Notes
to
Financial Statements
For the period ended January 31, 2014 (Unaudited)
1. Organization.
Fidelity® Series Intrinsic Opportunities Fund (the Fund) is a fund of Fidelity Puritan 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 offers Series Intrinsic Opportunities and
Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that
affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and
accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as
of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing
Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management,
Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder
report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the
SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP),
which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from
those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation
policies and procedures
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value
its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair
valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in
determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality.
The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The Committee oversees the
Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as
shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or
official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as
Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted
bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities,
when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the
hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities,
where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the
hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who
make markets in such
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
securities. Preferred securities, 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 January 31, 2014, including information on transfers between Levels 1 and 2 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. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return
of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund
determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.
Interest income and distributions from the Fidelity Central Funds are accrued as earned.
Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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, market discount 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
|
$ 920,305,073
|
|
Gross unrealized depreciation
|
(192,646,708
)
|
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$ 727,658,365
|
|
|
|
|
Tax cost
|
$ 5,020,564,644
|
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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,236,078,376 and $459,565,639, 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. The management fee is the sum of an individual fund fee rate
that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The
group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate
decreases as assets under management increase
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum
of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is
based on the relative investment performance of Series Intrinsic Opportunities as compared to its benchmark index, the Russell 3000® Index, over
the same 36 month performance period. The Fund's performance adjustment took effect in January 2014. Subsequent months will be added until
the performance period includes 36 months. For the reporting period, the total annualized management fee rate, including the performance
adjustment, was .58% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower
than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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 account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Series Intrinsic Opportunities, except for Class F. 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.
For the period, transfer agent fees for each applicable class were as follows:
|
|
Amount
|
% of
Average
Net Assets
*
|
|
Series Intrinsic Opportunities
|
$ 1,933,567
|
.17
|
*
Annualized
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.
Brokerage Commissions.
The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment
adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $13,954 for the period.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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
|
$ 23,230,375
|
.32%
|
$ 1,636
|
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be
utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to
pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,159 and is reflected in Miscellaneous expenses on the
Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending
agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the
Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the
period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in
recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned
securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the
income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium
payments received for lending certain types of securities. Security lending income is presented in the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to
$1,798,924. During the period, there were no securities loaned to FCM.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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.
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 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 (August 1, 2013 to January 31,
2014).
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. 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.
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. A small balance maintenance fee of $12.00 that is charged
once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the
underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds.
These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Next PLC
|
3.7
|
2.9
|
|
UnitedHealth Group, Inc.
|
3.6
|
3.9
|
|
Seagate Technology
|
3.4
|
2.9
|
|
Microsoft Corp.
|
2.6
|
2.4
|
|
Best Buy Co., Inc.
|
1.7
|
1.7
|
|
Ross Stores, Inc.
|
1.5
|
1.6
|
|
Metro, Inc. Class A (sub. vtg.)
|
1.4
|
1.8
|
|
Barratt Developments PLC
|
1.1
|
1.0
|
|
Unum Group
|
1.1
|
1.2
|
|
Oracle Corp.
|
1.1
|
1.1
|
|
|
21.2
|
|
|
Top Five Market Sectors as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Consumer Discretionary
|
24.8
|
26.1
|
|
Information Technology
|
18.9
|
17.3
|
|
Financials
|
11.1
|
10.9
|
|
Health Care
|
8.3
|
9.2
|
|
Consumer Staples
|
7.7
|
8.4
|
|
Asset Allocation (% of fund's net assets)
|
|
As of January 31, 2014
*
|
As of July 31, 2013
**
|
|
Stocks 85.6%
|
|
|
Stocks 87.4%
|
|
|
Bonds 0.3%
|
|
|
Bonds 0.3%
|
|
|
Convertible
Securities 0.0%
†
|
|
|
Convertible
Securities 0.0%
†
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 14.1%
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 12.3%
|
|
|
*
Foreign investments
|
39.6%
|
|
**
Foreign investments
|
37.7%
|
|
|
†
Amount represents less than 0.1%
|
Semiannual Report
Investments January 31, 2014
Showing Percentage of Net Assets
|
Common Stocks - 85.5%
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - 24.8%
|
|
Auto Components - 1.5%
|
|
Allison Transmission Holdings, Inc.
|
636,800
|
|
$ 18,295
|
|
ASTI Corp. (e)
|
1,350,000
|
|
2,797
|
|
ATLASBX Co. Ltd.
|
270,000
|
|
10,127
|
|
Federal Screw Works (a)
|
50,000
|
|
130
|
|
Hi-Lex Corp.
|
1,200,000
|
|
28,550
|
|
INZI Controls Co. Ltd. (e)
|
1,516,000
|
|
6,313
|
|
Johnson Controls, Inc.
|
7,500,000
|
|
345,900
|
|
Martinrea International, Inc.
|
75,000
|
|
627
|
|
Motonic Corp. (e)
|
3,299,900
|
|
34,716
|
|
Murakami Corp. (e)
|
760,000
|
|
10,295
|
|
Nippon Seiki Co. Ltd.
|
2,800,000
|
|
52,516
|
|
Piolax, Inc. (e)
|
1,000,000
|
|
37,707
|
|
Samsung Climate Control Co. Ltd. (e)
|
460,050
|
|
3,430
|
|
Sewon Precision Industries Co. Ltd. (e)
|
500,000
|
|
12,575
|
|
Shoei Co. Ltd.
|
625,000
|
|
8,650
|
|
SJM Co. Ltd. (e)
|
1,270,000
|
|
11,787
|
|
SJM Holdings Co. Ltd. (e)
|
1,332,974
|
|
6,099
|
|
Standard Motor Products, Inc.
|
500,000
|
|
16,355
|
|
Strattec Security Corp. (e)
|
330,000
|
|
18,068
|
|
Sungwoo Hitech Co. Ltd.
|
1,100,000
|
|
15,574
|
|
TBK Co. Ltd.
|
627,000
|
|
3,592
|
|
Yachiyo Industry Co. Ltd.
|
1,000,000
|
|
7,796
|
|
Yutaka Giken Co. Ltd. (e)
|
1,482,000
|
|
37,903
|
|
|
|
689,802
|
|
Distributors - 0.2%
|
|
Chori Co. Ltd.
|
46,600
|
|
524
|
|
Doshisha Co. Ltd. (e)
|
1,925,000
|
|
25,767
|
|
Educational Development Corp. (e)
|
386,892
|
|
1,385
|
|
Nakayamafuku Co. Ltd.
|
811,100
|
|
6,446
|
|
SPK Corp.
|
222,800
|
|
4,122
|
|
Uni-Select, Inc. (e)
|
2,025,000
|
|
50,891
|
|
|
|
89,135
|
|
Diversified Consumer Services - 0.6%
|
|
Capella Education Co.
|
28,489
|
|
1,777
|
|
Career Education Corp. (a)(e)
|
6,720,000
|
|
36,557
|
|
Clip Corp. (e)
|
328,600
|
|
3,307
|
|
Corinthian Colleges, Inc. (a)(d)
|
3,600,000
|
|
5,292
|
|
DeVry, Inc.
|
700,000
|
|
25,298
|
|
Houghton Mifflin Harcourt Co.
|
400,000
|
|
7,696
|
|
ITT Educational Services, Inc. (a)
|
100,000
|
|
2,940
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Diversified Consumer Services - continued
|
|
Meiko Network Japan Co. Ltd.
|
1,000,000
|
|
$ 10,963
|
|
Regis Corp.
|
1,826,005
|
|
22,515
|
|
Shingakukai Co. Ltd.
|
200,000
|
|
789
|
|
Shuei Yobiko Co. Ltd.
|
125,000
|
|
407
|
|
Steiner Leisure Ltd. (a)(e)
|
1,600,000
|
|
78,416
|
|
Step Co. Ltd. (e)
|
1,300,000
|
|
10,144
|
|
Weight Watchers International, Inc. (e)
|
3,250,000
|
|
87,848
|
|
YBM Sisa.com, Inc. (e)
|
900,000
|
|
3,140
|
|
|
|
297,089
|
|
Hotels, Restaurants & Leisure - 1.3%
|
|
Ambassadors Group, Inc. (e)
|
1,770,356
|
|
8,799
|
|
ARK Restaurants Corp. (e)
|
224,895
|
|
4,900
|
|
Brinker International, Inc.
|
429,119
|
|
20,752
|
|
BRONCO BILLY Co. Ltd. (d)
|
65,000
|
|
1,173
|
|
CEC Entertainment, Inc. (e)
|
1,500,000
|
|
80,940
|
|
Darden Restaurants, Inc.
|
1,000,000
|
|
49,440
|
|
Flanigan's Enterprises, Inc. (a)
|
60,357
|
|
860
|
|
Hiday Hidaka Corp. (e)
|
1,265,980
|
|
30,480
|
|
Ibersol SGPS SA
|
575,000
|
|
5,351
|
|
Intralot SA
|
1,250,000
|
|
3,287
|
|
Jack in the Box, Inc. (a)(e)
|
2,500,000
|
|
126,425
|
|
Kura Corp. Ltd.
|
775,000
|
|
12,890
|
|
Monogatari Corp. (The)
|
100,000
|
|
3,037
|
|
Ohsho Food Service Corp.
|
625,000
|
|
20,497
|
|
Papa John's International, Inc.
|
1,000,000
|
|
48,130
|
|
Ruby Tuesday, Inc. (a)(e)
|
6,200,000
|
|
34,720
|
|
Shinsegae Food Co. Ltd.
|
17,000
|
|
1,339
|
|
Sonic Corp. (a)(e)
|
5,100,000
|
|
90,729
|
|
Sportscene Group, Inc. Class A (e)
|
400,000
|
|
2,949
|
|
St. Marc Holdings Co. Ltd.
|
475,000
|
|
22,620
|
|
Toridoll.Corporation
|
1,850,000
|
|
15,921
|
|
|
|
585,239
|
|
Household Durables - 3.1%
|
|
Abbey PLC (e)
|
2,150,000
|
|
31,317
|
|
Barratt Developments PLC (e)
|
84,000,199
|
|
522,801
|
|
Bellway PLC
|
5,000,000
|
|
127,731
|
|
Blyth, Inc. (d)
|
450,000
|
|
4,221
|
|
D.R. Horton, Inc. (d)
|
6,200,000
|
|
145,576
|
|
Dorel Industries, Inc. Class B (sub. vtg.) (d)
|
3,250,000
|
|
118,123
|
|
Emak SpA
|
4,000,000
|
|
4,408
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Household Durables - continued
|
|
First Juken Co. Ltd. (e)
|
1,690,000
|
|
$ 22,809
|
|
Helen of Troy Ltd. (a)(e)
|
3,190,000
|
|
175,578
|
|
Henry Boot PLC
|
6,477,811
|
|
23,055
|
|
HTL International Holdings Ltd. (e)
|
29,000,500
|
|
6,535
|
|
Maruzen Co. Ltd. (e)
|
1,918,000
|
|
18,710
|
|
NACCO Industries, Inc. Class A
|
310,000
|
|
18,302
|
|
P&F Industries, Inc. Class A (a)(e)
|
369,300
|
|
2,689
|
|
Sanei Architecture Planning Co. Ltd. (e)
|
1,461,000
|
|
12,112
|
|
Stanley Furniture Co., Inc. (a)(e)
|
1,289,638
|
|
4,901
|
|
Steinhoff International Holdings Ltd.
|
3,102,497
|
|
12,788
|
|
Tempur Sealy International, Inc. (a)(e)
|
3,250,000
|
|
160,193
|
|
Token Corp. (e)
|
1,000,000
|
|
46,277
|
|
|
|
1,458,126
|
|
Internet & Catalog Retail - 0.1%
|
|
Belluna Co. Ltd. (e)
|
10,200,000
|
|
48,997
|
|
NutriSystem, Inc.
|
100,000
|
|
1,422
|
|
PetMed Express, Inc. (d)
|
100,000
|
|
1,323
|
|
Wotif.com Holdings Ltd. (d)
|
1,000,000
|
|
2,131
|
|
|
|
53,873
|
|
Leisure Equipment & Products - 0.2%
|
|
Accell Group NV (e)
|
2,417,500
|
|
44,995
|
|
Fenix Outdoor AB
|
35,000
|
|
1,453
|
|
Giant Manufacturing Co. Ltd.
|
1,000,555
|
|
6,310
|
|
JAKKS Pacific, Inc. (d)(e)
|
1,300,000
|
|
7,488
|
|
Kabe Husvagnar AB (B Shares)
|
287,010
|
|
5,520
|
|
Mars Engineering Corp.
|
400,000
|
|
7,632
|
|
Miroku Corp. (e)
|
850,000
|
|
2,455
|
|
Smith & Wesson Holding Corp. (a)(d)
|
1,200,000
|
|
15,708
|
|
Trigano SA (a)
|
160,000
|
|
4,070
|
|
|
|
95,631
|
|
Media - 0.6%
|
|
Chime Communications PLC
|
4,500,000
|
|
25,688
|
|
Cinderella Media Group Ltd.
|
14,224,000
|
|
5,753
|
|
DreamWorks Animation SKG, Inc. Class A (a)
|
1,600,000
|
|
53,984
|
|
Gannett Co., Inc.
|
750,000
|
|
20,648
|
|
GFK AG
|
175,000
|
|
9,618
|
|
Harte-Hanks, Inc.
|
1,150,000
|
|
7,878
|
|
Hyundai Hy Communications & Networks Co. Ltd.
|
1,400,000
|
|
7,289
|
|
Intage Holdings, Inc. (e)
|
2,060,000
|
|
27,662
|
|
Live Nation Entertainment, Inc. (a)
|
1,400,000
|
|
29,778
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Media - continued
|
|
Pico Far East Holdings Ltd.
|
22,000,000
|
|
$ 6,319
|
|
Proto Corp.
|
500,000
|
|
6,993
|
|
RKB Mainichi Broadcasting Corp.
|
240,000
|
|
2,852
|
|
Saga Communications, Inc. Class A
|
475,000
|
|
23,437
|
|
Starz - Liberty Capital Series A (a)
|
350,000
|
|
9,793
|
|
STW Group Ltd.
|
3,200,000
|
|
4,059
|
|
Tow Co. Ltd. (d)(e)
|
1,223,000
|
|
8,527
|
|
TVA Group, Inc. Class B (non-vtg.) (a)
|
2,000,400
|
|
17,629
|
|
|
|
267,907
|
|
Multiline Retail - 3.9%
|
|
Big Lots, Inc. (a)
|
2,000,000
|
|
53,580
|
|
Don Quijote Holdings Co. Ltd.
|
600,000
|
|
36,776
|
|
Hanwha Timeworld Co. Ltd. (e)
|
340,990
|
|
9,778
|
|
Lifestyle International Holdings Ltd.
|
3,193,000
|
|
5,725
|
|
Next PLC (e)
|
16,650,000
|
|
1,710,668
|
|
Watts Co. Ltd. (e)
|
1,395,000
|
|
12,002
|
|
Zakkaya Bulldog Co. Ltd. (a)
|
400,000
|
|
788
|
|
|
|
1,829,317
|
|
Specialty Retail - 10.8%
|
|
Aarons, Inc. Class A
|
500,000
|
|
13,445
|
|
ABC-MART, Inc.
|
135,000
|
|
5,837
|
|
Abercrombie & Fitch Co. Class A (e)
|
7,639,000
|
|
270,268
|
|
Adastria Holdings Co. Ltd.
|
635,150
|
|
16,676
|
|
Aeropostale, Inc. (a)(d)(e)
|
8,177,100
|
|
57,649
|
|
Ascena Retail Group, Inc. (a)
|
250,000
|
|
4,690
|
|
AT-Group Co. Ltd.
|
1,199,000
|
|
21,375
|
|
AutoZone, Inc. (a)
|
900,000
|
|
445,554
|
|
Bed Bath & Beyond, Inc. (a)
|
6,600,000
|
|
421,410
|
|
Best Buy Co., Inc. (e)
|
33,350,000
|
|
785,059
|
|
BMTC Group, Inc. Class A (sub. vtg.) (e)
|
5,600,000
|
|
69,588
|
|
Bonia Corp. Bhd
|
350,000
|
|
358
|
|
Buffalo Co. Ltd.
|
13,000
|
|
107
|
|
Cash Converters International Ltd. (e)
|
23,875,669
|
|
18,214
|
|
Chico's FAS, Inc.
|
1,700,000
|
|
28,220
|
|
Citi Trends, Inc. (a)
|
250,000
|
|
4,000
|
|
CST Brands, Inc.
|
2,150,000
|
|
68,650
|
|
Delek Automotive Systems Ltd.
|
251,935
|
|
2,612
|
|
Express, Inc. (a)
|
1,500,000
|
|
25,980
|
|
Folli Follie SA (a)(e)
|
4,400,000
|
|
132,631
|
|
Fourlis Holdings SA (a)
|
500,000
|
|
2,724
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Specialty Retail - continued
|
|
Francesca's Holdings Corp. (a)
|
1,200,000
|
|
$ 22,800
|
|
GameStop Corp. Class A (e)
|
6,000,000
|
|
210,420
|
|
Glentel, Inc. (e)
|
2,227,056
|
|
26,095
|
|
Goldlion Holdings Ltd.
|
11,535,000
|
|
5,408
|
|
Guess?, Inc. (e)
|
8,488,100
|
|
238,091
|
|
Gulliver International Co. Ltd. (e)
|
6,800,000
|
|
48,560
|
|
Halfords Group PLC
|
1,350,000
|
|
10,175
|
|
Hour Glass Ltd.
|
36,000
|
|
46
|
|
IA Group Corp. (e)
|
875,000
|
|
6,065
|
|
John David Group PLC
|
700,000
|
|
18,573
|
|
Jos. A. Bank Clothiers, Inc. (a)(e)
|
2,600,000
|
|
146,172
|
|
Jumbo SA (a)(e)
|
11,250,100
|
|
191,180
|
|
K's Denki Corp.
|
2,950,000
|
|
78,508
|
|
Ku Holdings Co. Ltd.
|
375,000
|
|
5,150
|
|
Kyoto Kimono Yuzen Co. Ltd. (e)
|
1,719,000
|
|
18,167
|
|
Le Chateau, Inc. Class A (sub. vtg.) (a)
|
2,022,600
|
|
5,266
|
|
Leon's Furniture Ltd.
|
350,000
|
|
4,689
|
|
Lewis Group Ltd.
|
700,000
|
|
3,756
|
|
Macintosh Retail Group NV
|
200,000
|
|
2,267
|
|
MarineMax, Inc. (a)
|
150,000
|
|
2,213
|
|
Mr. Bricolage SA (e)
|
1,038,775
|
|
14,500
|
|
Nafco Co. Ltd. (e)
|
2,275,100
|
|
34,938
|
|
Nishimatsuya Chain Co. Ltd. (e)
|
5,100,000
|
|
40,278
|
|
Office Depot, Inc. (a)
|
2,300,000
|
|
11,247
|
|
Pal Co. Ltd. (e)
|
1,600,000
|
|
30,583
|
|
Pier 1 Imports, Inc.
|
1,600,000
|
|
30,576
|
|
RIGHT ON Co. Ltd.
|
400,000
|
|
2,783
|
|
Ross Stores, Inc.
|
10,000,000
|
|
679,100
|
|
Second Chance Properties Ltd.
|
3,000,000
|
|
1,020
|
|
Second Chance Properties Ltd. warrants 7/24/17 (a)
|
9,000,000
|
|
383
|
|
Select Comfort Corp. (a)
|
1,500,000
|
|
24,555
|
|
Sonic Automotive, Inc. Class A (sub. vtg.)
|
950,000
|
|
21,309
|
|
Staples, Inc.
|
26,150,000
|
|
344,134
|
|
The Buckle, Inc. (d)
|
850,000
|
|
37,672
|
|
The Men's Wearhouse, Inc.
|
200,000
|
|
9,608
|
|
The Stanley Gibbons Group PLC
|
1,216,500
|
|
7,469
|
|
USS Co. Ltd.
|
15,000,000
|
|
204,925
|
|
Williams-Sonoma, Inc.
|
200,000
|
|
10,904
|
|
Workman Co. Ltd. (e)
|
1,471,700
|
|
55,124
|
|
|
|
4,999,756
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Textiles, Apparel & Luxury Goods - 2.5%
|
|
Adolfo Dominguez SA (a)(d)
|
350,000
|
|
$ 2,969
|
|
Bijou Brigitte Modische Accessoires AG
|
45,000
|
|
4,487
|
|
Crocs, Inc. (a)
|
1,000,000
|
|
15,350
|
|
Daphne Interl Holdings Ltd.
|
100,000
|
|
51
|
|
Deckers Outdoor Corp. (a)(d)
|
600,000
|
|
46,770
|
|
F&F Co. Ltd. (e)
|
825,000
|
|
5,492
|
|
Fossil Group, Inc. (a)
|
2,350,000
|
|
262,801
|
|
Geox SpA (d)
|
3,850,000
|
|
15,567
|
|
Gildan Activewear, Inc. (e)
|
7,600,000
|
|
405,197
|
|
Hampshire Group Ltd. (a)(e)
|
920,000
|
|
3,036
|
|
Handsome Co. Ltd. (e)
|
2,436,150
|
|
64,594
|
|
JLM Couture, Inc. (a)(e)
|
197,100
|
|
510
|
|
Ports Design Ltd.
|
10,000,000
|
|
7,187
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
|
700,000
|
|
20,223
|
|
Steven Madden Ltd. (a)
|
585,000
|
|
19,065
|
|
Sun Hing Vision Group Holdings Ltd. (e)
|
23,939,000
|
|
7,400
|
|
Texwinca Holdings Ltd.
|
60,000,000
|
|
57,575
|
|
Tungtex Holdings Co. Ltd. (e)
|
26,400,000
|
|
3,774
|
|
Van de Velde
|
75,000
|
|
3,756
|
|
Vera Bradley, Inc. (a)(d)
|
1,768,000
|
|
42,467
|
|
Victory City International Holdings Ltd.
|
64,642,428
|
|
9,825
|
|
Youngone Corp.
|
650,000
|
|
23,143
|
|
Youngone Holdings Co. Ltd. (e)
|
929,000
|
|
61,934
|
|
Yue Yuen Industrial (Holdings) Ltd.
|
20,000,000
|
|
61,825
|
|
|
|
1,144,998
|
|
TOTAL CONSUMER DISCRETIONARY
|
|
11,510,873
|
|
CONSUMER STAPLES - 7.7%
|
|
Beverages - 1.0%
|
|
Baron de Ley SA (a)
|
175,000
|
|
15,695
|
|
C&C Group PLC
|
1,211,938
|
|
6,865
|
|
Constellation Brands, Inc. Class A (sub. vtg.) (a)
|
3,000,000
|
|
230,010
|
|
Monster Beverage Corp. (a)
|
2,700,000
|
|
183,330
|
|
Muhak Co. Ltd. (e)
|
2,699,502
|
|
46,205
|
|
National Beverage Corp.
|
100,000
|
|
2,073
|
|
Spritzer Bhd
|
136,500
|
|
64
|
|
|
|
484,242
|
|
Food & Staples Retailing - 4.9%
|
|
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
|
25,000
|
|
1,846
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER STAPLES - continued
|
|
Food & Staples Retailing - continued
|
|
Aoki Super Co. Ltd.
|
100,000
|
|
$ 843
|
|
Belc Co. Ltd. (e)
|
2,086,000
|
|
37,516
|
|
Cosmos Pharmaceutical Corp. (e)
|
1,850,000
|
|
231,439
|
|
Create SD Holdings Co. Ltd. (e)
|
2,227,000
|
|
74,686
|
|
Daikokutenbussan Co. Ltd.
|
700,000
|
|
19,344
|
|
Dong Suh Companies, Inc.
|
4,825,012
|
|
72,354
|
|
Fyffes PLC (Ireland) (e)
|
29,738,000
|
|
35,295
|
|
Genky Stores, Inc. (d)(e)
|
240,000
|
|
5,382
|
|
Greggs PLC (e)
|
9,900,000
|
|
82,268
|
|
Halows Co. Ltd. (e)
|
1,625,700
|
|
19,531
|
|
Kusuri No Aoki Co. Ltd. (d)
|
275,000
|
|
14,512
|
|
Majestic Wine PLC
|
325,000
|
|
2,639
|
|
MARR SpA
|
475,000
|
|
7,508
|
|
Marukyu Co. Ltd.
|
321,600
|
|
3,752
|
|
Maxvalu Nishinihon Co. Ltd.
|
25,000
|
|
358
|
|
Metro, Inc. Class A (sub. vtg.) (d)(e)
|
10,925,833
|
|
627,935
|
|
Qol Co. Ltd.
|
1,487,000
|
|
8,548
|
|
Safeway, Inc. (e)
|
13,000,000
|
|
406,120
|
|
San-A Co. Ltd.
|
750,000
|
|
21,217
|
|
Shoppers Drug Mart Corp.
|
4,900,000
|
|
258,254
|
|
Sligro Food Group NV
|
1,800,000
|
|
71,349
|
|
Sundrug Co. Ltd.
|
2,460,000
|
|
103,127
|
|
Tesco PLC
|
11,000,000
|
|
57,805
|
|
Total Produce PLC
|
10,000,000
|
|
12,003
|
|
Walgreen Co.
|
330,000
|
|
18,926
|
|
Welcia Holdings Co. Ltd.
|
340,987
|
|
19,676
|
|
Yaoko Co. Ltd.
|
936,400
|
|
38,697
|
|
|
|
2,252,930
|
|
Food Products - 1.5%
|
|
Aryzta AG
|
1,850,000
|
|
145,588
|
|
Cranswick PLC
|
705,212
|
|
15,314
|
|
Darling International, Inc. (a)
|
1,250,000
|
|
24,450
|
|
Dean Foods Co. (a)
|
4,025,000
|
|
63,595
|
|
Dutch Lady Milk Industries Bhd
|
100,000
|
|
1,389
|
|
Food Empire Holdings Ltd. (e)
|
52,500,000
|
|
20,976
|
|
Fresh Del Monte Produce, Inc. (e)
|
6,300,000
|
|
166,698
|
|
Hillshire Brands Co.
|
200,000
|
|
7,124
|
|
Hilton Food Group PLC
|
812,773
|
|
6,146
|
|
Lifeway Foods, Inc.
|
42,766
|
|
600
|
|
Nam Yang Dairy Products
|
11,000
|
|
8,850
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER STAPLES - continued
|
|
Food Products - continued
|
|
Pacific Andes International Holdings Ltd.
|
82,489,308
|
|
$ 3,347
|
|
Pacific Andes Resources Development Ltd.
|
129,316,774
|
|
13,968
|
|
Patties Food Ltd.
|
2,700,000
|
|
3,268
|
|
President Rice Products PCL
|
1,250,000
|
|
1,459
|
|
Rocky Mountain Chocolate Factory, Inc. (e)
|
496,882
|
|
5,774
|
|
Samyang Genex Co. Ltd.
|
93,060
|
|
7,742
|
|
Samyang Holdings Corp.
|
44,250
|
|
2,802
|
|
Seaboard Corp. (a)
|
47,600
|
|
121,380
|
|
Select Harvests Ltd. (e)
|
5,407,414
|
|
27,270
|
|
Sunjin Co. Ltd. (e)
|
813,630
|
|
19,834
|
|
Synear Food Holdings Ltd. (a)
|
39,000,000
|
|
5,682
|
|
United Food Holdings Ltd. (a)
|
22,400,000
|
|
876
|
|
|
|
674,132
|
|
Household Products - 0.0%
|
|
McBride PLC
|
300,000
|
|
503
|
|
Personal Products - 0.3%
|
|
Atrium Innovations, Inc. (a)
|
1,480,000
|
|
31,866
|
|
Avon Products, Inc.
|
700,000
|
|
10,423
|
|
Blackmores Ltd.
|
5,000
|
|
96
|
|
Coty, Inc. Class A
|
3,500,000
|
|
47,215
|
|
Nutraceutical International Corp. (a)(e)
|
1,143,504
|
|
28,633
|
|
Oriflame Cosmetics SA SDR (d)
|
10,000
|
|
276
|
|
Sarantis SA (e)
|
2,349,000
|
|
21,068
|
|
USANA Health Sciences, Inc. (a)
|
400,000
|
|
23,948
|
|
|
|
163,525
|
|
Tobacco - 0.0%
|
|
Karelia Tobacco Co., Inc.
|
2,452
|
|
628
|
|
Swedish Match Co. AB
|
200,000
|
|
5,861
|
|
|
|
6,489
|
|
TOTAL CONSUMER STAPLES
|
|
3,581,821
|
|
ENERGY - 4.5%
|
|
Energy Equipment & Services - 1.8%
|
|
AKITA Drilling Ltd. Class A (non-vtg.)
|
1,777,000
|
|
23,757
|
|
Boustead Singapore Ltd.
|
3,991,000
|
|
5,168
|
|
Cal Dive International, Inc. (a)(d)(e)
|
6,624,500
|
|
10,864
|
|
Cathedral Energy Services Ltd.
|
1,601,600
|
|
6,572
|
|
Divestco, Inc. (a)(e)
|
3,500,000
|
|
440
|
|
Farstad Shipping ASA (e)
|
3,200,000
|
|
66,014
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
ENERGY - continued
|
|
Energy Equipment & Services - continued
|
|
Forum Energy Technologies, Inc. (a)
|
400,000
|
|
$ 10,048
|
|
Fugro NV (Certificaten Van Aandelen)
|
1,600,027
|
|
83,761
|
|
Key Energy Services, Inc. (a)
|
1,000,000
|
|
7,290
|
|
Oil States International, Inc. (a)
|
2,000,000
|
|
187,900
|
|
Patterson-UTI Energy, Inc.
|
710,400
|
|
18,250
|
|
Petrofac Ltd.
|
10,000
|
|
190
|
|
Precision Drilling Corp. (d)
|
5,400,000
|
|
48,339
|
|
ProSafe ASA
|
8,900,000
|
|
59,164
|
|
Rowan Companies PLC (a)
|
680,700
|
|
21,354
|
|
Shinko Plantech Co. Ltd.
|
1,600,000
|
|
11,914
|
|
Solstad Offshore ASA
|
1,150,000
|
|
21,159
|
|
Total Energy Services, Inc. (e)
|
2,500,000
|
|
43,547
|
|
Unit Corp. (a)(e)
|
4,050,000
|
|
202,379
|
|
|
|
828,110
|
|
Oil, Gas & Consumable Fuels - 2.7%
|
|
Adams Resources & Energy, Inc.
|
158,951
|
|
10,573
|
|
Alvopetro Energy Ltd. (a)
|
500,000
|
|
494
|
|
Beach Energy Ltd.
|
15,411,927
|
|
19,201
|
|
Eni SpA
|
20,100,000
|
|
456,444
|
|
Fuji Kosan Co. Ltd. (e)
|
665,800
|
|
4,387
|
|
Fuji Oil Co. Ltd. (e)
|
6,050,000
|
|
19,836
|
|
Great Eastern Shipping Co. Ltd.
|
4,800,000
|
|
22,485
|
|
Hankook Shell Oil Co. Ltd. (e)
|
68,000
|
|
23,803
|
|
HollyFrontier Corp.
|
318,000
|
|
14,723
|
|
Marathon Oil Corp.
|
4,807,700
|
|
157,644
|
|
Michang Oil Industrial Co. Ltd. (e)
|
173,900
|
|
11,496
|
|
Newfield Exploration Co. (a)
|
1,806,900
|
|
44,757
|
|
Peabody Energy Corp.
|
3,000,000
|
|
51,150
|
|
Stone Energy Corp. (a)
|
1,083,500
|
|
33,534
|
|
Swift Energy Co. (a)(d)(e)
|
4,339,000
|
|
53,717
|
|
Tesoro Corp.
|
2,000,000
|
|
103,040
|
|
The Williams Companies, Inc.
|
328,400
|
|
13,297
|
|
Tsakos Energy Navigation Ltd.
|
400,000
|
|
2,720
|
|
Uehara Sei Shoji Co. Ltd.
|
975,000
|
|
4,376
|
|
Ultra Petroleum Corp. (a)(d)
|
400,000
|
|
9,580
|
|
W&T Offshore, Inc. (e)
|
5,000,000
|
|
71,600
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
ENERGY - continued
|
|
Oil, Gas & Consumable Fuels - continued
|
|
World Fuel Services Corp.
|
2,280,022
|
|
$ 97,403
|
|
WPX Energy, Inc. (a)
|
1,079,800
|
|
20,570
|
|
|
|
1,246,830
|
|
TOTAL ENERGY
|
|
2,074,940
|
|
FINANCIALS - 10.8%
|
|
Capital Markets - 0.2%
|
|
AllianceBernstein Holding LP
|
665,000
|
|
14,856
|
|
Federated Investors, Inc. Class B (non-vtg.) (d)
|
585,000
|
|
15,731
|
|
GFI Group, Inc.
|
6,000,000
|
|
22,800
|
|
State Street Corp.
|
380,000
|
|
25,441
|
|
Tullett Prebon PLC
|
1,500,000
|
|
8,187
|
|
|
|
87,015
|
|
Commercial Banks - 1.4%
|
|
ACNB Corp. (d)
|
75,000
|
|
1,496
|
|
Bank of Ireland (a)
|
416,000,000
|
|
164,368
|
|
BBCN Bancorp, Inc.
|
2,500,000
|
|
37,625
|
|
Camden National Corp.
|
41,968
|
|
1,484
|
|
Cathay General Bancorp
|
3,400,000
|
|
79,900
|
|
Codorus Valley Bancorp, Inc. (e)
|
300,000
|
|
6,306
|
|
Customers Bancorp, Inc. (a)
|
250,000
|
|
5,070
|
|
Dimeco, Inc.
|
29,140
|
|
1,282
|
|
Eagle Bancorp, Inc., Maryland
|
550,000
|
|
18,288
|
|
East West Bancorp, Inc.
|
3,100,000
|
|
103,726
|
|
Farmers & Merchants Bancorp, Inc.
|
33,736
|
|
811
|
|
First Bancorp, Puerto Rico (a)
|
9,428,572
|
|
46,106
|
|
First West Virginia Bancorp, Inc.
|
20,000
|
|
335
|
|
LCNB Corp.
|
356,635
|
|
6,280
|
|
North Valley Bancorp (a)(e)
|
425,000
|
|
9,932
|
|
Northrim Bancorp, Inc. (e)
|
500,000
|
|
12,010
|
|
Norwood Financial Corp.
|
120,278
|
|
3,607
|
|
OFG Bancorp (d)(e)
|
2,504,542
|
|
36,516
|
|
Pacific Premier Bancorp, Inc. (a)(e)
|
950,000
|
|
15,077
|
|
Popular, Inc. (a)
|
1,800,000
|
|
47,520
|
|
SpareBank 1 SR-Bank ASA (primary capital certificate) (a)
|
1,250,000
|
|
12,097
|
|
Sparebanken More (primary capital certificate) (d)
|
200,034
|
|
6,692
|
|
Sparebanken Nord-Norge (d)
|
1,800,000
|
|
10,581
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
FINANCIALS - continued
|
|
Commercial Banks - continued
|
|
Sterling Bancorp
|
1,200,000
|
|
$ 15,120
|
|
Sterling Financial Corp.
|
600,000
|
|
18,900
|
|
|
|
661,129
|
|
Consumer Finance - 0.2%
|
|
Aeon Credit Service (Asia) Co. Ltd.
|
14,500,000
|
|
12,700
|
|
Albemarle & Bond Holdings PLC (e)
|
3,336,670
|
|
566
|
|
EZCORP, Inc. (non-vtg.) Class A (a)
|
473,003
|
|
5,194
|
|
Green Dot Corp. Class A (a)(d)(e)
|
2,000,000
|
|
45,040
|
|
H&T Group PLC
|
650,000
|
|
1,731
|
|
Nicholas Financial, Inc.
|
236,175
|
|
3,727
|
|
Santander Consumer U.S.A. Holdings, Inc.
|
1,300,000
|
|
33,319
|
|
|
|
102,277
|
|
Diversified Financial Services - 0.3%
|
|
Credit Analysis & Research Ltd.
|
50,000
|
|
558
|
|
ING U.S., Inc.
|
3,200,000
|
|
108,064
|
|
Newship Ltd. (a)
|
2,500
|
|
1,027
|
|
NICE Holdings Co. Ltd.
|
1,175,000
|
|
14,989
|
|
NICE Information Service Co. Ltd.
|
2,800,000
|
|
7,734
|
|
Ricoh Leasing Co. Ltd.
|
550,000
|
|
14,666
|
|
The NASDAQ Stock Market, Inc.
|
400,000
|
|
15,260
|
|
|
|
162,298
|
|
Insurance - 7.8%
|
|
Admiral Group PLC
|
550,000
|
|
13,065
|
|
AEGON NV
|
57,500,000
|
|
501,203
|
|
AFLAC, Inc.
|
360,000
|
|
22,601
|
|
Amlin PLC
|
2,050,000
|
|
14,093
|
|
APRIL (e)
|
2,775,000
|
|
62,502
|
|
Assurant, Inc. (e)
|
5,250,000
|
|
343,088
|
|
Axis Capital Holdings Ltd. (e)
|
7,940,200
|
|
357,468
|
|
CNO Financial Group, Inc.
|
1,200,000
|
|
20,328
|
|
Endurance Specialty Holdings Ltd. (e)
|
2,600,000
|
|
136,214
|
|
FBD Holdings PLC
|
175,000
|
|
4,201
|
|
Genworth Financial, Inc. Class A (a)
|
20,000,000
|
|
295,000
|
|
Hartford Financial Services Group, Inc.
|
8,000,000
|
|
266,000
|
|
HCC Insurance Holdings, Inc.
|
550,000
|
|
23,601
|
|
Lincoln National Corp.
|
8,350,000
|
|
401,051
|
|
Meadowbrook Insurance Group, Inc.
|
1,700,000
|
|
10,302
|
|
MetLife, Inc.
|
900,000
|
|
44,145
|
|
National Interstate Corp.
|
951,107
|
|
21,466
|
|
National Western Life Insurance Co. Class A
|
148,870
|
|
32,476
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
FINANCIALS - continued
|
|
Insurance - continued
|
|
Primerica, Inc.
|
600,000
|
|
$ 25,278
|
|
Progressive Corp.
|
600,000
|
|
13,944
|
|
Protective Life Corp.
|
1,500,000
|
|
73,515
|
|
RenaissanceRe Holdings Ltd. (e)
|
3,100,000
|
|
281,201
|
|
Torchmark Corp.
|
567,000
|
|
42,610
|
|
Unum Group (e)
|
16,200,000
|
|
521,640
|
|
Validus Holdings Ltd.
|
1,900,000
|
|
68,248
|
|
|
|
3,595,240
|
|
Real Estate Investment Trusts - 0.3%
|
|
Annaly Capital Management, Inc.
|
6,000,000
|
|
64,620
|
|
Aviv REIT, Inc.
|
200,000
|
|
4,878
|
|
Cedar Shopping Centers, Inc.
|
2,000,000
|
|
12,620
|
|
Corrections Corp. of America
|
500,000
|
|
16,785
|
|
Melcor Real Estate Investment Trust (e)
|
870,000
|
|
8,054
|
|
Nieuwe Steen Investments NV
|
90,000
|
|
534
|
|
Northwest Healthcare Properties REIT
|
1,300,000
|
|
12,081
|
|
Tanger Factory Outlet Centers, Inc.
|
150,000
|
|
5,007
|
|
|
|
124,579
|
|
Real Estate Management & Development - 0.2%
|
|
Devine Ltd. (a)
|
2,125,000
|
|
1,516
|
|
Relo Holdings Corp. (e)
|
1,405,700
|
|
73,163
|
|
Tejon Ranch Co. (a)
|
150,000
|
|
5,118
|
|
Tejon Ranch Co. warrants 8/31/16 (a)
|
22,157
|
|
90
|
|
|
|
79,887
|
|
Thrifts & Mortgage Finance - 0.4%
|
|
BofI Holding, Inc. (a)
|
200,000
|
|
16,550
|
|
Genworth MI Canada, Inc. (e)
|
5,650,000
|
|
168,980
|
|
New Hampshire Thrift Bancshare
|
125,000
|
|
1,865
|
|
|
|
187,395
|
|
TOTAL FINANCIALS
|
|
4,999,820
|
|
HEALTH CARE - 8.3%
|
|
Biotechnology - 0.8%
|
|
Amgen, Inc.
|
3,000,000
|
|
356,850
|
|
Apex Biotechnology Corp.
|
1,300,000
|
|
2,874
|
|
|
|
359,724
|
|
Health Care Equipment & Supplies - 1.2%
|
|
Arts Optical International Holdings Ltd. (e)
|
33,970,640
|
|
8,576
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Health Care Equipment & Supplies - continued
|
|
Atrion Corp.
|
10,000
|
|
$ 2,672
|
|
Audika SA (a)
|
301,500
|
|
4,168
|
|
Boston Scientific Corp. (a)
|
1,200,000
|
|
16,236
|
|
CareFusion Corp. (a)
|
400,000
|
|
16,308
|
|
DiaSorin S.p.A.
|
5,000
|
|
225
|
|
Exactech, Inc. (a)
|
50,000
|
|
1,114
|
|
Hoshiiryou Sanki Co. Ltd. (e)
|
355,700
|
|
11,133
|
|
Huvitz Co. Ltd. (e)
|
970,000
|
|
13,487
|
|
Invacare Corp.
|
900,000
|
|
18,162
|
|
Medical Action Industries, Inc. (a)(e)
|
1,050,000
|
|
7,791
|
|
Microlife Corp.
|
2,450,000
|
|
6,526
|
|
Nakanishi, Inc.
|
250,000
|
|
37,451
|
|
Prim SA (e)
|
1,734,000
|
|
13,400
|
|
ResMed, Inc. (d)
|
350,000
|
|
15,264
|
|
Smith & Nephew PLC
|
100,000
|
|
1,438
|
|
Span-America Medical System, Inc. (e)
|
289,000
|
|
5,734
|
|
St. Jude Medical, Inc.
|
2,500,000
|
|
151,825
|
|
Supermax Corp. Bhd
|
7,000,000
|
|
6,083
|
|
Techno Medica Co. Ltd.
|
25,000
|
|
517
|
|
Top Glove Corp. Bhd
|
1,000,000
|
|
1,642
|
|
Utah Medical Products, Inc. (e)
|
425,000
|
|
22,610
|
|
Zimmer Holdings, Inc.
|
2,000,000
|
|
187,940
|
|
|
|
550,302
|
|
Health Care Providers & Services - 5.6%
|
|
A/S One Corp.
|
250,000
|
|
5,687
|
|
Aetna, Inc.
|
5,150,000
|
|
351,900
|
|
Almost Family, Inc. (a)(e)
|
936,814
|
|
28,489
|
|
Amedisys, Inc. (a)
|
1,462,500
|
|
22,069
|
|
Bio-Reference Laboratories, Inc. (a)(d)
|
325,000
|
|
8,739
|
|
Diversicare Healthcare Services, Inc. (e)
|
351,269
|
|
1,837
|
|
DVx, Inc. (e)
|
421,200
|
|
7,497
|
|
Grupo Casa Saba SA de CV sponsored ADR (a)
|
1,263,900
|
|
7,371
|
|
Hanger, Inc. (a)
|
100,000
|
|
3,381
|
|
Hi-Clearance, Inc.
|
300,000
|
|
881
|
|
LHC Group, Inc. (a)(e)
|
1,895,000
|
|
43,471
|
|
Medica Sur SA de CV
|
400,500
|
|
1,288
|
|
MEDNAX, Inc. (a)
|
200,000
|
|
11,128
|
|
National Healthcare Corp.
|
6,700
|
|
348
|
|
Patterson Companies, Inc.
|
400,000
|
|
15,984
|
|
Pelion SA (e)
|
650,000
|
|
18,250
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Health Care Providers & Services - continued
|
|
PharMerica Corp. (a)
|
700,000
|
|
$ 17,038
|
|
The Ensign Group, Inc.
|
555,000
|
|
23,266
|
|
Triple-S Management Corp. (a)(e)
|
2,479,834
|
|
44,240
|
|
Tsukui Corp.
|
1,200,000
|
|
11,155
|
|
U.S. Physical Therapy, Inc.
|
500,000
|
|
15,755
|
|
United Drug PLC (United Kingdom)
|
10,533,719
|
|
61,612
|
|
UnitedHealth Group, Inc.
|
22,700,000
|
|
1,640,756
|
|
Universal American Spin Corp.
|
1,149,990
|
|
8,107
|
|
Wellcare Health Plans, Inc. (a)
|
825,000
|
|
53,716
|
|
WellPoint, Inc.
|
2,250,000
|
|
193,500
|
|
WIN-Partners Co. Ltd. (e)
|
1,525,100
|
|
14,999
|
|
|
|
2,612,464
|
|
Health Care Technology - 0.0%
|
|
Arrhythmia Research Technology, Inc. (a)(e)
|
271,041
|
|
1,206
|
|
ND Software Co. Ltd. (e)
|
725,000
|
|
15,245
|
|
Quality Systems, Inc.
|
500,000
|
|
9,205
|
|
|
|
25,656
|
|
Life Sciences Tools & Services - 0.0%
|
|
CMIC Co. Ltd.
|
25,000
|
|
324
|
|
Pharmaceuticals - 0.7%
|
|
AbbVie, Inc.
|
250,000
|
|
12,308
|
|
Bliss Gvs Pharma Ltd.
|
2,972,500
|
|
2,229
|
|
Daewon Pharmaceutical Co. Ltd. (e)
|
1,635,165
|
|
18,666
|
|
Daewoong Co. Ltd.
|
185,040
|
|
6,832
|
|
DongKook Pharmaceutical Co. Ltd. (e)
|
671,226
|
|
21,330
|
|
Endo Health Solutions, Inc. (a)(d)
|
400,000
|
|
26,352
|
|
FDC Ltd.
|
2,750,000
|
|
5,355
|
|
Fuji Pharma Co. Ltd.
|
109,300
|
|
1,968
|
|
Ildong Pharmaceutical Co. Ltd. (e)
|
2,506,600
|
|
36,453
|
|
Jeil Pharmaceutical Co. (e)
|
1,484,800
|
|
20,102
|
|
Kaken Pharmaceutical Co. Ltd.
|
125,000
|
|
2,002
|
|
Kwang Dong Pharmaceutical Co. Ltd. (e)
|
3,100,000
|
|
21,229
|
|
Mylan, Inc. (a)
|
450,000
|
|
20,435
|
|
Recordati SpA
|
6,200,000
|
|
97,082
|
|
Torrent Pharmaceuticals Ltd.
|
100,000
|
|
861
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Pharmaceuticals - continued
|
|
Tsumura & Co.
|
575,000
|
|
$ 14,179
|
|
Whanin Pharmaceutical Co. Ltd. (e)
|
1,860,000
|
|
21,054
|
|
|
|
328,437
|
|
TOTAL HEALTH CARE
|
|
3,876,907
|
|
INDUSTRIALS - 7.5%
|
|
Aerospace & Defense - 0.1%
|
|
Engility Holdings, Inc. (a)
|
800,000
|
|
30,648
|
|
Magellan Aerospace Corp.
|
615,000
|
|
4,738
|
|
Textron, Inc.
|
408,600
|
|
14,505
|
|
|
|
49,891
|
|
Air Freight & Logistics - 0.3%
|
|
Air T, Inc. (e)
|
244,600
|
|
2,770
|
|
Hub Group, Inc. Class A (a)
|
384,708
|
|
15,946
|
|
Pacer International, Inc. (a)
|
350,000
|
|
3,084
|
|
Royal Mail PLC
|
1,625,000
|
|
15,975
|
|
Sinwa Ltd. (e)
|
23,000,000
|
|
3,497
|
|
UTi Worldwide, Inc.
|
1,816,935
|
|
28,453
|
|
Yusen Logistics Co. Ltd. (e)
|
4,221,500
|
|
50,360
|
|
|
|
120,085
|
|
Airlines - 0.0%
|
|
Republic Airways Holdings, Inc. (a)
|
1,000,000
|
|
9,810
|
|
SkyWest, Inc.
|
750,000
|
|
9,758
|
|
|
|
19,568
|
|
Building Products - 0.1%
|
|
Insteel Industries, Inc.
|
109,167
|
|
2,034
|
|
Kingspan Group PLC (Ireland)
|
800,000
|
|
15,283
|
|
Kondotec, Inc. (e)
|
1,675,000
|
|
11,570
|
|
|
|
28,887
|
|
Commercial Services & Supplies - 1.1%
|
|
Aeon Delight Co. Ltd.
|
475,000
|
|
9,574
|
|
AJIS Co. Ltd. (e)
|
538,500
|
|
8,961
|
|
Asia File Corp. Bhd
|
2,628,700
|
|
4,036
|
|
CECO Environmental Corp.
|
800,000
|
|
12,432
|
|
Fursys, Inc. (e)
|
950,000
|
|
27,021
|
|
Industrial Services of America, Inc. (a)(d)
|
84,200
|
|
265
|
|
Iron Mountain, Inc.
|
275,600
|
|
7,279
|
|
Knoll, Inc. (e)
|
3,650,000
|
|
60,590
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Commercial Services & Supplies - continued
|
|
Mears Group PLC
|
2,500,000
|
|
$ 19,686
|
|
Mitie Group PLC (e)
|
23,773,000
|
|
124,667
|
|
Moleskine SpA
|
100,000
|
|
229
|
|
Moshi Moshi Hotline, Inc.
|
800,000
|
|
8,372
|
|
Multi-Color Corp.
|
400,000
|
|
14,384
|
|
Nac Co. Ltd. (e)
|
950,000
|
|
15,663
|
|
NICE Total Cash Management Co., Ltd. (e)
|
2,601,400
|
|
5,983
|
|
Prestige International, Inc.
|
830,000
|
|
8,010
|
|
Progressive Waste Solution Ltd. (Canada)
|
1,032,500
|
|
23,732
|
|
RPS Group PLC
|
1,741,256
|
|
9,772
|
|
Teems, Inc. (e)
|
130,000
|
|
1,412
|
|
United Stationers, Inc. (e)
|
2,431,544
|
|
100,739
|
|
VICOM Ltd.
|
3,330,000
|
|
14,223
|
|
West Corp.
|
1,173,732
|
|
27,137
|
|
|
|
504,167
|
|
Construction & Engineering - 1.2%
|
|
AECOM Technology Corp. (a)(e)
|
7,842,100
|
|
224,833
|
|
Arcadis NV
|
1,275,000
|
|
45,586
|
|
Astaldi SpA (d)
|
2,250,000
|
|
21,439
|
|
Badger Daylighting Ltd.
|
813,000
|
|
22,622
|
|
C-Cube Corp.
|
47,100
|
|
209
|
|
Daiichi Kensetsu Corp. (e)
|
2,085,800
|
|
26,930
|
|
Engineers India Ltd.
|
550,000
|
|
1,279
|
|
EPCO Co. Ltd.
|
175,000
|
|
3,137
|
|
Foster Wheeler AG (a)
|
419,500
|
|
12,577
|
|
Geumhwa PSC Co. Ltd. (e)
|
300,000
|
|
9,094
|
|
Heijmans NV (Certificaten Van Aandelen)
|
185,000
|
|
3,018
|
|
Jacobs Engineering Group, Inc. (a)
|
233,100
|
|
14,152
|
|
Kier Group PLC (d)
|
1,096,231
|
|
33,897
|
|
Koninklijke BAM Groep NV
|
500,000
|
|
2,575
|
|
Kyeryong Construction Industrial Co. Ltd. (e)
|
893,000
|
|
7,010
|
|
Meisei Industrial Co. Ltd.
|
1,275,000
|
|
5,901
|
|
Mirait Holdings Corp.
|
2,000,000
|
|
17,519
|
|
Nippon Rietec Co. Ltd.
|
859,000
|
|
6,288
|
|
Sanyo Engineering & Construction, Inc.
|
650,000
|
|
3,145
|
|
Severfield-Rowen PLC (a)
|
3,333,333
|
|
3,288
|
|
Shinnihon Corp.
|
1,800,000
|
|
5,306
|
|
Shinsegae Engineering & Construction Co. Ltd. (e)
|
314,469
|
|
2,905
|
|
ShoLodge, Inc. (a)(e)
|
500,627
|
|
3
|
|
Sterling Construction Co., Inc. (a)(e)
|
1,630,000
|
|
17,637
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Construction & Engineering - continued
|
|
Tutor Perini Corp. (a)
|
1,400,000
|
|
$ 31,640
|
|
United Integration Services Co. Ltd.
|
7,000,000
|
|
8,932
|
|
URS Corp.
|
416,772
|
|
20,922
|
|
Vianini Lavori SpA
|
675,000
|
|
4,597
|
|
|
|
556,441
|
|
Electrical Equipment - 0.8%
|
|
Aichi Electric Co. Ltd.
|
1,500,000
|
|
4,792
|
|
Aros Quality Group AB
|
875,000
|
|
10,251
|
|
AZZ, Inc. (e)
|
1,500,000
|
|
62,715
|
|
Babcock & Wilcox Co.
|
973,782
|
|
33,381
|
|
Bharat Heavy Electricals Ltd.
|
15,500,000
|
|
42,711
|
|
Chiyoda Integre Co. Ltd.
|
525,500
|
|
10,039
|
|
Deswell Industries, Inc.
|
100,000
|
|
238
|
|
Dynapack International Technology Corp.
|
3,200,000
|
|
8,623
|
|
EnerSys
|
300,000
|
|
20,418
|
|
FW Thorpe PLC
|
5,043,000
|
|
11,275
|
|
GrafTech International Ltd. (a)
|
100,000
|
|
1,025
|
|
Graphite India Ltd.
|
2,200,000
|
|
2,439
|
|
Hammond Power Solutions, Inc. Class A
|
50,000
|
|
314
|
|
I-Sheng Electric Wire & Cable Co. Ltd. (e)
|
13,500,000
|
|
18,804
|
|
Jinpan International Ltd.
|
377,640
|
|
3,006
|
|
Korea Electric Terminal Co. Ltd. (e)
|
700,000
|
|
26,697
|
|
PK Cables OY
|
250,000
|
|
7,819
|
|
Servotronics, Inc.
|
110,000
|
|
871
|
|
TKH Group NV unit (e)
|
2,500,000
|
|
85,980
|
|
Universal Security Instruments, Inc. (a)(e)
|
241,255
|
|
1,112
|
|
|
|
352,510
|
|
Industrial Conglomerates - 0.8%
|
|
DCC PLC (United Kingdom) (e)
|
8,310,000
|
|
377,721
|
|
Harim Holdings Co. Ltd. (a)
|
1,000,000
|
|
4,050
|
|
Reunert Ltd.
|
1,700,000
|
|
9,772
|
|
|
|
391,543
|
|
Machinery - 1.7%
|
|
Aalberts Industries NV (e)
|
9,500,000
|
|
297,318
|
|
Actuant Corp. Class A
|
500,000
|
|
17,110
|
|
ASL Marine Holdings Ltd. (e)
|
29,549,000
|
|
16,446
|
|
CKD Corp.
|
1,600,000
|
|
16,208
|
|
Foremost Income Fund (e)
|
2,141,103
|
|
13,707
|
|
Gencor Industries, Inc. (a)
|
391,000
|
|
3,582
|
|
Global Brass & Copper Holdings, Inc.
|
877,300
|
|
15,169
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Machinery - continued
|
|
Hurco Companies, Inc. (e)
|
633,500
|
|
$ 16,420
|
|
Hwacheon Machine Tool Co. Ltd. (e)
|
219,900
|
|
10,388
|
|
Hyster-Yale Materials Handling:
|
|
|
|
|
Class A
|
250,000
|
|
21,440
|
|
Class B
|
310,000
|
|
26,586
|
|
Ihara Science Corp. (e)
|
1,107,500
|
|
8,246
|
|
Jaya Holdings Ltd. (e)
|
74,670,000
|
|
45,034
|
|
Kyowakogyosyo Co. Ltd. (e)
|
375,000
|
|
3,052
|
|
Metka SA
|
825,000
|
|
13,130
|
|
Mincon Group PLC (a)
|
2,457,687
|
|
3,315
|
|
Mirle Automation Corp.
|
5,009,000
|
|
4,424
|
|
Nadex Co. Ltd. (e)
|
960,000
|
|
7,604
|
|
Nitchitsu Co. Ltd.
|
127,000
|
|
242
|
|
Oshkosh Truck Corp.
|
2,500,000
|
|
135,350
|
|
S&T Holdings Co. Ltd. (e)
|
810,000
|
|
11,512
|
|
Semperit AG Holding
|
574,137
|
|
29,038
|
|
SIMPAC, Inc.
|
583,000
|
|
3,805
|
|
Takamatsu Machinery Co. Ltd.
|
370,800
|
|
2,059
|
|
Takeuchi Manufacturing Co. Ltd. (d)
|
250,000
|
|
7,360
|
|
Techno Smart Corp. (e)
|
1,082,000
|
|
4,882
|
|
Terex Corp.
|
399,700
|
|
16,388
|
|
Tocalo Co. Ltd. (e)
|
950,000
|
|
15,774
|
|
Trifast PLC
|
750,000
|
|
986
|
|
TriMas Corp. (a)
|
400,000
|
|
13,920
|
|
Trinity Industrial Corp.
|
800,000
|
|
3,887
|
|
Young Poong Precision Corp. (e)
|
938,011
|
|
8,257
|
|
|
|
792,639
|
|
Marine - 0.0%
|
|
DryShips, Inc. (a)
|
2,470,400
|
|
8,399
|
|
Malibu Boats, Inc. Class A (a)
|
200,000
|
|
3,550
|
|
Tokyo Kisen Co. Ltd. (e)
|
1,000,000
|
|
5,638
|
|
|
|
17,587
|
|
Professional Services - 0.6%
|
|
Akka Technologies SA (e)
|
1,101,065
|
|
34,749
|
|
Boardroom Ltd.
|
3,107,142
|
|
1,393
|
|
CBIZ, Inc. (a)
|
1,000,000
|
|
8,600
|
|
Clarius Group Ltd. (a)
|
4,245,812
|
|
771
|
|
CRA International, Inc. (a)(e)
|
1,016,000
|
|
19,162
|
|
FTI Consulting, Inc. (a)
|
364,100
|
|
13,497
|
|
Hyder Consulting PLC
|
650,000
|
|
6,924
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Professional Services - continued
|
|
McMillan Shakespeare Ltd.
|
25,000
|
|
$ 260
|
|
SmartPros Ltd.
|
90,000
|
|
216
|
|
Sporton International, Inc. (e)
|
7,000,073
|
|
27,752
|
|
Stantec, Inc.
|
2,150,000
|
|
130,844
|
|
Synergie SA
|
225,000
|
|
5,189
|
|
VSE Corp. (e)
|
530,940
|
|
23,420
|
|
|
|
272,777
|
|
Road & Rail - 0.4%
|
|
Alps Logistics Co. Ltd. (e)
|
1,723,700
|
|
18,220
|
|
Con-way, Inc.
|
193,400
|
|
7,440
|
|
CSX Corp.
|
613,800
|
|
16,517
|
|
Hamakyorex Co. Ltd. (e)
|
756,000
|
|
22,093
|
|
Higashi Twenty One Co. Ltd.
|
61,200
|
|
321
|
|
Hutech Norin Co. Ltd. (e)
|
1,043,700
|
|
10,164
|
|
Quality Distribution, Inc. (a)
|
949,308
|
|
13,053
|
|
Roadrunner Transportation Systems, Inc. (a)
|
600,000
|
|
15,750
|
|
Sakai Moving Service Co. Ltd. (e)
|
784,000
|
|
26,665
|
|
Trancom Co. Ltd. (e)
|
1,032,400
|
|
37,760
|
|
Universal Truckload Services, Inc.
|
205,802
|
|
5,970
|
|
Vitran Corp., Inc. (a)
|
640,000
|
|
4,140
|
|
|
|
178,093
|
|
Trading Companies & Distributors - 0.4%
|
|
AddTech AB (B Shares)
|
1,500,000
|
|
23,182
|
|
AerCap Holdings NV (a)
|
445,096
|
|
16,553
|
|
Goodfellow, Inc. (e)
|
857,000
|
|
7,310
|
|
Grafton Group PLC unit
|
800,000
|
|
7,818
|
|
Hanwa Co. Ltd.
|
650,000
|
|
3,351
|
|
Houston Wire & Cable Co. (e)
|
1,268,800
|
|
16,786
|
|
KS Energy Services Ltd. (a)
|
16,000,000
|
|
6,018
|
|
Mitani Shoji Co. Ltd.
|
725,000
|
|
15,256
|
|
Otec Corp.
|
150,000
|
|
1,047
|
|
Parker Corp. (e)
|
2,623,000
|
|
8,578
|
|
Richelieu Hardware Ltd. (d)
|
350,000
|
|
14,009
|
|
Senshu Electric Co. Ltd. (e)
|
1,080,000
|
|
14,017
|
|
Strongco Corp. (a)(e)
|
1,025,288
|
|
3,903
|
|
Tanaka Co. Ltd.
|
44,000
|
|
258
|
|
TECHNO ASSOCIE Co. Ltd.
|
268,300
|
|
3,128
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Trading Companies & Distributors - continued
|
|
Titan Machinery, Inc. (a)(d)
|
850,000
|
|
$ 13,855
|
|
Totech Corp. (e)
|
922,300
|
|
7,304
|
|
|
|
162,373
|
|
Transportation Infrastructure - 0.0%
|
|
Isewan Terminal Service Co. Ltd. (e)
|
1,550,000
|
|
8,663
|
|
Meiko Transportation Co. Ltd.
|
1,000,000
|
|
10,026
|
|
|
|
18,689
|
|
TOTAL INDUSTRIALS
|
|
3,465,250
|
|
INFORMATION TECHNOLOGY - 18.9%
|
|
Communications Equipment - 0.5%
|
|
AAC Technology Holdings, Inc.
|
100,000
|
|
432
|
|
Aastra Technologies Ltd. (e)
|
1,000,000
|
|
38,393
|
|
Bel Fuse, Inc. Class A
|
250,000
|
|
4,700
|
|
Black Box Corp. (e)
|
1,800,840
|
|
49,361
|
|
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)
|
1,000,000
|
|
1,900
|
|
ClearOne, Inc. (a)
|
210,000
|
|
1,926
|
|
CommScope Holding Co., Inc.
|
300,000
|
|
5,379
|
|
Ixia (a)
|
674,800
|
|
8,631
|
|
Juniper Networks, Inc. (a)
|
286,500
|
|
7,624
|
|
NETGEAR, Inc. (a)(e)
|
2,541,700
|
|
81,106
|
|
Optical Cable Corp.
|
35,000
|
|
137
|
|
Parrot SA (a)
|
150,000
|
|
4,123
|
|
Polycom, Inc. (a)
|
654,400
|
|
7,807
|
|
Tessco Technologies, Inc. (e)
|
525,000
|
|
17,477
|
|
|
|
228,996
|
|
Computers & Peripherals - 4.8%
|
|
Compal Electronics, Inc.
|
153,500,000
|
|
113,971
|
|
Datalink Corp. (a)
|
1,070,349
|
|
15,552
|
|
EMC Corp.
|
859,400
|
|
20,832
|
|
Hewlett-Packard Co.
|
6,500,000
|
|
188,500
|
|
Lexmark International, Inc. Class A (d)
|
2,000,000
|
|
78,380
|
|
Logitech International SA (Reg.) (d)
|
4,400,000
|
|
69,398
|
|
Quantum Corp. (a)
|
6,619,000
|
|
8,274
|
|
Seagate Technology (e)
|
30,000,000
|
|
1,585,800
|
|
Silicon Graphics International Corp. (a)
|
943,200
|
|
12,271
|
|
Simplo Technology Co. Ltd.
|
1,845,000
|
|
8,442
|
|
Super Micro Computer, Inc. (a)(e)
|
3,079,823
|
|
63,321
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Computers & Peripherals - continued
|
|
TPV Technology Ltd.
|
83,622,000
|
|
$ 17,341
|
|
Western Digital Corp.
|
600,000
|
|
51,702
|
|
Xyratex Ltd.
|
675,000
|
|
8,917
|
|
|
|
2,242,701
|
|
Electronic Equipment & Components - 3.1%
|
|
A&D Co. Ltd. (d)
|
950,000
|
|
5,583
|
|
Beijer Electronics AB
|
125,000
|
|
1,278
|
|
CDW Corp.
|
700,000
|
|
16,569
|
|
Corning, Inc.
|
1,450,000
|
|
24,955
|
|
DigiTech Systems Co., Ltd. (a)
|
725,000
|
|
2,263
|
|
Dolby Laboratories, Inc. Class A (a)(d)
|
300,000
|
|
12,297
|
|
Elec & Eltek International Co. Ltd.
|
1,800,000
|
|
2,933
|
|
Elematec Corp. (e)
|
1,062,400
|
|
18,299
|
|
Excel Co. Ltd. (e)
|
909,800
|
|
11,103
|
|
Fabrinet (a)
|
100,000
|
|
1,847
|
|
FLIR Systems, Inc.
|
700,000
|
|
22,204
|
|
Hana Microelectronics Co. (For. Reg.)
|
17,000,000
|
|
12,756
|
|
Hi-P International Ltd.
|
21,075,000
|
|
8,822
|
|
Hon Hai Precision Industry Co. Ltd. (Foxconn)
|
140,360,000
|
|
391,623
|
|
Huan Hsin Holdings Ltd. (a)
|
6,000,000
|
|
176
|
|
IDIS Holdings Co. Ltd. (e)
|
764,914
|
|
10,738
|
|
Image Sensing Systems, Inc. (a)(e)
|
365,685
|
|
1,865
|
|
Insight Enterprises, Inc. (a)
|
1,700,127
|
|
35,873
|
|
Intelligent Digital Integrated Security Co. Ltd. (e)
|
937,210
|
|
17,371
|
|
INTOPS Co. Ltd. (e)
|
859,900
|
|
15,714
|
|
Isra Vision AG (e)
|
438,100
|
|
23,623
|
|
Jabil Circuit, Inc.
|
1,146,500
|
|
20,603
|
|
Kingboard Chemical Holdings Ltd. (e)
|
92,500,000
|
|
207,785
|
|
Kingboard Laminates Holdings Ltd.
|
9,000,000
|
|
3,350
|
|
Kitagawa Industries Co. Ltd.
|
100,000
|
|
1,088
|
|
Lumax International Corp. Ltd.
|
1,200,000
|
|
2,899
|
|
Mesa Laboratories, Inc. (e)
|
310,000
|
|
24,884
|
|
Multi-Fineline Electronix, Inc. (a)(e)
|
2,216,107
|
|
30,582
|
|
Muramoto Electronic Thailand PCL (For. Reg.) (e)
|
1,548,400
|
|
6,702
|
|
Nippo Ltd. (e)
|
893,400
|
|
4,252
|
|
Orbotech Ltd. (a)
|
1,825,000
|
|
24,802
|
|
Pinnacle Technology Holdings Ltd. (e)
|
8,750,000
|
|
16,852
|
|
Posiflex Technologies, Inc.
|
500,250
|
|
2,151
|
|
Redington India Ltd.
|
3,110,801
|
|
3,240
|
|
Rofin-Sinar Technologies, Inc. (a)
|
86,300
|
|
1,994
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Electronic Equipment & Components - continued
|
|
ScanSource, Inc. (a)(e)
|
2,070,000
|
|
$ 77,708
|
|
Shibaura Electronics Co. Ltd. (e)
|
777,800
|
|
13,354
|
|
Sigmatron International, Inc. (a)(e)
|
396,000
|
|
3,683
|
|
Store Electronic Systems SA (a)(d)
|
21,950
|
|
447
|
|
SYNNEX Corp. (a)(e)
|
3,505,000
|
|
196,806
|
|
Taitron Components, Inc. Class A (sub. vtg.) (a)
|
300,000
|
|
360
|
|
Tomen Devices Corp. (e)
|
680,100
|
|
12,053
|
|
Tomen Electronics Corp. (e)
|
1,492,400
|
|
23,914
|
|
Tripod Technology Corp.
|
300,000
|
|
544
|
|
UKC Holdings Corp. (e)
|
1,570,000
|
|
25,320
|
|
Venture Corp. Ltd.
|
5,000,000
|
|
28,966
|
|
VST Holdings Ltd. (e)
|
149,400,000
|
|
38,871
|
|
Wireless Telecom Group, Inc. (a)(e)
|
1,300,000
|
|
4,420
|
|
XAC Automation Corp. (e)
|
9,430,000
|
|
17,369
|
|
|
|
1,432,891
|
|
Internet Software & Services - 0.2%
|
|
DeNA Co. Ltd. (d)
|
500,000
|
|
9,601
|
|
Gabia, Inc. (e)
|
1,333,000
|
|
7,040
|
|
Liquidity Services, Inc. (a)(d)
|
125,000
|
|
2,971
|
|
Macromill, Inc.
|
400,000
|
|
3,005
|
|
Melbourne IT Ltd. (e)
|
8,185,000
|
|
10,099
|
|
Monster Worldwide, Inc. (a)
|
500,000
|
|
3,060
|
|
NetGem SA
|
1,000,000
|
|
3,952
|
|
Rentabiliweb Group SA (a)
|
110,000
|
|
1,181
|
|
SBS Contents Hub Co. Ltd.
|
200,000
|
|
2,826
|
|
Softbank Technology Corp. (d)
|
300,000
|
|
4,077
|
|
Stamps.com, Inc. (a)
|
158,798
|
|
6,266
|
|
UANGEL Corp. (e)
|
750,000
|
|
2,589
|
|
ValueClick, Inc. (a)
|
700,000
|
|
15,050
|
|
Yahoo!, Inc. (a)
|
379,200
|
|
13,659
|
|
|
|
85,376
|
|
IT Services - 4.2%
|
|
ALTEN
|
885,000
|
|
39,920
|
|
Amdocs Ltd. (e)
|
8,443,300
|
|
365,257
|
|
Argo Graphics, Inc.
|
440,000
|
|
7,497
|
|
ATOSS Software AG
|
15,000
|
|
587
|
|
Calian Technologies Ltd. (e)
|
778,500
|
|
15,720
|
|
CGI Group, Inc. Class A (sub. vtg.) (a)
|
550,000
|
|
16,874
|
|
Computer Sciences Corp.
|
4,750,000
|
|
286,948
|
|
Computer Services, Inc.
|
265,000
|
|
9,023
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
IT Services - continued
|
|
CSE Global Ltd. (e)
|
49,090,000
|
|
$ 24,284
|
|
Data#3 Ltd.
|
2,977,359
|
|
2,335
|
|
Dimerco Data System Corp.
|
392,000
|
|
318
|
|
eClerx
|
1,075,000
|
|
20,922
|
|
EOH Holdings Ltd. (e)
|
8,100,000
|
|
57,370
|
|
Estore Corp.
|
77,400
|
|
837
|
|
EVERTEC, Inc.
|
600,000
|
|
14,478
|
|
ExlService Holdings, Inc. (a)
|
341,824
|
|
8,597
|
|
Genpact Ltd. (a)
|
600,000
|
|
10,182
|
|
Groupe Steria SCA
|
76,441
|
|
1,546
|
|
Heartland Payment Systems, Inc. (d)(e)
|
2,000,017
|
|
86,221
|
|
HIQ International AB
|
900,000
|
|
5,316
|
|
Indra Sistemas (d)(e)
|
16,413,000
|
|
290,759
|
|
Know IT AB (e)
|
1,727,000
|
|
15,421
|
|
Leidos Holdings, Inc. (d)
|
1,250,000
|
|
56,675
|
|
Luxoft Holding, Inc.
|
125,000
|
|
4,674
|
|
ManTech International Corp. Class A
|
1,775,000
|
|
51,653
|
|
Mastek Ltd. (e)
|
2,025,000
|
|
5,625
|
|
NCI, Inc. Class A (a)(e)
|
888,530
|
|
5,909
|
|
Neustar, Inc. Class A (a)
|
900,047
|
|
30,503
|
|
Panasonic Information Systems Co. (e)
|
625,000
|
|
16,923
|
|
Rolta India Ltd.
|
2,699,942
|
|
2,770
|
|
Science Applications International Corp.
|
750,000
|
|
27,758
|
|
Societe Pour L'Informatique Industrielle SA (e)
|
2,000,000
|
|
19,610
|
|
Softcreate Co. Ltd.
|
320,000
|
|
3,282
|
|
The Western Union Co.
|
21,700,000
|
|
334,180
|
|
Total System Services, Inc.
|
1,000,000
|
|
29,880
|
|
Vantiv, Inc. (a)
|
600,000
|
|
18,204
|
|
VeriFone Systems, Inc. (a)
|
1,100,000
|
|
31,911
|
|
|
|
1,919,969
|
|
Office Electronics - 0.2%
|
|
Xerox Corp.
|
10,100,000
|
|
109,585
|
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|
Alpha & Omega Semiconductor Ltd. (a)(e)
|
2,550,000
|
|
18,513
|
|
Axell Corp. (d)(e)
|
925,000
|
|
15,729
|
|
Broadcom Corp. Class A
|
462,700
|
|
13,770
|
|
Lasertec Corp. (d)
|
700,000
|
|
7,427
|
|
Leeno Industrial, Inc.
|
700,000
|
|
17,427
|
|
Melexis NV (e)
|
3,350,000
|
|
116,071
|
|
Miraial Co. Ltd.
|
216,900
|
|
3,219
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Semiconductors & Semiconductor Equipment - continued
|
|
Nextchip Co. Ltd. (e)
|
1,070,110
|
|
$ 2,978
|
|
Omnivision Technologies, Inc. (a)
|
1,800,000
|
|
27,702
|
|
Powertech Technology, Inc.
|
9,460,000
|
|
13,038
|
|
Skyworks Solutions, Inc. (a)
|
263,600
|
|
7,974
|
|
Telechips, Inc. (e)
|
1,058,800
|
|
3,675
|
|
Trio-Tech International (a)(e)
|
300,000
|
|
954
|
|
Varitronix International Ltd.
|
9,000,000
|
|
9,784
|
|
Y.A.C. Co., Ltd.
|
300,000
|
|
1,592
|
|
|
|
259,853
|
|
Software - 5.3%
|
|
AdaptIT Holdings Ltd.
|
4,400,000
|
|
2,130
|
|
ANSYS, Inc. (a)(e)
|
5,000,000
|
|
392,650
|
|
Autodesk, Inc. (a)
|
197,600
|
|
10,127
|
|
Axway Software SA
|
50,000
|
|
1,861
|
|
Cybernet Systems Co. Ltd. (e)
|
2,050,000
|
|
7,548
|
|
Ebix, Inc. (d)(e)
|
2,450,000
|
|
33,271
|
|
Exact Holdings NV
|
740,000
|
|
23,758
|
|
Geodesic Ltd. (a)(e)
|
4,873,000
|
|
304
|
|
ICT Automatisering NV (a)(e)
|
874,000
|
|
5,716
|
|
IGE + XAO SA
|
40,000
|
|
3,172
|
|
Infomedia Ltd. (e)
|
16,000,000
|
|
8,880
|
|
InfoVine Co. Ltd.
|
120,607
|
|
3,462
|
|
init innovation in traffic systems AG (d)
|
10,000
|
|
336
|
|
Jorudan Co. Ltd. (e)
|
525,000
|
|
3,120
|
|
KPIT Cummins Infosystems Ltd. (a)
|
4,000,000
|
|
10,268
|
|
KSK Co., Ltd. (e)
|
641,300
|
|
4,161
|
|
Micro Focus International PLC
|
10,000
|
|
123
|
|
MICROS Systems, Inc. (a)
|
25,000
|
|
1,388
|
|
Microsoft Corp.
|
31,187,700
|
|
1,180,454
|
|
Net 1 UEPS Technologies, Inc. (a)
|
725,000
|
|
5,800
|
|
NIIT Technologies Ltd.
|
1,949,000
|
|
12,564
|
|
Nucleus Software Exports Ltd. (a)(e)
|
2,100,000
|
|
6,062
|
|
Oracle Corp.
|
13,822,000
|
|
510,032
|
|
Parametric Technology Corp. (a)
|
777,800
|
|
27,752
|
|
Pro-Ship, Inc.
|
152,200
|
|
2,945
|
|
Software AG (Bearer)
|
3,600,000
|
|
133,813
|
|
Sword Group (e)
|
606,398
|
|
14,558
|
|
Symantec Corp.
|
608,000
|
|
13,017
|
|
Synopsys, Inc. (a)
|
350,000
|
|
13,951
|
|
Vasco Data Security International, Inc. (a)(e)
|
3,350,000
|
|
25,025
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Software - continued
|
|
Vitec Software Group AB
|
210,000
|
|
$ 2,901
|
|
Zensar Technologies Ltd.
|
729,500
|
|
4,450
|
|
|
|
2,465,599
|
|
TOTAL INFORMATION TECHNOLOGY
|
|
8,744,970
|
|
MATERIALS - 2.7%
|
|
Chemicals - 1.9%
|
|
Aditya Birla Chemicals India Ltd. (e)
|
2,338,600
|
|
3,725
|
|
C. Uyemura & Co. Ltd. (e)
|
653,800
|
|
30,643
|
|
Chase Corp. (e)
|
904,986
|
|
28,616
|
|
Core Molding Technologies, Inc. (a)(e)
|
515,000
|
|
6,309
|
|
Deepak Fertilisers and Petrochemicals Corp. Ltd. (e)
|
7,569,000
|
|
13,116
|
|
Deepak Nitrite Ltd. (e)
|
650,000
|
|
3,125
|
|
EcoGreen Fine Chemical Group Ltd. (e)
|
45,112,000
|
|
9,994
|
|
FMC Corp.
|
3,000,000
|
|
211,890
|
|
Fujikura Kasei Co., Ltd. (e)
|
3,271,600
|
|
18,701
|
|
Fuso Chemical Co. Ltd.
|
227,100
|
|
6,079
|
|
Gujarat Narmada Valley Fertilizers Co. (e)
|
11,000,000
|
|
12,542
|
|
Gujarat State Fertilizers & Chemicals Ltd. (e)
|
29,000,000
|
|
21,568
|
|
Honshu Chemical Industry Co. Ltd. (e)
|
900,000
|
|
5,466
|
|
Innospec, Inc.
|
1,000,000
|
|
42,840
|
|
Intrepid Potash, Inc. (a)(d)
|
799,300
|
|
11,750
|
|
KPC Holdings Corp.
|
43,478
|
|
1,855
|
|
KPX Chemical Co. Ltd.
|
163,083
|
|
9,860
|
|
KPX Green Chemical Co. Ltd.
|
200,000
|
|
890
|
|
Kraton Performance Polymers, Inc. (a)
|
1,100,000
|
|
27,511
|
|
Mexichem S.A.B. de CV (d)
|
2,194,537
|
|
7,620
|
|
Miwon Chemicals Co. Ltd. (a)
|
55,095
|
|
1,720
|
|
Miwon Commercial Co. Ltd.
|
13,819
|
|
2,256
|
|
Muto Seiko Co. Ltd.
|
290,700
|
|
1,894
|
|
Nano Chem Tech, Inc. (a)
|
25,000
|
|
97
|
|
Nuplex Industries Ltd.
|
4,425,000
|
|
12,058
|
|
OM Group, Inc. (a)(e)
|
2,000,000
|
|
64,680
|
|
PolyOne Corp.
|
550,000
|
|
19,558
|
|
RPM International, Inc.
|
400,000
|
|
15,868
|
|
SK Kaken Co. Ltd.
|
390,000
|
|
24,796
|
|
Soda Aromatic Co. Ltd.
|
250,000
|
|
2,574
|
|
Soken Chemical & Engineer Co. Ltd. (e)
|
805,000
|
|
8,801
|
|
T&K Toka Co. Ltd. (e)
|
800,000
|
|
17,033
|
|
Thai Carbon Black PCL (For. Reg.)
|
13,000,000
|
|
8,469
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - continued
|
|
Chemicals - continued
|
|
Thai Rayon PCL (For. Reg.)
|
3,200,000
|
|
$ 2,793
|
|
Tronox Ltd. Class A
|
688,100
|
|
15,111
|
|
Yara International ASA
|
4,750,000
|
|
195,979
|
|
Yip's Chemical Holdings Ltd. (e)
|
31,002,000
|
|
25,117
|
|
|
|
892,904
|
|
Construction Materials - 0.1%
|
|
Brampton Brick Ltd. Class A (sub. vtg.) (a)
|
850,700
|
|
4,285
|
|
Mitani Sekisan Co. Ltd. (e)
|
1,750,000
|
|
20,433
|
|
Titan Cement Co. SA (Reg.) (a)
|
750,000
|
|
20,129
|
|
|
|
44,847
|
|
Containers & Packaging - 0.3%
|
|
Ball Corp.
|
314,130
|
|
16,080
|
|
Chuoh Pack Industry Co. Ltd. (e)
|
510,000
|
|
5,207
|
|
Kohsoku Corp. (e)
|
2,097,300
|
|
18,381
|
|
Samhwa Crown & Closure Co. Ltd.
|
13,760
|
|
308
|
|
Sealed Air Corp.
|
500,000
|
|
15,595
|
|
Silgan Holdings, Inc.
|
900,000
|
|
41,247
|
|
Sonoco Products Co.
|
383,300
|
|
15,861
|
|
Starlite Holdings Ltd.
|
3,000,000
|
|
174
|
|
The Pack Corp. (e)
|
1,990,000
|
|
34,558
|
|
Vidrala SA
|
50,000
|
|
2,477
|
|
|
|
149,888
|
|
Metals & Mining - 0.3%
|
|
Alconix Corp. (e)
|
635,500
|
|
13,770
|
|
Blue Earth Refineries, Inc. (a)
|
274,309
|
|
0
|
|
Chubu Steel Plate Co. Ltd.
|
500,000
|
|
2,248
|
|
Compania de Minas Buenaventura SA sponsored ADR
|
2,300,000
|
|
28,520
|
|
Fortescue Metals Group Ltd.
|
1,522,536
|
|
7,062
|
|
Hill & Smith Holdings PLC
|
2,150,600
|
|
19,179
|
|
Korea Steel Shapes Co. Ltd.
|
34,000
|
|
1,074
|
|
Orosur Mining, Inc. (a)
|
3,100,000
|
|
612
|
|
Orvana Minerals Corp. (a)
|
900,000
|
|
525
|
|
Pacific Metals Co. Ltd.
|
4,600,000
|
|
16,006
|
|
Sherritt International Corp. (d)
|
1,600,000
|
|
4,942
|
|
Tohoku Steel Co. Ltd. (e)
|
755,000
|
|
8,358
|
|
Tokyo Kohtetsu Co. Ltd. (e)
|
1,435,000
|
|
6,190
|
|
Tokyo Tekko Co. Ltd. (e)
|
4,600,000
|
|
16,717
|
|
Webco Industries, Inc. (a)
|
9,122
|
|
1,031
|
|
|
|
126,234
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - continued
|
|
Paper & Forest Products - 0.1%
|
|
Cardinal Co. Ltd.
|
27,600
|
|
$ 136
|
|
Schweitzer-Mauduit International, Inc.
|
200,000
|
|
9,226
|
|
Stella-Jones, Inc. (a)
|
600,000
|
|
14,039
|
|
|
|
23,401
|
|
TOTAL MATERIALS
|
|
1,237,274
|
|
TELECOMMUNICATION SERVICES - 0.1%
|
|
Diversified Telecommunication Services - 0.1%
|
|
Atlantic Tele-Network, Inc.
|
715,672
|
|
41,688
|
|
Wireless Telecommunication Services - 0.0%
|
|
NII Holdings, Inc. (a)
|
830,000
|
|
2,498
|
|
TOTAL TELECOMMUNICATION SERVICES
|
|
44,186
|
|
UTILITIES - 0.2%
|
|
Electric Utilities - 0.1%
|
|
Exelon Corp.
|
1,000,000
|
|
29,000
|
|
Gas Utilities - 0.1%
|
|
Hokuriku Gas Co.
|
1,800,000
|
|
4,874
|
|
K&O Energy Group, Inc. (a)
|
373,200
|
|
5,320
|
|
Keiyo Gas Co. Ltd.
|
625,000
|
|
3,130
|
|
KyungDong City Gas Co. Ltd.
|
153,670
|
|
13,926
|
|
Kyungnam Energy Co. Ltd.
|
157,630
|
|
909
|
|
|
|
28,159
|
|
Independent Power Producers & Energy Traders - 0.0%
|
|
Mega First Corp. Bhd (e)
|
22,662,000
|
|
14,770
|
|
Multi-Utilities - 0.0%
|
|
CMS Energy Corp.
|
963,200
|
|
26,767
|
|
TOTAL UTILITIES
|
|
98,696
|
|
TOTAL COMMON STOCKS
(Cost $21,843,571)
|
39,634,737
|
|
Nonconvertible Preferred Stocks - 0.1%
|
|
|
|
|
|
|
CONSUMER STAPLES - 0.0%
|
|
Food Products - 0.0%
|
|
Nam Yang Dairy Products
|
4,917
|
|
1,435
|
|
Nonconvertible Preferred Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - 0.1%
|
|
Construction Materials - 0.1%
|
|
Buzzi Unicem SpA (Risparmio Shares)
|
2,000,000
|
|
$ 18,882
|
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $16,910)
|
20,317
|
|
Corporate Bonds - 0.3%
|
|
|
Principal
Amount (000s)
|
|
|
|
Convertible Bonds - 0.0%
|
|
ENERGY - 0.0%
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
USEC, Inc. 3% 10/1/14
|
|
$ 37,150
|
|
13,908
|
|
Nonconvertible Bonds - 0.3%
|
|
FINANCIALS - 0.3%
|
|
Capital Markets - 0.3%
|
|
UBS AG London Branch ELN 6/9/14 (f)
|
|
98,747
|
|
135,230
|
|
TOTAL CORPORATE BONDS
(Cost $135,342)
|
149,138
|
|
Money Market Funds - 15.2%
|
|
|
Shares
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b)
|
6,546,772,570
|
|
6,546,773
|
|
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)
|
480,341,247
|
|
480,341
|
|
TOTAL MONEY MARKET FUNDS
(Cost $7,027,114)
|
7,027,114
|
|
Cash Equivalents - 0.0%
|
|
|
Maturity Amount (000s)
|
|
Value (000s)
|
|
Investments in repurchase agreements in a joint trading account at 0.03%, dated 1/31/14 due
2/3/14 (Collateralized by U.S. Treasury Obligations) #
(Cost $2,942)
|
$ 2,942
|
|
$ 2,942
|
|
TOTAL INVESTMENT PORTFOLIO - 101.1%
(Cost $29,025,879)
|
|
46,834,248
|
|
NET OTHER ASSETS (LIABILITIES) - (1.1)%
|
|
(501,270
)
|
|
NET ASSETS - 100%
|
$ 46,332,978
|
|
Security Type Abbreviations
|
|
ELN
|
-
|
Equity-Linked Note
|
|
Legend
|
|
(a) Non-income producing
|
|
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the
annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon
request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public
Accounting Firm, are available on the SEC's website or upon request.
|
|
(c) Investment made with cash collateral received from securities on loan.
|
|
(d) Security or a portion of the security is on loan at period end.
|
|
(e) Affiliated company
|
|
(f) 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 $135,230,000 or 0.3% of net assets.
|
|
# Additional information on each counterparty to the repurchase agreement is as follows:
|
|
Repurchase Agreement /
Counterparty
|
Value
(000s)
|
|
$2,942,000 due 2/03/14 at 0.03%
|
|
BNP Paribas Securities Corp.
|
$ 1,535
|
|
Barclays Capital, Inc.
|
817
|
|
Merrill Lynch, Pierce, Fenner & Smith, Inc.
|
590
|
|
|
$ 2,942
|
|
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
(Amounts in thousands)
|
|
Fidelity Cash Central Fund
|
$ 3,073
|
|
Fidelity Securities Lending Cash Central Fund
|
5,029
|
|
Total
|
$ 8,102
|
|
Other Affiliated Issuers
|
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies
which are or were affiliates are as follows:
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Aalberts Industries NV
|
$ 239,370
|
$ -
|
$ -
|
$ -
|
$ 297,318
|
|
Aastra Technologies Ltd.
|
25,843
|
-
|
1,195
|
6,268
|
38,393
|
|
Abbey PLC
|
23,711
|
-
|
-
|
145
|
31,317
|
|
Abercrombie & Fitch Co. Class A
|
299,220
|
55,586
|
-
|
2,662
|
270,268
|
|
Accell Group NV
|
43,841
|
602
|
-
|
-
|
44,995
|
|
Aditya Birla Chemicals India Ltd.
|
2,707
|
-
|
-
|
34
|
3,725
|
|
AECOM Technology Corp.
|
256,108
|
8,605
|
-
|
-
|
224,833
|
|
Aeropostale, Inc.
|
123,720
|
-
|
-
|
-
|
57,649
|
|
Air T, Inc.
|
2,571
|
-
|
-
|
-
|
2,770
|
|
AJIS Co. Ltd.
|
7,441
|
-
|
-
|
-
|
8,961
|
|
Akka Technologies SA
|
22,673
|
10,918
|
-
|
-
|
34,749
|
|
Albemarle & Bond Holdings PLC
|
5,818
|
1,227
|
-
|
-
|
566
|
|
Alconix Corp.
|
12,209
|
-
|
-
|
180
|
13,770
|
|
Almost Family, Inc.
|
17,921
|
-
|
-
|
-
|
28,489
|
|
Alpha & Omega Semiconductor Ltd.
|
19,508
|
-
|
-
|
-
|
18,513
|
|
Alps Logistics Co. Ltd.
|
18,309
|
-
|
-
|
285
|
18,220
|
|
Ambassadors Group, Inc.
|
6,444
|
-
|
-
|
-
|
8,799
|
|
Amdocs Ltd.
|
328,084
|
-
|
3,455
|
2,206
|
365,257
|
|
ANSYS, Inc.
|
399,200
|
-
|
-
|
-
|
392,650
|
|
APRIL
|
51,140
|
5,538
|
-
|
-
|
62,502
|
|
ARK Restaurants Corp.
|
4,734
|
-
|
-
|
112
|
4,900
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Arrhythmia Research Technology, Inc.
|
$ 629
|
$ -
|
$ -
|
$ -
|
$ 1,206
|
|
Arts Optical International Holdings Ltd.
|
7,534
|
-
|
-
|
110
|
8,576
|
|
ASL Marine Holdings Ltd.
|
8,850
|
6,457
|
-
|
336
|
16,446
|
|
Assurant, Inc.
|
284,340
|
-
|
-
|
2,625
|
343,088
|
|
ASTI Corp.
|
3,128
|
200
|
-
|
-
|
2,797
|
|
Avery Dennison Corp.
|
284,036
|
-
|
292,337
|
1,914
|
-
|
|
Axell Corp.
|
17,837
|
-
|
-
|
218
|
15,729
|
|
Axis Capital Holdings Ltd.
|
345,875
|
-
|
-
|
4,129
|
357,468
|
|
AZZ, Inc.
|
56,745
|
-
|
-
|
420
|
62,715
|
|
Barratt Developments PLC
|
416,580
|
-
|
-
|
3,409
|
522,801
|
|
Belc Co. Ltd.
|
36,624
|
-
|
-
|
399
|
37,516
|
|
Belluna Co. Ltd.
|
51,620
|
-
|
-
|
601
|
48,997
|
|
Best Buy Co., Inc.
|
717,045
|
249,372
|
8,638
|
8,055
|
785,059
|
|
Black Box Corp.
|
48,731
|
-
|
-
|
324
|
49,361
|
|
BMTC Group, Inc. Class A (sub. vtg.)
|
73,987
|
-
|
-
|
1,089
|
69,588
|
|
C. Uyemura & Co. Ltd.
|
30,116
|
-
|
-
|
-
|
30,643
|
|
Cal Dive International, Inc.
|
12,984
|
-
|
-
|
-
|
10,864
|
|
Calian Technologies Ltd.
|
13,833
|
-
|
-
|
355
|
15,720
|
|
Career Education Corp.
|
21,638
|
-
|
-
|
-
|
36,557
|
|
Cash Converters International Ltd.
|
24,925
|
432
|
-
|
432
|
18,214
|
|
Cathay General Bancorp
|
98,010
|
-
|
18,635
|
236
|
-
|
|
CEC Entertainment, Inc.
|
83,180
|
-
|
25,946
|
980
|
80,940
|
|
Chase Corp.
|
25,113
|
-
|
-
|
407
|
28,616
|
|
Chime Communications PLC
|
20,234
|
-
|
977
|
163
|
-
|
|
Chuoh Pack Industry Co. Ltd.
|
5,469
|
-
|
-
|
91
|
5,207
|
|
Citi Trends, Inc.
|
15,499
|
-
|
14,260
|
-
|
-
|
|
CKD Corp.
|
30,600
|
-
|
23,170
|
290
|
-
|
|
Clip Corp.
|
3,635
|
-
|
-
|
-
|
3,307
|
|
Codorus Valley Bancorp, Inc.
|
3,624
|
1,701
|
-
|
66
|
6,306
|
|
Core Molding Technologies, Inc.
|
3,240
|
1,397
|
-
|
-
|
6,309
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Cosmos Pharmaceutical Corp.
|
$ 196,696
|
$ -
|
$ -
|
$ 411
|
$ 231,439
|
|
CRA International, Inc.
|
17,417
|
2,084
|
-
|
-
|
19,162
|
|
Create SD Holdings Co. Ltd.
|
81,087
|
-
|
-
|
554
|
74,686
|
|
CSE Global Ltd.
|
30,745
|
1,229
|
-
|
11,394
|
24,284
|
|
Cybernet Systems Co. Ltd.
|
6,574
|
-
|
-
|
195
|
7,548
|
|
Daewon Pharmaceutical Co. Ltd.
|
17,353
|
580
|
-
|
61
|
18,666
|
|
Daiichi Kensetsu Corp.
|
23,493
|
699
|
-
|
-
|
26,930
|
|
DCC PLC (United Kingdom)
|
336,898
|
-
|
-
|
3,495
|
377,721
|
|
Deepak Fertilisers and Petrochemicals
Corp. Ltd.
|
10,529
|
-
|
-
|
-
|
13,116
|
|
Deepak Nitrite Ltd.
|
2,686
|
112
|
-
|
-
|
3,125
|
|
Diversicare Healthcare Services, Inc.
|
1,844
|
-
|
-
|
39
|
1,837
|
|
Divestco, Inc.
|
576
|
-
|
13
|
-
|
440
|
|
DongKook Pharmaceutical Co. Ltd.
|
17,758
|
5,965
|
-
|
187
|
21,330
|
|
Doshisha Co. Ltd.
|
23,239
|
3,934
|
-
|
248
|
25,767
|
|
DVx, Inc.
|
7,872
|
-
|
-
|
-
|
7,497
|
|
Ebix, Inc.
|
30,740
|
-
|
2,081
|
-
|
33,271
|
|
EcoGreen Fine Chemical Group Ltd.
|
8,492
|
-
|
-
|
87
|
9,994
|
|
Educational Development Corp.
|
1,203
|
-
|
-
|
62
|
1,385
|
|
Elematec Corp.
|
9,892
|
4,445
|
-
|
216
|
18,299
|
|
Endurance Specialty Holdings Ltd.
|
136,838
|
-
|
-
|
1,664
|
136,214
|
|
EOH Holdings Ltd.
|
49,769
|
-
|
1,766
|
687
|
57,370
|
|
Excel Co. Ltd.
|
10,640
|
-
|
-
|
129
|
11,103
|
|
F&F Co. Ltd.
|
4,912
|
-
|
-
|
65
|
5,492
|
|
Farstad Shipping ASA
|
69,780
|
-
|
-
|
-
|
66,014
|
|
Federal Screw Works
|
237
|
-
|
114
|
-
|
-
|
|
First Juken Co. Ltd.
|
22,801
|
-
|
-
|
342
|
22,809
|
|
Folli Follie SA
|
102,612
|
713
|
-
|
-
|
132,631
|
|
Food Empire Holdings Ltd.
|
27,265
|
-
|
-
|
-
|
20,976
|
|
Foremost Income Fund
|
17,094
|
-
|
-
|
556
|
13,707
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Fresh Del Monte Produce, Inc.
|
$ 176,967
|
$ -
|
$ -
|
$ 1,575
|
$ 166,698
|
|
Fuji Kosan Co. Ltd.
|
315
|
3,874
|
-
|
-
|
4,387
|
|
Fuji Oil Co. Ltd. (formerly AOC
Holdings, Inc.)
|
19,711
|
-
|
-
|
-
|
19,836
|
|
Fujikura Kasei Co., Ltd.
|
15,404
|
-
|
-
|
216
|
18,701
|
|
Fursys, Inc.
|
22,429
|
2,184
|
-
|
524
|
27,021
|
|
Fyffes PLC (Ireland)
|
26,042
|
869
|
-
|
262
|
35,295
|
|
Gabia, Inc.
|
3,523
|
3,412
|
-
|
14
|
7,040
|
|
GameStop Corp. Class A
|
343,420
|
-
|
49,458
|
3,300
|
210,420
|
|
Genky Stores, Inc.
|
5,111
|
-
|
-
|
53
|
5,382
|
|
Genworth MI Canada, Inc.
|
157,381
|
-
|
-
|
3,094
|
168,980
|
|
Geodesic Ltd.
|
304
|
-
|
-
|
-
|
304
|
|
Geumhwa PSC Co. Ltd.
|
2,975
|
5,872
|
-
|
141
|
9,094
|
|
Gildan Activewear, Inc.
|
345,886
|
-
|
7,194
|
1,291
|
405,197
|
|
Glentel, Inc.
|
31,307
|
3,394
|
-
|
429
|
26,095
|
|
Goodfellow, Inc.
|
7,368
|
-
|
-
|
139
|
7,310
|
|
Green Dot Corp. Class A
|
69,840
|
-
|
24,713
|
-
|
45,040
|
|
Greggs PLC
|
17,528
|
50,541
|
-
|
430
|
82,268
|
|
Guess?, Inc.
|
278,470
|
7,128
|
682
|
3,329
|
238,091
|
|
Gujarat Narmada Valley Fertilizers Co.
|
8,131
|
4,626
|
-
|
392
|
12,542
|
|
Gujarat State Fertilizers & Chemicals Ltd.
|
21,553
|
4,503
|
-
|
-
|
21,568
|
|
Gulliver International Co. Ltd.
|
47,192
|
-
|
5,366
|
354
|
48,560
|
|
Halows Co. Ltd.
|
12,649
|
1,586
|
-
|
-
|
19,531
|
|
Hamakyorex Co. Ltd.
|
24,704
|
169
|
-
|
149
|
22,093
|
|
Hampshire Group Ltd.
|
4,140
|
-
|
-
|
-
|
3,036
|
|
Handsome Co. Ltd.
|
60,161
|
-
|
-
|
576
|
64,594
|
|
Hankook Shell Oil Co. Ltd.
|
23,328
|
-
|
-
|
965
|
23,803
|
|
Hanwha Timeworld Co. Ltd.
|
10,924
|
-
|
-
|
188
|
9,778
|
|
Heartland Payment Systems, Inc.
|
74,621
|
-
|
-
|
280
|
86,221
|
|
Helen of Troy Ltd.
|
135,511
|
-
|
-
|
-
|
175,578
|
|
Henry Boot PLC
|
21,879
|
-
|
3,423
|
218
|
-
|
|
Hiday Hidaka Corp.
|
26,610
|
-
|
-
|
218
|
30,480
|
|
Honshu Chemical Industry Co. Ltd.
|
5,819
|
-
|
-
|
51
|
5,466
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Hoshiiryou Sanki Co. Ltd.
|
$ 7,963
|
$ 1,232
|
$ -
|
$ 60
|
$ 11,133
|
|
Houston Wire & Cable Co.
|
18,754
|
55
|
-
|
279
|
16,786
|
|
HTL International Holdings Ltd.
|
6,275
|
-
|
-
|
-
|
6,535
|
|
Hurco Companies, Inc.
|
18,055
|
-
|
-
|
63
|
16,420
|
|
Hutech Norin Co. Ltd.
|
10,713
|
-
|
-
|
138
|
10,164
|
|
Huvitz Co. Ltd.
|
16,703
|
-
|
-
|
115
|
13,487
|
|
Hwacheon Machine Tool Co. Ltd.
|
9,980
|
-
|
-
|
173
|
10,388
|
|
I-Sheng Electric Wire & Cable Co. Ltd.
|
16,523
|
2,171
|
-
|
-
|
18,804
|
|
IA Group Corp.
|
5,988
|
-
|
-
|
99
|
6,065
|
|
ICT Automatisering NV
|
4,418
|
-
|
-
|
-
|
5,716
|
|
IDIS Holdings Co. Ltd.
|
9,104
|
1,014
|
-
|
28
|
10,738
|
|
Ihara Science Corp.
|
6,322
|
575
|
-
|
-
|
8,246
|
|
Ildong Pharmaceutical Co. Ltd.
|
22,641
|
-
|
-
|
296
|
36,453
|
|
Image Sensing Systems, Inc.
|
2,611
|
-
|
-
|
-
|
1,865
|
|
Indra Sistemas
|
222,717
|
-
|
-
|
-
|
290,759
|
|
Infomedia Ltd.
|
8,198
|
-
|
-
|
224
|
8,880
|
|
Intage Holdings, Inc.
|
25,795
|
-
|
-
|
-
|
27,662
|
|
Intelligent Digital Integrated Security Co.
Ltd.
|
18,391
|
-
|
-
|
111
|
17,371
|
|
INTOPS Co. Ltd.
|
18,060
|
-
|
-
|
102
|
15,714
|
|
INZI Controls Co. Ltd.
|
7,299
|
-
|
-
|
120
|
6,313
|
|
Isewan Terminal Service Co. Ltd.
|
9,483
|
-
|
-
|
146
|
8,663
|
|
Isra Vision AG
|
20,515
|
-
|
-
|
-
|
23,623
|
|
Jack in the Box, Inc.
|
188,423
|
-
|
101,912
|
-
|
126,425
|
|
JAKKS Pacific, Inc.
|
7,813
|
-
|
-
|
-
|
7,488
|
|
Jaya Holdings Ltd.
|
34,078
|
-
|
-
|
2,688
|
45,034
|
|
Jeil Pharmaceutical Co.
|
17,904
|
-
|
-
|
70
|
20,102
|
|
JLM Couture, Inc.
|
449
|
-
|
-
|
-
|
510
|
|
Jorudan Co. Ltd.
|
2,804
|
-
|
-
|
40
|
3,120
|
|
Jos. A. Bank Clothiers, Inc.
|
111,854
|
-
|
7,728
|
-
|
146,172
|
|
Jumbo SA
|
119,200
|
558
|
-
|
-
|
191,180
|
|
Kingboard Chemical Holdings Ltd.
|
163,878
|
44,828
|
-
|
3,109
|
207,785
|
|
Knoll, Inc.
|
74,340
|
-
|
14,525
|
1,008
|
60,590
|
|
Know IT AB
|
13,221
|
-
|
-
|
-
|
15,421
|
|
Kohsoku Corp.
|
19,836
|
-
|
-
|
208
|
18,381
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Kondotec, Inc.
|
$ 9,709
|
$ 336
|
$ -
|
$ 100
|
$ 11,570
|
|
Korea Electric Terminal Co. Ltd.
|
23,173
|
-
|
-
|
110
|
26,697
|
|
KSK Co., Ltd.
|
3,995
|
-
|
-
|
-
|
4,161
|
|
Kwang Dong Pharmaceutical Co. Ltd.
|
19,667
|
3,530
|
-
|
147
|
21,229
|
|
Kyeryong Construction Industrial Co. Ltd.
|
6,517
|
-
|
-
|
70
|
7,010
|
|
Kyoto Kimono Yuzen Co. Ltd.
|
18,786
|
-
|
-
|
195
|
18,167
|
|
Kyowakogyosyo Co. Ltd.
|
1,597
|
1,531
|
-
|
-
|
3,052
|
|
LHC Group, Inc.
|
43,471
|
-
|
-
|
-
|
43,471
|
|
Maruzen Co. Ltd.
|
16,945
|
-
|
-
|
165
|
18,710
|
|
Mastek Ltd.
|
3,637
|
-
|
-
|
57
|
5,625
|
|
Medical Action Industries, Inc.
|
11,947
|
330
|
2,395
|
-
|
7,791
|
|
Meetic
|
27,555
|
-
|
42,287
|
-
|
-
|
|
Mega First Corp. Bhd
|
11,797
|
-
|
-
|
209
|
14,770
|
|
Melbourne IT Ltd.
|
13,978
|
-
|
-
|
3,860
|
10,099
|
|
Melcor Real Estate Investment Trust
|
-
|
8,654
|
-
|
157
|
8,054
|
|
Melexis NV
|
78,571
|
-
|
-
|
2,728
|
116,071
|
|
Mesa Laboratories, Inc.
|
20,720
|
-
|
528
|
92
|
24,884
|
|
Metro, Inc. Class A (sub. vtg.)
|
783,669
|
-
|
-
|
4,435
|
627,935
|
|
Michang Oil Industrial Co. Ltd.
|
12,427
|
-
|
-
|
315
|
11,496
|
|
Miroku Corp.
|
1,566
|
394
|
-
|
26
|
2,455
|
|
Mitani Sekisan Co. Ltd.
|
23,057
|
229
|
775
|
108
|
20,433
|
|
Mitie Group PLC
|
98,221
|
-
|
264
|
1,894
|
124,667
|
|
Motonic Corp.
|
32,450
|
-
|
-
|
650
|
34,716
|
|
Mr. Bricolage SA
|
12,721
|
354
|
-
|
-
|
14,500
|
|
Muhak Co. Ltd.
|
44,193
|
650
|
-
|
104
|
46,205
|
|
Multi-Fineline Electronix, Inc.
|
24,708
|
8,515
|
-
|
-
|
30,582
|
|
Murakami Corp.
|
11,156
|
313
|
-
|
57
|
10,295
|
|
Muramoto Electronic Thailand PCL (For.
Reg.)
|
6,845
|
-
|
226
|
-
|
6,702
|
|
Nac Co. Ltd.
|
-
|
15,832
|
-
|
41
|
15,663
|
|
Nadex Co. Ltd.
|
4,577
|
602
|
-
|
52
|
7,604
|
|
Nafco Co. Ltd.
|
43,174
|
-
|
-
|
386
|
34,938
|
|
NCI, Inc. Class A
|
4,025
|
-
|
-
|
-
|
5,909
|
|
ND Software Co. Ltd.
|
2,357
|
8,356
|
-
|
-
|
15,245
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
NETGEAR, Inc.
|
$ 68,861
|
$ 15,949
|
$ 8,586
|
$ -
|
$ 81,106
|
|
Next PLC
|
1,263,908
|
-
|
-
|
23,356
|
1,710,668
|
|
Nextchip Co. Ltd.
|
4,400
|
-
|
-
|
67
|
2,978
|
|
NICE Total Cash Management Co., Ltd.
|
4,720
|
3
|
-
|
82
|
5,983
|
|
Nippo Ltd.
|
4,679
|
323
|
-
|
-
|
4,252
|
|
Nishimatsuya Chain Co. Ltd.
|
47,542
|
-
|
2,618
|
443
|
40,278
|
|
North Valley Bancorp
|
7,566
|
-
|
184
|
-
|
9,932
|
|
Northrim Bancorp, Inc.
|
12,760
|
-
|
-
|
170
|
12,010
|
|
Nucleus Software Exports Ltd.
|
1,612
|
1,339
|
-
|
-
|
6,062
|
|
Nutraceutical International Corp.
|
25,409
|
-
|
-
|
-
|
28,633
|
|
OFG Bancorp
|
46,259
|
-
|
-
|
316
|
36,516
|
|
OM Group, Inc.
|
91,195
|
-
|
30,039
|
-
|
64,680
|
|
Orbotech Ltd.
|
29,234
|
-
|
7,070
|
-
|
-
|
|
Otaki Gas Co. Ltd.
|
4,748
|
477
|
-
|
33
|
-
|
|
P&F Industries, Inc. Class A
|
2,976
|
22
|
-
|
-
|
2,689
|
|
Pacer International, Inc.
|
11,080
|
-
|
11,591
|
-
|
-
|
|
Pacific Premier Bancorp, Inc.
|
12,379
|
-
|
-
|
-
|
15,077
|
|
Pal Co. Ltd.
|
44,710
|
-
|
-
|
-
|
30,583
|
|
Panasonic Information Systems Co.
|
12,397
|
2,984
|
-
|
169
|
16,923
|
|
Papa John's International, Inc.
|
94,699
|
-
|
75,412
|
625
|
-
|
|
Parker Corp.
|
5,894
|
-
|
-
|
62
|
8,578
|
|
Pelion SA
|
16,625
|
-
|
-
|
-
|
18,250
|
|
Pinnacle Technology Holdings Ltd.
|
21,154
|
1,241
|
-
|
280
|
16,852
|
|
Piolax, Inc.
|
28,977
|
-
|
1,935
|
223
|
37,707
|
|
Prim SA
|
12,803
|
-
|
-
|
100
|
13,400
|
|
Qumu Corp. (formerly Rimage Corp.)
|
8,715
|
-
|
9,809
|
-
|
-
|
|
Relo Holdings Corp.
|
68,914
|
-
|
-
|
-
|
73,163
|
|
RenaissanceRe Holdings Ltd.
|
269,607
|
-
|
-
|
1,736
|
281,201
|
|
Rocky Mountain Chocolate Factory, Inc.
|
6,628
|
-
|
-
|
109
|
5,774
|
|
Ruby Tuesday, Inc.
|
45,384
|
-
|
-
|
-
|
34,720
|
|
S&T Holdings Co. Ltd.
|
12,259
|
708
|
-
|
255
|
11,512
|
|
Safeway, Inc.
|
335,270
|
-
|
-
|
5,200
|
406,120
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Sakai Moving Service Co. Ltd.
|
$ 20,739
|
$ 191
|
$ -
|
$ 220
|
$ 26,665
|
|
Samsung Climate Control Co. Ltd.
|
3,136
|
-
|
-
|
22
|
3,430
|
|
Sanei Architecture Planning Co. Ltd.
|
11,803
|
-
|
-
|
272
|
12,112
|
|
Sarantis SA
|
15,937
|
-
|
-
|
864
|
21,068
|
|
ScanSource, Inc.
|
71,220
|
2,253
|
-
|
-
|
77,708
|
|
Seagate Technology
|
1,227,300
|
-
|
-
|
24,300
|
1,585,800
|
|
SED International Holdings, Inc.
|
893
|
-
|
971
|
-
|
-
|
|
Select Harvests Ltd.
|
17,886
|
-
|
-
|
437
|
27,270
|
|
Senshu Electric Co. Ltd.
|
12,718
|
-
|
-
|
159
|
14,017
|
|
Sewon Precision Industries Co. Ltd.
|
10,657
|
-
|
-
|
36
|
12,575
|
|
Shibaura Electronics Co. Ltd.
|
9,255
|
-
|
-
|
-
|
13,354
|
|
Shinsegae Engineering & Construction
Co. Ltd.
|
2,882
|
-
|
-
|
124
|
2,905
|
|
ShoLodge, Inc.
|
5
|
-
|
-
|
-
|
3
|
|
Sigmatron International, Inc.
|
1,596
|
105
|
-
|
-
|
3,683
|
|
Sinwa Ltd.
|
4,072
|
-
|
-
|
359
|
3,497
|
|
SJM Co. Ltd.
|
13,449
|
-
|
-
|
100
|
11,787
|
|
SJM Holdings Co. Ltd.
|
6,762
|
-
|
-
|
105
|
6,099
|
|
Societe Pour L'Informatique Industrielle
SA
|
12,384
|
2,441
|
-
|
145
|
19,610
|
|
Soken Chemical & Engineer Co. Ltd.
|
11,223
|
-
|
-
|
-
|
8,801
|
|
Sonic Corp.
|
92,220
|
-
|
16,759
|
-
|
90,729
|
|
Span-America Medical System, Inc.
|
6,045
|
20
|
-
|
81
|
5,734
|
|
Sporton International, Inc.
|
24,296
|
-
|
4,684
|
851
|
27,752
|
|
Sportscene Group, Inc. Class A
|
2,629
|
-
|
-
|
92
|
2,949
|
|
Stanley Furniture Co., Inc.
|
4,449
|
-
|
-
|
-
|
4,901
|
|
Stantec, Inc.
|
109,836
|
-
|
13,685
|
626
|
-
|
|
Steiner Leisure Ltd.
|
95,601
|
-
|
3,007
|
-
|
78,416
|
|
Step Co. Ltd.
|
11,870
|
-
|
-
|
147
|
10,144
|
|
Sterling Construction Co., Inc.
|
16,007
|
-
|
-
|
-
|
17,637
|
|
Strattec Security Corp.
|
13,510
|
-
|
-
|
73
|
18,068
|
|
Strongco Corp.
|
3,993
|
-
|
-
|
-
|
3,903
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Sun Hing Vision Group Holdings Ltd.
|
$ 8,643
|
$ -
|
$ -
|
$ 509
|
$ 7,400
|
|
Sunjin Co. Ltd.
|
12,780
|
-
|
-
|
64
|
19,834
|
|
Super Micro Computer, Inc.
|
37,859
|
-
|
3,873
|
-
|
63,321
|
|
Swift Energy Co.
|
50,323
|
8,432
|
3,849
|
-
|
53,717
|
|
Sword Group
|
9,786
|
130
|
-
|
-
|
14,558
|
|
SYNNEX Corp.
|
173,568
|
-
|
-
|
-
|
196,806
|
|
T&K Toka Co. Ltd.
|
17,036
|
-
|
-
|
113
|
17,033
|
|
Techno Smart Corp.
|
3,790
|
-
|
-
|
41
|
4,882
|
|
Teems, Inc.
|
1,330
|
-
|
-
|
20
|
1,412
|
|
Telechips, Inc.
|
4,589
|
-
|
-
|
42
|
3,675
|
|
Tempur Sealy International, Inc.
|
162,565
|
-
|
44,057
|
-
|
160,193
|
|
Tessco Technologies, Inc.
|
16,821
|
-
|
-
|
189
|
17,477
|
|
The Pack Corp.
|
33,434
|
-
|
-
|
443
|
34,558
|
|
Theragenics Corp.
|
6,299
|
-
|
6,793
|
-
|
-
|
|
TKH Group NV unit
|
82,535
|
-
|
16,134
|
-
|
85,980
|
|
Tocalo Co. Ltd.
|
9,854
|
3,069
|
-
|
186
|
15,774
|
|
Tohoku Steel Co. Ltd.
|
8,482
|
-
|
-
|
43
|
8,358
|
|
Token Corp.
|
52,701
|
-
|
-
|
-
|
46,277
|
|
Tokyo Kisen Co. Ltd.
|
5,056
|
-
|
-
|
-
|
5,638
|
|
Tokyo Kohtetsu Co. Ltd.
|
2,483
|
3,547
|
-
|
35
|
6,190
|
|
Tokyo Tekko Co. Ltd.
|
17,336
|
-
|
-
|
87
|
16,717
|
|
Tomen Devices Corp.
|
11,635
|
-
|
-
|
-
|
12,053
|
|
Tomen Electronics Corp.
|
17,087
|
-
|
-
|
282
|
23,914
|
|
Total Energy Services, Inc.
|
37,070
|
-
|
-
|
203
|
43,547
|
|
Totech Corp.
|
2,544
|
3,519
|
-
|
39
|
7,304
|
|
Tow Co. Ltd.
|
6,695
|
-
|
-
|
152
|
8,527
|
|
Trancom Co. Ltd.
|
30,273
|
-
|
-
|
312
|
37,760
|
|
Trio-Tech International
|
1,164
|
-
|
77
|
-
|
954
|
|
Triple-S Management Corp.
|
53,961
|
-
|
-
|
-
|
44,240
|
|
Tuesday Morning Corp.
|
24,681
|
-
|
27,154
|
-
|
-
|
|
Tungtex Holdings Co. Ltd.
|
2,553
|
-
|
-
|
34
|
3,774
|
|
UANGEL Corp.
|
3,938
|
-
|
-
|
89
|
2,589
|
|
UKC Holdings Corp.
|
25,977
|
-
|
-
|
296
|
25,320
|
|
Uni-Select, Inc.
|
40,634
|
-
|
-
|
427
|
50,891
|
|
Unit Corp.
|
183,438
|
-
|
991
|
-
|
202,379
|
|
United Stationers, Inc.
|
100,642
|
-
|
-
|
681
|
100,739
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Universal Security Instruments, Inc.
|
$ 1,288
|
$ -
|
$ -
|
$ -
|
$ 1,112
|
|
Unum Group
|
512,568
|
-
|
-
|
4,698
|
521,640
|
|
USS Co. Ltd.
|
201,114
|
-
|
25,309
|
2,445
|
-
|
|
Utah Medical Products, Inc.
|
24,282
|
-
|
552
|
210
|
22,610
|
|
Vasco Data Security International, Inc.
|
25,925
|
1,531
|
-
|
-
|
25,025
|
|
Vera Bradley, Inc.
|
38,784
|
10,106
|
8,556
|
-
|
-
|
|
VSE Corp.
|
22,979
|
-
|
-
|
48
|
23,420
|
|
VST Holdings Ltd.
|
21,288
|
4,658
|
-
|
-
|
38,871
|
|
W&T Offshore, Inc.
|
80,636
|
841
|
-
|
3,041
|
71,600
|
|
Watts Co. Ltd.
|
14,929
|
706
|
-
|
227
|
12,002
|
|
Weight Watchers International, Inc.
|
-
|
103,818
|
-
|
-
|
87,848
|
|
Whanin Pharmaceutical Co. Ltd.
|
20,856
|
-
|
-
|
367
|
21,054
|
|
WIN-Partners Co. Ltd.
|
11,465
|
2,478
|
-
|
-
|
14,999
|
|
Wireless Telecom Group, Inc.
|
1,989
|
-
|
-
|
-
|
4,420
|
|
Workman Co. Ltd.
|
57,720
|
-
|
-
|
-
|
55,124
|
|
XAC Automation Corp.
|
11,491
|
-
|
-
|
-
|
17,369
|
|
YBM Sisa.com, Inc.
|
4,019
|
-
|
93
|
177
|
3,140
|
|
Yip's Chemical Holdings Ltd.
|
27,782
|
-
|
-
|
400
|
25,117
|
|
Young Poong Precision Corp.
|
8,640
|
-
|
-
|
58
|
8,257
|
|
Youngone Holdings Co. Ltd.
|
53,738
|
-
|
-
|
365
|
61,934
|
|
Yusen Logistics Co. Ltd.
|
38,115
|
-
|
-
|
357
|
50,360
|
|
Yutaka Giken Co. Ltd.
|
35,192
|
-
|
-
|
266
|
37,903
|
|
Total
|
$ 17,514,096
|
$ 720,904
|
$ 977,851
|
$ 181,341
|
$ 18,174,455
|
|
Other Information
|
|
The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or
methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation
inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial
Statements.
|
|
Valuation Inputs at Reporting Date:
|
|
Description
(Amounts in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Investments in Securities:
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
Consumer Discretionary
|
$ 11,510,873
|
$ 10,011,926
|
$ 1,498,947
|
$ -
|
|
Consumer Staples
|
3,583,256
|
2,692,553
|
885,021
|
5,682
|
|
Energy
|
2,074,940
|
1,495,830
|
579,110
|
-
|
|
Financials
|
4,999,820
|
4,220,596
|
778,197
|
1,027
|
|
Health Care
|
3,876,907
|
3,560,337
|
309,199
|
7,371
|
|
Industrials
|
3,465,250
|
2,683,155
|
782,095
|
-
|
|
Information Technology
|
8,744,970
|
7,730,749
|
1,014,221
|
-
|
|
Materials
|
1,256,156
|
907,705
|
348,451
|
-
|
|
Telecommunication Services
|
44,186
|
44,186
|
-
|
-
|
|
Utilities
|
98,696
|
55,767
|
42,929
|
-
|
|
Corporate Bonds
|
149,138
|
-
|
149,138
|
-
|
|
Money Market Funds
|
7,027,114
|
7,027,114
|
-
|
-
|
|
Cash Equivalents
|
2,942
|
-
|
2,942
|
-
|
|
Total Investments in Securities:
|
$ 46,834,248
|
$ 40,429,918
|
$ 6,390,250
|
$ 14,080
|
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2014. Transfers are assumed to have occurred at the
beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to
Financial Statements:
|
|
Transfers
|
Total (000s)
|
|
Level 1 to Level 2
|
$ 4,610,087
|
|
Level 2 to Level 1
|
$ 0
|
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|
|
United States of America
|
60.4%
|
|
United Kingdom
|
6.7%
|
|
Japan
|
5.8%
|
|
Canada
|
5.1%
|
|
Ireland
|
5.0%
|
|
Netherlands
|
2.8%
|
|
Bermuda
|
2.6%
|
|
Korea (South)
|
1.8%
|
|
Taiwan
|
1.4%
|
|
Italy
|
1.4%
|
|
Cayman Islands
|
1.1%
|
|
Others (Individually Less Than 1%)
|
5.9%
|
|
|
100.0%
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts)
|
January 31, 2014
|
|
|
|
|
|
Assets
|
|
|
|
Investment in securities, at value (including securities loaned of $460,080 and repurchase
agreements of $2,942) - See accompanying schedule:
Unaffiliated issuers (cost $12,298,311)
|
$ 21,632,679
|
|
|
Fidelity Central Funds (cost $7,027,114)
|
7,027,114
|
|
|
Other affiliated issuers (cost $9,700,454)
|
18,174,455
|
|
|
Total Investments (cost $29,025,879)
|
|
$ 46,834,248
|
|
Cash
|
|
49
|
|
Foreign currency held at value (cost $985)
|
|
983
|
|
Receivable for investments sold
|
|
87,160
|
|
Receivable for fund shares sold
|
|
39,549
|
|
Dividends receivable
|
|
44,301
|
|
Interest receivable
|
|
372
|
|
Distributions receivable from Fidelity Central Funds
|
|
1,092
|
|
Prepaid expenses
|
|
93
|
|
Other receivables
|
|
1,769
|
|
Total assets
|
|
47,009,616
|
|
|
|
|
|
Liabilities
|
|
|
|
Payable for investments purchased
|
$ 126,537
|
|
|
Payable for fund shares redeemed
|
36,867
|
|
|
Accrued management fee
|
24,056
|
|
|
Other affiliated payables
|
4,543
|
|
|
Other payables and accrued expenses
|
4,294
|
|
|
Collateral on securities loaned, at value
|
480,341
|
|
|
Total liabilities
|
|
676,638
|
|
|
|
|
|
Net Assets
|
|
$ 46,332,978
|
|
Net Assets consist of:
|
|
|
|
Paid in capital
|
|
$ 28,022,487
|
|
Undistributed net investment income
|
|
7,712
|
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions
|
|
496,473
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies
|
|
17,806,306
|
|
Net Assets
|
|
$ 46,332,978
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts)
|
January 31, 2014
|
|
|
|
|
|
Low-Priced Stock
:
Net Asset Value
, offering price and redemption price per share ($30,005,648 ÷ 627,675
shares)
|
|
$ 47.80
|
|
|
|
|
|
Class K
:
Net Asset Value
, offering price and redemption price per share ($16,327,330 ÷ 341,802
shares)
|
|
$ 47.77
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
|
Amounts in thousands
|
Six months ended January 31, 2014
|
|
|
|
|
|
Investment Income
|
|
|
|
Dividends (including $181,341 earned from other affiliated issuers)
|
|
$ 351,285
|
|
Interest
|
|
1,427
|
|
Income from Fidelity Central Funds
|
|
8,102
|
|
Total income
|
|
360,814
|
|
|
|
|
|
Expenses
|
|
|
|
Management fee
Basic fee
|
$ 136,350
|
|
|
Performance adjustment
|
1,339
|
|
|
Transfer agent fees
|
25,602
|
|
|
Accounting and security lending fees
|
1,212
|
|
|
Custodian fees and expenses
|
1,425
|
|
|
Independent trustees' compensation
|
96
|
|
|
Appreciation in deferred trustee compensation account
|
1
|
|
|
Registration fees
|
663
|
|
|
Audit
|
139
|
|
|
Legal
|
98
|
|
|
Miscellaneous
|
146
|
|
|
Total expenses before reductions
|
167,071
|
|
|
Expense reductions
|
(519
)
|
166,552
|
|
Net investment income (loss)
|
|
194,262
|
|
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
|
|
|
|
Investment securities:
|
|
|
|
Unaffiliated issuers
|
946,619
|
|
|
Other affiliated issuers
|
431,890
|
|
|
Foreign currency transactions
|
(381
)
|
|
|
Total net realized gain (loss)
|
|
1,378,128
|
|
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $1,563)
|
1,492,509
|
|
|
Assets and liabilities in foreign currencies
|
180
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
1,492,689
|
|
Net gain (loss)
|
|
2,870,817
|
|
Net
increase (decrease) in net assets resulting from operations
|
|
$ 3,065,079
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands
|
Six months ended January 31,
2014
|
Year ended
July 31,
2013
|
|
Increase (Decrease) in Net Assets
|
|
|
|
Operations
|
|
|
|
Net investment income (loss)
|
$ 194,262
|
$ 437,698
|
|
Net realized gain (loss)
|
1,378,128
|
2,498,753
|
|
Change in net unrealized appreciation (depreciation)
|
1,492,689
|
7,694,670
|
|
Net
increase (decrease) in net assets resulting
from operations
|
3,065,079
|
10,631,121
|
|
Distributions to shareholders from net investment income
|
(372,615)
|
(432,424)
|
|
Distributions to shareholders from net realized gain
|
(2,653,752
)
|
(1,951,147
)
|
|
Total distributions
|
(3,026,367
)
|
(2,383,571
)
|
|
Share transactions - net increase (decrease)
|
3,430,301
|
1,629,061
|
|
Redemption fees
|
1,610
|
2,348
|
|
Total increase (decrease) in net assets
|
3,470,623
|
9,878,959
|
|
|
|
|
|
Net Assets
|
|
|
|
Beginning of period
|
42,862,355
|
32,983,396
|
|
End of period (including undistributed net investment income of $7,712 and $186,065,
respectively)
|
$ 46,332,978
|
$ 42,862,355
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Low-Priced Stock
|
|
Six months ended
January 31,
|
Years ended July 31,
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 47.84
|
$ 38.52
|
$ 40.67
|
$ 33.07
|
$ 28.20
|
$ 37.19
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.20
|
.48
|
.37
|
.23
|
.07
|
.17
|
|
Net realized and unrealized gain (loss)
|
3.06
|
11.61
|
(.03
)
|
7.53
|
5.00
|
(4.88
)
|
|
Total from investment operations
|
3.26
|
12.09
|
.34
|
7.76
|
5.07
|
(4.71
)
|
|
Distributions from net investment income
|
(.39)
|
(.49)
|
(.28)
|
(.15)
|
(.12)
|
(.17)
|
|
Distributions from net realized gain
|
(2.91
)
|
(2.28
)
|
(2.21
)
|
(.01
)
|
(.08
)
|
(4.11
)
|
|
Total distributions
|
(3.30
)
|
(2.77
)
|
(2.49
)
|
(.16
)
|
(.20
)
|
(4.28
)
|
|
Redemption fees added to paid in capital
D, H
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net asset value, end of period
|
$ 47.80
|
$ 47.84
|
$ 38.52
|
$ 40.67
|
$ 33.07
|
$ 28.20
|
|
Total Return
B, C
|
7.18%
|
33.12%
|
1.68%
|
23.53%
|
18.06%
|
(13.90)%
|
|
Ratios to Average Net Assets
E, G
|
|
|
|
|
|
|
Expenses before reductions
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.99%
|
|
Expenses net of fee waivers, if any
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.99%
|
|
Expenses net of all reductions
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.98%
|
|
Net investment income (loss)
|
.82%
A
|
1.14%
|
1.00%
|
.61%
|
.21%
|
.67%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$ 30,006
|
$ 28,171
|
$ 22,999
|
$ 26,762
|
$ 24,538
|
$ 21,792
|
|
Portfolio turnover rate
F
|
13%
A
|
11%
|
19%
|
15%
|
20%
|
31%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H
Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
|
|
Six months ended
January 31,
|
Years ended July 31,
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 47.83
|
$ 38.52
|
$ 40.67
|
$ 33.11
|
$ 28.22
|
$ 37.20
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.22
|
.53
|
.42
|
.28
|
.11
|
.20
|
|
Net realized and unrealized gain (loss)
|
3.07
|
11.60
|
(.03
)
|
7.51
|
5.01
|
(4.86
)
|
|
Total from investment operations
|
3.29
|
12.13
|
.39
|
7.79
|
5.12
|
(4.66
)
|
|
Distributions from net investment income
|
(.44)
|
(.54)
|
(.33)
|
(.23)
|
(.15)
|
(.21)
|
|
Distributions from net realized gain
|
(2.91
)
|
(2.28
)
|
(2.21
)
|
(.01
)
|
(.08
)
|
(4.11
)
|
|
Total distributions
|
(3.35
)
|
(2.82
)
|
(2.54
)
|
(.23
)
I
|
(.23
)
|
(4.32
)
|
|
Redemption fees added to paid in capital
D, H
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net asset value, end of period
|
$ 47.77
|
$ 47.83
|
$ 38.52
|
$ 40.67
|
$ 33.11
|
$ 28.22
|
|
Total Return
B, C
|
7.25%
|
33.27%
|
1.83%
|
23.66%
|
18.23%
|
(13.74)%
|
|
Ratios to Average Net Assets
E, G
|
|
|
|
|
|
|
Expenses before reductions
|
.67%
A
|
.68%
|
.76%
|
.71%
|
.85%
|
.81%
|
|
Expenses net of fee waivers, if any
|
.67%
A
|
.68%
|
.76%
|
.71%
|
.85%
|
.81%
|
|
Expenses net of all reductions
|
.67%
A
|
.68%
|
.76%
|
.70%
|
.85%
|
.81%
|
|
Net investment income (loss)
|
.92%
A
|
1.26%
|
1.12%
|
.74%
|
.35%
|
.84%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$ 16,327
|
$ 14,691
|
$ 9,985
|
$ 8,031
|
$ 4,357
|
$ 2,279
|
|
Portfolio turnover rate
F
|
13%
A
|
11%
|
19%
|
15%
|
20%
|
31%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H
Amount represents less than $.01 per share.
I
Total distributions of $.23 per share is comprised of distributions from net investment income of $.226 and distributions from net realized gain of $.008 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes
to
Financial Statements
For the period ended January 31, 2014
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan 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. The Fund offers Low-Priced Stock and Class K shares, each of which has equal rights as to
assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and
accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as
of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing
Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management,
Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder
report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the
SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of
Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP),
which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from
those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation
policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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 Fidelity Management & Research Company (FMR) Fair Value
Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type
and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are
used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures
and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as
shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or
official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as
Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted
bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities,
when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the
hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities,
where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the
hierarchy.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
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. Short-term securities with remaining maturities of sixty days or less may be valued at amortized
cost, which approximates fair value, and are categorized as Level 2 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 January 31, 2014, including information on transfers between Levels 1 and 2, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from
foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date.
Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on
securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent
to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating
to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes
coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes
withheld where recovery of such taxes is uncertain.
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.
Deferred Trustee Compensation.
Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a
portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the
Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in
the accompanying Statement of Assets and Liabilities.
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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. The Fund is subject
to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the
applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC),
market discount, partnerships, deferred trustees compensation 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
|
$ 19,492,224
|
|
Gross unrealized depreciation
|
(1,698,652
)
|
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$ 17,793,572
|
|
|
|
|
Tax cost
|
$ 29,040,676
|
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 1.50% 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.
Repurchase Agreements.
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, are permitted to transfer uninvested cash balances into joint trading
accounts which are then invested in repurchase agreements.
Semiannual Report
3. Significant Accounting Policies - continued
Repurchase Agreements - continued
The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or
non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event
of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount
of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could
be delayed, during which time the value of the collateral may decline.
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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $2,546,198 and $3,200,432, 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. The management fee is the sum of an individual fund fee rate
that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The
group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate
decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject
to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or
downward adjustment to the management fee is based on the relative investment performance of Low-Priced Stock as compared to its benchmark
index, the Russell 2000® Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate,
including the performance adjustment, was .61% of the Fund's average net assets. The performance adjustment included in the management fee
rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting
and performance periods.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees.
Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer,
dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Low-Priced Stock. FIIOC receives an asset-based fee of Class K's average net
assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount
|
% of
Average
Net Assets
*
|
|
Low-Priced Stock
|
$ 21,914
|
.15
|
|
Class K
|
3,688
|
.05
|
|
|
$ 25,602
|
|
*
Annualized
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.
Brokerage Commissions.
The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment
adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $104 for the period.
6. 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 $38 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending
agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the
Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the
period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in
recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned
securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at
period end was $21,209. 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 $5,029, including $317 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in
addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $240 for the period. In addition,
through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses.
During the period, these credits reduced the Fund's custody expenses by $1.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $278.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
From net investment income
|
|
|
|
Low-Priced Stock
|
$ 232,537
|
$ 284,865
|
|
Class K
|
140,078
|
147,559
|
|
Total
|
$ 372,615
|
$ 432,424
|
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
9. Distributions to Shareholders - continued
|
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
From net realized gain
|
|
|
|
Low-Priced Stock
|
$ 1,731,108
|
$ 1,338,102
|
|
Class K
|
922,644
|
613,045
|
|
Total
|
$ 2,653,752
|
$ 1,951,147
|
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares
|
Dollars
|
|
|
Six months ended January
31,
2014
|
Year ended
July 31,
2013
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
Low-Priced Stock
|
|
|
|
|
|
Shares sold
|
51,071
|
82,702
|
$ 2,468,429
|
$ 3,528,018
|
|
Reinvestment of distributions
|
39,938
|
39,316
|
1,842,708
|
1,538,529
|
|
Shares redeemed
|
(52,156
)
|
(130,273
)
|
(2,512,874
)
|
(5,369,278
)
|
|
Net increase (decrease)
|
38,853
|
(8,255
)
|
$ 1,798,263
|
$ (302,731
)
|
|
Class K
|
|
|
|
|
|
Shares sold
|
40,479
|
90,911
|
$ 1,958,366
|
$ 3,784,904
|
|
Reinvestment of distributions
|
23,051
|
19,455
|
1,062,722
|
760,604
|
|
Shares redeemed
|
(28,861
)
|
(62,464
)
|
(1,389,050
)
|
(2,613,716
)
|
|
Net increase (decrease)
|
34,669
|
47,902
|
$ 1,632,038
|
$ 1,931,792
|
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in
connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide
general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that
may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
To the Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Low-Priced Stock Fund:
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 Low-Priced Stock
Fund (a fund of Fidelity Puritan Trust) at January 31, 2014, the results of its operations, the changes in its net assets and the financial highlights for
each of the periods indicated, 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 Low-Priced Stock Fund'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 January 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
March 18, 2014
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan.) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
LPS-K-USAN-0314
1.863397.105
Fidelity
®
Low-Priced Stock Fund
Semiannual Report
January 31, 2014
(Fidelity Cover Art)
Contents
|
Shareholder Expense Example
|
(Click
Here)
|
An example of shareholder expenses.
|
|
Investment Changes
|
(Click
Here)
|
A summary of major shifts in the fund's investments over the past
six months.
|
|
Investments
|
(Click
Here)
|
A complete list of the fund's investments with their market values.
|
|
Financial Statements
|
(Click
Here)
|
Statements of assets and liabilities, operations, and changes in net
assets, as well as financial highlights.
|
|
Notes
|
(Click
Here)
|
Notes to the financial statements.
|
|
Report of Independent Registered Public
Accounting Firm
|
(Click
Here)
|
|
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.
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. © 2014 FMR LLC. All
rights reserved.
This report and the financial statements contained herein are submitted for the general information
of the shareholders of the fund. This report is not authorized for distribution to prospective investors
in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters
of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov
.
A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington,
DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by
calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings
listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com,
http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees 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 (August 1, 2013 to January 31,
2014).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use
the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class
of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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 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. A small balance maintenance fee of $12.00 that is charged
once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the
underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds.
These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
|
|
Annualized
Expense Ratio
B
|
Beginning
Account Value
August 1, 2013
|
Ending
Account Value
January 31, 2014
|
Expenses Paid
During Period
*
August 1, 2013
to January 31, 2014
|
|
Low-Priced Stock
|
.77%
|
|
|
|
|
Actual
|
|
$ 1,000.00
|
$ 1,071.80
|
$ 4.02
|
|
Hypothetical
A
|
|
$ 1,000.00
|
$ 1,021.32
|
$ 3.92
|
|
Class K
|
.67%
|
|
|
|
|
Actual
|
|
$ 1,000.00
|
$ 1,072.50
|
$ 3.50
|
|
Hypothetical
A
|
|
$ 1,000.00
|
$ 1,021.83
|
$ 3.41
|
A
5% return per year before expenses
B
Annualized expense ratio reflects expenses net of applicable fee waivers.
*
Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Next PLC
|
3.7
|
2.9
|
|
UnitedHealth Group, Inc.
|
3.6
|
3.9
|
|
Seagate Technology
|
3.4
|
2.9
|
|
Microsoft Corp.
|
2.6
|
2.4
|
|
Best Buy Co., Inc.
|
1.7
|
1.7
|
|
Ross Stores, Inc.
|
1.5
|
1.6
|
|
Metro, Inc. Class A (sub. vtg.)
|
1.4
|
1.8
|
|
Barratt Developments PLC
|
1.1
|
1.0
|
|
Unum Group
|
1.1
|
1.2
|
|
Oracle Corp.
|
1.1
|
1.1
|
|
|
21.2
|
|
|
Top Five Market Sectors as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Consumer Discretionary
|
24.8
|
26.1
|
|
Information Technology
|
18.9
|
17.3
|
|
Financials
|
11.1
|
10.9
|
|
Health Care
|
8.3
|
9.2
|
|
Consumer Staples
|
7.7
|
8.4
|
|
Asset Allocation (% of fund's net assets)
|
|
As of January 31, 2014
*
|
As of July 31, 2013
**
|
|
|
Stocks 85.6%
|
|
|
Stocks 87.4%
|
|
|
|
Bonds 0.3%
|
|
|
Bonds 0.3%
|
|
|
|
Convertible
Securities 0.0%
†
|
|
|
Convertible
Securities 0.0%
†
|
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 14.1%
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 12.3%
|
|
|
*
Foreign investments
|
39.6%
|
|
**
Foreign investments
|
37.7%
|
|
|
†
Amount represents less than 0.1%
|
Semiannual Report
Investments January 31, 2014
Showing Percentage of Net Assets
|
Common Stocks - 85.5%
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - 24.8%
|
|
Auto Components - 1.5%
|
|
Allison Transmission Holdings, Inc.
|
636,800
|
|
$ 18,295
|
|
ASTI Corp. (e)
|
1,350,000
|
|
2,797
|
|
ATLASBX Co. Ltd.
|
270,000
|
|
10,127
|
|
Federal Screw Works (a)
|
50,000
|
|
130
|
|
Hi-Lex Corp.
|
1,200,000
|
|
28,550
|
|
INZI Controls Co. Ltd. (e)
|
1,516,000
|
|
6,313
|
|
Johnson Controls, Inc.
|
7,500,000
|
|
345,900
|
|
Martinrea International, Inc.
|
75,000
|
|
627
|
|
Motonic Corp. (e)
|
3,299,900
|
|
34,716
|
|
Murakami Corp. (e)
|
760,000
|
|
10,295
|
|
Nippon Seiki Co. Ltd.
|
2,800,000
|
|
52,516
|
|
Piolax, Inc. (e)
|
1,000,000
|
|
37,707
|
|
Samsung Climate Control Co. Ltd. (e)
|
460,050
|
|
3,430
|
|
Sewon Precision Industries Co. Ltd. (e)
|
500,000
|
|
12,575
|
|
Shoei Co. Ltd.
|
625,000
|
|
8,650
|
|
SJM Co. Ltd. (e)
|
1,270,000
|
|
11,787
|
|
SJM Holdings Co. Ltd. (e)
|
1,332,974
|
|
6,099
|
|
Standard Motor Products, Inc.
|
500,000
|
|
16,355
|
|
Strattec Security Corp. (e)
|
330,000
|
|
18,068
|
|
Sungwoo Hitech Co. Ltd.
|
1,100,000
|
|
15,574
|
|
TBK Co. Ltd.
|
627,000
|
|
3,592
|
|
Yachiyo Industry Co. Ltd.
|
1,000,000
|
|
7,796
|
|
Yutaka Giken Co. Ltd. (e)
|
1,482,000
|
|
37,903
|
|
|
|
689,802
|
|
Distributors - 0.2%
|
|
Chori Co. Ltd.
|
46,600
|
|
524
|
|
Doshisha Co. Ltd. (e)
|
1,925,000
|
|
25,767
|
|
Educational Development Corp. (e)
|
386,892
|
|
1,385
|
|
Nakayamafuku Co. Ltd.
|
811,100
|
|
6,446
|
|
SPK Corp.
|
222,800
|
|
4,122
|
|
Uni-Select, Inc. (e)
|
2,025,000
|
|
50,891
|
|
|
|
89,135
|
|
Diversified Consumer Services - 0.6%
|
|
Capella Education Co.
|
28,489
|
|
1,777
|
|
Career Education Corp. (a)(e)
|
6,720,000
|
|
36,557
|
|
Clip Corp. (e)
|
328,600
|
|
3,307
|
|
Corinthian Colleges, Inc. (a)(d)
|
3,600,000
|
|
5,292
|
|
DeVry, Inc.
|
700,000
|
|
25,298
|
|
Houghton Mifflin Harcourt Co.
|
400,000
|
|
7,696
|
|
ITT Educational Services, Inc. (a)
|
100,000
|
|
2,940
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Diversified Consumer Services - continued
|
|
Meiko Network Japan Co. Ltd.
|
1,000,000
|
|
$ 10,963
|
|
Regis Corp.
|
1,826,005
|
|
22,515
|
|
Shingakukai Co. Ltd.
|
200,000
|
|
789
|
|
Shuei Yobiko Co. Ltd.
|
125,000
|
|
407
|
|
Steiner Leisure Ltd. (a)(e)
|
1,600,000
|
|
78,416
|
|
Step Co. Ltd. (e)
|
1,300,000
|
|
10,144
|
|
Weight Watchers International, Inc. (e)
|
3,250,000
|
|
87,848
|
|
YBM Sisa.com, Inc. (e)
|
900,000
|
|
3,140
|
|
|
|
297,089
|
|
Hotels, Restaurants & Leisure - 1.3%
|
|
Ambassadors Group, Inc. (e)
|
1,770,356
|
|
8,799
|
|
ARK Restaurants Corp. (e)
|
224,895
|
|
4,900
|
|
Brinker International, Inc.
|
429,119
|
|
20,752
|
|
BRONCO BILLY Co. Ltd. (d)
|
65,000
|
|
1,173
|
|
CEC Entertainment, Inc. (e)
|
1,500,000
|
|
80,940
|
|
Darden Restaurants, Inc.
|
1,000,000
|
|
49,440
|
|
Flanigan's Enterprises, Inc. (a)
|
60,357
|
|
860
|
|
Hiday Hidaka Corp. (e)
|
1,265,980
|
|
30,480
|
|
Ibersol SGPS SA
|
575,000
|
|
5,351
|
|
Intralot SA
|
1,250,000
|
|
3,287
|
|
Jack in the Box, Inc. (a)(e)
|
2,500,000
|
|
126,425
|
|
Kura Corp. Ltd.
|
775,000
|
|
12,890
|
|
Monogatari Corp. (The)
|
100,000
|
|
3,037
|
|
Ohsho Food Service Corp.
|
625,000
|
|
20,497
|
|
Papa John's International, Inc.
|
1,000,000
|
|
48,130
|
|
Ruby Tuesday, Inc. (a)(e)
|
6,200,000
|
|
34,720
|
|
Shinsegae Food Co. Ltd.
|
17,000
|
|
1,339
|
|
Sonic Corp. (a)(e)
|
5,100,000
|
|
90,729
|
|
Sportscene Group, Inc. Class A (e)
|
400,000
|
|
2,949
|
|
St. Marc Holdings Co. Ltd.
|
475,000
|
|
22,620
|
|
Toridoll.Corporation
|
1,850,000
|
|
15,921
|
|
|
|
585,239
|
|
Household Durables - 3.1%
|
|
Abbey PLC (e)
|
2,150,000
|
|
31,317
|
|
Barratt Developments PLC (e)
|
84,000,199
|
|
522,801
|
|
Bellway PLC
|
5,000,000
|
|
127,731
|
|
Blyth, Inc. (d)
|
450,000
|
|
4,221
|
|
D.R. Horton, Inc. (d)
|
6,200,000
|
|
145,576
|
|
Dorel Industries, Inc. Class B (sub. vtg.) (d)
|
3,250,000
|
|
118,123
|
|
Emak SpA
|
4,000,000
|
|
4,408
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Household Durables - continued
|
|
First Juken Co. Ltd. (e)
|
1,690,000
|
|
$ 22,809
|
|
Helen of Troy Ltd. (a)(e)
|
3,190,000
|
|
175,578
|
|
Henry Boot PLC
|
6,477,811
|
|
23,055
|
|
HTL International Holdings Ltd. (e)
|
29,000,500
|
|
6,535
|
|
Maruzen Co. Ltd. (e)
|
1,918,000
|
|
18,710
|
|
NACCO Industries, Inc. Class A
|
310,000
|
|
18,302
|
|
P&F Industries, Inc. Class A (a)(e)
|
369,300
|
|
2,689
|
|
Sanei Architecture Planning Co. Ltd. (e)
|
1,461,000
|
|
12,112
|
|
Stanley Furniture Co., Inc. (a)(e)
|
1,289,638
|
|
4,901
|
|
Steinhoff International Holdings Ltd.
|
3,102,497
|
|
12,788
|
|
Tempur Sealy International, Inc. (a)(e)
|
3,250,000
|
|
160,193
|
|
Token Corp. (e)
|
1,000,000
|
|
46,277
|
|
|
|
1,458,126
|
|
Internet & Catalog Retail - 0.1%
|
|
Belluna Co. Ltd. (e)
|
10,200,000
|
|
48,997
|
|
NutriSystem, Inc.
|
100,000
|
|
1,422
|
|
PetMed Express, Inc. (d)
|
100,000
|
|
1,323
|
|
Wotif.com Holdings Ltd. (d)
|
1,000,000
|
|
2,131
|
|
|
|
53,873
|
|
Leisure Equipment & Products - 0.2%
|
|
Accell Group NV (e)
|
2,417,500
|
|
44,995
|
|
Fenix Outdoor AB
|
35,000
|
|
1,453
|
|
Giant Manufacturing Co. Ltd.
|
1,000,555
|
|
6,310
|
|
JAKKS Pacific, Inc. (d)(e)
|
1,300,000
|
|
7,488
|
|
Kabe Husvagnar AB (B Shares)
|
287,010
|
|
5,520
|
|
Mars Engineering Corp.
|
400,000
|
|
7,632
|
|
Miroku Corp. (e)
|
850,000
|
|
2,455
|
|
Smith & Wesson Holding Corp. (a)(d)
|
1,200,000
|
|
15,708
|
|
Trigano SA (a)
|
160,000
|
|
4,070
|
|
|
|
95,631
|
|
Media - 0.6%
|
|
Chime Communications PLC
|
4,500,000
|
|
25,688
|
|
Cinderella Media Group Ltd.
|
14,224,000
|
|
5,753
|
|
DreamWorks Animation SKG, Inc. Class A (a)
|
1,600,000
|
|
53,984
|
|
Gannett Co., Inc.
|
750,000
|
|
20,648
|
|
GFK AG
|
175,000
|
|
9,618
|
|
Harte-Hanks, Inc.
|
1,150,000
|
|
7,878
|
|
Hyundai Hy Communications & Networks Co. Ltd.
|
1,400,000
|
|
7,289
|
|
Intage Holdings, Inc. (e)
|
2,060,000
|
|
27,662
|
|
Live Nation Entertainment, Inc. (a)
|
1,400,000
|
|
29,778
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Media - continued
|
|
Pico Far East Holdings Ltd.
|
22,000,000
|
|
$ 6,319
|
|
Proto Corp.
|
500,000
|
|
6,993
|
|
RKB Mainichi Broadcasting Corp.
|
240,000
|
|
2,852
|
|
Saga Communications, Inc. Class A
|
475,000
|
|
23,437
|
|
Starz - Liberty Capital Series A (a)
|
350,000
|
|
9,793
|
|
STW Group Ltd.
|
3,200,000
|
|
4,059
|
|
Tow Co. Ltd. (d)(e)
|
1,223,000
|
|
8,527
|
|
TVA Group, Inc. Class B (non-vtg.) (a)
|
2,000,400
|
|
17,629
|
|
|
|
267,907
|
|
Multiline Retail - 3.9%
|
|
Big Lots, Inc. (a)
|
2,000,000
|
|
53,580
|
|
Don Quijote Holdings Co. Ltd.
|
600,000
|
|
36,776
|
|
Hanwha Timeworld Co. Ltd. (e)
|
340,990
|
|
9,778
|
|
Lifestyle International Holdings Ltd.
|
3,193,000
|
|
5,725
|
|
Next PLC (e)
|
16,650,000
|
|
1,710,668
|
|
Watts Co. Ltd. (e)
|
1,395,000
|
|
12,002
|
|
Zakkaya Bulldog Co. Ltd. (a)
|
400,000
|
|
788
|
|
|
|
1,829,317
|
|
Specialty Retail - 10.8%
|
|
Aarons, Inc. Class A
|
500,000
|
|
13,445
|
|
ABC-MART, Inc.
|
135,000
|
|
5,837
|
|
Abercrombie & Fitch Co. Class A (e)
|
7,639,000
|
|
270,268
|
|
Adastria Holdings Co. Ltd.
|
635,150
|
|
16,676
|
|
Aeropostale, Inc. (a)(d)(e)
|
8,177,100
|
|
57,649
|
|
Ascena Retail Group, Inc. (a)
|
250,000
|
|
4,690
|
|
AT-Group Co. Ltd.
|
1,199,000
|
|
21,375
|
|
AutoZone, Inc. (a)
|
900,000
|
|
445,554
|
|
Bed Bath & Beyond, Inc. (a)
|
6,600,000
|
|
421,410
|
|
Best Buy Co., Inc. (e)
|
33,350,000
|
|
785,059
|
|
BMTC Group, Inc. Class A (sub. vtg.) (e)
|
5,600,000
|
|
69,588
|
|
Bonia Corp. Bhd
|
350,000
|
|
358
|
|
Buffalo Co. Ltd.
|
13,000
|
|
107
|
|
Cash Converters International Ltd. (e)
|
23,875,669
|
|
18,214
|
|
Chico's FAS, Inc.
|
1,700,000
|
|
28,220
|
|
Citi Trends, Inc. (a)
|
250,000
|
|
4,000
|
|
CST Brands, Inc.
|
2,150,000
|
|
68,650
|
|
Delek Automotive Systems Ltd.
|
251,935
|
|
2,612
|
|
Express, Inc. (a)
|
1,500,000
|
|
25,980
|
|
Folli Follie SA (a)(e)
|
4,400,000
|
|
132,631
|
|
Fourlis Holdings SA (a)
|
500,000
|
|
2,724
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Specialty Retail - continued
|
|
Francesca's Holdings Corp. (a)
|
1,200,000
|
|
$ 22,800
|
|
GameStop Corp. Class A (e)
|
6,000,000
|
|
210,420
|
|
Glentel, Inc. (e)
|
2,227,056
|
|
26,095
|
|
Goldlion Holdings Ltd.
|
11,535,000
|
|
5,408
|
|
Guess?, Inc. (e)
|
8,488,100
|
|
238,091
|
|
Gulliver International Co. Ltd. (e)
|
6,800,000
|
|
48,560
|
|
Halfords Group PLC
|
1,350,000
|
|
10,175
|
|
Hour Glass Ltd.
|
36,000
|
|
46
|
|
IA Group Corp. (e)
|
875,000
|
|
6,065
|
|
John David Group PLC
|
700,000
|
|
18,573
|
|
Jos. A. Bank Clothiers, Inc. (a)(e)
|
2,600,000
|
|
146,172
|
|
Jumbo SA (a)(e)
|
11,250,100
|
|
191,180
|
|
K's Denki Corp.
|
2,950,000
|
|
78,508
|
|
Ku Holdings Co. Ltd.
|
375,000
|
|
5,150
|
|
Kyoto Kimono Yuzen Co. Ltd. (e)
|
1,719,000
|
|
18,167
|
|
Le Chateau, Inc. Class A (sub. vtg.) (a)
|
2,022,600
|
|
5,266
|
|
Leon's Furniture Ltd.
|
350,000
|
|
4,689
|
|
Lewis Group Ltd.
|
700,000
|
|
3,756
|
|
Macintosh Retail Group NV
|
200,000
|
|
2,267
|
|
MarineMax, Inc. (a)
|
150,000
|
|
2,213
|
|
Mr. Bricolage SA (e)
|
1,038,775
|
|
14,500
|
|
Nafco Co. Ltd. (e)
|
2,275,100
|
|
34,938
|
|
Nishimatsuya Chain Co. Ltd. (e)
|
5,100,000
|
|
40,278
|
|
Office Depot, Inc. (a)
|
2,300,000
|
|
11,247
|
|
Pal Co. Ltd. (e)
|
1,600,000
|
|
30,583
|
|
Pier 1 Imports, Inc.
|
1,600,000
|
|
30,576
|
|
RIGHT ON Co. Ltd.
|
400,000
|
|
2,783
|
|
Ross Stores, Inc.
|
10,000,000
|
|
679,100
|
|
Second Chance Properties Ltd.
|
3,000,000
|
|
1,020
|
|
Second Chance Properties Ltd. warrants 7/24/17 (a)
|
9,000,000
|
|
383
|
|
Select Comfort Corp. (a)
|
1,500,000
|
|
24,555
|
|
Sonic Automotive, Inc. Class A (sub. vtg.)
|
950,000
|
|
21,309
|
|
Staples, Inc.
|
26,150,000
|
|
344,134
|
|
The Buckle, Inc. (d)
|
850,000
|
|
37,672
|
|
The Men's Wearhouse, Inc.
|
200,000
|
|
9,608
|
|
The Stanley Gibbons Group PLC
|
1,216,500
|
|
7,469
|
|
USS Co. Ltd.
|
15,000,000
|
|
204,925
|
|
Williams-Sonoma, Inc.
|
200,000
|
|
10,904
|
|
Workman Co. Ltd. (e)
|
1,471,700
|
|
55,124
|
|
|
|
4,999,756
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Textiles, Apparel & Luxury Goods - 2.5%
|
|
Adolfo Dominguez SA (a)(d)
|
350,000
|
|
$ 2,969
|
|
Bijou Brigitte Modische Accessoires AG
|
45,000
|
|
4,487
|
|
Crocs, Inc. (a)
|
1,000,000
|
|
15,350
|
|
Daphne Interl Holdings Ltd.
|
100,000
|
|
51
|
|
Deckers Outdoor Corp. (a)(d)
|
600,000
|
|
46,770
|
|
F&F Co. Ltd. (e)
|
825,000
|
|
5,492
|
|
Fossil Group, Inc. (a)
|
2,350,000
|
|
262,801
|
|
Geox SpA (d)
|
3,850,000
|
|
15,567
|
|
Gildan Activewear, Inc. (e)
|
7,600,000
|
|
405,197
|
|
Hampshire Group Ltd. (a)(e)
|
920,000
|
|
3,036
|
|
Handsome Co. Ltd. (e)
|
2,436,150
|
|
64,594
|
|
JLM Couture, Inc. (a)(e)
|
197,100
|
|
510
|
|
Ports Design Ltd.
|
10,000,000
|
|
7,187
|
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
|
700,000
|
|
20,223
|
|
Steven Madden Ltd. (a)
|
585,000
|
|
19,065
|
|
Sun Hing Vision Group Holdings Ltd. (e)
|
23,939,000
|
|
7,400
|
|
Texwinca Holdings Ltd.
|
60,000,000
|
|
57,575
|
|
Tungtex Holdings Co. Ltd. (e)
|
26,400,000
|
|
3,774
|
|
Van de Velde
|
75,000
|
|
3,756
|
|
Vera Bradley, Inc. (a)(d)
|
1,768,000
|
|
42,467
|
|
Victory City International Holdings Ltd.
|
64,642,428
|
|
9,825
|
|
Youngone Corp.
|
650,000
|
|
23,143
|
|
Youngone Holdings Co. Ltd. (e)
|
929,000
|
|
61,934
|
|
Yue Yuen Industrial (Holdings) Ltd.
|
20,000,000
|
|
61,825
|
|
|
|
1,144,998
|
|
TOTAL CONSUMER DISCRETIONARY
|
|
11,510,873
|
|
CONSUMER STAPLES - 7.7%
|
|
Beverages - 1.0%
|
|
Baron de Ley SA (a)
|
175,000
|
|
15,695
|
|
C&C Group PLC
|
1,211,938
|
|
6,865
|
|
Constellation Brands, Inc. Class A (sub. vtg.) (a)
|
3,000,000
|
|
230,010
|
|
Monster Beverage Corp. (a)
|
2,700,000
|
|
183,330
|
|
Muhak Co. Ltd. (e)
|
2,699,502
|
|
46,205
|
|
National Beverage Corp.
|
100,000
|
|
2,073
|
|
Spritzer Bhd
|
136,500
|
|
64
|
|
|
|
484,242
|
|
Food & Staples Retailing - 4.9%
|
|
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
|
25,000
|
|
1,846
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER STAPLES - continued
|
|
Food & Staples Retailing - continued
|
|
Aoki Super Co. Ltd.
|
100,000
|
|
$ 843
|
|
Belc Co. Ltd. (e)
|
2,086,000
|
|
37,516
|
|
Cosmos Pharmaceutical Corp. (e)
|
1,850,000
|
|
231,439
|
|
Create SD Holdings Co. Ltd. (e)
|
2,227,000
|
|
74,686
|
|
Daikokutenbussan Co. Ltd.
|
700,000
|
|
19,344
|
|
Dong Suh Companies, Inc.
|
4,825,012
|
|
72,354
|
|
Fyffes PLC (Ireland) (e)
|
29,738,000
|
|
35,295
|
|
Genky Stores, Inc. (d)(e)
|
240,000
|
|
5,382
|
|
Greggs PLC (e)
|
9,900,000
|
|
82,268
|
|
Halows Co. Ltd. (e)
|
1,625,700
|
|
19,531
|
|
Kusuri No Aoki Co. Ltd. (d)
|
275,000
|
|
14,512
|
|
Majestic Wine PLC
|
325,000
|
|
2,639
|
|
MARR SpA
|
475,000
|
|
7,508
|
|
Marukyu Co. Ltd.
|
321,600
|
|
3,752
|
|
Maxvalu Nishinihon Co. Ltd.
|
25,000
|
|
358
|
|
Metro, Inc. Class A (sub. vtg.) (d)(e)
|
10,925,833
|
|
627,935
|
|
Qol Co. Ltd.
|
1,487,000
|
|
8,548
|
|
Safeway, Inc. (e)
|
13,000,000
|
|
406,120
|
|
San-A Co. Ltd.
|
750,000
|
|
21,217
|
|
Shoppers Drug Mart Corp.
|
4,900,000
|
|
258,254
|
|
Sligro Food Group NV
|
1,800,000
|
|
71,349
|
|
Sundrug Co. Ltd.
|
2,460,000
|
|
103,127
|
|
Tesco PLC
|
11,000,000
|
|
57,805
|
|
Total Produce PLC
|
10,000,000
|
|
12,003
|
|
Walgreen Co.
|
330,000
|
|
18,926
|
|
Welcia Holdings Co. Ltd.
|
340,987
|
|
19,676
|
|
Yaoko Co. Ltd.
|
936,400
|
|
38,697
|
|
|
|
2,252,930
|
|
Food Products - 1.5%
|
|
Aryzta AG
|
1,850,000
|
|
145,588
|
|
Cranswick PLC
|
705,212
|
|
15,314
|
|
Darling International, Inc. (a)
|
1,250,000
|
|
24,450
|
|
Dean Foods Co. (a)
|
4,025,000
|
|
63,595
|
|
Dutch Lady Milk Industries Bhd
|
100,000
|
|
1,389
|
|
Food Empire Holdings Ltd. (e)
|
52,500,000
|
|
20,976
|
|
Fresh Del Monte Produce, Inc. (e)
|
6,300,000
|
|
166,698
|
|
Hillshire Brands Co.
|
200,000
|
|
7,124
|
|
Hilton Food Group PLC
|
812,773
|
|
6,146
|
|
Lifeway Foods, Inc.
|
42,766
|
|
600
|
|
Nam Yang Dairy Products
|
11,000
|
|
8,850
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER STAPLES - continued
|
|
Food Products - continued
|
|
Pacific Andes International Holdings Ltd.
|
82,489,308
|
|
$ 3,347
|
|
Pacific Andes Resources Development Ltd.
|
129,316,774
|
|
13,968
|
|
Patties Food Ltd.
|
2,700,000
|
|
3,268
|
|
President Rice Products PCL
|
1,250,000
|
|
1,459
|
|
Rocky Mountain Chocolate Factory, Inc. (e)
|
496,882
|
|
5,774
|
|
Samyang Genex Co. Ltd.
|
93,060
|
|
7,742
|
|
Samyang Holdings Corp.
|
44,250
|
|
2,802
|
|
Seaboard Corp. (a)
|
47,600
|
|
121,380
|
|
Select Harvests Ltd. (e)
|
5,407,414
|
|
27,270
|
|
Sunjin Co. Ltd. (e)
|
813,630
|
|
19,834
|
|
Synear Food Holdings Ltd. (a)
|
39,000,000
|
|
5,682
|
|
United Food Holdings Ltd. (a)
|
22,400,000
|
|
876
|
|
|
|
674,132
|
|
Household Products - 0.0%
|
|
McBride PLC
|
300,000
|
|
503
|
|
Personal Products - 0.3%
|
|
Atrium Innovations, Inc. (a)
|
1,480,000
|
|
31,866
|
|
Avon Products, Inc.
|
700,000
|
|
10,423
|
|
Blackmores Ltd.
|
5,000
|
|
96
|
|
Coty, Inc. Class A
|
3,500,000
|
|
47,215
|
|
Nutraceutical International Corp. (a)(e)
|
1,143,504
|
|
28,633
|
|
Oriflame Cosmetics SA SDR (d)
|
10,000
|
|
276
|
|
Sarantis SA (e)
|
2,349,000
|
|
21,068
|
|
USANA Health Sciences, Inc. (a)
|
400,000
|
|
23,948
|
|
|
|
163,525
|
|
Tobacco - 0.0%
|
|
Karelia Tobacco Co., Inc.
|
2,452
|
|
628
|
|
Swedish Match Co. AB
|
200,000
|
|
5,861
|
|
|
|
6,489
|
|
TOTAL CONSUMER STAPLES
|
|
3,581,821
|
|
ENERGY - 4.5%
|
|
Energy Equipment & Services - 1.8%
|
|
AKITA Drilling Ltd. Class A (non-vtg.)
|
1,777,000
|
|
23,757
|
|
Boustead Singapore Ltd.
|
3,991,000
|
|
5,168
|
|
Cal Dive International, Inc. (a)(d)(e)
|
6,624,500
|
|
10,864
|
|
Cathedral Energy Services Ltd.
|
1,601,600
|
|
6,572
|
|
Divestco, Inc. (a)(e)
|
3,500,000
|
|
440
|
|
Farstad Shipping ASA (e)
|
3,200,000
|
|
66,014
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
ENERGY - continued
|
|
Energy Equipment & Services - continued
|
|
Forum Energy Technologies, Inc. (a)
|
400,000
|
|
$ 10,048
|
|
Fugro NV (Certificaten Van Aandelen)
|
1,600,027
|
|
83,761
|
|
Key Energy Services, Inc. (a)
|
1,000,000
|
|
7,290
|
|
Oil States International, Inc. (a)
|
2,000,000
|
|
187,900
|
|
Patterson-UTI Energy, Inc.
|
710,400
|
|
18,250
|
|
Petrofac Ltd.
|
10,000
|
|
190
|
|
Precision Drilling Corp. (d)
|
5,400,000
|
|
48,339
|
|
ProSafe ASA
|
8,900,000
|
|
59,164
|
|
Rowan Companies PLC (a)
|
680,700
|
|
21,354
|
|
Shinko Plantech Co. Ltd.
|
1,600,000
|
|
11,914
|
|
Solstad Offshore ASA
|
1,150,000
|
|
21,159
|
|
Total Energy Services, Inc. (e)
|
2,500,000
|
|
43,547
|
|
Unit Corp. (a)(e)
|
4,050,000
|
|
202,379
|
|
|
|
828,110
|
|
Oil, Gas & Consumable Fuels - 2.7%
|
|
Adams Resources & Energy, Inc.
|
158,951
|
|
10,573
|
|
Alvopetro Energy Ltd. (a)
|
500,000
|
|
494
|
|
Beach Energy Ltd.
|
15,411,927
|
|
19,201
|
|
Eni SpA
|
20,100,000
|
|
456,444
|
|
Fuji Kosan Co. Ltd. (e)
|
665,800
|
|
4,387
|
|
Fuji Oil Co. Ltd. (e)
|
6,050,000
|
|
19,836
|
|
Great Eastern Shipping Co. Ltd.
|
4,800,000
|
|
22,485
|
|
Hankook Shell Oil Co. Ltd. (e)
|
68,000
|
|
23,803
|
|
HollyFrontier Corp.
|
318,000
|
|
14,723
|
|
Marathon Oil Corp.
|
4,807,700
|
|
157,644
|
|
Michang Oil Industrial Co. Ltd. (e)
|
173,900
|
|
11,496
|
|
Newfield Exploration Co. (a)
|
1,806,900
|
|
44,757
|
|
Peabody Energy Corp.
|
3,000,000
|
|
51,150
|
|
Stone Energy Corp. (a)
|
1,083,500
|
|
33,534
|
|
Swift Energy Co. (a)(d)(e)
|
4,339,000
|
|
53,717
|
|
Tesoro Corp.
|
2,000,000
|
|
103,040
|
|
The Williams Companies, Inc.
|
328,400
|
|
13,297
|
|
Tsakos Energy Navigation Ltd.
|
400,000
|
|
2,720
|
|
Uehara Sei Shoji Co. Ltd.
|
975,000
|
|
4,376
|
|
Ultra Petroleum Corp. (a)(d)
|
400,000
|
|
9,580
|
|
W&T Offshore, Inc. (e)
|
5,000,000
|
|
71,600
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
ENERGY - continued
|
|
Oil, Gas & Consumable Fuels - continued
|
|
World Fuel Services Corp.
|
2,280,022
|
|
$ 97,403
|
|
WPX Energy, Inc. (a)
|
1,079,800
|
|
20,570
|
|
|
|
1,246,830
|
|
TOTAL ENERGY
|
|
2,074,940
|
|
FINANCIALS - 10.8%
|
|
Capital Markets - 0.2%
|
|
AllianceBernstein Holding LP
|
665,000
|
|
14,856
|
|
Federated Investors, Inc. Class B (non-vtg.) (d)
|
585,000
|
|
15,731
|
|
GFI Group, Inc.
|
6,000,000
|
|
22,800
|
|
State Street Corp.
|
380,000
|
|
25,441
|
|
Tullett Prebon PLC
|
1,500,000
|
|
8,187
|
|
|
|
87,015
|
|
Commercial Banks - 1.4%
|
|
ACNB Corp. (d)
|
75,000
|
|
1,496
|
|
Bank of Ireland (a)
|
416,000,000
|
|
164,368
|
|
BBCN Bancorp, Inc.
|
2,500,000
|
|
37,625
|
|
Camden National Corp.
|
41,968
|
|
1,484
|
|
Cathay General Bancorp
|
3,400,000
|
|
79,900
|
|
Codorus Valley Bancorp, Inc. (e)
|
300,000
|
|
6,306
|
|
Customers Bancorp, Inc. (a)
|
250,000
|
|
5,070
|
|
Dimeco, Inc.
|
29,140
|
|
1,282
|
|
Eagle Bancorp, Inc., Maryland
|
550,000
|
|
18,288
|
|
East West Bancorp, Inc.
|
3,100,000
|
|
103,726
|
|
Farmers & Merchants Bancorp, Inc.
|
33,736
|
|
811
|
|
First Bancorp, Puerto Rico (a)
|
9,428,572
|
|
46,106
|
|
First West Virginia Bancorp, Inc.
|
20,000
|
|
335
|
|
LCNB Corp.
|
356,635
|
|
6,280
|
|
North Valley Bancorp (a)(e)
|
425,000
|
|
9,932
|
|
Northrim Bancorp, Inc. (e)
|
500,000
|
|
12,010
|
|
Norwood Financial Corp.
|
120,278
|
|
3,607
|
|
OFG Bancorp (d)(e)
|
2,504,542
|
|
36,516
|
|
Pacific Premier Bancorp, Inc. (a)(e)
|
950,000
|
|
15,077
|
|
Popular, Inc. (a)
|
1,800,000
|
|
47,520
|
|
SpareBank 1 SR-Bank ASA (primary capital certificate) (a)
|
1,250,000
|
|
12,097
|
|
Sparebanken More (primary capital certificate) (d)
|
200,034
|
|
6,692
|
|
Sparebanken Nord-Norge (d)
|
1,800,000
|
|
10,581
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
FINANCIALS - continued
|
|
Commercial Banks - continued
|
|
Sterling Bancorp
|
1,200,000
|
|
$ 15,120
|
|
Sterling Financial Corp.
|
600,000
|
|
18,900
|
|
|
|
661,129
|
|
Consumer Finance - 0.2%
|
|
Aeon Credit Service (Asia) Co. Ltd.
|
14,500,000
|
|
12,700
|
|
Albemarle & Bond Holdings PLC (e)
|
3,336,670
|
|
566
|
|
EZCORP, Inc. (non-vtg.) Class A (a)
|
473,003
|
|
5,194
|
|
Green Dot Corp. Class A (a)(d)(e)
|
2,000,000
|
|
45,040
|
|
H&T Group PLC
|
650,000
|
|
1,731
|
|
Nicholas Financial, Inc.
|
236,175
|
|
3,727
|
|
Santander Consumer U.S.A. Holdings, Inc.
|
1,300,000
|
|
33,319
|
|
|
|
102,277
|
|
Diversified Financial Services - 0.3%
|
|
Credit Analysis & Research Ltd.
|
50,000
|
|
558
|
|
ING U.S., Inc.
|
3,200,000
|
|
108,064
|
|
Newship Ltd. (a)
|
2,500
|
|
1,027
|
|
NICE Holdings Co. Ltd.
|
1,175,000
|
|
14,989
|
|
NICE Information Service Co. Ltd.
|
2,800,000
|
|
7,734
|
|
Ricoh Leasing Co. Ltd.
|
550,000
|
|
14,666
|
|
The NASDAQ Stock Market, Inc.
|
400,000
|
|
15,260
|
|
|
|
162,298
|
|
Insurance - 7.8%
|
|
Admiral Group PLC
|
550,000
|
|
13,065
|
|
AEGON NV
|
57,500,000
|
|
501,203
|
|
AFLAC, Inc.
|
360,000
|
|
22,601
|
|
Amlin PLC
|
2,050,000
|
|
14,093
|
|
APRIL (e)
|
2,775,000
|
|
62,502
|
|
Assurant, Inc. (e)
|
5,250,000
|
|
343,088
|
|
Axis Capital Holdings Ltd. (e)
|
7,940,200
|
|
357,468
|
|
CNO Financial Group, Inc.
|
1,200,000
|
|
20,328
|
|
Endurance Specialty Holdings Ltd. (e)
|
2,600,000
|
|
136,214
|
|
FBD Holdings PLC
|
175,000
|
|
4,201
|
|
Genworth Financial, Inc. Class A (a)
|
20,000,000
|
|
295,000
|
|
Hartford Financial Services Group, Inc.
|
8,000,000
|
|
266,000
|
|
HCC Insurance Holdings, Inc.
|
550,000
|
|
23,601
|
|
Lincoln National Corp.
|
8,350,000
|
|
401,051
|
|
Meadowbrook Insurance Group, Inc.
|
1,700,000
|
|
10,302
|
|
MetLife, Inc.
|
900,000
|
|
44,145
|
|
National Interstate Corp.
|
951,107
|
|
21,466
|
|
National Western Life Insurance Co. Class A
|
148,870
|
|
32,476
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
FINANCIALS - continued
|
|
Insurance - continued
|
|
Primerica, Inc.
|
600,000
|
|
$ 25,278
|
|
Progressive Corp.
|
600,000
|
|
13,944
|
|
Protective Life Corp.
|
1,500,000
|
|
73,515
|
|
RenaissanceRe Holdings Ltd. (e)
|
3,100,000
|
|
281,201
|
|
Torchmark Corp.
|
567,000
|
|
42,610
|
|
Unum Group (e)
|
16,200,000
|
|
521,640
|
|
Validus Holdings Ltd.
|
1,900,000
|
|
68,248
|
|
|
|
3,595,240
|
|
Real Estate Investment Trusts - 0.3%
|
|
Annaly Capital Management, Inc.
|
6,000,000
|
|
64,620
|
|
Aviv REIT, Inc.
|
200,000
|
|
4,878
|
|
Cedar Shopping Centers, Inc.
|
2,000,000
|
|
12,620
|
|
Corrections Corp. of America
|
500,000
|
|
16,785
|
|
Melcor Real Estate Investment Trust (e)
|
870,000
|
|
8,054
|
|
Nieuwe Steen Investments NV
|
90,000
|
|
534
|
|
Northwest Healthcare Properties REIT
|
1,300,000
|
|
12,081
|
|
Tanger Factory Outlet Centers, Inc.
|
150,000
|
|
5,007
|
|
|
|
124,579
|
|
Real Estate Management & Development - 0.2%
|
|
Devine Ltd. (a)
|
2,125,000
|
|
1,516
|
|
Relo Holdings Corp. (e)
|
1,405,700
|
|
73,163
|
|
Tejon Ranch Co. (a)
|
150,000
|
|
5,118
|
|
Tejon Ranch Co. warrants 8/31/16 (a)
|
22,157
|
|
90
|
|
|
|
79,887
|
|
Thrifts & Mortgage Finance - 0.4%
|
|
BofI Holding, Inc. (a)
|
200,000
|
|
16,550
|
|
Genworth MI Canada, Inc. (e)
|
5,650,000
|
|
168,980
|
|
New Hampshire Thrift Bancshare
|
125,000
|
|
1,865
|
|
|
|
187,395
|
|
TOTAL FINANCIALS
|
|
4,999,820
|
|
HEALTH CARE - 8.3%
|
|
Biotechnology - 0.8%
|
|
Amgen, Inc.
|
3,000,000
|
|
356,850
|
|
Apex Biotechnology Corp.
|
1,300,000
|
|
2,874
|
|
|
|
359,724
|
|
Health Care Equipment & Supplies - 1.2%
|
|
Arts Optical International Holdings Ltd. (e)
|
33,970,640
|
|
8,576
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Health Care Equipment & Supplies - continued
|
|
Atrion Corp.
|
10,000
|
|
$ 2,672
|
|
Audika SA (a)
|
301,500
|
|
4,168
|
|
Boston Scientific Corp. (a)
|
1,200,000
|
|
16,236
|
|
CareFusion Corp. (a)
|
400,000
|
|
16,308
|
|
DiaSorin S.p.A.
|
5,000
|
|
225
|
|
Exactech, Inc. (a)
|
50,000
|
|
1,114
|
|
Hoshiiryou Sanki Co. Ltd. (e)
|
355,700
|
|
11,133
|
|
Huvitz Co. Ltd. (e)
|
970,000
|
|
13,487
|
|
Invacare Corp.
|
900,000
|
|
18,162
|
|
Medical Action Industries, Inc. (a)(e)
|
1,050,000
|
|
7,791
|
|
Microlife Corp.
|
2,450,000
|
|
6,526
|
|
Nakanishi, Inc.
|
250,000
|
|
37,451
|
|
Prim SA (e)
|
1,734,000
|
|
13,400
|
|
ResMed, Inc. (d)
|
350,000
|
|
15,264
|
|
Smith & Nephew PLC
|
100,000
|
|
1,438
|
|
Span-America Medical System, Inc. (e)
|
289,000
|
|
5,734
|
|
St. Jude Medical, Inc.
|
2,500,000
|
|
151,825
|
|
Supermax Corp. Bhd
|
7,000,000
|
|
6,083
|
|
Techno Medica Co. Ltd.
|
25,000
|
|
517
|
|
Top Glove Corp. Bhd
|
1,000,000
|
|
1,642
|
|
Utah Medical Products, Inc. (e)
|
425,000
|
|
22,610
|
|
Zimmer Holdings, Inc.
|
2,000,000
|
|
187,940
|
|
|
|
550,302
|
|
Health Care Providers & Services - 5.6%
|
|
A/S One Corp.
|
250,000
|
|
5,687
|
|
Aetna, Inc.
|
5,150,000
|
|
351,900
|
|
Almost Family, Inc. (a)(e)
|
936,814
|
|
28,489
|
|
Amedisys, Inc. (a)
|
1,462,500
|
|
22,069
|
|
Bio-Reference Laboratories, Inc. (a)(d)
|
325,000
|
|
8,739
|
|
Diversicare Healthcare Services, Inc. (e)
|
351,269
|
|
1,837
|
|
DVx, Inc. (e)
|
421,200
|
|
7,497
|
|
Grupo Casa Saba SA de CV sponsored ADR (a)
|
1,263,900
|
|
7,371
|
|
Hanger, Inc. (a)
|
100,000
|
|
3,381
|
|
Hi-Clearance, Inc.
|
300,000
|
|
881
|
|
LHC Group, Inc. (a)(e)
|
1,895,000
|
|
43,471
|
|
Medica Sur SA de CV
|
400,500
|
|
1,288
|
|
MEDNAX, Inc. (a)
|
200,000
|
|
11,128
|
|
National Healthcare Corp.
|
6,700
|
|
348
|
|
Patterson Companies, Inc.
|
400,000
|
|
15,984
|
|
Pelion SA (e)
|
650,000
|
|
18,250
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Health Care Providers & Services - continued
|
|
PharMerica Corp. (a)
|
700,000
|
|
$ 17,038
|
|
The Ensign Group, Inc.
|
555,000
|
|
23,266
|
|
Triple-S Management Corp. (a)(e)
|
2,479,834
|
|
44,240
|
|
Tsukui Corp.
|
1,200,000
|
|
11,155
|
|
U.S. Physical Therapy, Inc.
|
500,000
|
|
15,755
|
|
United Drug PLC (United Kingdom)
|
10,533,719
|
|
61,612
|
|
UnitedHealth Group, Inc.
|
22,700,000
|
|
1,640,756
|
|
Universal American Spin Corp.
|
1,149,990
|
|
8,107
|
|
Wellcare Health Plans, Inc. (a)
|
825,000
|
|
53,716
|
|
WellPoint, Inc.
|
2,250,000
|
|
193,500
|
|
WIN-Partners Co. Ltd. (e)
|
1,525,100
|
|
14,999
|
|
|
|
2,612,464
|
|
Health Care Technology - 0.0%
|
|
Arrhythmia Research Technology, Inc. (a)(e)
|
271,041
|
|
1,206
|
|
ND Software Co. Ltd. (e)
|
725,000
|
|
15,245
|
|
Quality Systems, Inc.
|
500,000
|
|
9,205
|
|
|
|
25,656
|
|
Life Sciences Tools & Services - 0.0%
|
|
CMIC Co. Ltd.
|
25,000
|
|
324
|
|
Pharmaceuticals - 0.7%
|
|
AbbVie, Inc.
|
250,000
|
|
12,308
|
|
Bliss Gvs Pharma Ltd.
|
2,972,500
|
|
2,229
|
|
Daewon Pharmaceutical Co. Ltd. (e)
|
1,635,165
|
|
18,666
|
|
Daewoong Co. Ltd.
|
185,040
|
|
6,832
|
|
DongKook Pharmaceutical Co. Ltd. (e)
|
671,226
|
|
21,330
|
|
Endo Health Solutions, Inc. (a)(d)
|
400,000
|
|
26,352
|
|
FDC Ltd.
|
2,750,000
|
|
5,355
|
|
Fuji Pharma Co. Ltd.
|
109,300
|
|
1,968
|
|
Ildong Pharmaceutical Co. Ltd. (e)
|
2,506,600
|
|
36,453
|
|
Jeil Pharmaceutical Co. (e)
|
1,484,800
|
|
20,102
|
|
Kaken Pharmaceutical Co. Ltd.
|
125,000
|
|
2,002
|
|
Kwang Dong Pharmaceutical Co. Ltd. (e)
|
3,100,000
|
|
21,229
|
|
Mylan, Inc. (a)
|
450,000
|
|
20,435
|
|
Recordati SpA
|
6,200,000
|
|
97,082
|
|
Torrent Pharmaceuticals Ltd.
|
100,000
|
|
861
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Pharmaceuticals - continued
|
|
Tsumura & Co.
|
575,000
|
|
$ 14,179
|
|
Whanin Pharmaceutical Co. Ltd. (e)
|
1,860,000
|
|
21,054
|
|
|
|
328,437
|
|
TOTAL HEALTH CARE
|
|
3,876,907
|
|
INDUSTRIALS - 7.5%
|
|
Aerospace & Defense - 0.1%
|
|
Engility Holdings, Inc. (a)
|
800,000
|
|
30,648
|
|
Magellan Aerospace Corp.
|
615,000
|
|
4,738
|
|
Textron, Inc.
|
408,600
|
|
14,505
|
|
|
|
49,891
|
|
Air Freight & Logistics - 0.3%
|
|
Air T, Inc. (e)
|
244,600
|
|
2,770
|
|
Hub Group, Inc. Class A (a)
|
384,708
|
|
15,946
|
|
Pacer International, Inc. (a)
|
350,000
|
|
3,084
|
|
Royal Mail PLC
|
1,625,000
|
|
15,975
|
|
Sinwa Ltd. (e)
|
23,000,000
|
|
3,497
|
|
UTi Worldwide, Inc.
|
1,816,935
|
|
28,453
|
|
Yusen Logistics Co. Ltd. (e)
|
4,221,500
|
|
50,360
|
|
|
|
120,085
|
|
Airlines - 0.0%
|
|
Republic Airways Holdings, Inc. (a)
|
1,000,000
|
|
9,810
|
|
SkyWest, Inc.
|
750,000
|
|
9,758
|
|
|
|
19,568
|
|
Building Products - 0.1%
|
|
Insteel Industries, Inc.
|
109,167
|
|
2,034
|
|
Kingspan Group PLC (Ireland)
|
800,000
|
|
15,283
|
|
Kondotec, Inc. (e)
|
1,675,000
|
|
11,570
|
|
|
|
28,887
|
|
Commercial Services & Supplies - 1.1%
|
|
Aeon Delight Co. Ltd.
|
475,000
|
|
9,574
|
|
AJIS Co. Ltd. (e)
|
538,500
|
|
8,961
|
|
Asia File Corp. Bhd
|
2,628,700
|
|
4,036
|
|
CECO Environmental Corp.
|
800,000
|
|
12,432
|
|
Fursys, Inc. (e)
|
950,000
|
|
27,021
|
|
Industrial Services of America, Inc. (a)(d)
|
84,200
|
|
265
|
|
Iron Mountain, Inc.
|
275,600
|
|
7,279
|
|
Knoll, Inc. (e)
|
3,650,000
|
|
60,590
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Commercial Services & Supplies - continued
|
|
Mears Group PLC
|
2,500,000
|
|
$ 19,686
|
|
Mitie Group PLC (e)
|
23,773,000
|
|
124,667
|
|
Moleskine SpA
|
100,000
|
|
229
|
|
Moshi Moshi Hotline, Inc.
|
800,000
|
|
8,372
|
|
Multi-Color Corp.
|
400,000
|
|
14,384
|
|
Nac Co. Ltd. (e)
|
950,000
|
|
15,663
|
|
NICE Total Cash Management Co., Ltd. (e)
|
2,601,400
|
|
5,983
|
|
Prestige International, Inc.
|
830,000
|
|
8,010
|
|
Progressive Waste Solution Ltd. (Canada)
|
1,032,500
|
|
23,732
|
|
RPS Group PLC
|
1,741,256
|
|
9,772
|
|
Teems, Inc. (e)
|
130,000
|
|
1,412
|
|
United Stationers, Inc. (e)
|
2,431,544
|
|
100,739
|
|
VICOM Ltd.
|
3,330,000
|
|
14,223
|
|
West Corp.
|
1,173,732
|
|
27,137
|
|
|
|
504,167
|
|
Construction & Engineering - 1.2%
|
|
AECOM Technology Corp. (a)(e)
|
7,842,100
|
|
224,833
|
|
Arcadis NV
|
1,275,000
|
|
45,586
|
|
Astaldi SpA (d)
|
2,250,000
|
|
21,439
|
|
Badger Daylighting Ltd.
|
813,000
|
|
22,622
|
|
C-Cube Corp.
|
47,100
|
|
209
|
|
Daiichi Kensetsu Corp. (e)
|
2,085,800
|
|
26,930
|
|
Engineers India Ltd.
|
550,000
|
|
1,279
|
|
EPCO Co. Ltd.
|
175,000
|
|
3,137
|
|
Foster Wheeler AG (a)
|
419,500
|
|
12,577
|
|
Geumhwa PSC Co. Ltd. (e)
|
300,000
|
|
9,094
|
|
Heijmans NV (Certificaten Van Aandelen)
|
185,000
|
|
3,018
|
|
Jacobs Engineering Group, Inc. (a)
|
233,100
|
|
14,152
|
|
Kier Group PLC (d)
|
1,096,231
|
|
33,897
|
|
Koninklijke BAM Groep NV
|
500,000
|
|
2,575
|
|
Kyeryong Construction Industrial Co. Ltd. (e)
|
893,000
|
|
7,010
|
|
Meisei Industrial Co. Ltd.
|
1,275,000
|
|
5,901
|
|
Mirait Holdings Corp.
|
2,000,000
|
|
17,519
|
|
Nippon Rietec Co. Ltd.
|
859,000
|
|
6,288
|
|
Sanyo Engineering & Construction, Inc.
|
650,000
|
|
3,145
|
|
Severfield-Rowen PLC (a)
|
3,333,333
|
|
3,288
|
|
Shinnihon Corp.
|
1,800,000
|
|
5,306
|
|
Shinsegae Engineering & Construction Co. Ltd. (e)
|
314,469
|
|
2,905
|
|
ShoLodge, Inc. (a)(e)
|
500,627
|
|
3
|
|
Sterling Construction Co., Inc. (a)(e)
|
1,630,000
|
|
17,637
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Construction & Engineering - continued
|
|
Tutor Perini Corp. (a)
|
1,400,000
|
|
$ 31,640
|
|
United Integration Services Co. Ltd.
|
7,000,000
|
|
8,932
|
|
URS Corp.
|
416,772
|
|
20,922
|
|
Vianini Lavori SpA
|
675,000
|
|
4,597
|
|
|
|
556,441
|
|
Electrical Equipment - 0.8%
|
|
Aichi Electric Co. Ltd.
|
1,500,000
|
|
4,792
|
|
Aros Quality Group AB
|
875,000
|
|
10,251
|
|
AZZ, Inc. (e)
|
1,500,000
|
|
62,715
|
|
Babcock & Wilcox Co.
|
973,782
|
|
33,381
|
|
Bharat Heavy Electricals Ltd.
|
15,500,000
|
|
42,711
|
|
Chiyoda Integre Co. Ltd.
|
525,500
|
|
10,039
|
|
Deswell Industries, Inc.
|
100,000
|
|
238
|
|
Dynapack International Technology Corp.
|
3,200,000
|
|
8,623
|
|
EnerSys
|
300,000
|
|
20,418
|
|
FW Thorpe PLC
|
5,043,000
|
|
11,275
|
|
GrafTech International Ltd. (a)
|
100,000
|
|
1,025
|
|
Graphite India Ltd.
|
2,200,000
|
|
2,439
|
|
Hammond Power Solutions, Inc. Class A
|
50,000
|
|
314
|
|
I-Sheng Electric Wire & Cable Co. Ltd. (e)
|
13,500,000
|
|
18,804
|
|
Jinpan International Ltd.
|
377,640
|
|
3,006
|
|
Korea Electric Terminal Co. Ltd. (e)
|
700,000
|
|
26,697
|
|
PK Cables OY
|
250,000
|
|
7,819
|
|
Servotronics, Inc.
|
110,000
|
|
871
|
|
TKH Group NV unit (e)
|
2,500,000
|
|
85,980
|
|
Universal Security Instruments, Inc. (a)(e)
|
241,255
|
|
1,112
|
|
|
|
352,510
|
|
Industrial Conglomerates - 0.8%
|
|
DCC PLC (United Kingdom) (e)
|
8,310,000
|
|
377,721
|
|
Harim Holdings Co. Ltd. (a)
|
1,000,000
|
|
4,050
|
|
Reunert Ltd.
|
1,700,000
|
|
9,772
|
|
|
|
391,543
|
|
Machinery - 1.7%
|
|
Aalberts Industries NV (e)
|
9,500,000
|
|
297,318
|
|
Actuant Corp. Class A
|
500,000
|
|
17,110
|
|
ASL Marine Holdings Ltd. (e)
|
29,549,000
|
|
16,446
|
|
CKD Corp.
|
1,600,000
|
|
16,208
|
|
Foremost Income Fund (e)
|
2,141,103
|
|
13,707
|
|
Gencor Industries, Inc. (a)
|
391,000
|
|
3,582
|
|
Global Brass & Copper Holdings, Inc.
|
877,300
|
|
15,169
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Machinery - continued
|
|
Hurco Companies, Inc. (e)
|
633,500
|
|
$ 16,420
|
|
Hwacheon Machine Tool Co. Ltd. (e)
|
219,900
|
|
10,388
|
|
Hyster-Yale Materials Handling:
|
|
|
|
|
Class A
|
250,000
|
|
21,440
|
|
Class B
|
310,000
|
|
26,586
|
|
Ihara Science Corp. (e)
|
1,107,500
|
|
8,246
|
|
Jaya Holdings Ltd. (e)
|
74,670,000
|
|
45,034
|
|
Kyowakogyosyo Co. Ltd. (e)
|
375,000
|
|
3,052
|
|
Metka SA
|
825,000
|
|
13,130
|
|
Mincon Group PLC (a)
|
2,457,687
|
|
3,315
|
|
Mirle Automation Corp.
|
5,009,000
|
|
4,424
|
|
Nadex Co. Ltd. (e)
|
960,000
|
|
7,604
|
|
Nitchitsu Co. Ltd.
|
127,000
|
|
242
|
|
Oshkosh Truck Corp.
|
2,500,000
|
|
135,350
|
|
S&T Holdings Co. Ltd. (e)
|
810,000
|
|
11,512
|
|
Semperit AG Holding
|
574,137
|
|
29,038
|
|
SIMPAC, Inc.
|
583,000
|
|
3,805
|
|
Takamatsu Machinery Co. Ltd.
|
370,800
|
|
2,059
|
|
Takeuchi Manufacturing Co. Ltd. (d)
|
250,000
|
|
7,360
|
|
Techno Smart Corp. (e)
|
1,082,000
|
|
4,882
|
|
Terex Corp.
|
399,700
|
|
16,388
|
|
Tocalo Co. Ltd. (e)
|
950,000
|
|
15,774
|
|
Trifast PLC
|
750,000
|
|
986
|
|
TriMas Corp. (a)
|
400,000
|
|
13,920
|
|
Trinity Industrial Corp.
|
800,000
|
|
3,887
|
|
Young Poong Precision Corp. (e)
|
938,011
|
|
8,257
|
|
|
|
792,639
|
|
Marine - 0.0%
|
|
DryShips, Inc. (a)
|
2,470,400
|
|
8,399
|
|
Malibu Boats, Inc. Class A (a)
|
200,000
|
|
3,550
|
|
Tokyo Kisen Co. Ltd. (e)
|
1,000,000
|
|
5,638
|
|
|
|
17,587
|
|
Professional Services - 0.6%
|
|
Akka Technologies SA (e)
|
1,101,065
|
|
34,749
|
|
Boardroom Ltd.
|
3,107,142
|
|
1,393
|
|
CBIZ, Inc. (a)
|
1,000,000
|
|
8,600
|
|
Clarius Group Ltd. (a)
|
4,245,812
|
|
771
|
|
CRA International, Inc. (a)(e)
|
1,016,000
|
|
19,162
|
|
FTI Consulting, Inc. (a)
|
364,100
|
|
13,497
|
|
Hyder Consulting PLC
|
650,000
|
|
6,924
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Professional Services - continued
|
|
McMillan Shakespeare Ltd.
|
25,000
|
|
$ 260
|
|
SmartPros Ltd.
|
90,000
|
|
216
|
|
Sporton International, Inc. (e)
|
7,000,073
|
|
27,752
|
|
Stantec, Inc.
|
2,150,000
|
|
130,844
|
|
Synergie SA
|
225,000
|
|
5,189
|
|
VSE Corp. (e)
|
530,940
|
|
23,420
|
|
|
|
272,777
|
|
Road & Rail - 0.4%
|
|
Alps Logistics Co. Ltd. (e)
|
1,723,700
|
|
18,220
|
|
Con-way, Inc.
|
193,400
|
|
7,440
|
|
CSX Corp.
|
613,800
|
|
16,517
|
|
Hamakyorex Co. Ltd. (e)
|
756,000
|
|
22,093
|
|
Higashi Twenty One Co. Ltd.
|
61,200
|
|
321
|
|
Hutech Norin Co. Ltd. (e)
|
1,043,700
|
|
10,164
|
|
Quality Distribution, Inc. (a)
|
949,308
|
|
13,053
|
|
Roadrunner Transportation Systems, Inc. (a)
|
600,000
|
|
15,750
|
|
Sakai Moving Service Co. Ltd. (e)
|
784,000
|
|
26,665
|
|
Trancom Co. Ltd. (e)
|
1,032,400
|
|
37,760
|
|
Universal Truckload Services, Inc.
|
205,802
|
|
5,970
|
|
Vitran Corp., Inc. (a)
|
640,000
|
|
4,140
|
|
|
|
178,093
|
|
Trading Companies & Distributors - 0.4%
|
|
AddTech AB (B Shares)
|
1,500,000
|
|
23,182
|
|
AerCap Holdings NV (a)
|
445,096
|
|
16,553
|
|
Goodfellow, Inc. (e)
|
857,000
|
|
7,310
|
|
Grafton Group PLC unit
|
800,000
|
|
7,818
|
|
Hanwa Co. Ltd.
|
650,000
|
|
3,351
|
|
Houston Wire & Cable Co. (e)
|
1,268,800
|
|
16,786
|
|
KS Energy Services Ltd. (a)
|
16,000,000
|
|
6,018
|
|
Mitani Shoji Co. Ltd.
|
725,000
|
|
15,256
|
|
Otec Corp.
|
150,000
|
|
1,047
|
|
Parker Corp. (e)
|
2,623,000
|
|
8,578
|
|
Richelieu Hardware Ltd. (d)
|
350,000
|
|
14,009
|
|
Senshu Electric Co. Ltd. (e)
|
1,080,000
|
|
14,017
|
|
Strongco Corp. (a)(e)
|
1,025,288
|
|
3,903
|
|
Tanaka Co. Ltd.
|
44,000
|
|
258
|
|
TECHNO ASSOCIE Co. Ltd.
|
268,300
|
|
3,128
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Trading Companies & Distributors - continued
|
|
Titan Machinery, Inc. (a)(d)
|
850,000
|
|
$ 13,855
|
|
Totech Corp. (e)
|
922,300
|
|
7,304
|
|
|
|
162,373
|
|
Transportation Infrastructure - 0.0%
|
|
Isewan Terminal Service Co. Ltd. (e)
|
1,550,000
|
|
8,663
|
|
Meiko Transportation Co. Ltd.
|
1,000,000
|
|
10,026
|
|
|
|
18,689
|
|
TOTAL INDUSTRIALS
|
|
3,465,250
|
|
INFORMATION TECHNOLOGY - 18.9%
|
|
Communications Equipment - 0.5%
|
|
AAC Technology Holdings, Inc.
|
100,000
|
|
432
|
|
Aastra Technologies Ltd. (e)
|
1,000,000
|
|
38,393
|
|
Bel Fuse, Inc. Class A
|
250,000
|
|
4,700
|
|
Black Box Corp. (e)
|
1,800,840
|
|
49,361
|
|
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)
|
1,000,000
|
|
1,900
|
|
ClearOne, Inc. (a)
|
210,000
|
|
1,926
|
|
CommScope Holding Co., Inc.
|
300,000
|
|
5,379
|
|
Ixia (a)
|
674,800
|
|
8,631
|
|
Juniper Networks, Inc. (a)
|
286,500
|
|
7,624
|
|
NETGEAR, Inc. (a)(e)
|
2,541,700
|
|
81,106
|
|
Optical Cable Corp.
|
35,000
|
|
137
|
|
Parrot SA (a)
|
150,000
|
|
4,123
|
|
Polycom, Inc. (a)
|
654,400
|
|
7,807
|
|
Tessco Technologies, Inc. (e)
|
525,000
|
|
17,477
|
|
|
|
228,996
|
|
Computers & Peripherals - 4.8%
|
|
Compal Electronics, Inc.
|
153,500,000
|
|
113,971
|
|
Datalink Corp. (a)
|
1,070,349
|
|
15,552
|
|
EMC Corp.
|
859,400
|
|
20,832
|
|
Hewlett-Packard Co.
|
6,500,000
|
|
188,500
|
|
Lexmark International, Inc. Class A (d)
|
2,000,000
|
|
78,380
|
|
Logitech International SA (Reg.) (d)
|
4,400,000
|
|
69,398
|
|
Quantum Corp. (a)
|
6,619,000
|
|
8,274
|
|
Seagate Technology (e)
|
30,000,000
|
|
1,585,800
|
|
Silicon Graphics International Corp. (a)
|
943,200
|
|
12,271
|
|
Simplo Technology Co. Ltd.
|
1,845,000
|
|
8,442
|
|
Super Micro Computer, Inc. (a)(e)
|
3,079,823
|
|
63,321
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Computers & Peripherals - continued
|
|
TPV Technology Ltd.
|
83,622,000
|
|
$ 17,341
|
|
Western Digital Corp.
|
600,000
|
|
51,702
|
|
Xyratex Ltd.
|
675,000
|
|
8,917
|
|
|
|
2,242,701
|
|
Electronic Equipment & Components - 3.1%
|
|
A&D Co. Ltd. (d)
|
950,000
|
|
5,583
|
|
Beijer Electronics AB
|
125,000
|
|
1,278
|
|
CDW Corp.
|
700,000
|
|
16,569
|
|
Corning, Inc.
|
1,450,000
|
|
24,955
|
|
DigiTech Systems Co., Ltd. (a)
|
725,000
|
|
2,263
|
|
Dolby Laboratories, Inc. Class A (a)(d)
|
300,000
|
|
12,297
|
|
Elec & Eltek International Co. Ltd.
|
1,800,000
|
|
2,933
|
|
Elematec Corp. (e)
|
1,062,400
|
|
18,299
|
|
Excel Co. Ltd. (e)
|
909,800
|
|
11,103
|
|
Fabrinet (a)
|
100,000
|
|
1,847
|
|
FLIR Systems, Inc.
|
700,000
|
|
22,204
|
|
Hana Microelectronics Co. (For. Reg.)
|
17,000,000
|
|
12,756
|
|
Hi-P International Ltd.
|
21,075,000
|
|
8,822
|
|
Hon Hai Precision Industry Co. Ltd. (Foxconn)
|
140,360,000
|
|
391,623
|
|
Huan Hsin Holdings Ltd. (a)
|
6,000,000
|
|
176
|
|
IDIS Holdings Co. Ltd. (e)
|
764,914
|
|
10,738
|
|
Image Sensing Systems, Inc. (a)(e)
|
365,685
|
|
1,865
|
|
Insight Enterprises, Inc. (a)
|
1,700,127
|
|
35,873
|
|
Intelligent Digital Integrated Security Co. Ltd. (e)
|
937,210
|
|
17,371
|
|
INTOPS Co. Ltd. (e)
|
859,900
|
|
15,714
|
|
Isra Vision AG (e)
|
438,100
|
|
23,623
|
|
Jabil Circuit, Inc.
|
1,146,500
|
|
20,603
|
|
Kingboard Chemical Holdings Ltd. (e)
|
92,500,000
|
|
207,785
|
|
Kingboard Laminates Holdings Ltd.
|
9,000,000
|
|
3,350
|
|
Kitagawa Industries Co. Ltd.
|
100,000
|
|
1,088
|
|
Lumax International Corp. Ltd.
|
1,200,000
|
|
2,899
|
|
Mesa Laboratories, Inc. (e)
|
310,000
|
|
24,884
|
|
Multi-Fineline Electronix, Inc. (a)(e)
|
2,216,107
|
|
30,582
|
|
Muramoto Electronic Thailand PCL (For. Reg.) (e)
|
1,548,400
|
|
6,702
|
|
Nippo Ltd. (e)
|
893,400
|
|
4,252
|
|
Orbotech Ltd. (a)
|
1,825,000
|
|
24,802
|
|
Pinnacle Technology Holdings Ltd. (e)
|
8,750,000
|
|
16,852
|
|
Posiflex Technologies, Inc.
|
500,250
|
|
2,151
|
|
Redington India Ltd.
|
3,110,801
|
|
3,240
|
|
Rofin-Sinar Technologies, Inc. (a)
|
86,300
|
|
1,994
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Electronic Equipment & Components - continued
|
|
ScanSource, Inc. (a)(e)
|
2,070,000
|
|
$ 77,708
|
|
Shibaura Electronics Co. Ltd. (e)
|
777,800
|
|
13,354
|
|
Sigmatron International, Inc. (a)(e)
|
396,000
|
|
3,683
|
|
Store Electronic Systems SA (a)(d)
|
21,950
|
|
447
|
|
SYNNEX Corp. (a)(e)
|
3,505,000
|
|
196,806
|
|
Taitron Components, Inc. Class A (sub. vtg.) (a)
|
300,000
|
|
360
|
|
Tomen Devices Corp. (e)
|
680,100
|
|
12,053
|
|
Tomen Electronics Corp. (e)
|
1,492,400
|
|
23,914
|
|
Tripod Technology Corp.
|
300,000
|
|
544
|
|
UKC Holdings Corp. (e)
|
1,570,000
|
|
25,320
|
|
Venture Corp. Ltd.
|
5,000,000
|
|
28,966
|
|
VST Holdings Ltd. (e)
|
149,400,000
|
|
38,871
|
|
Wireless Telecom Group, Inc. (a)(e)
|
1,300,000
|
|
4,420
|
|
XAC Automation Corp. (e)
|
9,430,000
|
|
17,369
|
|
|
|
1,432,891
|
|
Internet Software & Services - 0.2%
|
|
DeNA Co. Ltd. (d)
|
500,000
|
|
9,601
|
|
Gabia, Inc. (e)
|
1,333,000
|
|
7,040
|
|
Liquidity Services, Inc. (a)(d)
|
125,000
|
|
2,971
|
|
Macromill, Inc.
|
400,000
|
|
3,005
|
|
Melbourne IT Ltd. (e)
|
8,185,000
|
|
10,099
|
|
Monster Worldwide, Inc. (a)
|
500,000
|
|
3,060
|
|
NetGem SA
|
1,000,000
|
|
3,952
|
|
Rentabiliweb Group SA (a)
|
110,000
|
|
1,181
|
|
SBS Contents Hub Co. Ltd.
|
200,000
|
|
2,826
|
|
Softbank Technology Corp. (d)
|
300,000
|
|
4,077
|
|
Stamps.com, Inc. (a)
|
158,798
|
|
6,266
|
|
UANGEL Corp. (e)
|
750,000
|
|
2,589
|
|
ValueClick, Inc. (a)
|
700,000
|
|
15,050
|
|
Yahoo!, Inc. (a)
|
379,200
|
|
13,659
|
|
|
|
85,376
|
|
IT Services - 4.2%
|
|
ALTEN
|
885,000
|
|
39,920
|
|
Amdocs Ltd. (e)
|
8,443,300
|
|
365,257
|
|
Argo Graphics, Inc.
|
440,000
|
|
7,497
|
|
ATOSS Software AG
|
15,000
|
|
587
|
|
Calian Technologies Ltd. (e)
|
778,500
|
|
15,720
|
|
CGI Group, Inc. Class A (sub. vtg.) (a)
|
550,000
|
|
16,874
|
|
Computer Sciences Corp.
|
4,750,000
|
|
286,948
|
|
Computer Services, Inc.
|
265,000
|
|
9,023
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
IT Services - continued
|
|
CSE Global Ltd. (e)
|
49,090,000
|
|
$ 24,284
|
|
Data#3 Ltd.
|
2,977,359
|
|
2,335
|
|
Dimerco Data System Corp.
|
392,000
|
|
318
|
|
eClerx
|
1,075,000
|
|
20,922
|
|
EOH Holdings Ltd. (e)
|
8,100,000
|
|
57,370
|
|
Estore Corp.
|
77,400
|
|
837
|
|
EVERTEC, Inc.
|
600,000
|
|
14,478
|
|
ExlService Holdings, Inc. (a)
|
341,824
|
|
8,597
|
|
Genpact Ltd. (a)
|
600,000
|
|
10,182
|
|
Groupe Steria SCA
|
76,441
|
|
1,546
|
|
Heartland Payment Systems, Inc. (d)(e)
|
2,000,017
|
|
86,221
|
|
HIQ International AB
|
900,000
|
|
5,316
|
|
Indra Sistemas (d)(e)
|
16,413,000
|
|
290,759
|
|
Know IT AB (e)
|
1,727,000
|
|
15,421
|
|
Leidos Holdings, Inc. (d)
|
1,250,000
|
|
56,675
|
|
Luxoft Holding, Inc.
|
125,000
|
|
4,674
|
|
ManTech International Corp. Class A
|
1,775,000
|
|
51,653
|
|
Mastek Ltd. (e)
|
2,025,000
|
|
5,625
|
|
NCI, Inc. Class A (a)(e)
|
888,530
|
|
5,909
|
|
Neustar, Inc. Class A (a)
|
900,047
|
|
30,503
|
|
Panasonic Information Systems Co. (e)
|
625,000
|
|
16,923
|
|
Rolta India Ltd.
|
2,699,942
|
|
2,770
|
|
Science Applications International Corp.
|
750,000
|
|
27,758
|
|
Societe Pour L'Informatique Industrielle SA (e)
|
2,000,000
|
|
19,610
|
|
Softcreate Co. Ltd.
|
320,000
|
|
3,282
|
|
The Western Union Co.
|
21,700,000
|
|
334,180
|
|
Total System Services, Inc.
|
1,000,000
|
|
29,880
|
|
Vantiv, Inc. (a)
|
600,000
|
|
18,204
|
|
VeriFone Systems, Inc. (a)
|
1,100,000
|
|
31,911
|
|
|
|
1,919,969
|
|
Office Electronics - 0.2%
|
|
Xerox Corp.
|
10,100,000
|
|
109,585
|
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|
Alpha & Omega Semiconductor Ltd. (a)(e)
|
2,550,000
|
|
18,513
|
|
Axell Corp. (d)(e)
|
925,000
|
|
15,729
|
|
Broadcom Corp. Class A
|
462,700
|
|
13,770
|
|
Lasertec Corp. (d)
|
700,000
|
|
7,427
|
|
Leeno Industrial, Inc.
|
700,000
|
|
17,427
|
|
Melexis NV (e)
|
3,350,000
|
|
116,071
|
|
Miraial Co. Ltd.
|
216,900
|
|
3,219
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Semiconductors & Semiconductor Equipment - continued
|
|
Nextchip Co. Ltd. (e)
|
1,070,110
|
|
$ 2,978
|
|
Omnivision Technologies, Inc. (a)
|
1,800,000
|
|
27,702
|
|
Powertech Technology, Inc.
|
9,460,000
|
|
13,038
|
|
Skyworks Solutions, Inc. (a)
|
263,600
|
|
7,974
|
|
Telechips, Inc. (e)
|
1,058,800
|
|
3,675
|
|
Trio-Tech International (a)(e)
|
300,000
|
|
954
|
|
Varitronix International Ltd.
|
9,000,000
|
|
9,784
|
|
Y.A.C. Co., Ltd.
|
300,000
|
|
1,592
|
|
|
|
259,853
|
|
Software - 5.3%
|
|
AdaptIT Holdings Ltd.
|
4,400,000
|
|
2,130
|
|
ANSYS, Inc. (a)(e)
|
5,000,000
|
|
392,650
|
|
Autodesk, Inc. (a)
|
197,600
|
|
10,127
|
|
Axway Software SA
|
50,000
|
|
1,861
|
|
Cybernet Systems Co. Ltd. (e)
|
2,050,000
|
|
7,548
|
|
Ebix, Inc. (d)(e)
|
2,450,000
|
|
33,271
|
|
Exact Holdings NV
|
740,000
|
|
23,758
|
|
Geodesic Ltd. (a)(e)
|
4,873,000
|
|
304
|
|
ICT Automatisering NV (a)(e)
|
874,000
|
|
5,716
|
|
IGE + XAO SA
|
40,000
|
|
3,172
|
|
Infomedia Ltd. (e)
|
16,000,000
|
|
8,880
|
|
InfoVine Co. Ltd.
|
120,607
|
|
3,462
|
|
init innovation in traffic systems AG (d)
|
10,000
|
|
336
|
|
Jorudan Co. Ltd. (e)
|
525,000
|
|
3,120
|
|
KPIT Cummins Infosystems Ltd. (a)
|
4,000,000
|
|
10,268
|
|
KSK Co., Ltd. (e)
|
641,300
|
|
4,161
|
|
Micro Focus International PLC
|
10,000
|
|
123
|
|
MICROS Systems, Inc. (a)
|
25,000
|
|
1,388
|
|
Microsoft Corp.
|
31,187,700
|
|
1,180,454
|
|
Net 1 UEPS Technologies, Inc. (a)
|
725,000
|
|
5,800
|
|
NIIT Technologies Ltd.
|
1,949,000
|
|
12,564
|
|
Nucleus Software Exports Ltd. (a)(e)
|
2,100,000
|
|
6,062
|
|
Oracle Corp.
|
13,822,000
|
|
510,032
|
|
Parametric Technology Corp. (a)
|
777,800
|
|
27,752
|
|
Pro-Ship, Inc.
|
152,200
|
|
2,945
|
|
Software AG (Bearer)
|
3,600,000
|
|
133,813
|
|
Sword Group (e)
|
606,398
|
|
14,558
|
|
Symantec Corp.
|
608,000
|
|
13,017
|
|
Synopsys, Inc. (a)
|
350,000
|
|
13,951
|
|
Vasco Data Security International, Inc. (a)(e)
|
3,350,000
|
|
25,025
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Software - continued
|
|
Vitec Software Group AB
|
210,000
|
|
$ 2,901
|
|
Zensar Technologies Ltd.
|
729,500
|
|
4,450
|
|
|
|
2,465,599
|
|
TOTAL INFORMATION TECHNOLOGY
|
|
8,744,970
|
|
MATERIALS - 2.7%
|
|
Chemicals - 1.9%
|
|
Aditya Birla Chemicals India Ltd. (e)
|
2,338,600
|
|
3,725
|
|
C. Uyemura & Co. Ltd. (e)
|
653,800
|
|
30,643
|
|
Chase Corp. (e)
|
904,986
|
|
28,616
|
|
Core Molding Technologies, Inc. (a)(e)
|
515,000
|
|
6,309
|
|
Deepak Fertilisers and Petrochemicals Corp. Ltd. (e)
|
7,569,000
|
|
13,116
|
|
Deepak Nitrite Ltd. (e)
|
650,000
|
|
3,125
|
|
EcoGreen Fine Chemical Group Ltd. (e)
|
45,112,000
|
|
9,994
|
|
FMC Corp.
|
3,000,000
|
|
211,890
|
|
Fujikura Kasei Co., Ltd. (e)
|
3,271,600
|
|
18,701
|
|
Fuso Chemical Co. Ltd.
|
227,100
|
|
6,079
|
|
Gujarat Narmada Valley Fertilizers Co. (e)
|
11,000,000
|
|
12,542
|
|
Gujarat State Fertilizers & Chemicals Ltd. (e)
|
29,000,000
|
|
21,568
|
|
Honshu Chemical Industry Co. Ltd. (e)
|
900,000
|
|
5,466
|
|
Innospec, Inc.
|
1,000,000
|
|
42,840
|
|
Intrepid Potash, Inc. (a)(d)
|
799,300
|
|
11,750
|
|
KPC Holdings Corp.
|
43,478
|
|
1,855
|
|
KPX Chemical Co. Ltd.
|
163,083
|
|
9,860
|
|
KPX Green Chemical Co. Ltd.
|
200,000
|
|
890
|
|
Kraton Performance Polymers, Inc. (a)
|
1,100,000
|
|
27,511
|
|
Mexichem S.A.B. de CV (d)
|
2,194,537
|
|
7,620
|
|
Miwon Chemicals Co. Ltd. (a)
|
55,095
|
|
1,720
|
|
Miwon Commercial Co. Ltd.
|
13,819
|
|
2,256
|
|
Muto Seiko Co. Ltd.
|
290,700
|
|
1,894
|
|
Nano Chem Tech, Inc. (a)
|
25,000
|
|
97
|
|
Nuplex Industries Ltd.
|
4,425,000
|
|
12,058
|
|
OM Group, Inc. (a)(e)
|
2,000,000
|
|
64,680
|
|
PolyOne Corp.
|
550,000
|
|
19,558
|
|
RPM International, Inc.
|
400,000
|
|
15,868
|
|
SK Kaken Co. Ltd.
|
390,000
|
|
24,796
|
|
Soda Aromatic Co. Ltd.
|
250,000
|
|
2,574
|
|
Soken Chemical & Engineer Co. Ltd. (e)
|
805,000
|
|
8,801
|
|
T&K Toka Co. Ltd. (e)
|
800,000
|
|
17,033
|
|
Thai Carbon Black PCL (For. Reg.)
|
13,000,000
|
|
8,469
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - continued
|
|
Chemicals - continued
|
|
Thai Rayon PCL (For. Reg.)
|
3,200,000
|
|
$ 2,793
|
|
Tronox Ltd. Class A
|
688,100
|
|
15,111
|
|
Yara International ASA
|
4,750,000
|
|
195,979
|
|
Yip's Chemical Holdings Ltd. (e)
|
31,002,000
|
|
25,117
|
|
|
|
892,904
|
|
Construction Materials - 0.1%
|
|
Brampton Brick Ltd. Class A (sub. vtg.) (a)
|
850,700
|
|
4,285
|
|
Mitani Sekisan Co. Ltd. (e)
|
1,750,000
|
|
20,433
|
|
Titan Cement Co. SA (Reg.) (a)
|
750,000
|
|
20,129
|
|
|
|
44,847
|
|
Containers & Packaging - 0.3%
|
|
Ball Corp.
|
314,130
|
|
16,080
|
|
Chuoh Pack Industry Co. Ltd. (e)
|
510,000
|
|
5,207
|
|
Kohsoku Corp. (e)
|
2,097,300
|
|
18,381
|
|
Samhwa Crown & Closure Co. Ltd.
|
13,760
|
|
308
|
|
Sealed Air Corp.
|
500,000
|
|
15,595
|
|
Silgan Holdings, Inc.
|
900,000
|
|
41,247
|
|
Sonoco Products Co.
|
383,300
|
|
15,861
|
|
Starlite Holdings Ltd.
|
3,000,000
|
|
174
|
|
The Pack Corp. (e)
|
1,990,000
|
|
34,558
|
|
Vidrala SA
|
50,000
|
|
2,477
|
|
|
|
149,888
|
|
Metals & Mining - 0.3%
|
|
Alconix Corp. (e)
|
635,500
|
|
13,770
|
|
Blue Earth Refineries, Inc. (a)
|
274,309
|
|
0
|
|
Chubu Steel Plate Co. Ltd.
|
500,000
|
|
2,248
|
|
Compania de Minas Buenaventura SA sponsored ADR
|
2,300,000
|
|
28,520
|
|
Fortescue Metals Group Ltd.
|
1,522,536
|
|
7,062
|
|
Hill & Smith Holdings PLC
|
2,150,600
|
|
19,179
|
|
Korea Steel Shapes Co. Ltd.
|
34,000
|
|
1,074
|
|
Orosur Mining, Inc. (a)
|
3,100,000
|
|
612
|
|
Orvana Minerals Corp. (a)
|
900,000
|
|
525
|
|
Pacific Metals Co. Ltd.
|
4,600,000
|
|
16,006
|
|
Sherritt International Corp. (d)
|
1,600,000
|
|
4,942
|
|
Tohoku Steel Co. Ltd. (e)
|
755,000
|
|
8,358
|
|
Tokyo Kohtetsu Co. Ltd. (e)
|
1,435,000
|
|
6,190
|
|
Tokyo Tekko Co. Ltd. (e)
|
4,600,000
|
|
16,717
|
|
Webco Industries, Inc. (a)
|
9,122
|
|
1,031
|
|
|
|
126,234
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - continued
|
|
Paper & Forest Products - 0.1%
|
|
Cardinal Co. Ltd.
|
27,600
|
|
$ 136
|
|
Schweitzer-Mauduit International, Inc.
|
200,000
|
|
9,226
|
|
Stella-Jones, Inc. (a)
|
600,000
|
|
14,039
|
|
|
|
23,401
|
|
TOTAL MATERIALS
|
|
1,237,274
|
|
TELECOMMUNICATION SERVICES - 0.1%
|
|
Diversified Telecommunication Services - 0.1%
|
|
Atlantic Tele-Network, Inc.
|
715,672
|
|
41,688
|
|
Wireless Telecommunication Services - 0.0%
|
|
NII Holdings, Inc. (a)
|
830,000
|
|
2,498
|
|
TOTAL TELECOMMUNICATION SERVICES
|
|
44,186
|
|
UTILITIES - 0.2%
|
|
Electric Utilities - 0.1%
|
|
Exelon Corp.
|
1,000,000
|
|
29,000
|
|
Gas Utilities - 0.1%
|
|
Hokuriku Gas Co.
|
1,800,000
|
|
4,874
|
|
K&O Energy Group, Inc. (a)
|
373,200
|
|
5,320
|
|
Keiyo Gas Co. Ltd.
|
625,000
|
|
3,130
|
|
KyungDong City Gas Co. Ltd.
|
153,670
|
|
13,926
|
|
Kyungnam Energy Co. Ltd.
|
157,630
|
|
909
|
|
|
|
28,159
|
|
Independent Power Producers & Energy Traders - 0.0%
|
|
Mega First Corp. Bhd (e)
|
22,662,000
|
|
14,770
|
|
Multi-Utilities - 0.0%
|
|
CMS Energy Corp.
|
963,200
|
|
26,767
|
|
TOTAL UTILITIES
|
|
98,696
|
|
TOTAL COMMON STOCKS
(Cost $21,843,571)
|
39,634,737
|
|
Nonconvertible Preferred Stocks - 0.1%
|
|
|
|
|
|
|
CONSUMER STAPLES - 0.0%
|
|
Food Products - 0.0%
|
|
Nam Yang Dairy Products
|
4,917
|
|
1,435
|
|
Nonconvertible Preferred Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - 0.1%
|
|
Construction Materials - 0.1%
|
|
Buzzi Unicem SpA (Risparmio Shares)
|
2,000,000
|
|
$ 18,882
|
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $16,910)
|
20,317
|
|
Corporate Bonds - 0.3%
|
|
|
Principal
Amount (000s)
|
|
|
|
Convertible Bonds - 0.0%
|
|
ENERGY - 0.0%
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
USEC, Inc. 3% 10/1/14
|
|
$ 37,150
|
|
13,908
|
|
Nonconvertible Bonds - 0.3%
|
|
FINANCIALS - 0.3%
|
|
Capital Markets - 0.3%
|
|
UBS AG London Branch ELN 6/9/14 (f)
|
|
98,747
|
|
135,230
|
|
TOTAL CORPORATE BONDS
(Cost $135,342)
|
149,138
|
|
Money Market Funds - 15.2%
|
|
|
Shares
|
|
|
|
Fidelity Cash Central Fund, 0.10% (b)
|
6,546,772,570
|
|
6,546,773
|
|
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)
|
480,341,247
|
|
480,341
|
|
TOTAL MONEY MARKET FUNDS
(Cost $7,027,114)
|
7,027,114
|
|
Cash Equivalents - 0.0%
|
|
|
Maturity Amount (000s)
|
|
Value (000s)
|
|
Investments in repurchase agreements in a joint trading account at 0.03%, dated 1/31/14 due
2/3/14 (Collateralized by U.S. Treasury Obligations) #
(Cost $2,942)
|
$ 2,942
|
|
$ 2,942
|
|
TOTAL INVESTMENT PORTFOLIO - 101.1%
(Cost $29,025,879)
|
|
46,834,248
|
|
NET OTHER ASSETS (LIABILITIES) - (1.1)%
|
|
(501,270
)
|
|
NET ASSETS - 100%
|
$ 46,332,978
|
|
Security Type Abbreviations
|
|
ELN
|
-
|
Equity-Linked Note
|
|
Legend
|
|
(a) Non-income producing
|
|
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the
annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon
request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public
Accounting Firm, are available on the SEC's website or upon request.
|
|
(c) Investment made with cash collateral received from securities on loan.
|
|
(d) Security or a portion of the security is on loan at period end.
|
|
(e) Affiliated company
|
|
(f) 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 $135,230,000 or 0.3% of net assets.
|
|
# Additional information on each counterparty to the repurchase agreement is as follows:
|
|
Repurchase Agreement /
Counterparty
|
Value
(000s)
|
|
$2,942,000 due 2/03/14 at 0.03%
|
|
BNP Paribas Securities Corp.
|
$ 1,535
|
|
Barclays Capital, Inc.
|
817
|
|
Merrill Lynch, Pierce, Fenner & Smith, Inc.
|
590
|
|
|
$ 2,942
|
|
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
(Amounts in thousands)
|
|
Fidelity Cash Central Fund
|
$ 3,073
|
|
Fidelity Securities Lending Cash Central Fund
|
5,029
|
|
Total
|
$ 8,102
|
|
Other Affiliated Issuers
|
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies
which are or were affiliates are as follows:
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Aalberts Industries NV
|
$ 239,370
|
$ -
|
$ -
|
$ -
|
$ 297,318
|
|
Aastra Technologies Ltd.
|
25,843
|
-
|
1,195
|
6,268
|
38,393
|
|
Abbey PLC
|
23,711
|
-
|
-
|
145
|
31,317
|
|
Abercrombie & Fitch Co. Class A
|
299,220
|
55,586
|
-
|
2,662
|
270,268
|
|
Accell Group NV
|
43,841
|
602
|
-
|
-
|
44,995
|
|
Aditya Birla Chemicals India Ltd.
|
2,707
|
-
|
-
|
34
|
3,725
|
|
AECOM Technology Corp.
|
256,108
|
8,605
|
-
|
-
|
224,833
|
|
Aeropostale, Inc.
|
123,720
|
-
|
-
|
-
|
57,649
|
|
Air T, Inc.
|
2,571
|
-
|
-
|
-
|
2,770
|
|
AJIS Co. Ltd.
|
7,441
|
-
|
-
|
-
|
8,961
|
|
Akka Technologies SA
|
22,673
|
10,918
|
-
|
-
|
34,749
|
|
Albemarle & Bond Holdings PLC
|
5,818
|
1,227
|
-
|
-
|
566
|
|
Alconix Corp.
|
12,209
|
-
|
-
|
180
|
13,770
|
|
Almost Family, Inc.
|
17,921
|
-
|
-
|
-
|
28,489
|
|
Alpha & Omega Semiconductor Ltd.
|
19,508
|
-
|
-
|
-
|
18,513
|
|
Alps Logistics Co. Ltd.
|
18,309
|
-
|
-
|
285
|
18,220
|
|
Ambassadors Group, Inc.
|
6,444
|
-
|
-
|
-
|
8,799
|
|
Amdocs Ltd.
|
328,084
|
-
|
3,455
|
2,206
|
365,257
|
|
ANSYS, Inc.
|
399,200
|
-
|
-
|
-
|
392,650
|
|
APRIL
|
51,140
|
5,538
|
-
|
-
|
62,502
|
|
ARK Restaurants Corp.
|
4,734
|
-
|
-
|
112
|
4,900
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Arrhythmia Research Technology, Inc.
|
$ 629
|
$ -
|
$ -
|
$ -
|
$ 1,206
|
|
Arts Optical International Holdings Ltd.
|
7,534
|
-
|
-
|
110
|
8,576
|
|
ASL Marine Holdings Ltd.
|
8,850
|
6,457
|
-
|
336
|
16,446
|
|
Assurant, Inc.
|
284,340
|
-
|
-
|
2,625
|
343,088
|
|
ASTI Corp.
|
3,128
|
200
|
-
|
-
|
2,797
|
|
Avery Dennison Corp.
|
284,036
|
-
|
292,337
|
1,914
|
-
|
|
Axell Corp.
|
17,837
|
-
|
-
|
218
|
15,729
|
|
Axis Capital Holdings Ltd.
|
345,875
|
-
|
-
|
4,129
|
357,468
|
|
AZZ, Inc.
|
56,745
|
-
|
-
|
420
|
62,715
|
|
Barratt Developments PLC
|
416,580
|
-
|
-
|
3,409
|
522,801
|
|
Belc Co. Ltd.
|
36,624
|
-
|
-
|
399
|
37,516
|
|
Belluna Co. Ltd.
|
51,620
|
-
|
-
|
601
|
48,997
|
|
Best Buy Co., Inc.
|
717,045
|
249,372
|
8,638
|
8,055
|
785,059
|
|
Black Box Corp.
|
48,731
|
-
|
-
|
324
|
49,361
|
|
BMTC Group, Inc. Class A (sub. vtg.)
|
73,987
|
-
|
-
|
1,089
|
69,588
|
|
C. Uyemura & Co. Ltd.
|
30,116
|
-
|
-
|
-
|
30,643
|
|
Cal Dive International, Inc.
|
12,984
|
-
|
-
|
-
|
10,864
|
|
Calian Technologies Ltd.
|
13,833
|
-
|
-
|
355
|
15,720
|
|
Career Education Corp.
|
21,638
|
-
|
-
|
-
|
36,557
|
|
Cash Converters International Ltd.
|
24,925
|
432
|
-
|
432
|
18,214
|
|
Cathay General Bancorp
|
98,010
|
-
|
18,635
|
236
|
-
|
|
CEC Entertainment, Inc.
|
83,180
|
-
|
25,946
|
980
|
80,940
|
|
Chase Corp.
|
25,113
|
-
|
-
|
407
|
28,616
|
|
Chime Communications PLC
|
20,234
|
-
|
977
|
163
|
-
|
|
Chuoh Pack Industry Co. Ltd.
|
5,469
|
-
|
-
|
91
|
5,207
|
|
Citi Trends, Inc.
|
15,499
|
-
|
14,260
|
-
|
-
|
|
CKD Corp.
|
30,600
|
-
|
23,170
|
290
|
-
|
|
Clip Corp.
|
3,635
|
-
|
-
|
-
|
3,307
|
|
Codorus Valley Bancorp, Inc.
|
3,624
|
1,701
|
-
|
66
|
6,306
|
|
Core Molding Technologies, Inc.
|
3,240
|
1,397
|
-
|
-
|
6,309
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Cosmos Pharmaceutical Corp.
|
$ 196,696
|
$ -
|
$ -
|
$ 411
|
$ 231,439
|
|
CRA International, Inc.
|
17,417
|
2,084
|
-
|
-
|
19,162
|
|
Create SD Holdings Co. Ltd.
|
81,087
|
-
|
-
|
554
|
74,686
|
|
CSE Global Ltd.
|
30,745
|
1,229
|
-
|
11,394
|
24,284
|
|
Cybernet Systems Co. Ltd.
|
6,574
|
-
|
-
|
195
|
7,548
|
|
Daewon Pharmaceutical Co. Ltd.
|
17,353
|
580
|
-
|
61
|
18,666
|
|
Daiichi Kensetsu Corp.
|
23,493
|
699
|
-
|
-
|
26,930
|
|
DCC PLC (United Kingdom)
|
336,898
|
-
|
-
|
3,495
|
377,721
|
|
Deepak Fertilisers and Petrochemicals
Corp. Ltd.
|
10,529
|
-
|
-
|
-
|
13,116
|
|
Deepak Nitrite Ltd.
|
2,686
|
112
|
-
|
-
|
3,125
|
|
Diversicare Healthcare Services, Inc.
|
1,844
|
-
|
-
|
39
|
1,837
|
|
Divestco, Inc.
|
576
|
-
|
13
|
-
|
440
|
|
DongKook Pharmaceutical Co. Ltd.
|
17,758
|
5,965
|
-
|
187
|
21,330
|
|
Doshisha Co. Ltd.
|
23,239
|
3,934
|
-
|
248
|
25,767
|
|
DVx, Inc.
|
7,872
|
-
|
-
|
-
|
7,497
|
|
Ebix, Inc.
|
30,740
|
-
|
2,081
|
-
|
33,271
|
|
EcoGreen Fine Chemical Group Ltd.
|
8,492
|
-
|
-
|
87
|
9,994
|
|
Educational Development Corp.
|
1,203
|
-
|
-
|
62
|
1,385
|
|
Elematec Corp.
|
9,892
|
4,445
|
-
|
216
|
18,299
|
|
Endurance Specialty Holdings Ltd.
|
136,838
|
-
|
-
|
1,664
|
136,214
|
|
EOH Holdings Ltd.
|
49,769
|
-
|
1,766
|
687
|
57,370
|
|
Excel Co. Ltd.
|
10,640
|
-
|
-
|
129
|
11,103
|
|
F&F Co. Ltd.
|
4,912
|
-
|
-
|
65
|
5,492
|
|
Farstad Shipping ASA
|
69,780
|
-
|
-
|
-
|
66,014
|
|
Federal Screw Works
|
237
|
-
|
114
|
-
|
-
|
|
First Juken Co. Ltd.
|
22,801
|
-
|
-
|
342
|
22,809
|
|
Folli Follie SA
|
102,612
|
713
|
-
|
-
|
132,631
|
|
Food Empire Holdings Ltd.
|
27,265
|
-
|
-
|
-
|
20,976
|
|
Foremost Income Fund
|
17,094
|
-
|
-
|
556
|
13,707
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Fresh Del Monte Produce, Inc.
|
$ 176,967
|
$ -
|
$ -
|
$ 1,575
|
$ 166,698
|
|
Fuji Kosan Co. Ltd.
|
315
|
3,874
|
-
|
-
|
4,387
|
|
Fuji Oil Co. Ltd. (formerly AOC
Holdings, Inc.)
|
19,711
|
-
|
-
|
-
|
19,836
|
|
Fujikura Kasei Co., Ltd.
|
15,404
|
-
|
-
|
216
|
18,701
|
|
Fursys, Inc.
|
22,429
|
2,184
|
-
|
524
|
27,021
|
|
Fyffes PLC (Ireland)
|
26,042
|
869
|
-
|
262
|
35,295
|
|
Gabia, Inc.
|
3,523
|
3,412
|
-
|
14
|
7,040
|
|
GameStop Corp. Class A
|
343,420
|
-
|
49,458
|
3,300
|
210,420
|
|
Genky Stores, Inc.
|
5,111
|
-
|
-
|
53
|
5,382
|
|
Genworth MI Canada, Inc.
|
157,381
|
-
|
-
|
3,094
|
168,980
|
|
Geodesic Ltd.
|
304
|
-
|
-
|
-
|
304
|
|
Geumhwa PSC Co. Ltd.
|
2,975
|
5,872
|
-
|
141
|
9,094
|
|
Gildan Activewear, Inc.
|
345,886
|
-
|
7,194
|
1,291
|
405,197
|
|
Glentel, Inc.
|
31,307
|
3,394
|
-
|
429
|
26,095
|
|
Goodfellow, Inc.
|
7,368
|
-
|
-
|
139
|
7,310
|
|
Green Dot Corp. Class A
|
69,840
|
-
|
24,713
|
-
|
45,040
|
|
Greggs PLC
|
17,528
|
50,541
|
-
|
430
|
82,268
|
|
Guess?, Inc.
|
278,470
|
7,128
|
682
|
3,329
|
238,091
|
|
Gujarat Narmada Valley Fertilizers Co.
|
8,131
|
4,626
|
-
|
392
|
12,542
|
|
Gujarat State Fertilizers & Chemicals Ltd.
|
21,553
|
4,503
|
-
|
-
|
21,568
|
|
Gulliver International Co. Ltd.
|
47,192
|
-
|
5,366
|
354
|
48,560
|
|
Halows Co. Ltd.
|
12,649
|
1,586
|
-
|
-
|
19,531
|
|
Hamakyorex Co. Ltd.
|
24,704
|
169
|
-
|
149
|
22,093
|
|
Hampshire Group Ltd.
|
4,140
|
-
|
-
|
-
|
3,036
|
|
Handsome Co. Ltd.
|
60,161
|
-
|
-
|
576
|
64,594
|
|
Hankook Shell Oil Co. Ltd.
|
23,328
|
-
|
-
|
965
|
23,803
|
|
Hanwha Timeworld Co. Ltd.
|
10,924
|
-
|
-
|
188
|
9,778
|
|
Heartland Payment Systems, Inc.
|
74,621
|
-
|
-
|
280
|
86,221
|
|
Helen of Troy Ltd.
|
135,511
|
-
|
-
|
-
|
175,578
|
|
Henry Boot PLC
|
21,879
|
-
|
3,423
|
218
|
-
|
|
Hiday Hidaka Corp.
|
26,610
|
-
|
-
|
218
|
30,480
|
|
Honshu Chemical Industry Co. Ltd.
|
5,819
|
-
|
-
|
51
|
5,466
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Hoshiiryou Sanki Co. Ltd.
|
$ 7,963
|
$ 1,232
|
$ -
|
$ 60
|
$ 11,133
|
|
Houston Wire & Cable Co.
|
18,754
|
55
|
-
|
279
|
16,786
|
|
HTL International Holdings Ltd.
|
6,275
|
-
|
-
|
-
|
6,535
|
|
Hurco Companies, Inc.
|
18,055
|
-
|
-
|
63
|
16,420
|
|
Hutech Norin Co. Ltd.
|
10,713
|
-
|
-
|
138
|
10,164
|
|
Huvitz Co. Ltd.
|
16,703
|
-
|
-
|
115
|
13,487
|
|
Hwacheon Machine Tool Co. Ltd.
|
9,980
|
-
|
-
|
173
|
10,388
|
|
I-Sheng Electric Wire & Cable Co. Ltd.
|
16,523
|
2,171
|
-
|
-
|
18,804
|
|
IA Group Corp.
|
5,988
|
-
|
-
|
99
|
6,065
|
|
ICT Automatisering NV
|
4,418
|
-
|
-
|
-
|
5,716
|
|
IDIS Holdings Co. Ltd.
|
9,104
|
1,014
|
-
|
28
|
10,738
|
|
Ihara Science Corp.
|
6,322
|
575
|
-
|
-
|
8,246
|
|
Ildong Pharmaceutical Co. Ltd.
|
22,641
|
-
|
-
|
296
|
36,453
|
|
Image Sensing Systems, Inc.
|
2,611
|
-
|
-
|
-
|
1,865
|
|
Indra Sistemas
|
222,717
|
-
|
-
|
-
|
290,759
|
|
Infomedia Ltd.
|
8,198
|
-
|
-
|
224
|
8,880
|
|
Intage Holdings, Inc.
|
25,795
|
-
|
-
|
-
|
27,662
|
|
Intelligent Digital Integrated Security Co.
Ltd.
|
18,391
|
-
|
-
|
111
|
17,371
|
|
INTOPS Co. Ltd.
|
18,060
|
-
|
-
|
102
|
15,714
|
|
INZI Controls Co. Ltd.
|
7,299
|
-
|
-
|
120
|
6,313
|
|
Isewan Terminal Service Co. Ltd.
|
9,483
|
-
|
-
|
146
|
8,663
|
|
Isra Vision AG
|
20,515
|
-
|
-
|
-
|
23,623
|
|
Jack in the Box, Inc.
|
188,423
|
-
|
101,912
|
-
|
126,425
|
|
JAKKS Pacific, Inc.
|
7,813
|
-
|
-
|
-
|
7,488
|
|
Jaya Holdings Ltd.
|
34,078
|
-
|
-
|
2,688
|
45,034
|
|
Jeil Pharmaceutical Co.
|
17,904
|
-
|
-
|
70
|
20,102
|
|
JLM Couture, Inc.
|
449
|
-
|
-
|
-
|
510
|
|
Jorudan Co. Ltd.
|
2,804
|
-
|
-
|
40
|
3,120
|
|
Jos. A. Bank Clothiers, Inc.
|
111,854
|
-
|
7,728
|
-
|
146,172
|
|
Jumbo SA
|
119,200
|
558
|
-
|
-
|
191,180
|
|
Kingboard Chemical Holdings Ltd.
|
163,878
|
44,828
|
-
|
3,109
|
207,785
|
|
Knoll, Inc.
|
74,340
|
-
|
14,525
|
1,008
|
60,590
|
|
Know IT AB
|
13,221
|
-
|
-
|
-
|
15,421
|
|
Kohsoku Corp.
|
19,836
|
-
|
-
|
208
|
18,381
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Kondotec, Inc.
|
$ 9,709
|
$ 336
|
$ -
|
$ 100
|
$ 11,570
|
|
Korea Electric Terminal Co. Ltd.
|
23,173
|
-
|
-
|
110
|
26,697
|
|
KSK Co., Ltd.
|
3,995
|
-
|
-
|
-
|
4,161
|
|
Kwang Dong Pharmaceutical Co. Ltd.
|
19,667
|
3,530
|
-
|
147
|
21,229
|
|
Kyeryong Construction Industrial Co. Ltd.
|
6,517
|
-
|
-
|
70
|
7,010
|
|
Kyoto Kimono Yuzen Co. Ltd.
|
18,786
|
-
|
-
|
195
|
18,167
|
|
Kyowakogyosyo Co. Ltd.
|
1,597
|
1,531
|
-
|
-
|
3,052
|
|
LHC Group, Inc.
|
43,471
|
-
|
-
|
-
|
43,471
|
|
Maruzen Co. Ltd.
|
16,945
|
-
|
-
|
165
|
18,710
|
|
Mastek Ltd.
|
3,637
|
-
|
-
|
57
|
5,625
|
|
Medical Action Industries, Inc.
|
11,947
|
330
|
2,395
|
-
|
7,791
|
|
Meetic
|
27,555
|
-
|
42,287
|
-
|
-
|
|
Mega First Corp. Bhd
|
11,797
|
-
|
-
|
209
|
14,770
|
|
Melbourne IT Ltd.
|
13,978
|
-
|
-
|
3,860
|
10,099
|
|
Melcor Real Estate Investment Trust
|
-
|
8,654
|
-
|
157
|
8,054
|
|
Melexis NV
|
78,571
|
-
|
-
|
2,728
|
116,071
|
|
Mesa Laboratories, Inc.
|
20,720
|
-
|
528
|
92
|
24,884
|
|
Metro, Inc. Class A (sub. vtg.)
|
783,669
|
-
|
-
|
4,435
|
627,935
|
|
Michang Oil Industrial Co. Ltd.
|
12,427
|
-
|
-
|
315
|
11,496
|
|
Miroku Corp.
|
1,566
|
394
|
-
|
26
|
2,455
|
|
Mitani Sekisan Co. Ltd.
|
23,057
|
229
|
775
|
108
|
20,433
|
|
Mitie Group PLC
|
98,221
|
-
|
264
|
1,894
|
124,667
|
|
Motonic Corp.
|
32,450
|
-
|
-
|
650
|
34,716
|
|
Mr. Bricolage SA
|
12,721
|
354
|
-
|
-
|
14,500
|
|
Muhak Co. Ltd.
|
44,193
|
650
|
-
|
104
|
46,205
|
|
Multi-Fineline Electronix, Inc.
|
24,708
|
8,515
|
-
|
-
|
30,582
|
|
Murakami Corp.
|
11,156
|
313
|
-
|
57
|
10,295
|
|
Muramoto Electronic Thailand PCL (For.
Reg.)
|
6,845
|
-
|
226
|
-
|
6,702
|
|
Nac Co. Ltd.
|
-
|
15,832
|
-
|
41
|
15,663
|
|
Nadex Co. Ltd.
|
4,577
|
602
|
-
|
52
|
7,604
|
|
Nafco Co. Ltd.
|
43,174
|
-
|
-
|
386
|
34,938
|
|
NCI, Inc. Class A
|
4,025
|
-
|
-
|
-
|
5,909
|
|
ND Software Co. Ltd.
|
2,357
|
8,356
|
-
|
-
|
15,245
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
NETGEAR, Inc.
|
$ 68,861
|
$ 15,949
|
$ 8,586
|
$ -
|
$ 81,106
|
|
Next PLC
|
1,263,908
|
-
|
-
|
23,356
|
1,710,668
|
|
Nextchip Co. Ltd.
|
4,400
|
-
|
-
|
67
|
2,978
|
|
NICE Total Cash Management Co., Ltd.
|
4,720
|
3
|
-
|
82
|
5,983
|
|
Nippo Ltd.
|
4,679
|
323
|
-
|
-
|
4,252
|
|
Nishimatsuya Chain Co. Ltd.
|
47,542
|
-
|
2,618
|
443
|
40,278
|
|
North Valley Bancorp
|
7,566
|
-
|
184
|
-
|
9,932
|
|
Northrim Bancorp, Inc.
|
12,760
|
-
|
-
|
170
|
12,010
|
|
Nucleus Software Exports Ltd.
|
1,612
|
1,339
|
-
|
-
|
6,062
|
|
Nutraceutical International Corp.
|
25,409
|
-
|
-
|
-
|
28,633
|
|
OFG Bancorp
|
46,259
|
-
|
-
|
316
|
36,516
|
|
OM Group, Inc.
|
91,195
|
-
|
30,039
|
-
|
64,680
|
|
Orbotech Ltd.
|
29,234
|
-
|
7,070
|
-
|
-
|
|
Otaki Gas Co. Ltd.
|
4,748
|
477
|
-
|
33
|
-
|
|
P&F Industries, Inc. Class A
|
2,976
|
22
|
-
|
-
|
2,689
|
|
Pacer International, Inc.
|
11,080
|
-
|
11,591
|
-
|
-
|
|
Pacific Premier Bancorp, Inc.
|
12,379
|
-
|
-
|
-
|
15,077
|
|
Pal Co. Ltd.
|
44,710
|
-
|
-
|
-
|
30,583
|
|
Panasonic Information Systems Co.
|
12,397
|
2,984
|
-
|
169
|
16,923
|
|
Papa John's International, Inc.
|
94,699
|
-
|
75,412
|
625
|
-
|
|
Parker Corp.
|
5,894
|
-
|
-
|
62
|
8,578
|
|
Pelion SA
|
16,625
|
-
|
-
|
-
|
18,250
|
|
Pinnacle Technology Holdings Ltd.
|
21,154
|
1,241
|
-
|
280
|
16,852
|
|
Piolax, Inc.
|
28,977
|
-
|
1,935
|
223
|
37,707
|
|
Prim SA
|
12,803
|
-
|
-
|
100
|
13,400
|
|
Qumu Corp. (formerly Rimage Corp.)
|
8,715
|
-
|
9,809
|
-
|
-
|
|
Relo Holdings Corp.
|
68,914
|
-
|
-
|
-
|
73,163
|
|
RenaissanceRe Holdings Ltd.
|
269,607
|
-
|
-
|
1,736
|
281,201
|
|
Rocky Mountain Chocolate Factory, Inc.
|
6,628
|
-
|
-
|
109
|
5,774
|
|
Ruby Tuesday, Inc.
|
45,384
|
-
|
-
|
-
|
34,720
|
|
S&T Holdings Co. Ltd.
|
12,259
|
708
|
-
|
255
|
11,512
|
|
Safeway, Inc.
|
335,270
|
-
|
-
|
5,200
|
406,120
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Sakai Moving Service Co. Ltd.
|
$ 20,739
|
$ 191
|
$ -
|
$ 220
|
$ 26,665
|
|
Samsung Climate Control Co. Ltd.
|
3,136
|
-
|
-
|
22
|
3,430
|
|
Sanei Architecture Planning Co. Ltd.
|
11,803
|
-
|
-
|
272
|
12,112
|
|
Sarantis SA
|
15,937
|
-
|
-
|
864
|
21,068
|
|
ScanSource, Inc.
|
71,220
|
2,253
|
-
|
-
|
77,708
|
|
Seagate Technology
|
1,227,300
|
-
|
-
|
24,300
|
1,585,800
|
|
SED International Holdings, Inc.
|
893
|
-
|
971
|
-
|
-
|
|
Select Harvests Ltd.
|
17,886
|
-
|
-
|
437
|
27,270
|
|
Senshu Electric Co. Ltd.
|
12,718
|
-
|
-
|
159
|
14,017
|
|
Sewon Precision Industries Co. Ltd.
|
10,657
|
-
|
-
|
36
|
12,575
|
|
Shibaura Electronics Co. Ltd.
|
9,255
|
-
|
-
|
-
|
13,354
|
|
Shinsegae Engineering & Construction
Co. Ltd.
|
2,882
|
-
|
-
|
124
|
2,905
|
|
ShoLodge, Inc.
|
5
|
-
|
-
|
-
|
3
|
|
Sigmatron International, Inc.
|
1,596
|
105
|
-
|
-
|
3,683
|
|
Sinwa Ltd.
|
4,072
|
-
|
-
|
359
|
3,497
|
|
SJM Co. Ltd.
|
13,449
|
-
|
-
|
100
|
11,787
|
|
SJM Holdings Co. Ltd.
|
6,762
|
-
|
-
|
105
|
6,099
|
|
Societe Pour L'Informatique Industrielle
SA
|
12,384
|
2,441
|
-
|
145
|
19,610
|
|
Soken Chemical & Engineer Co. Ltd.
|
11,223
|
-
|
-
|
-
|
8,801
|
|
Sonic Corp.
|
92,220
|
-
|
16,759
|
-
|
90,729
|
|
Span-America Medical System, Inc.
|
6,045
|
20
|
-
|
81
|
5,734
|
|
Sporton International, Inc.
|
24,296
|
-
|
4,684
|
851
|
27,752
|
|
Sportscene Group, Inc. Class A
|
2,629
|
-
|
-
|
92
|
2,949
|
|
Stanley Furniture Co., Inc.
|
4,449
|
-
|
-
|
-
|
4,901
|
|
Stantec, Inc.
|
109,836
|
-
|
13,685
|
626
|
-
|
|
Steiner Leisure Ltd.
|
95,601
|
-
|
3,007
|
-
|
78,416
|
|
Step Co. Ltd.
|
11,870
|
-
|
-
|
147
|
10,144
|
|
Sterling Construction Co., Inc.
|
16,007
|
-
|
-
|
-
|
17,637
|
|
Strattec Security Corp.
|
13,510
|
-
|
-
|
73
|
18,068
|
|
Strongco Corp.
|
3,993
|
-
|
-
|
-
|
3,903
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Sun Hing Vision Group Holdings Ltd.
|
$ 8,643
|
$ -
|
$ -
|
$ 509
|
$ 7,400
|
|
Sunjin Co. Ltd.
|
12,780
|
-
|
-
|
64
|
19,834
|
|
Super Micro Computer, Inc.
|
37,859
|
-
|
3,873
|
-
|
63,321
|
|
Swift Energy Co.
|
50,323
|
8,432
|
3,849
|
-
|
53,717
|
|
Sword Group
|
9,786
|
130
|
-
|
-
|
14,558
|
|
SYNNEX Corp.
|
173,568
|
-
|
-
|
-
|
196,806
|
|
T&K Toka Co. Ltd.
|
17,036
|
-
|
-
|
113
|
17,033
|
|
Techno Smart Corp.
|
3,790
|
-
|
-
|
41
|
4,882
|
|
Teems, Inc.
|
1,330
|
-
|
-
|
20
|
1,412
|
|
Telechips, Inc.
|
4,589
|
-
|
-
|
42
|
3,675
|
|
Tempur Sealy International, Inc.
|
162,565
|
-
|
44,057
|
-
|
160,193
|
|
Tessco Technologies, Inc.
|
16,821
|
-
|
-
|
189
|
17,477
|
|
The Pack Corp.
|
33,434
|
-
|
-
|
443
|
34,558
|
|
Theragenics Corp.
|
6,299
|
-
|
6,793
|
-
|
-
|
|
TKH Group NV unit
|
82,535
|
-
|
16,134
|
-
|
85,980
|
|
Tocalo Co. Ltd.
|
9,854
|
3,069
|
-
|
186
|
15,774
|
|
Tohoku Steel Co. Ltd.
|
8,482
|
-
|
-
|
43
|
8,358
|
|
Token Corp.
|
52,701
|
-
|
-
|
-
|
46,277
|
|
Tokyo Kisen Co. Ltd.
|
5,056
|
-
|
-
|
-
|
5,638
|
|
Tokyo Kohtetsu Co. Ltd.
|
2,483
|
3,547
|
-
|
35
|
6,190
|
|
Tokyo Tekko Co. Ltd.
|
17,336
|
-
|
-
|
87
|
16,717
|
|
Tomen Devices Corp.
|
11,635
|
-
|
-
|
-
|
12,053
|
|
Tomen Electronics Corp.
|
17,087
|
-
|
-
|
282
|
23,914
|
|
Total Energy Services, Inc.
|
37,070
|
-
|
-
|
203
|
43,547
|
|
Totech Corp.
|
2,544
|
3,519
|
-
|
39
|
7,304
|
|
Tow Co. Ltd.
|
6,695
|
-
|
-
|
152
|
8,527
|
|
Trancom Co. Ltd.
|
30,273
|
-
|
-
|
312
|
37,760
|
|
Trio-Tech International
|
1,164
|
-
|
77
|
-
|
954
|
|
Triple-S Management Corp.
|
53,961
|
-
|
-
|
-
|
44,240
|
|
Tuesday Morning Corp.
|
24,681
|
-
|
27,154
|
-
|
-
|
|
Tungtex Holdings Co. Ltd.
|
2,553
|
-
|
-
|
34
|
3,774
|
|
UANGEL Corp.
|
3,938
|
-
|
-
|
89
|
2,589
|
|
UKC Holdings Corp.
|
25,977
|
-
|
-
|
296
|
25,320
|
|
Uni-Select, Inc.
|
40,634
|
-
|
-
|
427
|
50,891
|
|
Unit Corp.
|
183,438
|
-
|
991
|
-
|
202,379
|
|
United Stationers, Inc.
|
100,642
|
-
|
-
|
681
|
100,739
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
|
Universal Security Instruments, Inc.
|
$ 1,288
|
$ -
|
$ -
|
$ -
|
$ 1,112
|
|
Unum Group
|
512,568
|
-
|
-
|
4,698
|
521,640
|
|
USS Co. Ltd.
|
201,114
|
-
|
25,309
|
2,445
|
-
|
|
Utah Medical Products, Inc.
|
24,282
|
-
|
552
|
210
|
22,610
|
|
Vasco Data Security International, Inc.
|
25,925
|
1,531
|
-
|
-
|
25,025
|
|
Vera Bradley, Inc.
|
38,784
|
10,106
|
8,556
|
-
|
-
|
|
VSE Corp.
|
22,979
|
-
|
-
|
48
|
23,420
|
|
VST Holdings Ltd.
|
21,288
|
4,658
|
-
|
-
|
38,871
|
|
W&T Offshore, Inc.
|
80,636
|
841
|
-
|
3,041
|
71,600
|
|
Watts Co. Ltd.
|
14,929
|
706
|
-
|
227
|
12,002
|
|
Weight Watchers International, Inc.
|
-
|
103,818
|
-
|
-
|
87,848
|
|
Whanin Pharmaceutical Co. Ltd.
|
20,856
|
-
|
-
|
367
|
21,054
|
|
WIN-Partners Co. Ltd.
|
11,465
|
2,478
|
-
|
-
|
14,999
|
|
Wireless Telecom Group, Inc.
|
1,989
|
-
|
-
|
-
|
4,420
|
|
Workman Co. Ltd.
|
57,720
|
-
|
-
|
-
|
55,124
|
|
XAC Automation Corp.
|
11,491
|
-
|
-
|
-
|
17,369
|
|
YBM Sisa.com, Inc.
|
4,019
|
-
|
93
|
177
|
3,140
|
|
Yip's Chemical Holdings Ltd.
|
27,782
|
-
|
-
|
400
|
25,117
|
|
Young Poong Precision Corp.
|
8,640
|
-
|
-
|
58
|
8,257
|
|
Youngone Holdings Co. Ltd.
|
53,738
|
-
|
-
|
365
|
61,934
|
|
Yusen Logistics Co. Ltd.
|
38,115
|
-
|
-
|
357
|
50,360
|
|
Yutaka Giken Co. Ltd.
|
35,192
|
-
|
-
|
266
|
37,903
|
|
Total
|
$ 17,514,096
|
$ 720,904
|
$ 977,851
|
$ 181,341
|
$ 18,174,455
|
|
Other Information
|
|
The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or
methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation
inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial
Statements.
|
|
Valuation Inputs at Reporting Date:
|
|
Description
(Amounts in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Investments in Securities:
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
Consumer Discretionary
|
$ 11,510,873
|
$ 10,011,926
|
$ 1,498,947
|
$ -
|
|
Consumer Staples
|
3,583,256
|
2,692,553
|
885,021
|
5,682
|
|
Energy
|
2,074,940
|
1,495,830
|
579,110
|
-
|
|
Financials
|
4,999,820
|
4,220,596
|
778,197
|
1,027
|
|
Health Care
|
3,876,907
|
3,560,337
|
309,199
|
7,371
|
|
Industrials
|
3,465,250
|
2,683,155
|
782,095
|
-
|
|
Information Technology
|
8,744,970
|
7,730,749
|
1,014,221
|
-
|
|
Materials
|
1,256,156
|
907,705
|
348,451
|
-
|
|
Telecommunication Services
|
44,186
|
44,186
|
-
|
-
|
|
Utilities
|
98,696
|
55,767
|
42,929
|
-
|
|
Corporate Bonds
|
149,138
|
-
|
149,138
|
-
|
|
Money Market Funds
|
7,027,114
|
7,027,114
|
-
|
-
|
|
Cash Equivalents
|
2,942
|
-
|
2,942
|
-
|
|
Total Investments in Securities:
|
$ 46,834,248
|
$ 40,429,918
|
$ 6,390,250
|
$ 14,080
|
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2014. Transfers are assumed to have occurred at the
beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to
Financial Statements:
|
|
Transfers
|
Total (000s)
|
|
Level 1 to Level 2
|
$ 4,610,087
|
|
Level 2 to Level 1
|
$ 0
|
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|
|
United States of America
|
60.4%
|
|
United Kingdom
|
6.7%
|
|
Japan
|
5.8%
|
|
Canada
|
5.1%
|
|
Ireland
|
5.0%
|
|
Netherlands
|
2.8%
|
|
Bermuda
|
2.6%
|
|
Korea (South)
|
1.8%
|
|
Taiwan
|
1.4%
|
|
Italy
|
1.4%
|
|
Cayman Islands
|
1.1%
|
|
Others (Individually Less Than 1%)
|
5.9%
|
|
|
100.0%
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amounts)
|
January 31, 2014
|
|
|
|
|
|
Assets
|
|
|
|
Investment in securities, at value (including securities loaned of $460,080 and repurchase
agreements of $2,942) - See accompanying schedule:
Unaffiliated issuers (cost $12,298,311)
|
$ 21,632,679
|
|
|
Fidelity Central Funds (cost $7,027,114)
|
7,027,114
|
|
|
Other affiliated issuers (cost $9,700,454)
|
18,174,455
|
|
|
Total Investments (cost $29,025,879)
|
|
$ 46,834,248
|
|
Cash
|
|
49
|
|
Foreign currency held at value (cost $985)
|
|
983
|
|
Receivable for investments sold
|
|
87,160
|
|
Receivable for fund shares sold
|
|
39,549
|
|
Dividends receivable
|
|
44,301
|
|
Interest receivable
|
|
372
|
|
Distributions receivable from Fidelity Central Funds
|
|
1,092
|
|
Prepaid expenses
|
|
93
|
|
Other receivables
|
|
1,769
|
|
Total assets
|
|
47,009,616
|
|
|
|
|
|
Liabilities
|
|
|
|
Payable for investments purchased
|
$ 126,537
|
|
|
Payable for fund shares redeemed
|
36,867
|
|
|
Accrued management fee
|
24,056
|
|
|
Other affiliated payables
|
4,543
|
|
|
Other payables and accrued expenses
|
4,294
|
|
|
Collateral on securities loaned, at value
|
480,341
|
|
|
Total liabilities
|
|
676,638
|
|
|
|
|
|
Net Assets
|
|
$ 46,332,978
|
|
Net Assets consist of:
|
|
|
|
Paid in capital
|
|
$ 28,022,487
|
|
Undistributed net investment income
|
|
7,712
|
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions
|
|
496,473
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies
|
|
17,806,306
|
|
Net Assets
|
|
$ 46,332,978
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
Amounts in thousands (except per-share amounts)
|
January 31, 2014
|
|
|
|
|
|
Low-Priced Stock
:
Net Asset Value
, offering price and redemption price per share ($30,005,648 ÷ 627,675
shares)
|
|
$ 47.80
|
|
|
|
|
|
Class K
:
Net Asset Value
, offering price and redemption price per share ($16,327,330 ÷ 341,802
shares)
|
|
$ 47.77
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
|
Amounts in thousands
|
Six months ended January 31, 2014
|
|
|
|
|
|
Investment Income
|
|
|
|
Dividends (including $181,341 earned from other affiliated issuers)
|
|
$ 351,285
|
|
Interest
|
|
1,427
|
|
Income from Fidelity Central Funds
|
|
8,102
|
|
Total income
|
|
360,814
|
|
|
|
|
|
Expenses
|
|
|
|
Management fee
Basic fee
|
$ 136,350
|
|
|
Performance adjustment
|
1,339
|
|
|
Transfer agent fees
|
25,602
|
|
|
Accounting and security lending fees
|
1,212
|
|
|
Custodian fees and expenses
|
1,425
|
|
|
Independent trustees' compensation
|
96
|
|
|
Appreciation in deferred trustee compensation account
|
1
|
|
|
Registration fees
|
663
|
|
|
Audit
|
139
|
|
|
Legal
|
98
|
|
|
Miscellaneous
|
146
|
|
|
Total expenses before reductions
|
167,071
|
|
|
Expense reductions
|
(519
)
|
166,552
|
|
Net investment income (loss)
|
|
194,262
|
|
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
|
|
|
|
Investment securities:
|
|
|
|
Unaffiliated issuers
|
946,619
|
|
|
Other affiliated issuers
|
431,890
|
|
|
Foreign currency transactions
|
(381
)
|
|
|
Total net realized gain (loss)
|
|
1,378,128
|
|
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $1,563)
|
1,492,509
|
|
|
Assets and liabilities in foreign currencies
|
180
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
1,492,689
|
|
Net gain (loss)
|
|
2,870,817
|
|
Net
increase (decrease) in net assets resulting from operations
|
|
$ 3,065,079
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands
|
Six months ended January 31,
2014
|
Year ended
July 31,
2013
|
|
Increase (Decrease) in Net Assets
|
|
|
|
Operations
|
|
|
|
Net investment income (loss)
|
$ 194,262
|
$ 437,698
|
|
Net realized gain (loss)
|
1,378,128
|
2,498,753
|
|
Change in net unrealized appreciation (depreciation)
|
1,492,689
|
7,694,670
|
|
Net
increase (decrease) in net assets resulting
from operations
|
3,065,079
|
10,631,121
|
|
Distributions to shareholders from net investment income
|
(372,615)
|
(432,424)
|
|
Distributions to shareholders from net realized gain
|
(2,653,752
)
|
(1,951,147
)
|
|
Total distributions
|
(3,026,367
)
|
(2,383,571
)
|
|
Share transactions - net increase (decrease)
|
3,430,301
|
1,629,061
|
|
Redemption fees
|
1,610
|
2,348
|
|
Total increase (decrease) in net assets
|
3,470,623
|
9,878,959
|
|
|
|
|
|
Net Assets
|
|
|
|
Beginning of period
|
42,862,355
|
32,983,396
|
|
End of period (including undistributed net investment income of $7,712 and $186,065,
respectively)
|
$ 46,332,978
|
$ 42,862,355
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Low-Priced Stock
|
|
Six months ended
January 31,
|
Years ended July 31,
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 47.84
|
$ 38.52
|
$ 40.67
|
$ 33.07
|
$ 28.20
|
$ 37.19
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.20
|
.48
|
.37
|
.23
|
.07
|
.17
|
|
Net realized and unrealized gain (loss)
|
3.06
|
11.61
|
(.03
)
|
7.53
|
5.00
|
(4.88
)
|
|
Total from investment operations
|
3.26
|
12.09
|
.34
|
7.76
|
5.07
|
(4.71
)
|
|
Distributions from net investment income
|
(.39)
|
(.49)
|
(.28)
|
(.15)
|
(.12)
|
(.17)
|
|
Distributions from net realized gain
|
(2.91
)
|
(2.28
)
|
(2.21
)
|
(.01
)
|
(.08
)
|
(4.11
)
|
|
Total distributions
|
(3.30
)
|
(2.77
)
|
(2.49
)
|
(.16
)
|
(.20
)
|
(4.28
)
|
|
Redemption fees added to paid in capital
D, H
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net asset value, end of period
|
$ 47.80
|
$ 47.84
|
$ 38.52
|
$ 40.67
|
$ 33.07
|
$ 28.20
|
|
Total Return
B, C
|
7.18%
|
33.12%
|
1.68%
|
23.53%
|
18.06%
|
(13.90)%
|
|
Ratios to Average Net Assets
E, G
|
|
|
|
|
|
|
Expenses before reductions
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.99%
|
|
Expenses net of fee waivers, if any
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.99%
|
|
Expenses net of all reductions
|
.77%
A
|
.79%
|
.88%
|
.83%
|
.99%
|
.98%
|
|
Net investment income (loss)
|
.82%
A
|
1.14%
|
1.00%
|
.61%
|
.21%
|
.67%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$ 30,006
|
$ 28,171
|
$ 22,999
|
$ 26,762
|
$ 24,538
|
$ 21,792
|
|
Portfolio turnover rate
F
|
13%
A
|
11%
|
19%
|
15%
|
20%
|
31%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H
Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
|
|
Six months ended
January 31,
|
Years ended July 31,
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 47.83
|
$ 38.52
|
$ 40.67
|
$ 33.11
|
$ 28.22
|
$ 37.20
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.22
|
.53
|
.42
|
.28
|
.11
|
.20
|
|
Net realized and unrealized gain (loss)
|
3.07
|
11.60
|
(.03
)
|
7.51
|
5.01
|
(4.86
)
|
|
Total from investment operations
|
3.29
|
12.13
|
.39
|
7.79
|
5.12
|
(4.66
)
|
|
Distributions from net investment income
|
(.44)
|
(.54)
|
(.33)
|
(.23)
|
(.15)
|
(.21)
|
|
Distributions from net realized gain
|
(2.91
)
|
(2.28
)
|
(2.21
)
|
(.01
)
|
(.08
)
|
(4.11
)
|
|
Total distributions
|
(3.35
)
|
(2.82
)
|
(2.54
)
|
(.23
)
I
|
(.23
)
|
(4.32
)
|
|
Redemption fees added to paid in capital
D, H
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net asset value, end of period
|
$ 47.77
|
$ 47.83
|
$ 38.52
|
$ 40.67
|
$ 33.11
|
$ 28.22
|
|
Total Return
B, C
|
7.25%
|
33.27%
|
1.83%
|
23.66%
|
18.23%
|
(13.74)%
|
|
Ratios to Average Net Assets
E, G
|
|
|
|
|
|
|
Expenses before reductions
|
.67%
A
|
.68%
|
.76%
|
.71%
|
.85%
|
.81%
|
|
Expenses net of fee waivers, if any
|
.67%
A
|
.68%
|
.76%
|
.71%
|
.85%
|
.81%
|
|
Expenses net of all reductions
|
.67%
A
|
.68%
|
.76%
|
.70%
|
.85%
|
.81%
|
|
Net investment income (loss)
|
.92%
A
|
1.26%
|
1.12%
|
.74%
|
.35%
|
.84%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$ 16,327
|
$ 14,691
|
$ 9,985
|
$ 8,031
|
$ 4,357
|
$ 2,279
|
|
Portfolio turnover rate
F
|
13%
A
|
11%
|
19%
|
15%
|
20%
|
31%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H
Amount represents less than $.01 per share.
I
Total distributions of $.23 per share is comprised of distributions from net investment income of $.226 and distributions from net realized gain of $.008 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes
to
Financial Statements
For the period ended January 31, 2014
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan 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. The Fund offers Low-Priced Stock and Class K shares, each of which has equal rights as to
assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and
accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as
of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing
Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management,
Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder
report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the
SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of
Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP),
which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from
those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation
policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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 Fidelity Management & Research Company (FMR) Fair Value
Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type
and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are
used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures
and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as
shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or
official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as
Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted
bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities,
when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the
hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities,
where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the
hierarchy.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
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. Short-term securities with remaining maturities of sixty days or less may be valued at amortized
cost, which approximates fair value, and are categorized as Level 2 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 January 31, 2014, including information on transfers between Levels 1 and 2, 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from
foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date.
Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on
securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent
to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating
to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes
coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes
withheld where recovery of such taxes is uncertain.
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.
Deferred Trustee Compensation.
Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a
portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the
Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in
the accompanying Statement of Assets and Liabilities.
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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. The Fund is subject
to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the
applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC),
market discount, partnerships, deferred trustees compensation 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
|
$ 19,492,224
|
|
Gross unrealized depreciation
|
(1,698,652
)
|
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$ 17,793,572
|
|
|
|
|
Tax cost
|
$ 29,040,676
|
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 1.50% 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.
Repurchase Agreements.
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, are permitted to transfer uninvested cash balances into joint trading
accounts which are then invested in repurchase agreements.
Semiannual Report
3. Significant Accounting Policies - continued
Repurchase Agreements - continued
The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or
non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event
of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount
of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could
be delayed, during which time the value of the collateral may decline.
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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $2,546,198 and $3,200,432, 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. The management fee is the sum of an individual fund fee rate
that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The
group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate
decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject
to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or
downward adjustment to the management fee is based on the relative investment performance of Low-Priced Stock as compared to its benchmark
index, the Russell 2000® Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate,
including the performance adjustment, was .61% of the Fund's average net assets. The performance adjustment included in the management fee
rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting
and performance periods.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees.
Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer,
dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Low-Priced Stock. FIIOC receives an asset-based fee of Class K's average net
assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
|
|
Amount
|
% of
Average
Net Assets
*
|
|
Low-Priced Stock
|
$ 21,914
|
.15
|
|
Class K
|
3,688
|
.05
|
|
|
$ 25,602
|
|
*
Annualized
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.
Brokerage Commissions.
The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment
adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $104 for the period.
6. 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 $38 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending
agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the
Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the
period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in
recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned
securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at
period end was $21,209. 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 $5,029, including $317 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in
addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $240 for the period. In addition,
through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses.
During the period, these credits reduced the Fund's custody expenses by $1.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $278.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
From net investment income
|
|
|
|
Low-Priced Stock
|
$ 232,537
|
$ 284,865
|
|
Class K
|
140,078
|
147,559
|
|
Total
|
$ 372,615
|
$ 432,424
|
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
9. Distributions to Shareholders - continued
|
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
From net realized gain
|
|
|
|
Low-Priced Stock
|
$ 1,731,108
|
$ 1,338,102
|
|
Class K
|
922,644
|
613,045
|
|
Total
|
$ 2,653,752
|
$ 1,951,147
|
10. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares
|
Dollars
|
|
|
Six months ended January
31,
2014
|
Year ended
July 31,
2013
|
Six months ended
January 31,
2014
|
Year ended
July 31,
2013
|
|
Low-Priced Stock
|
|
|
|
|
|
Shares sold
|
51,071
|
82,702
|
$ 2,468,429
|
$ 3,528,018
|
|
Reinvestment of distributions
|
39,938
|
39,316
|
1,842,708
|
1,538,529
|
|
Shares redeemed
|
(52,156
)
|
(130,273
)
|
(2,512,874
)
|
(5,369,278
)
|
|
Net increase (decrease)
|
38,853
|
(8,255
)
|
$ 1,798,263
|
$ (302,731
)
|
|
Class K
|
|
|
|
|
|
Shares sold
|
40,479
|
90,911
|
$ 1,958,366
|
$ 3,784,904
|
|
Reinvestment of distributions
|
23,051
|
19,455
|
1,062,722
|
760,604
|
|
Shares redeemed
|
(28,861
)
|
(62,464
)
|
(1,389,050
)
|
(2,613,716
)
|
|
Net increase (decrease)
|
34,669
|
47,902
|
$ 1,632,038
|
$ 1,931,792
|
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in
connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide
general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that
may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
To the Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Low-Priced Stock Fund:
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 Low-Priced Stock
Fund (a fund of Fidelity Puritan Trust) at January 31, 2014, the results of its operations, the changes in its net assets and the financial highlights for
each of the periods indicated, 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 Low-Priced Stock Fund'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 January 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
March 18, 2014
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, M A
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
LPS-USAN-0314
1.789287.111
Fidelity
®
Value Discovery
Fund-
Class K
Semiannual Report
January 31, 2014
(Fidelity Cover Art)
Contents
|
Shareholder Expense Example
|
(Click
Here)
|
An example of shareholder expenses.
|
|
Investment Changes
|
(Click
Here)
|
A summary of major shifts in the fund's investments over the
past six months.
|
|
Investments
|
(Click
Here)
|
A complete list of the fund's investments with their market
values.
|
|
Financial Statements
|
(Click
Here)
|
Statements of assets and liabilities, operations, and changes
in net assets, as well as financial highlights.
|
|
Notes
|
(Click
Here)
|
Notes to the financial statements.
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit
the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 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. © 2014 FMR LLC. All
rights reserved.
This report and the financial statements contained herein are submitted for the general information
of the shareholders of the fund. This report is not authorized for distribution to prospective investors
in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at
http://www.sec.gov
.
A fund's Forms N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information regarding the operation of the SEC's Public
Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's
portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on
Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or
http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, 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 (August 1, 2013 to January 31,
2014).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use
the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class
of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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 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. 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.
Semiannual Report
Shareholder Expense Example - continued
|
|
Annualized
Expense Ratio
B
|
Beginning
Account Value
August 1, 2013
|
Ending
Account Value
January 31, 2014
|
Expenses Paid
During Period
*
August 1, 2013 to January 31,
2014
|
|
Fidelity Value Discovery
|
.80%
|
|
|
|
|
Actual
|
|
$ 1,000.00
|
$ 1,069.30
|
$ 4.17
|
|
Hypothetical
A
|
|
$ 1,000.00
|
$ 1,021.17
|
$ 4.08
|
|
Class K
|
.65%
|
|
|
|
|
Actual
|
|
$ 1,000.00
|
$ 1,070.00
|
$ 3.39
|
|
Hypothetical
A
|
|
$ 1,000.00
|
$ 1,021.93
|
$ 3.31
|
A
5% return per year before expenses
B
Annualized expense ratio reflects expenses net of applicable fee waivers.
*
Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
JPMorgan Chase & Co.
|
4.1
|
3.6
|
|
Chevron Corp.
|
3.6
|
4.5
|
|
Wells Fargo & Co.
|
3.5
|
3.5
|
|
Exxon Mobil Corp.
|
2.8
|
3.5
|
|
Berkshire Hathaway, Inc. Class B
|
2.7
|
3.5
|
|
U.S. Bancorp
|
2.6
|
2.1
|
|
Cisco Systems, Inc.
|
2.5
|
2.5
|
|
Johnson & Johnson
|
2.5
|
0.7
|
|
Apple, Inc.
|
2.3
|
1.9
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR
|
2.1
|
1.0
|
|
|
28.7
|
|
|
Top Five Market Sectors as of January 31, 2014
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Financials
|
27.7
|
26.7
|
|
Health Care
|
15.6
|
16.7
|
|
Information Technology
|
15.5
|
15.3
|
|
Energy
|
11.4
|
13.5
|
|
Consumer Staples
|
8.5
|
6.2
|
|
Asset Allocation (% of fund's net assets)
|
|
As of January 31, 2014
*
|
As of July 31, 2013
**
|
|
|
Stocks 96.7%
|
|
|
Stocks 98.2%
|
|
|
Convertible
Securities 0.0%
|
|
|
Convertible
Securities 0.8%
|
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 3.3%
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 1.0%
|
|
|
*
Foreign investments
|
16.7%
|
|
**
Foreign investments
|
13.2%
|
|
Semiannual Report
Investments January 31, 2014 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 95.7%
|
|
|
Shares
|
|
Value
|
|
CONSUMER DISCRETIONARY - 8.3%
|
|
Auto Components - 0.9%
|
|
Hyundai Mobis
|
18,735
|
|
$ 5,311,473
|
|
Diversified Consumer Services - 0.4%
|
|
Steiner Leisure Ltd. (a)
|
46,068
|
|
2,257,793
|
|
Media - 3.1%
|
|
Comcast Corp. Class A
|
100,253
|
|
5,458,776
|
|
John Wiley & Sons, Inc. Class A
|
85,185
|
|
4,611,916
|
|
Viacom, Inc. Class B (non-vtg.)
|
93,600
|
|
7,684,560
|
|
|
|
17,755,252
|
|
Multiline Retail - 1.9%
|
|
Kohl's Corp.
|
68,600
|
|
3,473,218
|
|
Macy's, Inc.
|
132,153
|
|
7,030,540
|
|
|
|
10,503,758
|
|
Specialty Retail - 1.3%
|
|
AutoZone, Inc. (a)
|
8,885
|
|
4,398,608
|
|
Bed Bath & Beyond, Inc. (a)
|
48,500
|
|
3,096,725
|
|
|
|
7,495,333
|
|
Textiles, Apparel & Luxury Goods - 0.7%
|
|
Coach, Inc.
|
79,135
|
|
3,789,775
|
|
TOTAL CONSUMER DISCRETIONARY
|
|
47,113,384
|
|
CONSUMER STAPLES - 8.5%
|
|
Beverages - 0.6%
|
|
C&C Group PLC
|
609,345
|
|
3,451,659
|
|
Food & Staples Retailing - 4.3%
|
|
CVS Caremark Corp.
|
169,200
|
|
11,458,224
|
|
Kroger Co.
|
121,004
|
|
4,368,244
|
|
Tesco PLC
|
543,800
|
|
2,857,649
|
|
Wal-Mart Stores, Inc.
|
74,200
|
|
5,541,256
|
|
|
|
24,225,373
|
|
Food Products - 0.7%
|
|
The J.M. Smucker Co.
|
44,031
|
|
4,244,148
|
|
Household Products - 1.4%
|
|
Central Garden & Pet Co. Class A (non-vtg.) (a)
|
471,359
|
|
2,941,280
|
|
Energizer Holdings, Inc.
|
54,900
|
|
5,188,050
|
|
|
|
8,129,330
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value
|
|
CONSUMER STAPLES - continued
|
|
Tobacco - 1.5%
|
|
British American Tobacco PLC sponsored ADR
|
30,145
|
|
$ 2,893,619
|
|
Lorillard, Inc.
|
110,300
|
|
5,428,966
|
|
|
|
8,322,585
|
|
TOTAL CONSUMER STAPLES
|
|
48,373,095
|
|
ENERGY - 11.4%
|
|
Energy Equipment & Services - 1.5%
|
|
Ensco PLC Class A
|
52,203
|
|
2,629,465
|
|
National Oilwell Varco, Inc.
|
81,200
|
|
6,090,812
|
|
|
|
8,720,277
|
|
Oil, Gas & Consumable Fuels - 9.9%
|
|
Chevron Corp.
|
182,581
|
|
20,381,517
|
|
Exxon Mobil Corp.
|
168,928
|
|
15,568,404
|
|
Marathon Petroleum Corp.
|
73,200
|
|
6,372,060
|
|
Phillips 66 Co.
|
94,900
|
|
6,936,241
|
|
Suncor Energy, Inc.
|
201,700
|
|
6,626,445
|
|
|
|
55,884,667
|
|
TOTAL ENERGY
|
|
64,604,944
|
|
FINANCIALS - 27.7%
|
|
Capital Markets - 1.3%
|
|
East Capital Explorer AB (a)
|
86,479
|
|
792,005
|
|
GP Investments Ltd. Class A (depositary receipt) (a)
|
1,628,600
|
|
3,171,831
|
|
MLP AG
|
440,172
|
|
3,376,144
|
|
|
|
7,339,980
|
|
Commercial Banks - 6.8%
|
|
SunTrust Banks, Inc.
|
109,900
|
|
4,068,498
|
|
U.S. Bancorp
|
368,800
|
|
14,652,424
|
|
Wells Fargo & Co.
|
437,537
|
|
19,837,928
|
|
|
|
38,558,850
|
|
Consumer Finance - 2.6%
|
|
American Express Co.
|
65,300
|
|
5,551,806
|
|
Capital One Financial Corp.
|
126,382
|
|
8,923,833
|
|
|
|
14,475,639
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value
|
|
FINANCIALS - continued
|
|
Diversified Financial Services - 6.8%
|
|
Berkshire Hathaway, Inc. Class B (a)
|
136,711
|
|
$ 15,256,948
|
|
JPMorgan Chase & Co.
|
425,441
|
|
23,552,412
|
|
|
|
38,809,360
|
|
Insurance - 6.6%
|
|
ACE Ltd.
|
68,400
|
|
6,416,604
|
|
Allied World Assurance Co. Holdings Ltd.
|
26,600
|
|
2,737,672
|
|
Everest Re Group Ltd.
|
30,204
|
|
4,372,331
|
|
Fidelity National Financial, Inc. Class A
|
183,020
|
|
5,772,451
|
|
Greenlight Capital Re, Ltd. (a)
|
90,875
|
|
2,919,814
|
|
MetLife, Inc.
|
85,121
|
|
4,175,185
|
|
ProAssurance Corp.
|
64,700
|
|
3,005,962
|
|
Prudential PLC
|
139,248
|
|
2,803,085
|
|
The Travelers Companies, Inc.
|
66,113
|
|
5,373,665
|
|
|
|
37,576,769
|
|
Real Estate Investment Trusts - 3.6%
|
|
American Capital Agency Corp.
|
323,399
|
|
6,775,209
|
|
Annaly Capital Management, Inc.
|
640,858
|
|
6,902,041
|
|
MFA Financial, Inc.
|
927,864
|
|
6,764,129
|
|
|
|
20,441,379
|
|
TOTAL FINANCIALS
|
|
157,201,977
|
|
HEALTH CARE - 15.6%
|
|
Biotechnology - 2.0%
|
|
Amgen, Inc.
|
98,191
|
|
11,679,820
|
|
Health Care Equipment & Supplies - 0.6%
|
|
Stryker Corp.
|
45,400
|
|
3,523,040
|
|
Health Care Providers & Services - 6.1%
|
|
Cigna Corp.
|
88,338
|
|
7,624,453
|
|
Express Scripts Holding Co. (a)
|
112,101
|
|
8,372,824
|
|
Humana, Inc.
|
39,750
|
|
3,867,675
|
|
Select Medical Holdings Corp.
|
416,279
|
|
4,495,813
|
|
UnitedHealth Group, Inc.
|
139,100
|
|
10,054,148
|
|
|
|
34,414,913
|
|
Pharmaceuticals - 6.9%
|
|
AstraZeneca PLC sponsored ADR
|
99,500
|
|
6,318,250
|
|
GlaxoSmithKline PLC sponsored ADR
|
70,639
|
|
3,640,734
|
|
Johnson & Johnson
|
157,508
|
|
13,934,733
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value
|
|
HEALTH CARE - continued
|
|
Pharmaceuticals - continued
|
|
Mylan, Inc. (a)
|
73,695
|
|
$ 3,346,490
|
|
Teva Pharmaceutical Industries Ltd. sponsored ADR
|
262,068
|
|
11,696,095
|
|
|
|
38,936,302
|
|
TOTAL HEALTH CARE
|
|
88,554,075
|
|
INDUSTRIALS - 5.3%
|
|
Electrical Equipment - 1.2%
|
|
Emerson Electric Co.
|
52,840
|
|
3,484,270
|
|
Prysmian SpA
|
119,800
|
|
2,930,957
|
|
|
|
6,415,227
|
|
Machinery - 2.1%
|
|
Deere & Co.
|
56,790
|
|
4,881,668
|
|
Global Brass & Copper Holdings, Inc.
|
150,749
|
|
2,606,450
|
|
Valmont Industries, Inc.
|
31,300
|
|
4,581,694
|
|
|
|
12,069,812
|
|
Marine - 0.5%
|
|
Ultrapetrol (Bahamas) Ltd. (a)
|
881,600
|
|
2,926,912
|
|
Professional Services - 1.0%
|
|
Dun & Bradstreet Corp.
|
51,665
|
|
5,683,150
|
|
Trading Companies & Distributors - 0.5%
|
|
Houston Wire & Cable Co.
|
217,200
|
|
2,873,556
|
|
TOTAL INDUSTRIALS
|
|
29,968,657
|
|
INFORMATION TECHNOLOGY - 14.5%
|
|
Communications Equipment - 2.5%
|
|
Cisco Systems, Inc.
|
648,218
|
|
14,202,456
|
|
Computers & Peripherals - 4.8%
|
|
Apple, Inc.
|
25,600
|
|
12,815,360
|
|
EMC Corp.
|
310,700
|
|
7,531,368
|
|
Hewlett-Packard Co.
|
243,012
|
|
7,047,348
|
|
|
|
27,394,076
|
|
Electronic Equipment & Components - 0.6%
|
|
TE Connectivity Ltd.
|
58,602
|
|
3,311,599
|
|
IT Services - 3.6%
|
|
Amdocs Ltd.
|
106,643
|
|
4,613,376
|
|
Fiserv, Inc. (a)
|
102,400
|
|
5,739,520
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value
|
|
INFORMATION TECHNOLOGY - continued
|
|
IT Services - continued
|
|
IBM Corp.
|
35,560
|
|
$ 6,282,741
|
|
The Western Union Co.
|
243,200
|
|
3,745,280
|
|
|
|
20,380,917
|
|
Semiconductors & Semiconductor Equipment - 0.7%
|
|
Skyworks Solutions, Inc. (a)
|
128,750
|
|
3,894,688
|
|
Software - 2.3%
|
|
CA Technologies, Inc.
|
99,055
|
|
3,177,684
|
|
Microsoft Corp.
|
265,224
|
|
10,038,728
|
|
|
|
13,216,412
|
|
TOTAL INFORMATION TECHNOLOGY
|
|
82,400,148
|
|
MATERIALS - 2.4%
|
|
Chemicals - 1.8%
|
|
Agrium, Inc.
|
31,500
|
|
2,746,545
|
|
CF Industries Holdings, Inc.
|
20,145
|
|
4,650,675
|
|
Potash Corp. of Saskatchewan, Inc.
|
90,700
|
|
2,843,766
|
|
|
|
10,240,986
|
|
Containers & Packaging - 0.6%
|
|
Ball Corp.
|
66,300
|
|
3,393,897
|
|
TOTAL MATERIALS
|
|
13,634,883
|
|
UTILITIES - 2.0%
|
|
Electric Utilities - 2.0%
|
|
American Electric Power Co., Inc.
|
109,300
|
|
5,334,933
|
|
Edison International
|
119,300
|
|
5,745,488
|
|
|
|
11,080,421
|
|
TOTAL COMMON STOCKS
(Cost $462,682,843)
|
542,931,584
|
|
Nonconvertible Preferred Stocks - 1.0%
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY - 1.0%
|
|
Semiconductors & Semiconductor Equipment - 1.0%
|
|
Samsung Electronics Co. Ltd.
(Cost $5,936,406)
|
6,321
|
|
5,514,007
|
|
Money Market Funds - 2.9%
|
|
|
Shares
|
|
Value
|
|
Fidelity Cash Central Fund, 0.10% (b)
(Cost $16,249,531)
|
16,249,531
|
|
$ 16,249,531
|
|
TOTAL INVESTMENT PORTFOLIO - 99.6%
(Cost $484,868,780)
|
564,695,122
|
|
NET OTHER ASSETS (LIABILITIES) - 0.4%
|
|
2,507,739
|
|
NET ASSETS - 100%
|
$ 567,202,861
|
|
Legend
|
|
(a) Non-income producing
|
|
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the
annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon
request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
|
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
|
$ 4,955
|
|
Fidelity Securities Lending Cash Central Fund
|
11,644
|
|
Total
|
$ 16,599
|
|
Other Information
|
|
The following is a summary of the inputs used, as of January 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or
methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation
inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial
Statements.
|
|
Valuation Inputs at Reporting Date:
|
|
Description
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Investments in Securities:
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
Consumer Discretionary
|
$ 47,113,384
|
$ 41,801,911
|
$ 5,311,473
|
$ -
|
|
Consumer Staples
|
48,373,095
|
45,515,446
|
2,857,649
|
-
|
|
Energy
|
64,604,944
|
64,604,944
|
-
|
-
|
|
Financials
|
157,201,977
|
154,398,892
|
2,803,085
|
-
|
|
Health Care
|
88,554,075
|
88,554,075
|
-
|
-
|
|
Industrials
|
29,968,657
|
29,968,657
|
-
|
-
|
|
Information Technology
|
87,914,155
|
82,400,148
|
5,514,007
|
-
|
|
Materials
|
13,634,883
|
13,634,883
|
-
|
-
|
|
Utilities
|
11,080,421
|
11,080,421
|
-
|
-
|
|
Money Market Funds
|
16,249,531
|
16,249,531
|
-
|
-
|
|
Total Investments in Securities:
|
$ 564,695,122
|
$ 548,208,908
|
$ 16,486,214
|
$ -
|
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|
|
United States of America
|
83.3%
|
|
United Kingdom
|
3.6%
|
|
Switzerland
|
2.2%
|
|
Canada
|
2.2%
|
|
Israel
|
2.1%
|
|
Korea (South)
|
1.9%
|
|
Bermuda
|
1.4%
|
|
Others (Individually Less Than 1%)
|
3.3%
|
|
|
100.0%
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $468,619,249)
|
$ 548,445,591
|
|
|
Fidelity Central Funds (cost $16,249,531)
|
16,249,531
|
|
|
Total Investments (cost $484,868,780)
|
|
$ 564,695,122
|
|
Receivable for investments sold
|
|
16,605,404
|
|
Receivable for fund shares sold
|
|
303,689
|
|
Dividends receivable
|
|
240,220
|
|
Distributions receivable from Fidelity Central Funds
|
|
3,535
|
|
Prepaid expenses
|
|
1,071
|
|
Other receivables
|
|
3,931
|
|
Total assets
|
|
581,852,972
|
|
|
|
|
|
Liabilities
|
|
|
|
Payable for investments purchased
|
$ 13,925,455
|
|
|
Payable for fund shares redeemed
|
334,432
|
|
|
Accrued management fee
|
260,151
|
|
|
Other affiliated payables
|
97,643
|
|
|
Other payables and accrued expenses
|
32,430
|
|
|
Total liabilities
|
|
14,650,111
|
|
|
|
|
|
Net Assets
|
|
$ 567,202,861
|
|
Net Assets consist of:
|
|
|
|
Paid in capital
|
|
$ 575,546,880
|
|
Undistributed net investment income
|
|
701,570
|
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions
|
|
(88,870,579)
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies
|
|
79,824,990
|
|
Net Assets
|
|
$ 567,202,861
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
Fidelity Value Discovery
:
Net Asset Value
, offering price and redemption price per share ($486,305,674 ÷ 23,117,752
shares)
|
|
$ 21.04
|
|
|
|
|
|
Class K
:
Net Asset Value
, offering price and redemption price per share ($80,897,187 ÷ 3,848,827
shares)
|
|
$ 21.02
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
|
|
Six months ended January 31, 2014
(Unaudited)
|
|
|
|
|
|
Investment Income
|
|
|
|
Dividends
|
|
$ 5,204,623
|
|
Interest
|
|
287,977
|
|
Income from Fidelity Central Funds
|
|
16,599
|
|
Total income
|
|
5,509,199
|
|
|
|
|
|
Expenses
|
|
|
|
Management fee
Basic fee
|
$ 1,499,245
|
|
|
Performance adjustment
|
(24,711)
|
|
|
Transfer agent fees
|
472,067
|
|
|
Accounting and security lending fees
|
103,526
|
|
|
Custodian fees and expenses
|
9,424
|
|
|
Independent trustees' compensation
|
1,140
|
|
|
Registration fees
|
30,371
|
|
|
Audit
|
26,398
|
|
|
Legal
|
1,633
|
|
|
Miscellaneous
|
1,911
|
|
|
Total expenses before reductions
|
2,121,004
|
|
|
Expense reductions
|
(5,343
)
|
2,115,661
|
|
Net investment income (loss)
|
|
3,393,538
|
|
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
|
|
|
|
Investment securities:
|
|
|
|
Unaffiliated issuers
|
51,908,303
|
|
|
Foreign currency transactions
|
(32,984
)
|
|
|
Total net realized gain (loss)
|
|
51,875,319
|
|
Change in net unrealized appreciation (depreciation) on:
Investment securities
|
(19,422,493)
|
|
|
Assets and liabilities in foreign currencies
|
3,525
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
(19,418,968
)
|
|
Net gain (loss)
|
|
32,456,351
|
|
Net
increase (decrease) in net assets resulting from operations
|
|
$ 35,849,889
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
|
|
Six months ended January 31,
2014 (Unaudited)
|
Year ended
July 31,
2013
|
|
Increase (Decrease) in Net Assets
|
|
|
|
Operations
|
|
|
|
Net investment income (loss)
|
$ 3,393,538
|
$ 8,070,935
|
|
Net realized gain (loss)
|
51,875,319
|
55,424,550
|
|
Change in net unrealized appreciation (depreciation)
|
(19,418,968
)
|
62,525,269
|
|
Net
increase (decrease) in net assets resulting
from operations
|
35,849,889
|
126,020,754
|
|
Distributions to shareholders from net investment income
|
(6,964,727)
|
(7,811,842)
|
|
Share transactions - net increase (decrease)
|
12,132,576
|
(58,316,230
)
|
|
Total increase (decrease) in net assets
|
41,017,738
|
59,892,682
|
|
|
|
|
|
Net Assets
|
|
|
|
Beginning of period
|
526,185,123
|
466,292,441
|
|
End of period (including undistributed net investment income of $701,570 and undistributed
net investment income of $4,272,759, respectively)
|
$ 567,202,861
|
$ 526,185,123
|
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Fidelity Value Discovery
|
|
Six months ended January 31,
2014
|
Years ended July 31,
|
|
|
(Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 19.93
|
$ 15.62
|
$ 14.98
|
$ 12.91
|
$ 11.58
|
$ 15.12
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.13
|
.29
|
.22
|
.13
|
.14
G
|
.17
|
|
Net realized and unrealized gain (loss)
|
1.24
|
4.29
|
.57
|
2.13
|
1.31
|
(3.51
)
|
|
Total from investment operations
|
1.37
|
4.58
|
.79
|
2.26
|
1.45
|
(3.34
)
|
|
Distributions from net investment income
|
(.26)
|
(.27)
|
(.15)
|
(.19)
|
(.12)
|
(.18)
|
|
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
-
|
(.02
)
|
|
Total distributions
|
(.26
)
|
(.27
)
|
(.15
)
|
(.19
)
|
(.12
)
|
(.20
)
|
|
Net asset value, end of period
|
$ 21.04
|
$ 19.93
|
$ 15.62
|
$ 14.98
|
$ 12.91
|
$ 11.58
|
|
Total Return
B,C
|
6.93%
|
29.72%
|
5.43%
|
17.69%
|
12.60%
|
(22.14)%
|
|
Ratios to Average Net Assets
E,H
|
|
|
|
|
|
|
Expenses before reductions
|
.80%
A
|
.74%
|
.87%
|
.80%
|
.96%
|
.93%
|
|
Expenses net of fee waivers, if any
|
.80%
A
|
.74%
|
.87%
|
.80%
|
.96%
|
.93%
|
|
Expenses net of all reductions
|
.80%
A
|
.73%
|
.87%
|
.79%
|
.95%
|
.92%
|
|
Net investment income (loss)
|
1.23%
A
|
1.66%
|
1.49%
|
.88%
|
1.10%
G
|
1.61%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$ 486,306
|
$ 454,974
|
$ 412,499
|
$ 540,644
|
$ 598,561
|
$ 642,054
|
|
Portfolio turnover rate
F
|
79%
A
|
55%
|
92%
|
59%
|
116%
|
165%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.
H
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
|
|
Six months ended January 31,
2014
|
Years ended July 31,
|
|
,
|
(Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 19.93
|
$ 15.62
|
$ 14.99
|
$ 12.92
|
$ 11.59
|
$ 15.12
|
|
Income from Investment Operations
|
|
|
|
|
|
|
|
Net investment income (loss)
D
|
.14
|
.32
|
.25
|
.15
|
.17
G
|
.18
|
|
Net realized and unrealized gain (loss)
|
1.24
|
4.29
|
.56
|
2.14
|
1.31
|
(3.49
)
|
|
Total from investment operations
|
1.38
|
4.61
|
.81
|
2.29
|
1.48
|
(3.31
)
|
|
Distributions from net investment income
|
(.29)
|
(.30)
|
(.18)
|
(.22)
|
(.15)
|
(.20)
|
|
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
-
|
(.02
)
|
|
Total distributions
|
(.29
)
|
(.30
)
|
(.18
)
|
(.22
)
|
(.15
)
|
(.22
)
|
|
Net asset value, end of period
|
$ 21.02
|
$ 19.93
|
$ 15.62
|
$ 14.99
|
$ 12.92
|
$ 11.59
|
|
Total Return
B,C
|
7.00%
|
29.97%
|
5.59%
|
17.93%
|
12.84%
|
(21.94)%
|
|
Ratios to Average Net Assets
E,H
|
|
|
|
|
|
|
Expenses before reductions
|
.65%
A
|
.57%
|
.68%
|
.61%
|
.75%
|
.69%
|
|
Expenses net of fee waivers, if any
|
.65%
A
|
.57%
|
.68%
|
.61%
|
.75%
|
.69%
|
|
Expenses net of all reductions
|
.65%
A
|
.56%
|
.68%
|
.60%
|
.74%
|
.69%
|
|
Net investment income (loss)
|
1.38%
A
|
1.83%
|
1.68%
|
1.07%
|
1.31%
G
|
1.84%
|
|
Supplemental Data
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$ 80,897
|
$ 71,212
|
$ 53,794
|
$ 41,562
|
$ 38,583
|
$ 30,957
|
|
Portfolio turnover rate
F
|
79%
A
|
55%
|
92%
|
59%
|
116%
|
165%
|
A
Annualized
B
Total returns for periods of less than one year are not annualized.
C
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D
Calculated based on average shares outstanding during the period.
E
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G
Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .70%.
H
Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes
to
Financial Statements
For the period ended January 31, 2014 (Unaudited)
1. Organization.
Fidelity® Value Discovery Fund (the Fund) is a fund of Fidelity Puritan 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. The Fund offers Fidelity Value Discovery and Class K, each of which has equal rights as to assets and
voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and
accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as
of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing
Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management,
Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder
report date are less than .01%
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the
SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds 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:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation
policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing
vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or
reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market
or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant
extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair
value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as
shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or
official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as
Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted
bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities,
when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the
hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities,
where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the
hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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 January 31, 2014 is included at the end of the Fund's Schedule of Investments.
Foreign Currency.
The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses
from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts'
terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end.
Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into
U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities.
Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income.
For financial reporting purposes, the Fund's investment holdings and NAV include trades executed
through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of
business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior
business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation.
Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have
passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are
recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as
earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is
recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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 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 foreign currency transactions, market discount, capital loss carryforwards and losses deferred due to
wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation
|
$ 82,863,714
|
|
Gross unrealized depreciation
|
(6,010,597
)
|
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$ 76,853,117
|
|
|
|
|
Tax cost
|
$ 487,842,005
|
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 prior fiscal period end
and is subject to adjustment.
|
Fiscal year of expiration
|
|
|
2017
|
$ (39,498,531)
|
|
2018
|
(97,975,780
)
|
|
Total capital loss carryforward
|
$ (137,474,311
)
|
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $209,978,393 and $214,988,416, 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. The management fee is the sum of an individual fund fee rate
that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The
group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate
decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The
upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Value Discovery as compared
to its benchmark index, the Russell 3000® Value Index, over the same 36 month performance period. For the reporting period, the total annualized
management fee rate, including the performance adjustment, was .54% of the Fund's average net assets. The performance adjustment included in
the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net
assets for the reporting and performance periods.
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 account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Fidelity Value Discovery. FIIOC receives an asset-based fee of Class K's average
net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows: