$-

 $5,800

$1,400



November 30, 2014 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Fund

 $43,000  

$-

 $6,000

$800

Fidelity Series 100 Index Fund

 $56,000  

$-

 $5,800

$1,200



A Amounts may reflect rounding.





The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index Tracking Stock (the “Fund”):


Services Billed by PwC


November 30, 2015 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Tracking Stock

 $70,000

$-

 $6,000

 $1,900



November 30, 2014 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Tracking Stock

 $66,000

$-

 $4,700

 $1,800




A Amounts may reflect rounding.



The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):



Services Billed by Deloitte Entities



 

November 30, 2015A

November 30, 2014A

Audit-Related Fees

$-

$-

Tax Fees

$10,000

$-

All Other Fees

$10,000

$640,000


A Amounts may reflect rounding.




Services Billed by PwC



 

November 30, 2015A

November 30, 2014A

Audit-Related Fees

$5,890,000

$5,185,000

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.



“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By

November 30, 2015 A

November 30, 2014 A

PwC

$7,060,000

$6,485,000

Deloitte Entities

$145,000

$1,730,000


A Amounts may reflect rounding.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their  audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR’s review of the



appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

 

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.


Item 5.

Audit Committee of Listed Registrants


Fidelity Commonwealth Trust:  Fidelity Nasdaq Composite Index Tracking Stock:


The Board of Trustees of Fidelity Commonwealth Trust: Fidelity Nasdaq Composite Index Tracking Stock has established a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934.  As of



November 30, 2015, the members of the audit committee were Joseph Mauriello, Alan J. Lacy and Robert W. Selander.  


Fidelity Commonwealth Trust:  Fidelity Nasdaq Composite Index Fund:

Fidelity Commonwealth Trust: Fidelity Series 100 Index Fund:


Not applicable.



Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.




Item 12.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Commonwealth Trust


By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

January 27, 2016



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

January 27, 2016



By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

January 27, 2016